Author: David Indeje

A three-judge Kenyan High Court bench ruled on Thursday that capping of commercial banks’ lending rates at 4 percentage points above the Central Bank of Kenya benchmark rate is unconstitutional. Justices Francis Tuiyot, Racheal Ngeetich, and Jacqueline Kamau ruled that Section 33 (B)(1) and (2) of the Banking Act is vague, ambiguous and indefinite rendering it unconstitutional. “The provisions of section 33B (1) and (2) of the Banking Act is vague, imprecise, ambiguous and indefinite. And insofar as the contravention of the provisions attracts penal consequences, the same violates Articles 29 and 50 of the Constitution. Article 29 (a) of…

‘Choose Africa’ a $2.8 billion initiative by the French Government will be launched at the UN Environment Assembly in Nairobi. French President Emmanuel Macron on Wednesday said the funds will be used in financing and supporting startups and small- to medium-sized enterprises by 2022 in Africa. “This is aimed at creating jobs and building a positive win-win approach with African governments,” said President Macron in Nairobi. He said this will foster growth and returns, that reduce public expenditure risks. “The best way to have growth is respecting a country’s sovereignty through sustainable financing,” he added. In Kenya, he pledged Ksh…

The first blockchain educational institution in Eastern Africa  Funtrech, and US-based blockchain certification company, Blockchain Training Alliance (BTA) have entered into a strategic partnership in building an ecosystem of emerging technologies in Africa. The development was announced during the official Funtrench launch in Nairobi. This partnership puts Kenya as one of the African countries besides South Africa and Nigeria where BTA accredited blockchain courses are offered. The collaboration with BTA will enable Funtrench to offer a wider range of certified blockchain-related courses in Kenya and to create a talent pool of individuals that are savvy in industry 4.0 technologies. Kingsley…

Toyin Umesiri is an entrepreneur and the convener and founder of the Trade with Africa Business Summit. In 2017, she made the big leap from corporate America into full-time entrepreneurship to focus on increasing trade between the United States (US) and Africa. After over a decade of working in corporate America at Walmart & Whirlpool Corporation. She helps to increase trade with Africa through Nazaru, LLC, a US based company that helps African Exporters and Importers to become more visible on the global market. Who is Toyin Umesiri and can you tell us more about your passion and purpose? I grew…

Kenya’s listed Telco Safaricom (NSE:SCOM) has partnered with AliExpress, the business-to-consumer e-commerce marketplace of Alibaba, to allow Kenyans shop on its platform and pay with M-Pesa. The partnership targets micro-traders in the country who source for goods and other supplies from manufacturers in China and signifies Safaricom’s continued push to position M-Pesa as a global mobile money transfer and payments platform. https://twitter.com/khusoko/status/1105350066833948673 “Our more than 21 million customers can now enjoy the safety, reliability, and convenience of M-PESA when shopping on AliExpress, a leading, global e-commerce marketplace. This partnership seeks to connect Kenyans to even more business opportunities by enabling them…

Barclays Bank of Kenya (NSE:BBK) managing director Jeremy Awori has revealed that on the question of mergers and acquisitions being witnessed in the financial sector, the bank is contemplating acquisitions in the fintech space. “Our 10-year ambition of taking back the banking industry is on course. Our interest will be an acquisition in the fintech space,” said Awori when the bank announced a 7.1% y/y growth in Earnings per Share (EPS) to Ksh 1.37 for its Financial Year 2018 results. He said they were clear on their growth strategy that aims at “ Being profitable and has positive returns to their…