Author: David Indeje

Kenyan authorities have closed their investigation into Worldcoin, a cryptocurrency project that offers free tokens in exchange for iris scans. The investigation concluded with no charges against Worldcoin. Worldcoin may now be able to resume operations in Kenya, but the company must register and obtain proper licenses. The Director of Public Prosecutions (DPP) closed the case after reviewing findings from the Directorate of Criminal Investigations (DCI). “Upon review of the file, the Director of Public Prosecutions concurred and directed that the file be closed with no further police action,” said the June 14 DCI letter signed by Hillary Kimutai. Detectives…

Kenya Airways (KQ) says it is committed to its turnaround strategy, Project Kifaru by completing its capital restructuring plan. Project Kifaru’s plan aims to reduce debt and improve liquidity for sustainable operations. “We had planned to break even by 2024 but now we have revised that to break even plus make a profit. We expect to make a nominal profit this year, from increased passenger numbers and cargo capacity,” said Mr. Allan Kilavuka, Group MD and CEO at its 48th Annual General Meeting (AGM) virtually on June 14, 2024. This is due to increased passenger numbers, cargo capacity, and operational…

Kenya’s retail landscape is driven by the growing desire for convenience among shoppers. According to Knight Frank’s East Africa Retail Market Infographics – Q1 2024, supermarket chains are revamping their strategies, ditching the traditional mall model in favour of establishing a presence directly in residential neighbourhoods. This shift is a direct response to changing consumer habits. Consumers are prioritising convenience, opting for quick grocery runs and everyday essentials closer to home. This trend is further fueled by a rise in cost-conscious shopping, making nearby supermarkets a more attractive option compared to distant malls. Previously, supermarkets catered primarily to affluent neighbourhoods…

Nigeria’s biggest lender Access Bank Plc, has acquired African Banking Corporation of Tanzania (ABCT) Limited strengthening its regional presence. The move also aligns with its vision of being the “Most Respected African Bank.” In a filing on the Nigerian Stock Exchange (NGX) dated June 10, 2024, Access Bank’s Managing Director, Roosevelt Ogbonna, emphasized the significance of the acquisition. He termed it “a crucial step to establish a strong presence in Tanzania, facilitating intra-African trade within East Africa, the wider continent, and globally.” Ogbonna further highlighted their commitment to “building a robust East African banking network, driving positive change and innovation.”…

The International Monetary Fund and Kenya reached a preliminary agreement to unlock about $1.1 billion. The funding is under the existing Extended Fund Facility and Extended Credit Facility arrangements. The staff-level agreement, which is subject to IMF board approval, will give Kenya access to about $976 million. If approved, Kenya would receive $976 million 135.55% of the country’s quota with the IMF (quota refers to the maximum amount a country can borrow from the IMF). In addition to $156 million in concessional loans which have zero interest rates and are intended to help low-income countries. This will bring the total IMF…

Airtel Kenya has significantly expanded its 5G network coverage, reaching 39 counties with 690 5G sites as of June 2024. They aim to launch an additional 1000 sites this year, bringing the total to 1690. “We are pleased to introduce Airtel Kenya’s Unlimited Plans,” said Ashish Malhotra, Managing Director, Airtel Kenya. “They signify our commitment to providing unmatched connectivity solutions and embody our vision for individuals and businesses empowered by seamless connectivity.” Airtel offers a variety of 5G home internet plans: 10 Mbps – Ksh 3,500 per month 20 Mbps – Ksh 5,000 per month 30 Mbps – Ksh 6,500…