Author: David Indeje

NCBA Group has announced its plans to acquire 100 per cent of AIG Kenya Insurance Company. This acquisition, if successful, will be a significant transaction, as AIG Kenya is a well-established insurance business with over 50 years of experience and a strong reputation for providing general insurance services to corporates, SMEs, and individuals. NCBA was formed from a merger between NIC Group and CBA Group in 2019 and has grown rapidly over the past four years. It is now the third-largest banking group in East Africa, serving over 63 million customers through a network of 107 branches. John Gachora, NCBA…

Kenya’s forex reserves have dropped as the National Treasury disburses billions of shillings to service growing external debts. This could potentially weaken the shilling’s value in the coming months, making debt repayment more expensive. As of last week, forex reserves had decreased by $112 million to $6.955 billion. The current reserve is equivalent to just 3.76 months of import cover, falling short of the statutory requirement of at least four months of cover. The International Monetary Fund, which disbursed $415.4 million to Kenya in July, expects Kenya’s official foreign exchange reserves to remain under pressure. This situation raises concerns about…

The Lancet Series on small, vulnerable newborns has issued a call for the standardisation of data, technology, and quality prenatal information to address the high rate of newborns born too small or too soon. This rate currently stands at its highest at 20% in Sub-Saharan Africa. Globally, one in every four babies is either ‘born too small’ or ‘born too soon’, accounting for 1.9 million stillbirths and 1.4 million newborn deaths annually. Survivors among these small, vulnerable newborns are susceptible to health problems throughout their lives, affecting human capital, economic productivity, and healthcare costs. The Series, created through an international…

The Kenya Revenue Authority (KRA) has launched a tax amnesty programme as part of the Finance Act, 2023.  This significant initiative aims to promote tax compliance and financial inclusion by offering a waiver on interest and penalties on tax debt up to 31st December 2022. The programme, which will be in effect from 1st September 2023 to 30 June 2024, is designed to help taxpayers achieve tax compliance.  It allows them to voluntarily declare their historical tax liabilities. Once declared, taxpayers can settle the principal tax amount while benefiting from not having to pay the associated penalties and interest. This…

Eliud Kipchoge, the marathon world record holder, claimed his fifth victory in the BMW Berlin Marathon on Sunday. Kipchoge crossed the finish line with a time of 2:02:42 cementing his status as one of the greatest marathon runners of all time. He shared the podium with two athletes who appeared in their marathon debuts: 24-year-old Vincent Kipkemoi (2:03:13) of Kenya and 21-year-old Tadese Takele of Ethiopia (2:03:24). https://youtu.be/hxDn4EEMank Men’s top 10 results Eliud Kipchoge KEN 2:02:42 Vincent Kipkemoi KEN 2:03:13 Tadese Takele ETH 2:03:24 Ronald Korir KEN 2:04:22 Haftu Teklu ETH 2:04:42 Andualem Belay Shiferaw ETH 2:04:44 Amos Kipruto KEN 2:04:49 Philemon Kiplimo KEN…

The Capital Markets Authority (CMA) has given the green light for the issuance of the country’s first-ever Sukuk Bond by Linzi Finco Trust. The Sukuk Bond aims to raise KSh. 3 billion. The funds raised from the bond will be allocated towards the development of 3,069 institutional housing units. The Sukuk offers an internal return of 11.13%. “This financial initiative represents not only a new investment opportunity but also a significant step towards addressing the housing deficit in Kenya,” said CMA’s chief executive officer Wycliffe Shammiah. Sukuk also referred to as Islamic bonds, are financial instruments that adhere to Shari’ah…