Author: Korir Issa

Somalia will launch its first stock exchange, the National Securities Exchange of Somalia (NSES), in early 2026, trading equities and government-issued sukuk bonds to integrate into regional and global financial markets. The exchange will prioritise telecommunications, banking, real estate, energy, and agriculture companies to drive economic growth. Yasin Ibar, former Somali Bankers’ Association CEO, is NSES’s chief executive officer. He stated the exchange will enable companies to raise capital, allow investors to support Somalia’s growth, and facilitate economic integration into broader markets. “NSES will create opportunities for companies to access capital, for investors to support Somalia’s growth, and for our…

Credit Bank Plc, an SME-based bank in Kenya, seeks shareholder approval to list its shares on the Unquoted Securities Platform of the Nairobi Securities Exchange (NSE). This proposal will be a key agenda item at the bank’s 39th Annual General Meeting, scheduled to be held virtually on Monday, 7th July 2025, at 10:00 AM. Key Details from the AGM Notice According to the AGM notice, the bank’s board is asking shareholders to approve a resolution to authorise Credit Bank to apply for the admission and listing of its ordinary shares on the NSE’s USP. This step is contingent upon receiving…

Twiga Foods, a leading Kenyan agri-tech and food distribution company, announced a two-month suspension of its Nairobi operations, effective immediately, to complete the final phase of a business transformation strategy. The suspension follows extensive internal restructuring, acquisitions, and layoffs, enabling Twiga to relocate its distribution hub from Tatu City to a facility closer to Nairobi for enhanced strategic positioning. Twiga stated, “This workforce adjustment process is being conducted transparently, respectfully, and in strict compliance with Kenyan labour laws and internal company policies.” The company affirmed its commitment, saying, “Twiga Foods is committed to supporting all affected employees during this period.”…

Chinese President Xi Jinping has declared that China will extend zero-tariff treatment to 100% of tariff lines for all 53 African countries with which it maintains diplomatic relations. This move aims to deepen economic ties and enhance trade between China and Africa. President Xi announced in a letter addressed to ministers attending the Ministerial Meeting of Coordinators on the Implementation of Follow-Up Actions of the Forum on China–Africa Cooperation (FOCAC). He stated, “China will also provide more convenience for the least developed countries in Africa to export to China.” He emphasised that despite global uncertainty and turmoil, China remains committed…

Kenya’s private sector saw its seven-month streak of improving business conditions pause in May 2025, with rising prices driving reduced consumer spending and a slight output contraction. The Stanbic Kenya Purchasing Managers’ Index (PMI) fell from 52.0 in April to 49.6 in May, dipping below the 50.0 no-change threshold for the first time since September 2024. This marks a modest deterioration in private sector health following sustained growth. Christopher Legilisho, economist at Standard Bank, says, “Consumers remain hesitant to spend due to concerns about their economic state and the dim outlook. Still, whereas output, new orders, and purchasing activity declined,…

The Kenya Revenue Authority (KRA) plans to launch an online chatbot to provide tax information and services to micro, small, and medium enterprises (MSMEs). This initiative, announced by Mr. George Obell, Acting Commissioner of the Micro and Small Taxpayers Department, aims to enhance customer service and improve tax knowledge among MSMEs. The chatbot will address common queries related to tax compliance, complementing KRA’s ongoing nationwide taxpayer sensitisation programs. Mr Obell emphasised KRA’s commitment to simplifying tax processes for MSMEs to boost their contribution to national revenue. He stated, “KRA is building a tax system that simplifies registration, filing, and payment…