Author: I K

NCBA, Kenya’s third-largest bank by assets, said its first-quarter profit rose by 49 per cent to Ksh 5.1 billion compared to Ksh 3.4 billion reported during a similar period in 2022. Growth in profitability was attributed to an increase in operating income and a decline in loan impairment charges by 23 per cent.  Despite the tough macroeconomic conditions, the Group’s prudent management of credit risk has resulted in an improved NPL ratio and a reduced cost of risk. Commenting on the results, NCBA Group Managing Director, John Gachora remarked, “These strong operating results are attributable to continued focus on our strategic priorities,…

Naivas Supermarket reported KSh2.1 billion in revenue for the nine months ending March 2023. IBL acquired 26.3 per cent of the retailer last year, revealing that it received KSh553.4 million in the same period. IBL is a diversified group based in Mauritius. It is listed on the Stock Exchange of Mauritius. IBL stated that “Naivas, the leading supermarket chain in Kenya that the group (IBL) invested in during the first quarter, generated higher profits compared to last year,” and that the share of profits for Naivas, as an associate, is being reported for the first time this year and represents…

The African Economic Research Consortium (AERC) held its 58th biannual plenary session of the biannual research workshop on Monday on a virtual platform. The conference aimed at facilitating continent-wide unity on trade to accelerate the recovery agenda. The plenary session noted notable progress in some sub-regions where integration in trade, finance and labour mobility is improving fast. It acknowledged that harnessing the full benefits of Africa Continental Free Trade Area (AfCFTA) agreements and strengthening regional integration and regional trade prospects are new avenues for exploiting the limitless opportunities. The President and Chairman of the Board of Directors of the African…

The Kenyan government is committed to expanding the ICT space as it seeks to leverage technology as a catalyst for economic growth and development. The Cabinet Secretary, Ministry of Information, Communications, and the Digital Economy, Mr. Eliud Owalo cited ICT as an enabler, and the focus is on how to make this a reality. The government recognizes the ICT sector as a cog in our economic engine and has identified priorities through the Government Digital Transformation Agenda (GoDTA). This agenda seeks to digitize at least 80% of government services in five (5) years, support last-mile fibre connectivity through the deployment…

M-Kopa Holdings has secured $200 million in sustainability-linked debt financing and $55 million in an equity funding round. The debt financing was led and arranged by Africa’s largest bank, Standard Bank Group, with additional participating lenders including the International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO, British International Investment, Mirova SunFunder, and Nithio. The $55 million equity funding round was led by existing backer Sumitomo Corporation, which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude also contributed. M-Kopa plans to grow its smartphone services, expand into new markets, and increase its product offerings.…

The Central Bank of Kenya’s Monetary Policy Committee (MPC) raised the base lending rate by 75 basis points to 9.5 per cent from 8.75 per cent. The MPC said there was room for further tightening, which is expected to add upward pressure to loan payments linked to interbank rates due to sustained inflationary pressures. In its topical note early in the week, Genghis Capital said the MPC would adopt a hawkish stance and hike the CBR by 25bps in the March meeting to anchor rising inflation expectations while supporting a healthy private sector credit growth momentum. Headline inflation averaged 7.64…