Author: Korir Issa

The Central Bank of Kenya (CBK) has announced a 75 basis point cut in the policy rate, bringing it down to 11.25%. This move aims to stimulate economic growth and address persistent low demand and credit market distress. “The Committee observed that short-term rates on government securities had declined sharply in line with the CBR, but that banks had not responded by lowering their rates proportionately. The MPC, therefore, urges the banks to take necessary steps to lower their lending rates, in order to stimulate credit to the private sector, and thereby stimulate more economic activity.” While the economy grew…

The much-anticipated Find X8 is now available for purchase in Kenya. Following its global launch on 21 November 2024, Kenya is one of the first international markets to unveil this flagship device of the year. Renowned for its groundbreaking innovations, the Find X8 has garnered widespread praise for its powerful camera capabilities and cutting-edge AI technology, setting a new standard for smartphone excellence in 2024. Stylish, Slim & Durable The Find X8 combines elegance and durability, with rich glass and aluminium construction and a striking Cosmos Ring design, delivering a super-comfortable in-hand experience. With its 6.59” display and an easy-to-hold…

Orange, a leading telecommunications company, has announced a partnership with Meta and OpenAI to develop advanced artificial intelligence (AI) models specifically tailored to African languages. This initiative aims to bridge the digital divide and empower communities across the continent. “Orange intends to help drive AI innovation in these regional languages, ​​including by collaborating on these new AI models with local startups and other technology companies, and by doing so, to mitigate the growing digital divide faced by people all across the African continent,” says Orange. Key Focus Areas Language Model Development: Fine-tuning: Orange will collaborate with Meta and OpenAI to…

Safaricom has expanded its financial services portfolio by securing a license for its Ziidi Money Market Fund (MMF) from the Capital Markets Authority (CMA). The new fund, a partnership between Safaricom, Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited, will be accessible through the popular M-PESA platform, similar to the existing M-PESA Fund. Wycliffe Shamiah, CMA’s CEO, said the development, “underscores the commitment to foster innovation which also enables Safaricom enhance its footprint in the finance services sector.” A Growing Market Money market funds, which invest in low-risk, short-term debt securities, have gained significant popularity in…

Absa Bank Kenya has implemented new limits on account-to-mobile wallet transfers. The maximum per-transaction amount has been reduced from KSh500,000 to KSh150,000. Additionally, the daily transaction limit has been lowered to KSh300,000. The bank has also adjusted the daily limit for Absa-to-Absa account transfers to KSh500,000. While the bank has not provided a specific reason for these changes, it has emphasised its commitment to enhancing customer security and safety. ”This decision was taken purely in the interest of enhancing the security and safety of customer transactions. Customers can still transact to their maximum limit of 500k on our other channels…

KCB Group PLC posted a robust financial performance for the nine months ending September 2024, with a 49% surge in profit after tax to KSh45.8 billion from KSh30.7 billion posted a similar period last year. This growth was driven by sustained revenue expansion. Key Highlights Revenue Growth: Total revenue increased by 22% to Sh142.9 billion, fueled by growth in both funded and non-funded income lines across subsidiaries. Balance Sheet Expansion: The group’s balance sheet expanded to Sh2 trillion, solidifying its position as the leading financial institution in East and Central Africa. Diversification Benefits: Contributions from subsidiaries outside of Kenya, particularly…