Author: Korir Issa

Kenyan private sector firms report a significant strengthening of their business confidence, reaching a 13-month high in April. According to the latest Stanbic Group Purchasing Manager’s Index (PMI), their optimism was driven by planned investments and growth expectations, particularly in the service sector. The PMI reached 50.1, an improvement from 49.7 in March but still lower than February’s reading of 51.3. “Expectations towards output over the next 12 months continued to recover strongly from February’s survey-record low, with overall sentiment the strongest since March 2023. Confidence reflected planned investment in marketing, capacity upgrades, new branches, recruitment and growth in other African markets,”…

Kenyan used car marketplace Peach Cars and Umba Microfinance Bank have partnered to offer a groundbreaking 24-hour car financing option.  This collaboration aims to make car ownership more accessible for Kenyans by streamlining the financing process. Improving Access to Hassle-Free Financing Through Umba Microfinance Bank, customers can now secure financing of up to 70% of the vehicle’s value, with processing times as rapid as 24 hours.  This innovative approach eliminates the traditional barriers to obtaining car financing, enabling buyers to drive away with their desired vehicle without unnecessary delays. Simplified Process, Seamless Experience The process of obtaining financing through Peach Cars and Umba…

Kenya, Uganda, Rwanda, and the Democratic Republic of Congo (DRC) have agreed to expand the Standard Gauge Railway (SGR) lines under the Northern Corridor Integration Projects (NCIPs).  This is according to a statement after ministers from the three countries met in Mombasa and endorsed collaborating to find funding for the construction of six new SGR routes. Together with my colleagues, Hon. Fred Byamukama, Uganda’s Minister of State for Transport, Dr. Jimmy Gasore, Rwanda’s Minister of Infrastructure, and Mr. Roger Te Biasu representing the Minister of Transport of the Democratic Republic of Congo, we have this afternoon signed a… pic.twitter.com/4BreEFPyt7 —…

The Competition Authority of Kenya (CAK) has approved the cash acquisition of Shanta Gold Ltd. by Saturn Resources Limited, a Dubai-based organization’s subsidiary. Saturn Resources a newly incorporated company in Kenya that deals in gold exploration, acquired 100% of Shanta Gold Ltd’s shares. It holds mining licences in the western Kenya region.  Saturn’s parent company, ETC Group, is a Dubai-headquartered investment company with assets across logistics, agrochemicals, insurance, fertilisers, and distribution of fast-moving consumer goods. CAK determined the acquisition wouldn’t negatively impact competition within Kenya. “Post-merger, the market structure and concentration of the market for gold prospecting in western Kenya will not be negatively affected…

Sanlam Kenya Plc, a non-bank finance solutions provider, loss after tax grew 52.6% to Ksh 0.13 billion in FY 2023. The loss was driven by a significant 417.6%  increase in reinsurance expenses to Ksh 1.2 billion and a decline in insurance revenue totalling Ksh 6.9 billion. Due to lower expenses, Sanlam’s net insurance service results increased by 803.9%, resulting in a Ksh 0.7 billion profit compared to a Ksh 0.1 billion loss in FY 2022. On the other hand, Sanlam Life Insurance Limited recorded a profit after tax of Kshs 0.53 billion, representing a 15.0% growth from the Kshs 0.46…

Safaricom has launched the Connect Academy, a training program designed to address the shortage of skilled fibre optic technicians in Kenya. The Connect Academy was unveiled at the Connected Africa Summit 2024. It aligns with Safaricom’s commitment to invest in robust fibre optic networks and the government’s expansion of internet access. As part of the Presidential DigiTalent Programme, a Public-Private Partnership (PPP), the academy will focus on skill development, mentorship, training, certification, and fostering innovation in the ICT sector. The program targets young Kenyans who need higher education, providing them with employment and career development opportunities in the growing field…