Author: Korir Issa

Equity Group has acquired a US$ 165 million (Ksh18.6 billion) loan from the International Finance Corporation (IFC) to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges. The loan from IFC, which is a member of the World Bank Group, is one of the single-largest credit facilities to a Kenyan lender. The facility will also be lent to customers fitting IFC’s impact investing criteria. IFC encourages the banks it funds to lend to women-owned enterprises and climate-related ventures such as renewable energy projects. The facility…

The Nairobi Securities Exchange (NSE) on Tuesday further extended the suspension of Kenya Airways by 12 months stating that “operational and corporate restructure is still ongoing and the government is expected to give a clear direction on its buy-out or bail-out.” “The suspension was approved and issued by the Capital Markets Authority (CMA) pursuant to section 11(3) (w) of the Capital Markets Act and regulation 22 of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulations, 2002. The extension of suspension from trading the company’s shares will remain in force for an additional twelve months, with effect from January…

Mobile device maker realme is the fastest-growing 5G Android smartphone brand globally in Q3 2021, a new report showed. The smartphone maker was able to outgrow the market with its 5G smartphone sales growing 831 per cent YoY, compared to the global 5G smartphone sales, which grew at 121 per cent YoY according to the report from Counterpoint Research, a global research firm specializing in products in the technology, media, and telecom industry. realme was followed by OPPO (165% YoY) and vivo (147% YoY). “The growth helped realme retain the 6th spot in global 5G Android smartphone sales for the…

The Capital Markets Authority (CMA) has admitted Waanzilishi Capital Limited, an investment adviser to its Regulatory Sandbox. This brings the total number of companies admitted to the sandbox to 12.  This is in line with the authority’s mandate to deepen and develop the capital markets industry. Waanzilishi Capital Limited will test its Robo-advisory solution Ndovu innovation in accordance with the requirements of the Capital Markets Regulatory Sandbox Policy Guidance Notes (PGN).  Ndovu, a micro-investment platform provides automated financial planning through leveraging clientele data on financial situations and future goals to offer investment advice and automatically invest the client’s assets. “The…

Proof of COVID-19 vaccination required for Kenyans who want to shop, go for clubbing, among other essential services the ministry of health announced Wednesday. The Chief Administrative Secretary for Health Dr Mercy Mwangangi said 3,328 people had tested positive for COVID-19 from a sample size of 11,197 pushing the positivity rate to 29.7 per cent. “With the increase of infections following the onset of the Omicron variant, we still find that those who are vaccinated perform better against the disease. All adults in the country should be vaccinated in the shortest time possible to ensure that we have as many…

South Africa’s SweepSouth, which currently operates in Kenya, South Africa, and Nigeria, has acquired Egyptian start-up, Filkhedma.  Filkhedma is Egypt’s leading home services marketplace operating across three regions on the continent providing cleaning, maintenance, and beauty services while empowering over 2000 service providers through technology with consistent incomes and professional development. The 100 per cent acquisition almost doubles SweepSouth’s addressable market on the continent and paves way for further expansion. “We are thrilled to have Filkhedma as part of the SweepSouth family,” says Aisha Pandor, CEO and Co-founder of SweepSouth. “It’s not only their services that align with ours, but…