Author: Muindi

Britam Holdings, a diversified financial services company, posted a KSh1.69 billion net profit for the fiscal year ending December 2022, an improvement from the KSh72 million recorded in 2021. “The improved performance is attributable to a growth in top-line revenue as well as operating efficiency and cost management initiatives,” said Britam. The Group reported gross earned premiums and fund management fees of KSh33.4 billion, a 2.7 per cent growth from KSh32.5 billion recorded in the previous financial year. “We are pleased with the growth trajectory of our business in Kenya and the region following our focus on improving customer experience…

Kenya has revised its growth rate for 2023, with the Central Bank worried about mounting headwinds and a slowdown in the agriculture sector. On Thursday, the Central Bank Governor, Dr. Patrick Njoroge, expected the country’s economy to grow by 5.8% in 2023, down from earlier projections of 6.1%. https://twitter.com/David_Indeje/status/1641379658011668481?s=20 “Leading indicators point to a strong performance of the Kenyan economy in the first quarter of 2023, reflecting robust activity in the services sector, particularly wholesale and retail trade, accommodation and food services, education, and information and communication.” “The economy is expected to remain resilient in 2023 despite the global uncertainties,…

The Kenya Reinsurance Corporation (Kenya Re) reported a 15 per cent increase in profit after tax of Ksh 3.6 billion for the 2022 fiscal year, up from Ksh 3.2 billion a year earlier. The profit was attributed to a 16 per cent increase in net premiums, which grew to Ksh 22.2 billion from Ksh 19 billion reported over the same period in 2021. “These results demonstrate our remarkable success in executing our five-year strategic plan, where we outperformed’ our expectations in all the core measures,” said Michael Mbeshi, Kenya Re Acting Managing Director. “We have significantly scaled our business via…

Kenya plans to scrap the Betting Control and Licensing Board (BCLB) and replace it with a National Lottery if proposals by the Presidential Taskforce are adopted. The draft National Gambling Policy, National Gambling Control Bill, and National Lottery Bill contain a proposal to scrap BCLB. In addition, a Gambling Regulatory Authority will take over from BCLB in the changes that will replace the Betting Lotteries and Gaming Act of 1966. https://twitter.com/MwangoCapital/status/1640220047024050177?s=20 “The sector has for decades been frowned upon as a space that encourages certain immoralities and is tainted with ethical and moral concerns. The proposed policy and legal framework…

Air France plans to add substantially more flights by June 2013, the airline said as it celebrates its fifth anniversary. “Air France has been here for five years, and despite hard times like the Covid-19 period, it is a clear sign that we are here to stay,” General Manager Marius van der Ham said. As of 12 June 2023, Jomo Kenyatta International Airport will receive non-stop service in both directions, with one daily flight to/from Paris-Charles de Gaulle from the current six flights a week. The flights will be operated by a Boeing 787-9. Air France resumed its flights to Kenya…

The Ugandan government is discussing direct flights between Entebbe and Kigali International Airports with Rwanda to ease the movement of goods and people. Uganda’s Minister of Foreign Affairs, JeJe Odongo revealed this during the eleventh Rwanda-Uganda Joint Permanent Commission (JPC) held in Kigali. “Uganda welcomes the acceptance of the designation of our national carrier, Uganda Airlines by Rwandan authorities which will lead to its commencing of direct flights from Entebbe to Kigali,” Odongo said: “This will further boost trade, enhance connectivity, and contribute to strengthening people-to-people exchanges,” Odongo said. https://twitter.com/GenJejeOdongo/status/1639258183024746501?s=20 https://twitter.com/RwandaMFA/status/1639246245410533377?s=20 However, it is still being determined when the Ugandan…