Author: Muindi

Kenya Airways (KQ), the national carrier, has projected a forex loss of Ksh. 32 billion for the year ending 2023 due to the depreciation of the Kenyan shilling against the US dollar.  The airline’s CEO, Allan Kilavuka, informed the National Assembly Transport Committee that if the shilling trades at Ksh 151 against the US dollar, the airline anticipates a loss of Ksh 64.5 billion by the end of the 2024 financial year. “We are hopeful of a turnaround; however, the biggest threat is the forex losses, the reason we are looking for a strategic investor,” said Kilavuka. “Our biggest problem…

The Kenyan shilling hit a record low of 150 against the dollar on Monday. Last week, the Kenyan shilling depreciated against the US dollar by 0.4% to close at Kshs 149.8, from Kshs 149.1.  “On a year-to-date basis, the shilling has depreciated by 21.4% against the dollar, adding to the 9.0% depreciation recorded in 2022. We expect the shilling to remain under pressure in 2023,” according to Cytonn Investments. High debt levels and dwindling government revenues have driven the depreciation of the shilling.  Central Bank of Kenya data indicates that the dollar is trading slightly over 150 shillings. Commercial Bank…

KCB Bank Kenya in partnership with global payments technology company Mastercard, has launched a card scheme offering premium and private banking customers a range of exclusive benefits and privileges. The Mastercard-branded cards are available in two categories: World Elite KES Credit for high-net-worth individuals who prefer transacting in Kenyan shillings, and World Elite USD Credit for frequent international transactions in US dollars. The bank has also introduced the World Debit Card, offering exclusive benefits and privileges for a personalised banking experience.  “This exemplifies the bank’s commitment to innovation and giving its customers a delightful experience while fostering a robust cashless…

Listed utility company Kenya Power & Lighting Company Plc (KPLC) is seeking to amend its Memorandum and Articles of Association, aiming to give minority shareholders a voice in the company’s decisions.  The company has scheduled an Extraordinary General Meeting (EGM) on November 10, 2023, to seek shareholders’ approval for the amendment.  The proposed changes include restructuring the Board of Directors to reflect the company’s shareholding structure.  “The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,” KPLC announced in a statement. Currently, the government, which holds 50.09 per cent of the company’s…

Safaricom PLC has announced the successful acquisition of the entire issued share capital of M-PESA Holding Co. Limited, the cash management company behind M-PESA, from Vodafone International Holdings BV. This follows an earlier announcement this year where Vodafone disclosed it was selling the holding company to Safaricom for $1. The completion of the transaction comes three years after Safaricom, in collaboration with Vodacom, acquired full rights to the M-Pesa Brand from Vodafone. “Post completion, M-PESA Holding will continue to act as the corporate trustee of the M-PESA trusts funds,” said Linda Mesa Wambani, the acting Safaricom Company secretary on behalf…

Circleg, a leading developer of holistic prosthetic care solutions, is set to introduce its innovative Circleg One lower limb prosthetic to the African market on October 17th, in Nairobi.  The Circleg One is designed to meet the unique needs and challenges of amputees in Africa, where access to advanced prosthetic technology has often been limited.  This state-of-the-art prosthetic device aims to bridge this gap by offering affordable, high-quality solutions that enhance the lives of amputees. Circleg’s approach to prosthetic care is holistic and unique. It not only innovates in the development of prosthetic components but also provides comprehensive training services…