Author: Muindi

INGOT Brokers, a leading regulated brokerage firm, has partnered with Hisa, a popular trading app in Kenya, to offer clients access to international markets. The partnership was announced on August 19 at Mövenpick Hotel & Residence, Nairobi. The collaboration aims to transform the trading and investment scene in Kenya and Africa by enabling traders to diversify their portfolios and invest in various asset classes such as commodities, stocks, indices, EFTs, and currencies. In addition, the partnership also seeks to empower Africa’s youth to take charge of their financial future by providing them with educational resources and tools to trade confidently…

The Kenyan government recently disclosed that it faced a cyber attack on some of its key platforms and critical infrastructure on Thursday, July 27.  The attack had a significant impact on service-oriented platforms, including e-citizen, which facilitates essential services such as license booking, visa applications, and vehicle registration.  A group calling itself ‘Anonymous Sudan,’ claimed responsibility for the orchestrated cyber incident, executed primarily through a Distributed Denial of Service (DDOS) method. A DDOS attack is a malicious tactic aiming to overwhelm a targeted network or service by flooding it with an excessive volume of traffic, thereby disrupting normal functioning and…

The East African Community (EAC) recorded a 13.4 per cent growth in its total trade in 2022, reaching $74.1 billion (Sh10.55 trillion), according to data released by the regional body. The Secretary General of the EAC, Peter Mathuki, attributed the growth, partly to the admission of the Democratic Republic of Congo (DRC) as a member of the regional bloc in July 2022. He said that the entry of the DRC, which has a population of over 100 million and a GDP of $48 billion, expanded the market size and opportunities for trade and investment in the region. EAC member states…

Kenya received a record amount of money from its citizens living and working abroad in July 2023, according to the latest data from the Central Bank of Kenya (CBK). The CBK said remittances surged to Sh54 billion in July, up from Sh49 billion in June. This was the highest monthly inflow ever recorded, surpassing the previous peak of Sh51 billion in December 2022. “Remittance inflows in July 2023 hit a record monthly high of $378.1 million compared to $319.4 million in July 2022, an 18.4 per cent increase,” said the CBK. The cumulative inflows for the 12 months to July…

Ascent Capital Africa Ltd, a private equity fund manager, has sold its stake in Uganda’s Guardian Health Ltd, to Kenya’s online retail pharmacy and beauty platform, MyDawa Holdings Limited. The sale of Guardian Health Ltd. marks the second exit for Ascent Rift Valley Fund, following the sale of Medpharm Holdings, a pharmaceutical manufacturer in Ethiopia, in Q4 2022. The deal was advised by I&M Burbidge Capital, a corporate finance advisory firm. Guardian Health Ltd was founded in 2012 with the aim of providing affordable and quality medicines to Ugandans. It also sells beauty and personal care products. The company has…

Twiga Foods, a Kenyan tech-enabled food distribution platform, has cut jobs, citing a tough economic environment affecting purchasing power. The company said it had to make some roles redundant and resize its operations in different regions, following a review of its business model. “The business has undertaken strategic operating adjustments to enhance its service delivery capacity over the past few months. This has been influenced by the current business environment, where people’s purchasing power continues to decline,” Twiga said in a statement issued on Saturday, August 1. This is the third time in less than a year that Twiga Foods…