Author: Muindi

House prices in the Nairobi Metropolitan Area declined by 0.5% in the second quarter of the year, compared to a 3.3% increase in Q2’2022, according to Hass Consult House Price Index Q2’2023 Report.  This decline was mainly due to corrections of 0.6% and 1.2% in detached and semi-detached house prices, respectively. Sakina Hassanali, Head of Development Consulting & Research at Hass Consult, a consulting and Real Estate development firm based in Kenya, attributed this decline to economic uncertainty. “Rising costs, prospects of higher taxation, and a higher cost of financing have resulted in reduced consumer confidence, stalling speculative demand on…

Kenya’s inflation rate has marginally dropped to 7.3% in July from 7.9% in June. This drop was attributed to the changes in the prices of food, according to the Kenya National Bureau of Statistics. In the period under review, the food and non-alcoholic beverages index fell by 0.5% in July from a month earlier. “The inflation was largely due to an increase in prices of commodities under Transport (13.0%); Food and Non-alcoholic Beverages (8.6%); and Housing, Water, Electricity, Gas and other fuels (7.8%) between July 2022 and July 2023,” KNBS report read in part. The transport sector saw a year-on-year…

MTN Uganda, a unit of South Africa’s MTN Group, has launched the first 5G network in the East African country. The introduction of 5G brings faster data speeds and lower latency to Ugandan users. “Our first sites went live today in Lugogo and Bugolobi, and all our customers in these areas using 5G-enabled devices can begin to experience the joy and benefits of 5G,” says MTN Uganda. Sylvia Mulinge, MTN Uganda’s CEO, revealed the company’s ambitious plans to fully expand 5G coverage in Kampala by the end of 2024. Moreover, MTN aims to convert all its base sites in major…

Copia Global is planning a fresh round of layoffs, the latest cost-cutting move at the Kenyan e-commerce startup. The layoffs may impact up to 30 per cent of its staff, including its permanent workforce.  In a statement quoted by Techtrendske, Copia said it will be undergoing a limited restructuring of its operations in response to the economic downturn and constrained capital markets.  The company is optimizing several key processes to provide better service to its customers and drive sustained operating profitability. According to a statement from Copia, “This limited restructuring process is intended to ensure that during these economically challenging…

Safaricom PLC and other mobile money operators have reviewed their charges following the enactment of the Finance Act 2023. As a result, M-PESA mobile transfer charges have increased from 12% to 15%. In contrast, the excise duty rate for calls, SMS, and Internet services has decreased from 20% to 15%. “We will be reviewing our calls, SMS, data, fibre, and M-PESA pricing to reflect the increase in Excise duty rates on fees charged on mobile money transfer services from 12 per cent to 15 per cent and the decrease in the Excise duty rate on telecommunications services from 20 per cent…

Kenya’s Court of Appeal has lifted an order issued in June suspending the implementation of the Finance Act 2023. A bench of three judges led by Justices Mohammed Warsame, Kathurima M’Inoti and Hellen Omondi ruled that: “We have no doubt in our mind that the Finance Act and the Appropriation Act are interdependent. While the former provides for generation of the funds, the latter provides for the expenditure,” the judges said. “There can be no expenditure where the mode of generation of the funds has not been provided for.” The court ruling discussed the appeal of a conservatory order issued…