Author: Muindi

The Kenyan Government has secured a USD 500 million Syndicated Medium-Term Loan Facility to finance development projects in the 2023/4 budget. The loan, with a tenure of 3 and 5 years, was facilitated by Citibank, Rand Merchant Bank (RMB), The Standard Bank of South Africa, and Standard Chartered Bank, who were appointed as Bookrunners and Initial Mandated Lead Arrangers. The Africa Export-Import Bank also joined as a Bookrunner and Mandated Lead Arranger, directing its contributions towards the longer-term tranche. The National Treasury will channel the proceeds to support the implementation of development projects outlined in the approved development budget for…

Gava Mkononi is an online platform that allows Kenyan citizens and businesses to access over 5,000 government services. Equity Bank has made these services more accessible by enabling seamless eCitizen payments through its platforms, making online payments more convenient and efficient in today’s digital age. Equity Bank, a leading financial institution, has brought these services closer to you by enabling seamless eCitizen payments through its platforms. In this article, we will walk you through how eCitizen payments work with Equity. Equity Bank offers several payment options for eCitizen payments, including Equity USSD (*247#), Equity Mobile App/Online, Equitel, Equity EazzyBizz (Corporates…

Kyosk Digital Services, a digital-first and data-led distribution platform, has announced its expansion into the African fresh produce market with the launch of its Farm & Fresh line of business. This follows Kyosk’s recent acquisition of KwikBasket, a prominent player in the agricultural industry. “This acquisition marks a major milestone for Kyosk as we broaden our footprint in the fresh produce market in Africa and enhance our offering to cater to the needs of farmers, retailers, kitchens, eateries, and other consumers,” Raphael Afaedor, Co-Founder and CEO of Kyosk Digital Services said Tuesday. “This expansion presents a unique opportunity for Kyosk…

Shorecap III, LP, a private equity fund registered under the laws of Mauritius, with Equator Capital Partners LLC as the manager of the fund, has completed the acquisition of 20 per cent of Credit Bank Kenya. The Central Bank of Kenya (CBK) announced the deal in early June, and it carried effect on June 15, 2023. This followed a CBK’s approval on April 24, 2023, under Section 13(4) of the Banking Act and approval by the Cabinet Secretary for the National Treasury and Planning. The Competition Authority of Kenya in a no objection had qualified the deal “as a merger…

Kenya’s monthly inflation slowed by 0.1 per cent to 7.9 per cent in June from the previous month due to the high cost of food and non-food items. The latest Kenya National Bureau of Statistics (KNBS) Consumer Price Index (CPI) and inflation rate for June show that inflation dropped from 8 per cent in May. Year Month Annual Average Inflation 12-Month Inflation 2023 May 8.78 8.03 2023 April 8.71 7.90 2023 March 8.59 9.19 2023 February 8.30 9.23 2023 January 7.95 8.98 2022 December 7.66 9.06 2022 November 7.38 9.48 2022 October 7.48 9.59 2022 September 6.81 9.18 2022 August…

Non-smartphone owners in Kenya will access government services through GavaExpress when seeking government services. GavaExpress is modelled along Huduma Centres and will provide services in rural areas, unlike Huduma Centers which are primarily based in county headquarters. “Unlike Huduma Centers that are primarily based in county headquarters, Gava Express will provide services at the grassroots,” President William Ruto said during the launch of the eCitizen portal. “The digitisation of Government will enhance accessibility, efficiency and inclusivity in service delivery by eliminating corruption, wastage and discrimination,” emphasised the President. https://twitter.com/WilliamsRuto/status/1674763746764283905?s=20 GavaExpress will be driven in partnership with the private sector and…