Author: Muindi

Stanbic Bank reported a profit after tax of KShs. 3.9 billion for the first quarter ended 31st March 2023, an 84% increase in earnings. This was attributed to strong revenue growth across all business segments and a robust balance sheet. The bank’s Chief Executive for Kenya and South Sudan, Joshua Oigara, attributed the positive results to the successful execution of the bank’s three-year medium-term strategy, which began in 2021. Revenue grew by 65% to KShs. 11 billion, driven by balance sheet growth, fees income from client services, and trading income from financial intermediation. Customer deposits increased by 24% to KShs…

Xiaomi has launched the Redmi A2 series smartphone in Kenya, an entry-level device with a powerful MediaTek Helio G36 processor, an 8MP AI dual camera system, and a long-lasting 5000mAh battery. Xiaomi raises the bar for the Redmi A2+ segment by making exceptional performance available at a highly affordable price, making it a top-of-the-line contender in its bracket. The device will come in a 2GB + 32GB variant at an affordable cost of Ksh 10,499. Large 5,000mAh battery and MediaTek Helio G36 Powering up the Redmi A2+ is a MediaTek Helio G36 processor, with an octa-core CPU up to 2.2…

The average price of Super Petrol, Diesel, and Kerosene increased by Sh3.40 per litre, Sh6.40 per litre and Sh15.19 per litre respectively. According to the latest review by the Energy & Petroleum Regulatory Authority (EPRA), the increase is attributable to the average cost of imported refined petroleum products, which has seen the landing cost of imports varying in price. As a result, the review is on track to hit a record high, setting up the first big cost-of-living challenge for the Kenyan government. The landing cost of super-petrol increased by 8.63% in March 2023, Diesel decreased by 2.51% and kerosene…

Ethiopia has granted Safaricom a licence to launch M-PESA. The telco expects to roll out the mobile money services before the end of the year, which is set to lift the profile of the service. The service was  launched in Kenya in 2007. “As of this morning (Thursday), Safaricom Ethiopia has officially been granted the licence to operate mobile money. We look forward to launching M-Pesa in the coming weeks,” chief executive officer Peter Ndegwa said during an investor briefing. The telco paid $150 million as licence fees to the National Bank of Ethiopia (NBE). “We welcome this shift to…

The Ellen Johnson Sirleaf Presidential Center for Women and Development (EJS Center) has announced the third cohort of African women set to join its flagship program, the Amujae Initiative. The cohort is made up of 12 female leaders from 10 countries across the African continent. They include current government ministers, members of parliament, senior government advisors, and activists engaged with issues ranging from economic development to gender equality and youth empowerment. The initiative has 42 African women leaders, known as Amujae Leaders, who have leadership roles in public offices across the African continent. The Amujae Initiative was launched by former…

Cactus Cantina Investments Limited (Cactus Cantina) has acquired a 55.8 per cent shareholding in Maisha MFB. Cactus Cantina is incorporated in Kenya and is wholly owned by Shara Inc. (Shara). Shara, which is incorporated in the state of Delaware, USA, and was co-founded by Grant Brooke and Peter Njonjo, offers affordable financing to small and medium enterprises (SMEs) and their value chains in Nigeria and Kenya. Brooke and Njonjo are also the co-founders of Twiga Foods, a B2B food and grocery distribution company. “The Central Bank of Kenya (CBK) announces the acquisition of 55.8 per cent shareholding of Maisha Microfinance…