Author: Muindi

In a new episode of African Voices Playmakers, a special edition of CNN’s African Voices Changemakers, Larry Madowo meets former and current African NBA basketball players scoring big for their teams and assisting their communities. Masai Ujiri, born and raised in Nigeria, founded the Giants of Africa (GOA) organisation to educate and enrich the lives of African youth. He explains, “I think there’s so much talent in Africa that the more eyes we get on us, the more we are going to have these talents coming out of different places.” As president of the Toronto Raptors, Ujiri has scouted and…

The Nairobi Securities Exchange’s (NSE) total equity market capitalisation dropped to a six-year low of KSh1.79 trillion on Tuesday. Safaricom, Equity Group, EABL and KCB Group losses mainly drove the equities market performance during the day. https://twitter.com/RufasKe/status/1635635899634466816?s=20 Tuesday, a total of 5,913,600 shares in 1,264 deals, corresponding to a market value of Ksh 141,537,020.00, were traded compared with Monday’s trading day, which translates to a 3% decline in volume, 11% improvement in turnover, and 11% improvement in deals. “The downward trajectory of the Kenyan equities market was mainly attributable to capital flight as foreign investors moved to developed markets with the Fed…

Absa Bank Kenya reported a KSh14.6 billion net profit for the year ended December 31, 2022. This was a 34 per cent growth compared to the KSh10.6 billion posted in 2021. The improved performance was attributed to sustained double-digit growth across all business segments as the Bank accelerated lending to Small and Medium Sized Enterprises(SMEs). Customer loans grew by 21 per cent to KSh284 billion, while customer deposits rose by 13 per cent to KSh304 billion. Total revenues rose 25 per cent to KSh45.9 billion, driven by a 28 per cent growth in net interest income to KSh32.3 billion. “We…

The World Bank’s Development Policy Operations (DPO) facility is set to provide additional resources to Kenya, amounting to $1 billion (Ksh 129 billion) in the 2022–23 fiscal year. The loan awaits the approval of the World Bank’s board, with its disbursement expected before the end of the current fiscal year. In 2021, Kenya received a KSh80.9 billion ($750 million) loan from the lender to support its budget and help the economy recover from the effects of the Covid-19 pandemic. The loan attracts an average interest rate of 3.1% and has a 30-year repayment period preceded by a grace period of…

The financial sector has undergone significant transformations due to rapid technological advancements. Banking, in particular, has been revolutionized by technology. Gone are the days when people had to dress up and visit physical bank branches to conduct transactions. Nowadays, you can make deposits and withdrawals, pay for goods and bills, and even apply for loans from your device. Kenya’s financial sector’s rapid adoption of technology has also been accompanied by a rapidly evolving threat targeting customers and financial services providers. The biggest threat is digital fraud. sim swaps Some tools fraudsters use today to gain illegal access to customers’ bank…

The Competition Authority of Kenya has ordered Carrefour Kenya to stop deducting rebates from the invoices for Pwani Oil items. A supplier rebate is money given back to customers to incentivise qualifying purchases. Suppliers offer them to win business or secure further sales. On the other hand, buyer power is the ability of a buyer to obtain terms of supply more favourable than a supplier’s ordinary contractual terms. “The Competition Authority issues a cease and desist order against Majid Al Futtaim Hypermarkets Limited directing it to, with immediate effect, cease and desist from charging rebates on Pwani Oil Products Limited…