Author: Muindi

Hellen Chepchumba Chepkwony, a Macroeconomist and Risk Certified Professional, has been named Chief Executive Officer of the Kenya Deposit Insurance Corporation (KDIC) for a term of three years. Chepkwony takes over from Mohamud Mohamud who exited in January. In a statement, KDIC said Chepkwony’s formal appointment follows a competitive recruitment process. “Chepkwony is a distinguished economist and risk management professional with extensive exposure in both the public and private sectors,” the statement read. KDIC is a statutory institution established under the Kenya Deposit Insurance Act, 2012 (KDI Act, 2012). The Corporation is mandated to provide a deposit insurance scheme for…

The African Continental Free Trade Area (AfCFTA) is a key opportunity for Africa to alleviate poverty, drive economic activity and achieve prosperity for her people, says Standard Bank, a key sponsor of this week’s African Continental Free Trade Area (AfCFTA) Business Forum in Cape Town. By eliminating trade barriers and boosting intra-Africa trade, the AfCFTA aims to lift 30 million Africans out of poverty by increasing income across Africa, by 7% by 2035. Once implemented, it will be the world’s largest free trade area. Recent global supply chain disruptions illustrate the urgent need of building domestic value chains integrated into…

Kenya’s core inflation declined to a 10-month low from 9.2 per cent in March due to decreased prices of fast-growing vegetable items. In addition, food inflation declined to 10.1 per cent from 13.4 per cent in March, reflecting lower vegetable prices. Data by the Kenya National Bureau of Statistics (KNBS) showed the price for a kilo of kale dropped to KSh63.55 from KSh71.87 while that of spinach dropped to KSh72.80 compared to KSh78.99 in March. However, fuel inflation remained elevated, declining marginally to 13.2 per cent from 13.4 per cent in March, mainly driven by electricity prices. The country’s annual…

The Aga Khan University has launched the construction of the Aga Khan Teaching Hospital in Kampala, the largest capital investment by the Aga Khan Development Network in East Africa. On completion, it will provide healthcare access to all Ugandans. The 60-acre campus located in the Nakawa area will include a training hospital, teaching spaces, and students’ residences. “The Aga Khan Development Network’s goal in East Africa is to build a network of clinics and hospitals that brings primary care as close to people’s homes as possible, while also linking them seamlessly to advanced care,” Princess Zahra Aga Khan said. “We…

Switzerland’s Roche has announced its 10-year Africa strategy to increase access to diagnostics by a factor of 10 in the next 10 years. The Swiss pharma giant has also expanded its diagnostics legal presence in Kenya as part of the execution of this bold ambition. A report by Biomedical Central states that about 19% of the population in Low-to-Middle-Income Countries (LMICs) has access to basic diagnostic testing (excluding malaria and HIV testing kits). By contrast, access to diagnostic testing in high-income countries approximates at 49% in primary care and 68% in hospitals. These statistics highlight major gaps in diagnostics, particularly…

Absa Bank Kenya has appointed Abdi Mohamed as Chief Executive Officer (CEO) after receiving regulatory approval from the Central Bank of Kenya. Mohamed takes over from Yusuf Omari, who has been serving in this capacity on an interim basis. The lender’s board chairman, Charles Muchene, confirmed that Mohamed’s tenure will begin effective May 1, 2023. “The Board is pleased to welcome Abdi back home, particularly at a time when the banking industry is experiencing increased digitalization, innovation, and significant shifts in demography and consumer behaviour,” Munene said in a statement. “Within this context, Abdi will steer the Bank’s next strategic…