Author: Muindi

With an aim to leverage WhatsApp users in Kenya, Zamara Group has introduced a new pension scheme for them. The first of its kind, the product known as Fahari Retirement Plan, enables Kenyans to opt-in and transact via WhatsApp. “With a reach of more than 12m users in Kenya — more than any other app in the country — using WhatsApp we are uniquely positioned to bring more people into the pensions and insurance ecosystem,” said Zamara Group Chief Executive Officer Sundeep Raichura Raichura. Kenyans use WhatsApp to communicate with friends and family, get updates from community organizations, and —…

African home buyers are willing to pay more for eco-friendly homes compared to the global average,  Knight Frank’s 2021 Global Buyer Survey reveals. According to the survey, sustainability in Africa’s real estate is not limited to energy conservation but also includes good air quality, proximity to green space and access to good healthcare.  Findings from the survey noted that 71 per cent of African respondents indicated that energy efficiency was very important to them compared to 42 per cent globally.  In addition, more respondents across Africa (29%) indicated that they would prefer an eco-friendly home and be willing to pay…

Chike Africa,  a company registered in Port Louis, Mauritius has put in a formal expression of interest (EoI) for buying a stake in Real People, a non-deposit taking financial solutions provider and settling its debt. For this to be realised, Real People has asked holders of its Ksh 1.3 billion outstanding corporate bond to take a 70 per cent cut on the principal amount covering the first part of the issue worth Ksh 267.1 million. This is part of the Extraordinary Resolutions proposed by the Nairobi Securities Exchange fixed-rate note issuer, ahead of its 21st December 2021 for the purpose…

Activity in Kenya’s private sector accelerated to a ten-month high in November despite a steady rise in input costs, showed Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI). The PMI reading was at 53.0 in November up from 51.4 in October to a ten-month high, signalling a solid upturn in the health of the private sector economy. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. During the month, the resurgence of growth across the private sector economy witnessed an increase in demand at the fastest rate since May…

East Africa’s investment firm Centum recorded a pretax loss of Ksh 696.6 million for its first half ended September. This is compared with Ksh 2.05 billion loss in the same period a year earlier. Its trading profit grew from a loss of  Ksh 316.8 million to a profit of Ksh 255.3 million attributed to an improvement in its trading business as sales increased from  Ksh 136.3 million in HY21 to  Ksh 1.2 billion in HY22. “We have seen improved performance in the first half from the various business segments as they recover and the economy rebounds from the impact of…

The Central Bank of Kenya (CBK) says it will not cap interest rates charged by digital lenders but expects them to price their loans appropriately. “If you mean ourselves having sort of caps and things like that obviously the answer is no. We are not going into that part of the world again, we already explained why,” said Dr Patrick Njoroge in response to a question on whether the regulator would regulate the lenders. “What we do and I have been saying on the banking side is ensuring the pricing is appropriate in many ways and I think you have…