Kenya Electricity Generating Company started installing a Steam Turbine into the Olkaria 1 AU 6 Power Plant, signalling a major breakthrough in the ongoing construction of the power plant. “This is the largest single unit of turbine we will be installing in any of our power plants with a capacity of 83.3MW and with its installation we are now entering the final phase of construction of the power plant,” KenGen Managing Director and CEO, Mrs, Rebecca Miano said Thursday when the installation began. She revealed that this was the first time a Fuji Turbine was being installed not only in…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Prime Bank Kenya has introduced five innovative transactional products to drive an easy and comprehensive banking experience in its personal, SME and corporate customer segments. These local currency accounts dubbed Prime Yes, Prime Esteem, Prime Flexi, Prime Business Advantage and Prime Enterprise Business have been tailor-made to meet the bank’s existing and potential customers’ everyday banking needs, it notes in a statement. The new products will complement the bank’s digital banking platforms PrimeMobi and PrimeNet. The bank’s managing director Bharat Jani said the launch of the new products signalled the bank’s responsive nature to the ever-changing trends, innovation and evolution…
KLM Royal Dutch Airlines has announced the launch of direct flight services from Amsterdam to Mombasa, Kenya’s coastal city, starting October 31. The route will be served twice a week, on Thursday and Sunday, with a Boeing 787-9. KLM General Manager for East Africa Arthur Dieffenthaler said the flights to Mombasa will target leisure travellers to the coastal city by offering a direct flying experience. “The rising number of tourists visiting Mombasa, not just from Europe but also the rest of the world, signifies the growing interest in the unique experiences the coastal city has to offer,” Dieffenthaler said, noting…
Kenya’s current account deficit remains high, the Monetary Policy Committee (MPC) said on Wednesday. The country’s current account deficit hit a record 4.8 per cent in the last fiscal year and has been a key parameter for the Central Bank of Kenya while setting monetary policy. “The current account deficit is estimated at 5.2 per cent of GDP in the 12 months to April and is projected to remain at the same level in 2021,” the MPC said in a statement. Key highlights Exports of goods have remained strong, growing by 5.5 per cent in the first 4 months of…
Kenyan fintech firm Kwara has been selected for the Norrsken Impact Accelerator. Kwara offers a secure, simple and affordable digital banking platform for savings and credit cooperatives is among twenty startups, with eleven from Africa, selected to join the program. Other startups include Africa AI Labs, Arnie, Asilimia, @CemVison AB, Cling Systems, Complete Farmer, CribMD, Gradely NG, Kadi Africa, Molecular Attraction, MyPick, Nash, Nilus, PesaChoice LLC, Sensegrass, Wala Digital Health, Wellahealth, Simbi and Xilinat. Norrsken Impact Accelerator is is a €125 million pre-seed accelerator investing in the best startups solving the world’s biggest challenges. The program targets early-stage startups that…
Shares of Standard Chartered Bank Kenya gained 0.19 per cent to 131.75 per share on the NSE on Monday after the bank’s net profit grew 19 per cent to KSh2.39 Billion in the March quarter of FY21, as against KSh2.01 billion in Q1FY20. The lender attributed the rise in net profit to an improvement in non-interest income and a decline in operating expenses. Non-interest income rose to KSh1.999 billion in the three months through March 2021, from KSh1.905 billion in the same period a year ago. The bank’s interest income fell by 9 per cent to KSh 5.563 billion in…