The Central Bank of Kenya (CBK) has increased penalties for banks that fail to comply with regulatory guidelines, raising the maximum fine from Ksh2 million to Ksh20 million. This move follows the enactment of the Business Laws Amendment Act and comes amid concerns over banks’ reluctance to lower lending rates despite recent monetary policy easing measures. The Act was enacted into law on 11 December 2024 and became effective on 27 December 2024. This legislation aims to strengthen oversight and ensure fair market practices within the financial sector. Addressing Concerns Over High Interest Rates During the first Monetary Policy Committee…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
NCBA Group has published its inaugural Sustainable Development Impact Disclosure (SDID). It is the first African financial institution to adopt the new guidelines released by the Impact Disclosure Taskforce. Developed with the support of J.P. Morgan and Blaylock Van, the report demonstrates NCBA’s commitment to transparency and accountability in advancing sustainable development goals. “NCBA’s leadership in publishing the SDID establishes a new benchmark for transparency and accountability in advancing measurable sustainability goals,” Nyagaka Ongeri, President, Blaylock Van says. In the report, NCBA aims to contribute to 10 UN Sustainable Development Goals, including poverty reduction, quality education, gender equality, and climate…
The COMESA Competition Commission is investigating Airtel Mobile Commerce BV and MTN Group for potential violations of consumer protection laws within the COMESA region. The commission cites alleged discrepancies between displayed and actual charges for mobile money transfers. In addition, telcos fail to disclose crucial information to consumers, such as exchange rates, intermediary parties, and sender information. “In the case of Airtel Mobile Money Kenya, the charges displayed to the sender before confirming the transaction are, in some instances, different from the actual charges indicated in the final confirmation message, and details of the intermediary parties, as well as the…
Sri Lankan food giant CBL Group has announced its entry into the East African market with the establishment of a new distribution hub in Nairobi, Kenya. CBL Group has partnered with global logistics firm Expolanka Freight Limited and local distributor Peniel Acumen Distributors to bring its flagship brands, Munchee biscuits and Ritzbury chocolates, to the Kenyan market. “Kenya’s dynamic youth-driven market and the growing demand for high-quality snacks make it an ideal market for Munchee and Ritzbury,” said Kamal Geeganage, CEO of CBL Foods International. “Our commitment extends beyond simply offering delicious products to catering to the diverse food preferences…
The liberalization of Africa’s air transport market, as envisioned through the Single African Air Transport Market (SAATM), is not just an aspirational goal—it is an economic necessity. A unified African sky, underpinned by the Joint Prioritized Action Plan (JPAP), promises to reduce passenger travel costs, enhance connectivity, and catalyze economic growth and cultural exchange across the continent. The success of this initiative hinges on the active support and collaboration of governments, airlines, and aircraft manufacturers such as Boeing. The need for SAATM stems from longstanding challenges in Africa’s aviation sector: limited intra-African connectivity, high travel costs, fragmented regulations, constrained aircraft…
The Aga Khan University Hospital, Nairobi, has launched a dedicated lipid disorders clinic to address the growing concern of heart disease in Kenya. This specialized clinic aims to provide comprehensive care for patients with abnormal cholesterol levels, focusing on early detection, prevention, and personalized treatment plans. “This is the first specialized lipid clinic in Kenya, and we started it because of the realization that heart disorders are on the increase as a result of our adoption of a Western lifestyle characterized by poor diet and physical inactivity,” said Rashid Khalani, CEO of the Aga Khan University Hospital. “We believe in…