Author: Muindi

Sanlam is set to conclude the acquisition of a 60% stake in MultiChoice’s insurance business, NMSIS. This strategic move aims to enhance insurance access across Africa, leveraging both companies’ strong market presence and technological capabilities. Key Highlights The acquisition is now finalized, with the transaction effective from November 30, 2024. Subsequently, MultiChoice will receive an upfront payment of R1.2 billion, with a potential performance-based earn-out of up to R1.5 billion. As a result, Sanlam will expand its insurance and financial services offerings to MultiChoice’s extensive subscriber base. Both companies will collaborate to leverage their strengths and maximize synergies. MultiChoice’s Financial…

Kenya’s position in Africa’s trade index, as measured by Stanbic Bank, has slipped one place to sixth, following a challenging first half of the year marked by high interest rates. The latest Stanbic Bank Africa Trade Barometer places Kenya behind South Africa, Namibia, Mozambique, Tanzania, and Nigeria. However, Kenya outperformed Ghana, Zambia, Uganda, and Angola in the index, which surveys 10 key sub-Saharan African economies. The survey assesses trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance, economy, and traders’ financial behaviour. Kenya experienced declines in macroeconomic stability, governance, infrastructure quality, and credit access. High interest rates, with…

Kenya’s inflation rate dipped to a 14-year low of 2.7% in October, down from 3.6% in September, driven by a decline in food, electricity, and fuel prices, the statistics office announced on Thursday. Key contributors to the deflationary trend include price reductions in essential commodities such as sugar, maize flour, wheat flour, kerosene, and petrol. While electricity prices saw modest increases, their impact on overall inflation was minimal. “During the same period, however, prices of 50 kWh of electricity and 200 kWh of electricity increased by 0.3% and 0.2% respectively,” KNBS stated in its monthly inflation report. However, the cost…

Access Bank, a leading Nigerian financial institution, has received regulatory approval from the Kenya Competition Authority to acquire the National Bank of Kenya (NBK) from KCB Group. Consequently, Access Bank has to retain 80% of NBK’s employees for at least a year. “The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary,” CAK said in a statement. National Bank currently has 1,384 employees, while Access Bank’s Kenyan…

The Katiba Institute (KI), a leading advocate for constitutionalism in Kenya and the region, has appointed Nora Mbagathi as its new Executive Director. Mbagathi brings a wealth of experience to the role, boasting over ten years in human rights advocacy and strategic litigation. She has a strong background in human rights and technology, with a particular focus on issues of non-discrimination and equality.  Prior to joining KI, Mbagathi served as a senior lawyer with the Open Society Justice Initiative, a prominent human rights organization. She also brings experience working with Reprieve, a London-based charity dedicated to abolishing the death penalty.…

Airtel Africa’s robust performance in East Africa was significantly bolstered by the strengthening Kenyan shilling, coupled with a growing customer base for both data and voice services. Key Highlights: Data Services: Data customer base surged 12.1% due to expanded 4G network and infrastructure upgrades. Data revenue soared to US$335 million in the second quarter. Data usage per customer increased to 5.9 GB per month. Airtel launched the “Data Imedata” campaign, offering 50% more data for specific denominations, to capture a larger market share. Voice Services: Voice revenue reached US$439 million, driven by increased network coverage and reduced interconnect rates in…