Author: Muindi

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…

Ruaka, a rapidly growing satellite town of Nairobi, has seen its land values surge, surpassing prime suburban areas like Karen, Runda, Ridgeways, Kitisuru, and Langata. According to Hass Consult’s Q3 Land Price Index, an acre of land in Ruaka now averages Sh110 million, significantly higher than other satellite towns and even Kitisuru, where an acre costs Sh99.7 million. Nairobi’s Most Expensive Land Upperhill: Remains the most expensive area, with an average land price of Sh506 million per acre. Westlands: Follows closely at Sh479.6 million per acre. Driving Factors Behind Rising Land Prices Increased Demand for Development: The demand for apartments…

New data from the Central Bank of Kenya (CBK) reveals a significant increase in personal loans and digital lending. Over half of these borrowers use the funds for daily expenses rather than investments or long-term projects. Economic Pressures and Rising Debt The rising cost of living, fueled by inflation, has eroded the purchasing power of many Kenyans. Needs like food, fuel, and housing have become increasingly expensive, particularly for low-income households. Economic challenges, including the aftermath of the COVID-19 pandemic, global commodity price increases, and adverse weather conditions, have further exacerbated the situation. Even middle-income earners are struggling to make…