Author: Muindi

Capital A Investment Bank, formerly known as Securities Africa Kenya Limited, unveiled a new brand identity, marking a significant milestone in its journey. This rebranding follows the firm’s recent upgrade from a licensed stockbroker to an investment bank by the Capital Markets Authority (CMA). The new brand reflects Capital A’s expanded capabilities and unwavering commitment to providing exceptional investment solutions and fostering financial consciousness. As a regulated entity under the CMA and an authorized trading participant at the Nairobi Securities Exchange (NSE), Capital A has consistently demonstrated its expertise in the financial services industry.   Capital A has solidified its position as…

Jumia, the e-commerce giant, exits South Africa (Zando) and Tunisia to focus on core markets, citing low growth and competition. Jumia will concentrate on its core, high-growth markets in Kenya, Egypt, Morocco, and Nigeria to achieve pre-2019 profitability. The closure will result in job losses (around 110) in both countries. Jumia will attempt to relocate some employees. “After a thorough analysis, we made the difficult decision to close down our operations in South Africa and Tunisia. Both businesses account for negligible portions of our overall operations,” said Francis Dufay, Jumia CEO.  “Decisions like these are never easy and we are extremely grateful…

VisionPlus Kenya, a leading home appliance and consumer electronics manufacturer, has announced plans to establish the country’s first-ever local plant for smart televisions and audio entertainment systems. The investment of Kshs 125 million is part of the company’s strategy to expand its product range and shift from importing to manufacturing locally designed appliances. Targeting underserved and emerging populations, VisionPlus aims to cater to the growing demand for quality, stylish, and convenient home appliances. Managing Director Umesh Bhojwani highlighted the significant growth potential in the Kenyan home appliance market, driven by population growth, urbanization, and changing lifestyles. “We want to serve…

President William Ruto witnessed the signing of a gazette notice that will raise the minimum wage by 6% for employees across various sectors in Kenya. The new rates will take effect on November 1, 2024, benefiting thousands of workers. The decision follows months of negotiations involving the government, trade unions, and employers. The government established the National Wages Council to oversee the wage increase process and ensure a structured approach. Under the new wage schedule, unskilled employees will earn a minimum of Sh7,997 per month, while skilled and semi-skilled workers will see significant increases. House servants and cooks will now…

The Central Bank of Kenya is buying dollars to increase foreign exchange reserves and stabilize the exchange rate. The move aims to protect the economy from potential shocks. The Central Bank of Kenya (CBK) has been actively purchasing dollars in the foreign exchange market to build up its reserves and mitigate exchange rate volatility. Dr Kamau Thugge Governor of the CBK and also the chairman of the Monetary Policy Committee announced this during the post-MPC briefing on Wednesday. “We have had a significant increase in foreign exchange, both from banks, but also remittances. So, in order to moderate the fluctuations…

Airtel Networks Kenya has announced discontinuing its Airtel TV service effective September 30, 2024. In a public notice, the telco apologized for any inconvenience caused by the service’s termination. “Access to Airtel TV channels and content will no longer be available. We apologize for any inconvenience caused,” the telco said in a public notice. Airtel TV was launched in August 2020 and offered a wide range of entertainment content, including movies, dramas, documentaries, music, and cartoons. Airtel TV subscribers could enjoy premium content from renowned studios like Universal, Nickelodeon, and the BBC without a subscription. The service was accessible to…