Author: Muindi

Kenya’s year-on-year inflation experienced a notable decline in April, dropping from 5.7% in March to 5.0%.  This is the third month in a row that the Consumer Price Index (CPI) has dropped, from 6.9% in January to 6.3% in February and 5.7% in March. According to the Kenya National Bureau of Statistics (KNBS, monthly inflation was negative (-0.2%) in April, indicating a slight price decrease compared to March. It was also the sharpest monthly decrease since June 2020. During the month, food prices eased slightly due to lower sugar, maize, and flour costs. However, some vegetables like onions and tomatoes saw…

Payless Africa, a Kenyan fintech company, aims to disrupt the financial landscape by offering affordable and user-friendly financial services designed specifically for young adults. “Our vision for Payless Africa is to provide Centric, mobile-first seamless financial services to over 100 million unbanked and underserved youth in Africa, a population that will be 42% of the global youth by 2030,” said Kev Muley, Founder and CEO of Payless Africa.  “We are committed to challenging existing practices in the industry and championing financial empowerment for all individuals and businesses. With Payless Africa, we aim to lead by example and set new standards…

WPP Scangroup, a full-service creative transformation company, reported a profit of KES 130 million after tax for the year ended December 31, 2023.  The profitability marks a turnaround after seven years of declining growth. The company’s revenue reached KES 2.2 billion in FY 2023, a 1% gross net growth. Its operating profit was KES 269 million, excluding restructuring costs for the year. Earnings per share (EPS) for its shareholder value grew by 191%. “We changed the tide…registering a 1% gross net revenue growth…In an emailed statement, we delivered increased value to our shareholders…” said Miriam Kaggwa, CFO. Scangroup reported a…

Food delivery app Glovo is shutting down operations in Ghana as of May 10, 2024. The company says it will focus its efforts on more profitable African markets. Despite a promising Ghanaian market with a growing population and improving internet access, high inflation and increased taxation made continued investment unsustainable. “While we recognise the potential of the Ghana market, building a stronger position in the market and achieving profitability would require substantial investment over an extended period of time,” Regional General Manager Glovo Africa, Dima Rasnovsky, said in a statement.  “This is why we have decided to redirect our resources…

Kenya Airways (KQ) has suspended all flights to Kinshasa, the Democratic Republic of the Congo (DRC), starting Tuesday, April 30th, 2024.  The suspension comes after the DRC’s military intelligence unit detained two KQ employees on Friday, April 19th. According to a statement released by KQ on Monday, April 29th, the airline can only accelerate flights to Kinshasa without trained personnel. The statement further criticizes the DRC military for disregarding a court order issued on Thursday, April 25th, which mandated the release of the employees. “Due to the continued detention of KQ employees by the Military Intelligence Unit in Kinshasa, Kenya Airways…

Schools in Kenya will delay their reopening from April 29th to May 6th, 2024 for the second term, due to the ongoing floods. Reason for Delay Heavy rains have adversely affected many schools across the country. Education Cabinet Secretary Ezekiel Machogu announced the decision based on reports from field officers. “In the face of the ongoing heavy rains, the Ministry of Education last week directed its field officers to submit data from all Basic Education Learning Institutions countrywide to assist the Government in assessing the readiness of the schools for the Second Term opening on Monday, April 29, 2024,” the statement from Machogu read in part. Education…