Author: Muindi

The Common Market for Eastern and Southern Africa (COMESA) Commission has greenlit the proposed merger between Kuramo Africa Opportunity Kenyan Vehicle Ltd. (KAOKV) and Trans-Century PLC. The acquisition builds on Kuramo’s existing 25% stake in TransCentury. The transaction involves purchasing an additional 48% stake for approximately 74% ownership. Kuramo will invest the raised capital to support TransCentury’s debt settlement and growth strategy.

I&M Group PLC (I&M) reported a 15% increase in net profit to Sh13.3 billion for the year ending December 2023, compared to the same period in 2022. The growth was driven by a 20% rise in operating income to Sh43 billion. During the year, I&M’s operating income benefited from a 25% increase in interest revenue, likely due to rising interest rates. Additionally, non-interest revenue grew by 10%, reflecting growth in income from banking transactions and foreign exchange trading. I&M Group is proud to announce a robust FY2023 financial performance, showcasing our regional business growth, excellence in service delivery and driving…

Kenya’s Kakuzi Plc, a leading producer of superfoods, will ship its first-ever consignment of avocados to India by the end of March 2024.  The shipment marks a significant expansion for the company, which already enjoys established export markets in Europe, China, and the Middle East. Kakuzi’s Managing Director, Chris Flowers, expressed excitement about entering the Indian market, a strategic target with high potential for avocado sales. “The Indian market is very discerning and remains quality conscious, and we shall seek to deliver the very best of sustainably produced Kenyan avocado.” The inaugural shipment of 20 tons of high-quality Kakuzi Hass…

British airline Virgin Atlantic and Kenya Airways (KQ) signed a codeshare agreement on Thursday to offer passengers more travel options. Both airlines expect this partnership to improve the travel experience for their customers. As a result, Virgin Atlantic passengers will have easier access to KQ’s extensive African network and beyond, all on a single ticket. Subsequently, KQ passengers flying to London can connect to Virgin Atlantic destinations in the Middle East, the US, and the Caribbean. “Through the synergy of our respective strengths and networks, our goal is to enhance the travel experience for our esteemed customers, providing them with…

M-PESA has signed an international money transfer agreement with Onafriq, one of Africa’s largest digital payment networks. The deal allows M-PESA to tap into and leverage Onafriq’s extensive network, connecting 500 million mobile money wallets and 200 million bank accounts. This follows clearance by the National Bank of Ethiopia to start the remittance service in July 2023.  Safaricom Ethiopia’s General Manager, Paul Kavavu, said the deal would make payments easier, and the incorporation of international money transfer services into M-PESA perfectly serves that purpose. “Ethiopia generates more than five billion USD in remittances annually, and this partnership will provide the…

The Co-operative Bank of Kenya’s net profit for the fiscal year 2023 increased by 5.2% to Ksh 23.2 billion, demonstrating continued profitability. Its earnings per share (EPS) went up 5.4% to Ksh 3.92, reflecting positive shareholder returns. “The strong performance has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 21 percent,” said Gideon Muriuki, the managing director at Co-op Bank. “The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.” A remarkable 2023 for Co-operative Bank. With a 10% profit growth…