Author: Muindi

Browns Investments PLC, a Sri Lankan company with a long history of operating plantation businesses, will take over Lipton’s tea estates in Kenya, Rwanda, and Tanzania. According to a joint statement, Browns will invest in its estates in Kenya and Sri Lanka to meet the new standards by 2025. In addition, Lipton and Browns will create a 1 billion Kenyan shilling (approximately £5.9 million) Community Welfare Trust to generate additional employment opportunities in Kenya. This deal is expected to make Browns the world’s leading tea exporter, producing around 87 million kilograms of tea annually. Browns will also become a major supplier…

Schools across Kenya are now “closed until further notice,” President William Ruto announced Friday. Prior to Friday’s announcement, schools reopening for the second term had been extended through Wednesday, May 8. President Ruto directed the Ministry of Education to delay the reopening of schools for the second term, citing ongoing severe weather conditions across the country. The second term was to commence on April 29 and conclude on August 2, with a half-term break from June 20-23. The final term is scheduled to run from August 26 to October 25. Subsequently, the Kenya Primary School Education Assessment (KPSEA) and Kenya Intermediate…

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…