Author: Muindi

Kenya Airways (KQ) has introduced weekly direct cargo services between Sharjah, United Arab Emirates (UAE), and Mogadishu, Somalia, aiming to broaden its cargo operations. KQ says it is collaborating with Global GSA Cargo LLC, a Dubai-based sales agent, to facilitate logistics for the route. Dick Murianki, KQ’s cargo director, expressed his delight in extending their logistics service to markets that have been underserved. “The direct route between the UAE and Somalia offers huge demand for air freight transportation, particularly high-tech consumer goods, automotive parts, project cargo, and clothing, which are the most frequently flown goods on the route,” KQ cargo…

The financial strain faced by Kenyans has become increasingly pronounced due to stagnated income streams and the resulting impact on their financial decisions.  According to the Old Mutual Financial Services Monitor (OMFSM), a pioneering study providing comprehensive insights into the Kenyan financial landscape, 9 out of 10 Kenyans currently earn either less than or the same as they did before COVID-19.  Understanding the Debt Landscape in Kenya: A thread. Kenyans are heavily reliant on credit vehicles for financial support, with credit cards, personal loans from Chamas, and borrowing from friends/family being the most common methods. #knowbetterdobetter pic.twitter.com/xO5evLlXq8 — Old Mutual Kenya (@OldMutual_Ke) February 7, 2024…

The Capital Markets Authority (CMA) of Kenya has granted the East African Bond Exchange (EABX) a license for Over-the-Counter (OTC) trading.  OTC trading involves the direct exchange of securities between two parties operating independently.  pic.twitter.com/gNbEKkCc5p — Capital Markets Authority Kenya (@CMAKenya) February 2, 2024 “This type of trading is often used for securities that are not listed on a formal exchange or for large block trades that may not be easily executed on the open market,” says the CMA. The 29th edition of the Capital Markets Soundness Report (CMSR), themed “Enhancing capital markets’ liquidity through transparency and efficiency in Over…

ILAM Fahari Income Real Estate Investment Trust (ILAM Fahari I-REIT) is delisting its shares from the Nairobi Securities Exchange (NSE) main segment effective February 12, 2024. The last day of trading of ILAM Fahari I-REIT shares on the segment will be Friday, February 9, 2024. “This follows the resolution by Unitholders of IFIR to delist and the subsequent approval of the delisting by the Capital Markets Authority (CMA),” the statement added. Shares of the company listed on the segment are freely transferable and not subject to any restrictions on marketability or any preemptive rights. ILAM Fahari I-REIT is in the…

The Monetary Policy Committee of the Central Bank of Kenya has adjusted the base lending rate from 12.5% to 13%.  As a result, credit will now be more expensive by a similar margin moving forward. The MPC attributed this change to factors such as inflation and exchange rate fluctuations.  “The proposed action will ensure that inflationary expectations remain anchored while setting inflation on a firm downward path towards the 5 per cent mid-point of the target range, as well as addressing residual pressures on the exchange rate. The MPC therefore decided to raise the Central Bank Rate from 12.50 per…

Airtel Africa, a subsidiary of Bharti Airtel operating in 14 African countries, posted a profit before tax of USD 43 million for the third quarter ending December 31. For the same period as the previous year, it recorded USD 285 million. “Profit after tax was USD 2 million in the nine months, primarily impacted by significant foreign exchange headwinds, particularly the USD 330 million exceptional loss after tax following the devaluation of the Nigerian naira in June 2023 and the Malawian kwacha in November 2023 after the structural changes in their respective FX markets.” “The Nigerian naira devalued further in Q3’24, resulting in…