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…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
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…
Equity Group Foundation (EGF), through its health pillar, opened seven, fully equipped Equity Afia medical centres to increase health coverage and address the rising demand for healthcare services across the country. This expansion aims to address the growing demand for quality healthcare in these communities and increase overall health coverage across the country. The new centres are located in Migori, Nyamira, Busia, Bomet, Mpeketoni, Iten, and Kwale, aiming to bridge the gap in healthcare access between urban and rural areas. This brings the total number of Equity Afia centres to 102, with an ambitious goal of reaching 1,000 centres across…
Kenya’s inflation jumped to 6.9% in January, reversing a two-month decline. The rise has been attributed to increases in food, energy, and transport costs, which accounted for over half of household spending. “Food and Non-Alcoholic Beverages Index rose by 0.4 per cent between December 2023 and January 2024. The rise in food inflation is mainly attributed to the increase in prices of some food items, which outweighed the decrease in prices of other foodstuffs,” KNBS said in a statement issued Wednesday. Consequently, a weakening shilling has made consumers face new cost pressures from imported goods and education.
Absa Bank Kenya PLC is the official banking partner for the upcoming Magical Kenya Ladies Open (MKLO) Golf Tournament, with a Ksh 15 million investment. The sponsorship demonstrates Absa’s dedication to promoting national development through sports tourism and women’s empowerment. Magical Kenya Ladies Open takes place from February 8th to 11th at Vipingo Ridge, making it the first leg of a 31-tournament series within the Ladies European Tour 2024 calendar. Five Kenyan amateur golfers have been confirmed The tournament provides a platform for talented female golfers from around the world, including: German Alexandra Försterling: Winner of the 2023 VP Bank Swiss Ladies Open and…
Safaricom Telecommunications Ethiopia has witnessed a surge in M-PESA users and transactions since launching the mobile money service on August 15, 2023. According to its latest quarterly update, the number of M-PESA users had reached 3.1 million by the end of December 2023, up from 1.2 million in September 2023. The value of transactions also increased from Ksh3 billion ($18.7 million) to Ksh18.5 billion ($115.3 million) in the same period. Safaricom chief executive Peter Ndegwa expressed his satisfaction with the performance of M-PESA in Ethiopia, saying that it has generated optimism among the young population and will contribute to financial…