Uganda’s central bank kept the key policy rate unchanged at seven percent but warned that the “economic outlook is extremely uncertain”, largely due to the Covid-19 pandemic. “Indeed, economic growth in Financial Year (FY) 2020/21 is projected at 2.0-3.0 percent and is expected to increase to 5.0-6.0 percent in FY 2021/22 and to 6- 7 percent in the outer years,” said Prof. Emmanuel Tumusiime-Mutebile, Governor. However, it noted a slight improvement in both foreign and domestic demand which, along with the easing of the lockdown and a stable exchange rate, are supporting economic growth recovery. The regulator further waned that…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Cellulant Kenya Limited, a leading multinational payment business, has named Faith Nkatha as its Country Manager. A highly accomplished leader with a proven track record of driving digital transformation, she will be responsible for the company’s operations and scale its payments ecosystem in the country. She joins Cellulant from Oracle Corporation where she was leading their Digital Transformation efforts for the Public Sector. “We are excited that Faith has accepted to join our leadership team and confident that she will lead Cellulant Kenya’s next chapter of growth and success”, said Ken Njoroge, co-Founder & CEO, Cellulant. “We have all been…
The East African Breweries Limited (EABL) Board of directors has appointed Ms Ory Okolloh as an independent non-executive director with effect from 15th October 2020. Ms. Okolloh is the former Managing Director of Omidyar Network, which focused on philanthropic impact. She possesses strong technological and legal exposure, with extensive board experience and the ability to create new partnerships with positive impacts. She serves on the board of several companies and organizations including the Thomson Reuters Founders Share Company, Harvard University’s Centre for African Studies, Stanbic Holdings, and Stanbic Bank Kenya. She has also worked as Google’s Policy and Strategy Manager…
The Central Bank of Kenya on Wednesday opened a new center in Kisii town easing the distribution of cash to counties in Nyanza region. The Centre will serve seven counties in the region (Kisii, Nyamira, Migori, Bomet, Homa Bay, and parts of Narok and Kericho), a population of over 7 million people contributing about 12 percent of Kenya’s GDP. “This branch will offer currency and technology services to county governments and banks, thus support the economic growth of this region,” CBK Governor Patrick Njoroge said on Wednesday. The Kisii Centre is established under the partnership with the Kenya Bankers Association…
“Fellow Kenyans, Ladies and gentlemen, Happy Mashujaa Day. Let me first and foremost thank you, the Abagusii, for your warm reception. To celebrate the cultural diversity of Kenya and strengthen our nationhood, my administration made the decision to hold our national celebrations in the counties, on a rotational basis. Today, Kisii joins the counties of; Nakuru, Nyeri, Machakos, Meru, Kakamega, Narok and Mombasa in having played host to a national celebration. In the near future, we shall announce where next year’s Madaraka Day will be hosted. My Fellow Kenyans, We gather here today to celebrate 68 years of history and…
The Co-operative bank emerged as the top financial institution in Kenya at the EMEA African Banking Awards 2020. Europe, Middle East, and Africa (EMEA) Finance Awards recognize financial institutions that continue to drive profitability focusing on client base and sound leadership. This is the third time in a row the lender has been awarded: the first and second times being in 2018 and 2019. Group Managing Director & CEO Co-operative Bank, Gideon Muriuki said, “As a bank that is predominantly-owned by the over 15 million-member Co-operative Movement that is the face of Kenya, we are inclusive by design, which has…