Author: Khusoko

Economists at Genghis Capital Ltd, an Investment Bank, on Monday said Kenya’s budget deficit is estimated to decline at the end of the 2018/19 fiscal year, but expressed concerns over absorption of funds. In a 2Q19 Macro-Economic & Fixed Income Outlook, the Analysts said the fiscal deficit will decline to 6.0% of gross domestic product at the end of FY2018/19, down from 7.2% at the end of FY2017/18. “We do not expect the current revenue measures will boost collection in the final quarter, in light of the 15.2% underperformance as compared to pro-rated target (KES 945.6Bn –vs- KES 1.1Tn),” noted…

Standard Chartered Bank has launched the Africa eXellerator innovation lab in Kenya to promote innovation within the bank as well as to tap emerging financial technologies. Kenya becomes the 5th country to launch the eXellerator innovation lab. “If we really want to make a difference and innovate for our clients, we have to partner with fintechs,” said Kariuki Ngari, CEO Stanchart during the launch. “We are a connector bank – connecting clients, markets and products with networks and facilitating trade and investment across our global footprint across some of the fastest growing markets. We are establishing an innovation centre in…

The Kenyan Shilling appreciated marginally against the US Dollar to Kshs 100.7, from Kshs 100.8 the week ending April 4., mainly on account of subdued greenback demand. The Shilling has appreciated by 1.1% year to date. According to Cytonn Investments, “The shilling should remain relatively stable to the dollar in the short term.” At the Interbank Foreign Exchange, increased to 3.56% on April 4 from 3.06% on March 28. “The average number of interbank deals remained unchanged at 9 while the value traded increased to KSh 2.61 billion from KSh 1.87 billion in the previous week,” according to the Central…

Kenya Bureau of Standards (KBS) has lifted the suspension of the Nuteez peanut butter brand after Jetlak Foods Ltd addressed the gaps that were identified with regard to control of incoming raw materials, production process and final product testing. “Suspension of the Standardization Mark permit no. 965 for Peanut Butter branded Nuteez has been lifted,” KEBS said. “KEBS shall continue to monitor the effectiveness of Jetlak Foods Ltd controls for the peanut butter product through market surveillance, factory inspections, and testing,” the statement reads. The move comes two months after the peanut butter was recalled for aflatoxins contamination. Investigations had…

Imperial Bank depositors can now access 12.5% of their deposits after the Central Bank of Kenya and the Kenya Deposit Insurance Company (KDIC) accepted the final offer from Kenya Commercial Bank (KCB) group. The Central Bank of Kenya (CBK) and Kenya Deposit Insurance Corporation (KDIC) announced the acceptance of the binding offer on December 11, 2018. In a statement, KDIC and CBK said the depositors would access the funds in another two weeks subject to verification. “The accepted Final Offer includes a further recovery of 19.7 percent of eligible depositor balances remaining at IBLR. CBK and KDIC assess that KCB’s…

Chukua Selfie, a Menstar coalition campaign encouraging 18-24-year-old men to know their HIV status through self-test, has entered into a partnership with the Kenya Rugby Union as a Shirt sponsor for the two legs of the World Rugby Sevens Series 2018/19 season. The Kshs.14million deal will see Chukua Selfie sponsor the Hong Kong/Singapore and London/Paris legs. This partnership will see the Shujaa front of shirt branded with the Chukua Selfie. Chukua Selfie Brand representative Eric Achola said: “We chose rugby because it is widely followed by our target audience, we want to remind all the young men that even as…