Author: Khusoko

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has partnered with Africa’s largest online shopping company Jumia to provide a secure and convenient way for Carrefour Kenya customers to shop for groceries and household goods online starting early January 2019. Through this partnership, more shoppers will now have access to a variety of Carrefour products, providing them with a shopping experience that is safe, convenient and stress-free from the comfort of their homes. Shoppers will enjoy the same great value prices and quality of products they enjoy at Carrefour…

Kenya’s central bank held its key lending rate unchanged at  9.00 percent noting that “inflation expectations remained well anchored within the target range, and that the economy was operating close to its potential.” “The MPC concluded that the current policy stance remains appropriate, and will continue to monitor any perverse response to its previous decisions,” said Dr. Patrick Njoroge, CBK Governor on Tuesday when the MPC met. The committee noted that the meeting was held against a backdrop of macroeconomic stability, increased optimism on the economic growth prospects, and heightened uncertainties in the global financial markets. “Although global growth has continued…

Jambojet has appointed Allan Kilavuka as its Chief Executive Officer replacing Willem Hondius. He becomes the second CEO for the Kenya Airway’s owned subsidiary. He will officially take over in January 2019. “He has extensive knowledge and experience in the Africa business environment and has successfully delivered high outcomes at lower costs and led in driving efficiencies and simplification in his previous roles,” said Mr Vincent Rague, Jambojet’s chairman. Kilavuka served as the Executive for global operations at General Electric (GE) Africa.

Equity Group Holdings Limited has launched an internet platform that allows customers to book foreign exchange transactions online dubbed EazzyFX targeting the SME and Corporate customers. Group Director for Treasury James Mutuku says the platform offers a seamless experience in buying and selling foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions. Additionally, it also allows access to competitive prices on both emerging market and major traded currencies. Among the key features of the online service include real-time streaming access, competitive market pricing and immediate tailored request-for-quotation facilities. Insights on all trades and deals are also available. Users…

Airtel Africa, a subsidiary of India’s telecom operator Bharti Airtel, has appointed eight global banks for an intended initial public offering (IPO) on an international stock exchange. The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd. This is after Airtel Africa raised close to KSh126 billion from Singtel, Warburg Pincus, Temasek, SoftBank Group International, and others through a primary equity issuance to lower its existing debt and grow its business ahead of an intended Initial Public Offering. In November, Airtel Africa announced…

Kenya-based apparel retail chain Deacons East Africa has confirmed the appointment of joint administrators to help rescue the firm. Peter Kahi and Atul Shah of PKF International have been confirmed to oversee the administration process after complying with the requirements under section 548 of the Insolvency Act. “The Joint Administrators shall take control of the business, property, and management of the affairs of the company and exercise any and all powers available to them under the Fourth Schedule of the Insolvency Act,” said the company in a notice published in the Daily. “As a result of the administration, the powers…