Safaricom has increased the cost for voice calls and data by 30 cents and SMS by 10 cent as a result of the increased taxes passed in the Finance Act 2018, particularly the Excise Duty tax applicable on Voice, SMS and Data services was increased from 10% to 15%. This is in addition to the prevailing Value Added Tax applicable to mobile services at the rate of 16%. Bob Collymore, Safaricom CEO in a statement said, “Therefore, as a result of the increased taxes passed in the Finance Act 2018, we wish to notify our customers that from midnight tonight,…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Britam, Jubilee Insurance, Liberty Kenya and Kenya Re-Insurance are the best stocks to invest in Kenya’s insurance sector according to analysts at Genghis Capital. However, they recommend a hold on CIC Group. “CIC depicts potential for growth due to improving underwriting profits as the company focuses on claims management. Britam, on the other hand, will benefit from its wide regional expansion, cost containment and sturdy premium from the life business,” said the analysts in their Kenya Insurance Sector report themed ‘Out of the Woods’. They project premiums to grow at an average of 8.7 percent in 2018 with non-life business…
Liquid Telecom has appointed Adil Youssefi and Wellington Makamure as the new Regional CEO of East Africa and regional CEO, Southern Africa region. Respectively. In his new role, Adil will be directly responsible for the leadership, strategic and operational management of Liquid Telecom’s wholesale, enterprise and retail businesses throughout Kenya, Rwanda, Uganda, Tanzania and Ethiopia. Adil has served as CEO of Liquid Telecom Kenya since April 2017, helping to further strengthen the company’s strong position in the local market. During his time as CEO, Adil oversaw a groundbreaking 10-year partnership with Kenya Electricity Transmission Company Limited (KETRACO), which will enable…
Regional low-cost Jambojet has increased its flight frequency to its various coastal destinations ahead of the festive December season from 38 to 49 flights. “This translates to 7 frequencies daily, an additional 1,092 seats weekly,” said Jambojet CEO, Willem Hondius in addressing the high demand of domestic tourists traveling to Kenya’s favoured holiday destination in Mombasa, Malindi and Ukunda but to also offer flexibility and flight variety to customers. Jambojet will boost their daily flights to Malindi and Ukunda to meet the high season demand. Ukunda will see an increase of frequency from 10 to 14 flights weekly translating to…
Google has announced a Ksh 100m agriculture grant to help train over 100,000 farmers in Digital Skills in partnership with non-profit organisation One Acre Fund. Google says their aim is to is to help farmers make the most of the web for their agribusinesses so that they can increase yields and productivity. “In Kenya, the agriculture sector employs over 40 percent of the total population, contributing to 30 per cent of the Gross Domestic Product (GDP). We want to see the power of technology elevate small-scale farming. We hope that through this initiative, we will see a positive impact on food…
The Central Bank of Kenya has welcomed the Court of Appeal’s judgement as regards to the KSh10 billion tender awarded to De La Rue International to print new generation bank notes. “The judgement of the Court of Appeal clears the way for CBK to proceed with the processes it had put in place for printing and supply of new generation bank notes. This legal challenge was the final hurdle that was stopping CBK from issuing the new generation bank notes. CBK will now reassess the timeline for the issuance of these bank notes, and will proceed with all due haste,”…