Kenyan fintech startup Chumz, which provides users with an innovative mobile platform for goal-based saving and investment, is poised for regional expansion as it prepares to launch in Rwanda. This move comes after reaching a significant milestone in its home market, with over 200,000 registered users utilizing the app to set and achieve financial goals […]

In a decisive move to bolster Africa’s fintech ecosystem, Visa has announced investments in four fintech startups as part of its Visa Africa Fintech Accelerator program. This initiative aligns with Visa’s strategic commitment to advancing digital innovation, financial inclusion, and economic growth across the continent. The selected companies include Ghana’s Oze, Kenya’s Workpay, Nigeria’s OkHi, […]

In a remarkable turnaround, the Nairobi Securities Exchange (NSE) has seen an impressive surge in investor wealth, with capitalization gains reaching KSh 419.5 billion by the end of October 2024. This increase reflects a growing market confidence bolstered largely by domestic investors and positive economic indicators. The bullish trend has translated into an exceptional 29.2% […]

Kenya’s previously tax-free infrastructure bonds, hailed for their role in financing critical development projects, are set to lose their tax-exempt status following plans by the National Treasury to reintroduce withholding tax on gains from these bonds. This move, part of broader fiscal reforms outlined in the reintroduced Finance Bill 2024, signals a significant policy shift […]

The Central Bank of Kenya (CBK) has reported that UBA Kenya breached capital requirements, failing to meet the 8% minimum core capital-to-deposit ratio due to ongoing losses. In a report highlighting regulatory breaches among Kenyan banks, the CBK noted that UBA Kenya’s core capital-to-deposit ratio dropped significantly from 29.46% in 2022 to 7.92% in 2023, […]

Nairobi Gate Industrial Park, a leading logistics and warehousing hub located along Nairobi’s Eastern Bypass, has committed Sh903 million (around $7 million) to expand its industrial capacity. This new phase of development adds 130,000 square feet of modular warehouse units designed to support Kenya’s growing light manufacturing sector, including agro-processing and textiles. The industrial park, […]

Kenya Power and Lighting Company (KPLC) has reported a net profit of Ksh30 billion for the fiscal year ending June 30, 2024, marking a significant turnaround after several years of financial challenges. This profit announcement has opened the door for the company to declare its first dividends to shareholders in over seven years, signaling renewed […]

Kenya has experienced a sharp decline in foreign direct investment (FDI), dropping to $335 million in 2024 from a previous high of $710.2 million in 2023. This decline, amounting to a 47.2% drop, highlights the challenges facing one of Africa’s largest economies amid currency depreciation, rising inflation, and regulatory hurdles. According to the East African […]

Hexing Group, a leading global supplier of smart green energy solutions, has announced a substantial investment of $10 million (approximately Sh1.3 billion) aimed at expanding its operations in Kenya. This new investment marks an important milestone for the company as it seeks to strengthen its presence in the East African region and capitalize on the […]

Kenyan President William Ruto is calling on private investors to significantly scale up geothermal energy exploration, emphasizing the vast, largely untapped potential of this renewable resource in the country. Currently, only 10 percent of Kenya’s geothermal reserves have been explored, presenting a substantial opportunity for expansion, both for the nation’s economy and for sustainable energy […]