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 […]
Kenyan electric vehicle (EV) manufacturer BasiGo has successfully closed a $42 million funding round aimed at scaling its electric bus operations across East Africa. The funding round was led by Africa50, a pan-African infrastructure investor and asset manager, signaling a significant step forward in the region’s transition towards clean energy transportation. The funding comprises $24 […]
Micro, small, and medium enterprises (MSMEs) in Kenya are set to benefit from a strategic partnership aimed at enhancing cybersecurity measures. In a collaborative effort between Safaricom, Cloudflare, and East African systems integrator Copy Cat, these businesses will gain access to affordable and advanced cybersecurity services tailored to their specific needs. The importance of this […]
Kenyan President William Ruto has called upon commercial banks to join the Pan-African Payments and Settlement System (PAPSS) in order to minimize dependence on the U.S. dollar for intra-African trade transactions. His statements came during the official launch of Kenya’s Micro, Small, and Medium Enterprises (MSME) Accelerator Programme and the release of the Banking Industry […]
The global climate crisis requires immediate, innovative solutions to mitigate its devastating impacts. Across sub-Saharan Africa, a region especially vulnerable to the effects of climate change, the need for climate resilience is increasingly urgent. In response, venture capital funds like Equator Africa are stepping up to support technology-enabled start-ups focused on delivering climate solutions. Recently, […]
Kenya’s National Treasury is taking significant steps to reduce the dominance of banks in the government securities market, aiming to broaden the pool of investors and lower the high interest rates that the country has faced. In its annual borrowing plan for the 2024/2025 fiscal year, the Treasury outlined reforms aimed at expanding access to […]
JPMorgan Chase, the largest U.S. bank and one of the world’s most influential financial institutions, has finally received approval to establish a representative office in Kenya, marking a significant step in its African expansion plans. This approval, granted by the Central Bank of Kenya (CBK), comes almost 12 years after the banking conglomerate first revealed […]
As Kenya’s Sh301 billion International Monetary Fund (IMF) programme nears expiration in April, the Kenya Kwanza government is actively exploring...
In a significant monetary policy shift, the Reserve Bank of India (RBI) has cut its key repo rate for the...
The Reserve Bank of Zimbabwe (RBZ) has opted to maintain its key interest rate at 35%, signaling a commitment to...
In a groundbreaking move set to transform Kenya’s transportation infrastructure, American asset management firm Everstrong Capital has partnered with CPF...