Author: Jack Oduor

• Only 8 per cent increased awareness, consumer concern regarding sharing personal information remained significant at 91 per cent in Q2 2023, albeit down from 94 per cent last year.
• The study shows that there has been an accelerating rate of digital fraud in other sectors of the country, such as retail, financial services, telecommunications, travel & leisure, and communities

Digital fraud attempts are on the rise in the country with 80 per cent of Kenyan having been targeted in the first three months of year, a new TransUnion’s Consumer Pulse Survey has shown.

From the findings a notable 72 per cent of respondents who reported being targeted by digital fraud schemes successfully avoided falling victim. However, an additional 8 per cent were targeted and fell victim to these schemes.

The awareness of fraudulent schemes was significantly high; only 20 per cent of consumers reported being unaware of any fraud schemes …

• NALA raises 40 million dollars to fuel international expansion and launch its own payment rails for Africa and beyond.
• The US fintech building global payments for emerging markets. 
• $40million Series A for NALA, the fintech that took Africa’s payment problems personally. 

NALA raises 40 million dollars to build cross-border payments for emerging markets. NALA, one of Africa’s largest fintech companies, has announced the Series funding to support its global expansion and enhance the reliability of payments to Africa by developing its own payment rails.

The past 12 months have been transformative for NALA. The company achieved a 10x increase in revenue, reached profitability, and had positive cash flow.

In the past 20 months, NALA saw a 34x increase in transaction volume. The NALA team has grown from just 7 members to a robust team of over 100. Finally, today, NALA proudly serves 500,000 customers.

The $40 million funding round …

• Kenya’s second-hand clothes imports rose to Sh27.8 billion in the one year to March 2024. 
• The second-hand clothes trade has thrived over the years and has since attracted traders from China, Kenya’s top source market, to set base in Gikomba
• The Mitumba Consortium Association of Kenya recently noted that the number of people venturing into the sector is increasing at a fast pace

The demand for second-hand clothes (mitumba) in the Kenya is on the rise, as more people, mostly from the informal sector, opt for the relatively low-cost commodity.

Picturing this is the latest quarterly data by the Kenya National Bureau of Statistics (KNBS), which shows the value of mitumba imports by traders rose to Sh27.8 billion in the one year to March 2024.  This is from Sh20.9 billion in the previous year, representing a 33 per cent jump.

Higher quality and relatively lower prices for used attire …

• Dr. Patil VijaySinh, an interventional cardiologist at The Nairobi West Hospital, led the team in performing the Renal Artery Denervation procedure.
• Hypertension, commonly known as high blood pressure, is a major global health concern, contributing to an estimated 8.5 million deaths in 2015 alone.
• Innovative healthcare techniques like Renal Artery Denervation offer new hope for patients with resistant hypertension.

The Nairobi West Hospital has successfully conducted the first Renal Artery Denervation procedure for resistant hypertension in Kenya and East Africa.

This pioneering procedure marks a significant step forward in the region’s battle against hypertension, a leading cause of cardiovascular morbidity and mortality worldwide.

Hypertension, commonly known as high blood pressure, is a major global health concern, contributing to an estimated 8.5 million deaths in 2015 alone.

Despite the availability of various antihypertensive medications, only 18-23 per cent of patients achieve optimal blood pressure control.

In Kenya, prevalence of hypertension is …

• The Japanese paint company will use Kenya as its gateway to the regional market
• NIPSEA Paint Kenya, the company will introduce products for automotive refinishing, car care, wood coating, and industrial coatings.
• The rise in infrastructure projects, including residential, commercial, and industrial developments, has fueled the demand for a wide range of paint products.

Japanese paint company Nippon, the world’s fourth-largest paint company coatings group in Asia Pacific, has expanded into Kenya as it targets to grow market share.

Through its Kenyan subsidiary, NIPSEA Paint Kenya, the company will introduce products for automotive refinishing, car care, wood coating, and industrial coatings.

Working through a distributorship model, Nippon Paint is setting Nairobi as its regional hub, before setting up in-country operations in the respective East African countries.

“We are eager to establish our presence on the African continent through Nairobi and East Africa. Over the past two years, we have

• 2024 Grantmakers Summit brought together 159 organisations from the East African region to explore innovative and strategic approaches in philanthropy.
• The summit, titled “Strategic Philanthropy in a Dynamic Era,” brought together grantmakers to discuss the future of philanthropy amid global changes.
• Kimani also emphasised the need for a holistic approach to philanthropy, integrating environmental, social, and economic dimensions to address root causes

Organisations in the Philanthropy space will have to explore new funding models, such as impact investing, blended finance, and social enterprises to remain relevant, industry players have revealed.

Experts at the 2024 Grantmakers Summit argued that these models offer new avenues for sustainable growth and enhance the resilience of philanthropic efforts.

They were speaking during the opening ceremony of the summit that brought together 159 organisations from the East African region to explore innovative and strategic approaches in philanthropy.

East Africa Philanthropy Network Board Chair Eric Kimani, said …

• Kenya’s parastatal set for privatisation, the National Oil Corporation of Kenya could face closure if the government does not inject new funding or get investors fast.
• The Corporation’s strategic plan expired in 2020, and Management has yet to develop another strategic plan to cover the current period.
• The corporation’s latest audited results for June 2023 show that it is running on a negative working capital position with its current liabilities outstripping current assets. 

National Oil Corporation will need to seek financial support, restructure its operations, or face bankruptcy after its debts exceed its assets by Sh9.1 billion ($70.96 million).

Kenya’s Auditor General Nancy Gathungu has warned that the firm is technically insolvent amidst the government’s push for a strategic investor to run the parastatal.

This means that the National Oil Corporation of Kenya could face closure if the government does not inject new funding or get investors fast.

The corporation’s …

• Treasury Bonds Auction for the month of July recorded only a 2 percent subscription rate 
• The domestic bond market has faced challenges, despite the lower yields on Eurobonds
• This high yield reflects investor concerns about Kenya’s economic stability and fiscal health​

Investors have shied away from government bonds as the treasury only managed to raise 2 per cent of the Sh20 billion it had targeted in its July tap sale.

This saw the government only get Sh487.5million as the investors instead preferring to pump funds into short-term Treasury bills on expectations that interest rates will soon go up in the country.

The bonds are instruments through which the government will use to borrow from the market.

The domestic bond market has faced challenges. Despite the lower yields on Eurobonds, yields on Kenyan government bonds remain high, with 10-year bonds yielding 17.759 per cent as of early July 2024.

This high …

• Kenya’s tea exports increase on the reopening of the Tanzanian market 
• Kenya had earlier in the month unveiled the China-Kenya Tea Trade Centre in Fujian province to distribute Kenyan tea in China.
• Kenya’s export value for the first time in history hit Sh1trillion in 2023, according to the 2024 economic survey by KNBS.

The volume of Kenya’s tea exports increased by 19 per cent in the first quarter of 2024, boosted by increased shipment to key markets, according to a communication from the Tea Board of Kenya (TBK).

The exports rose to 155.8 million kilograms, up from 131.1 million kgs posted in January-March 2023, the TBK said in a report released in Nairobi. The TBK attributed the surge to rising demand in traditional and emerging markets.

In the period under review Tanzania had reversed its decision to suspend imports of tea, that presented a window for Kenyan traders to …

• Kenya’s trade deficit rises amidst government push to grow exports 
• The widening trade deficit indicates that the country’s capacity to create jobs locally and support its currency has dropped.
• Similarly, transportation and storage sectors slowed to 3.8 per cent in comparison to 6.6 per cent during the review period.

An increase in the value of imports into Kenya has widened the country’s trade deficit with its partners by Sh20 billion in the first quarter of 2024 compared to the same time last year, data by the Kenya National Bureau of Statistics (KNBS) shows

This saw the balance of payments widen from Sh110.5 billion in the first quarter of 2023 to Sh131.2 billion in the first quarter of 2024.

The statistics agency attributed this to increased expenditure on leading import commodities of petroleum and industrial machinery, particularly air transport equipment.

The favourable export earnings from tea and horticultural commodities that resulted …