Author: Kang'ethe Njoroge

• Kenya’s Insurance industry premiums increased by 11.4 percent to hit $2.379 billion in the third quarter of (Q3) 2022 from $2.13 billion in Q3 2021
• The growth is attributed to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
• Long term insurance business premiums stood at $1.0349 billion accounting for 43.5 percent of the total industry premium while general business premiums amounted to $1.34 billion (56.5 percent).

Kenya’s Insurance industry premiums increased by 11.4 percent to hit Ksh 293 billion ($2.379b) in the third quarter of (Q3) 2022 from Ksh 263 billion ($2.13b) in Q3 2021, latest data from the Insurance Regulatory Authority (IRA)) indicates. 

The insurance industry report for the period July – September 2022 attributes the growth to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.

Long term insurance business premiums stood at $1.0349 billion  accounting …

• Safaricom Limited Chairman John Ngumi has resigned as the Chairman of the board effective 22nd December 2022 six months after his appointment. 
• Ngumi leaves the Board to focus on developing green energy generation across Africa with an emphasis on green hydrogen. 
• The company has also appointed veteran lawyer Adil Arshed Khawaja as a director of the board, effective 22nd December 2022. 

Safaricom Limited Chairman John Ngumi has resigned as the Chairman of the board effective 22nd December 2022, six months after his appointment. 

Safaricom Company Secretary Kathryne Maundu says Ngumi leaves the Board to focus on developing green energy generation across Africa with an emphasis on green hydrogen. 

“We take this opportunity to thank John for his service, dedication, sound advice and commitment to the Company. The Board wishes him the very best for the future,” Maundu said in a public notice released on Friday.

She says in the brief …

• Kenya is set to host the 6th edition of Africa Agri Expo in February 2023 amidst dwindling growth in the Agricultural sector. 
• The expo is aimed at bringing the entire agricultural value chain under one roof and open up a vibrant platform for agribusiness experts.
• Some of the key areas of focus during the event include irrigation, crop protection, technology, food safety & security,  mechanisation, investment opportunities as well as government policies.

Kenya is set to host the 6th edition of Africa Agri Expo in February 2023 amidst dwindling growth in the agricultural sector. 

The expo which has been endorsed by the Ministry of Agriculture and Livestock Development is aimed at bringing the entire agricultural value chain under one roof and open up a vibrant platform for agribusiness experts, top global companies, key policymakers and other stakeholders to explore the commercial opportunities in the continent through effective meetings and networking …

• The Canadian government through Africa Enterprise Challenge Fund (AECF) is offering close to  $10 million in grant funding to support Kenyan women led businesses in the blue economy sector . 
• The businesses have until the 20th of January to apply for the grant that is aimed at supporting  women’s economic participation in the non-traditional sectors of the blue economy.
• Counties of focus include Kwale, Mombasa, Kilifi, Tana River, Lamu, Taita Taveta, Busia, Siaya, Kisumu, Homabay and Migori. 

The Canadian government through Africa Enterprise Challenge Fund (AECF) is offering close to  $10 million in grant funding to support Kenyan women led businesses in the blue economy sector. 

Kenyan women-led businesses have until the 20th of January 2023 to apply for the grant that is aimed at  supporting women’s economic participation in the non-traditional sectors of the blue economy.

The sectors targeted include fisheries, waste management, biodiversity protection, agriculture, forestry, as well …

• Analysts project the Kenyan shilling to remain within the ranges of Sh115.1 and Sh119.1 against the US Dollar in 2023
• The shilling depreciated by 9 percent against the US Dollar to close at Sh123.4 in 2022
• The depreciation of the Kenyan shilling in 2022 was driven by high global crude oil prices, increased dollar demand by importers, and government debt servicing. 

Analysts project the Kenyan shilling to remain within the ranges of Sh115.1 and Sh119.1 against the US Dollar in 2023, even as it closed the year at a record Sh123 against the greenback. 

Cytonn Investments Annual Market Report indicates that the shilling depreciated by 9 percent against the US Dollar to close at Sh123.4 in 2022 compared to Sh113.1 at the end of 2021, equivalent to a 3.6 percent depreciation. 

“Against our expectations, the Kenyan shilling closed the year at Sh123.4. We expected the Kenyan shilling to remain within …

• The economy recorded an average growth of 5.6 percent in the period between January to September 2022 
• The Country’s Q3’ 2022 Gross Domestic Product (GDP) hit 4.7 percent. 
• The growth was largely driven by the non-agricultural sectors

The Kenyan economy recorded an average growth of 5.6 percent in the period between January to September 2022 according to the latest report by Cytonn Investments. 

The annual markets report indicates that the country’s third quarter Q3 Gross Domestic Product (GDP) hit 4.7 percent, adding to the 5.2 percent and 6.8 percent growth recorded in Q2 and Q1 respectively. 

The average GDP growth of 5.6 percent marked a decline from the 7.7 percent average growth recorded in a similar period in 2021. 

“The growth in Q3 was largely driven by the non-agricultural sectors, with accommodation and food, wholesale and retail trade, professional administrative and support, and finance and insurance sectors recording growths of …

• The Flame Tree Group has announced a profit warning for the year ended December 31, 2022 
• The earnings decline is due to  an increase of raw material prices, shipping costs, as well as depreciation of the local currencies against the US Dollar (USD). 
• It is predicted that earnings for the year will be at least 25 percent less than the level of earnings in the previous year.

Kenya’s manufacturing giant, Flame Tree Group has announced a profit warning for the year ended December 31, 2022 stating that the earnings will be at least 25 percent less than the level of earnings in the previous year.

The firm attributes the decline to the increase of raw material prices, shipping costs, as well as depreciation of the local currencies against the US Dollar (USD). 

According to the firm, the price of plastics have gone up by 70 percent compared to 2021 while …

• TransCentury Group Plc (TC)’s rights issue commenced trading on Thursday morning at the Nairobi Securities Exchange (NSE).
• TC shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares 
• The firm is seeking to raise Sh 2 billion which will be directed towards recapitalizing the business, reducing debt and unlocking working capital.  

TransCentury Group Plc (TC) shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares as rights issue commenced trading on Thursday (29th December, 2023) at the Nairobi Securities Exchange (NSE). 

The infrastructure investment firm is seeking to raise Sh 2 billion which will be applied towards recapitalizing the business, reducing debt and unlocking working capital for TC’s underlying businesses.

TC Group Chief Executive Officer Nganga Njiinu said the company has strengthened its governance structures reassuring shareholders as it strives towards profitability. 

“Our shareholders taking up their rights will be investing in …

• The Baobab network has called for applications for the Cohort 1, 2023 accelerator programme 
• The accelerator programme is designed to give Entrepreneurs in Africa  the funding and platform they need to take their ideas  global.
• The programme will offer start-ups $50,000 USD in funding, a three month cohort program including personalised two-week consultation sessions with tailored support, in exchange for 10 percent equity.

The Baobab Network has called for applications for the Cohort 1, 2023 accelerator programme aimed at supporting Africa’s boldest innovators to scale homegrown solutions.

The accelerator programme is designed to give Entrepreneurs in Africa the funding and platform they need to take their ideas  global.

The programme will offer start-ups $50,000 USD in funding, a three month cohort program including personalised two-week consultation sessions with tailored support in exchange for 10 percent equity.

Their venture team works with startups to accelerate growth, build capacity and unlock the …

• The Kenyan Startup ecosystem has employed 11,000 people according to the latest analysis by Disrupt Africa. 

• The Kenyan Startup Ecosystem 2022 report indicates that at least 308 tech startups were in operation across Kenya as of November 2022. 

• At least 242 Kenyan tech startups raised a combined US$1,281,918,200 between January 2015 and November 2022. 

A new report by Disrupt Africa has revealed that jobs by Kenyan startups hit 11,000 in 2022. 

The data dubbed ‘Kenyan Startup Ecosystem 2022’ indicates the jobs were created by 308 tech startups across Kenya as of November 2022. 

According to the report, these startups are also supported by a strong investment ecosystem. At least 242 Kenyan tech startups raised a combined US$1,281,918,200 between January 2015 and November 2022, a figure bettered only by Nigeria. 

By mid-November, 63 Kenyan startups had raised funding in 2022, with the country’s running total for the year standing at US$506,686,000. …