Author: Martin Mwita

Stanbic Bank has been extensively named in a regional airline’s woes. South Sudan based Air Afrik says it will send home an estimated 200 employees home due to loss of business occasioned by the lenders’ faults.

The carrier hit major turbulence following the loss of a $20 million plane-leasing contract with the government of South Sudan.

Since the loss of the contract and court case against Stanbic Bank the company has been reviewing its process; fitting people into the right jobs and in the process, some roles have become redundant.

“We understand this is a challenging time for our team, but these steps were necessitated following Stanbic Bank’s negligent errors, oversight and unlawful actions,” the company said in a statement

The court case stems from a banking transaction gone awry. According to an official letter to the Central Bank of Kenya, the South African-owned bank admits to having regrettably made …

KLM Royal Dutch Airlines is set to launch the latest version of the Boeing 787-10 aircraft on the Amsterdam- Nairobi route next month, months after flying the aircraft to Tanzania.

The fuel-efficient aircraft will offer passengers on the route a more comfortable flying experience with its top of the range features offering more comfort and less fatigue.

The Dutch national carrier is introducing the latest version of the Boeing 787-10 aircraft into its fleet in a move that will see Kenya become the second destination in KLM’s global network to receive the new aircraft, after Tanzania in July this year.

READ ALSO:KLM CEO resigns from KQ Board

This underscores KLM’s efforts in investing in Africa and local markets.

KLM is the first European carrier to fly this new type of aircraft, cementing its position as a pioneer in aviation. It is one of the airlines that continues to make …

Diamond Trust Bank (DTB), the East African banking group, has joined African payment services provider DPO Group, and Mastercard, in the rollout of a business to business (B2B) virtual payment card in Kenya and Tanzania.

The DPO Virtual Card will improve the reach and ability of businesses to make instant digital payments to other businesses in Africa and across the world without the need for a physical credit card, debit card or bank account, improving cash flow for firms and opening up African businesses to other markets.

READ ALSO:Global tech giants eyeing Kenya’s digital payment pie

Merchants of the DPO Virtual Card will receive a 16-digit card number, security code and expiry date and this acts like a digital account which can be used worldwide much like a physical card.

The virtual card will enable secure, swift online payments to be made to any vendor both within and outside …

Growth in Sub-Saharan Africa has slowed through 2019, hampered by persistent uncertainty in the global economy and slow pace of domestic reforms, World Bank has said.

According to the 20^th edition of Africa’s Pulse, World Bank’s biannual economic update for the region, overall growth in Sub-Saharan Africa is projected to rise to 2.6 per cent in 2019 from 2.5 per cent in 2018.

This is a 0.2 percentage points lower than the April forecast. This edition of Africa’s Pulse includes special sections on accelerating poverty reduction and promoting women’s empowerment.

“Empowering women will help boost growth. African policy makers face an important choice-business as usual or deliberate steps toward a more inclusive economy,” says Hafez Ghanem, World Bank Vice President for Africa.

“After several years of slower-than-expected growth, closing the opportunity gap for women by removing barriers to their economic participation is the best way forward,”Ghanem adds.

Global …

Cytonn Investments has filed an application with the Capital Markets Authority (CMA) to register a Development Real Estate Investment Trust, (DREIT), seeking to raise Ksh2.0 billion(US$19.3million) of capital.

The DREIT, which is innovatively structured to pay a coupon over the life of the development, will be deployed for the first phases of two of the firm’s real estate projects, The Ridge in Ridgeways, and RiverRun Estates in Ruiru.

READ ALSO:Cytonn granted REITs manager license ahead of NSE launch

This capital raise is envisioned to help Cytonn diversify funding sources for their real estate development pipeline, which has a project value of over Ksh82.0 billion (US$269.9million).

The leading alternative investment management firm in the East African Region (Cytonn) has traditionally relied on private sector funding, which while easier to access, has been more expensive.

This has thus necessitated the development of alternative sources of funding, allowing development of institutional-grade real …

Kenya is keen to boost its trade with Ethiopia through the One Stop Border Post initiative, even as Lamu Port South Sudan-Ethiopia Transport (LAPSSET) corridor starts to take shape.

Acting Cabinet Secretary for National Treasury and Planning Ambassador Ukur Yatani has called on residents of the upper eastern region at the Kenya-Ethiopia border to take advantage of recently established One Stop Border Point (OSBP) in Moyale to boost trade between Kenya and Ethiopia.

READ ALSO:Ethiopia beats Kenya in Foreign investments

The CS said that the modern facility which is among other six in the country was underutilized.

“We should see more trade volumes passing through the OSBP at Moyale- an indication of a robust business activity between Kenya and Ethiopia. Unfortunately, we are not witnessing this. I wish to urge residents in this region to make use of this exemplary facility for their good and the good of both …

Renault Trucks has opened a local assembly plant in Thika, an industrial town in the outskirts of Kenya’s capital of Nairobi, as it seeks to cement its business in Kenya and expansion in the East Africa region.

The move follows the establishment of a long-term partnership with the local exclusive importer CMC Motors and unveiling of their new C and K ranges in Mombasa and Nairobi.

READ:Renault taps CMC Motors to distribute its heavy commercial trucks

The plant, which was commissioned by Industrialization Principal Secretary Dr. Francis Owino in the presence of Renault Trucks President Bruno Blin and Al-Futtain Group Senior Managing Director Colin Cordry, will see the company and CMC Motors create over 200 new jobs with additional opportunities set to be generated across the value chain.

In alignment with the 2030 Kenya industrialization vision, Renault Trucks vehicles count with a guaranteed French origin, but are assembled locally. …

Spanish delivery firm Glovo, in a bid to expand its geographical reach within Kenya, has officially launched its service in Kenya’s second largest city, Mombasa. 

The move will now see residents of Mombasa experience faster on-demand deliveries on categories such as food,groceries, drinks and courier services from different outlets within the town.

READ ALSO:Glovo now eyes bigger share of African market

Glovo already has partnerships with outlets such as Chicken Inn, Java House and Naivas supermarkets which operate in Mombasa. 

Speaking during the official launch of the new city, William Benthall, Glovo’s General Manager for Kenya, expressed his optimism towards the new venture.

“Our expansion to Mombasa was informed by our wider goal to have a presence in all the towns in the country,” said Mr. Benthall, “We are continually onboarding more partners so as to serve our customers better and offer the best delivery services …

While most African countries are bearing the brunt of the US-China trade war as well as a slump in commodity prices which is greatly affecting exporters, East Africa economies have remained resilient.

This is on the region’s economic diversity which is playing a key role in cushioning the region from shocks, the latest report from ICAEW – the Institute of Chartered Accountants in England and Wales – Economic Update: Africa Q3 2019 indicates.

The report provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3 per cent, West and Central Africa at 3.4 per cent, Franc Zone at 4.7 per cent and Southern Africa at 1.3 per cent.

The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, outlines how East Africa’s growth is mainly driven by strong performances in the two major economies, Kenya and Ethiopia.

READ ALSO:How

Jumia Food Kenya has announced the launch of Jumia Prime – a subscription package that allows customers pay a standard one, three or six months fee.

This also guarantees unlimited free deliveries on all orders placed on the Jumia Food app or website.

The service, is a first of its kind in Africa, and was introduced to Kenyans aimed at enhancing customer experience and loyalty without having to worry about paying any delivery fees. 

Managing Director East Africa On-Demand Services, Shreenal Ruparelia says the service is not only limited to food but also on alcohol, groceries, shopping or pharmacy needs.

READ ALSO:Jumia’s listing at New York Stock Exchange was long coming

Ruparelia noted the introduction of Jumia Prime is part of the company’s objective to develop innovative ways to help customers order online without having to pay additional delivery services.

“This is also our way to expand …