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,…

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.…

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…

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 20th 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…

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…

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…

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…

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…

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…

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…