Author: Martin Mwita

Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances. This was also higher by 14.2 percent compared to the $357.0 million sent in the same month last year (March 2023), according to official data by the Central Bank of Kenya (CBK). The cumulative inflows for the 12 months to March 2024 totaled $4.4 billion compared to USD 4 billion in a similar period in 2023, an increase of 10 percent. Kenyans living and working abroad sent home more money in March, boosting…

East Africa’s economic growth is projected to grow at 5.3 and 5.8 per cent in 2024 and 2025-26, respectively.  The World Bank projects African economies to grow by 3.4 per cent in 2024. However, faster and more equitable growth is needed to reduce poverty. East Africa’s economic growth to lead the continent Economies in East Africa are expected to spearhead growth in Sub-Saharan Africa this year amid increased private consumption and declining inflation, which are supporting an economic rebound in the region. The World Bank’s latest Africa’s Pulse report indicates the East African Community is projected to grow at the fastest pace at 5.3…

Kenya’s business conditions weakened slightly in March despite easing inflation. Kenyan firms reduced their purchases of inputs in line with weaker sales. Most businesses remain optimistic about their workforce size and revenue growth in the year’s second quarter (April-June). The latest Stanbic Bank Kenya Purchasing Managers’ Index indicates that Kenya’s business conditions weakened slightly in March despite easing inflation. The deterioration in operating conditions was witnessed across the private sector as order book volumes and output levels contracted. The downturn contrasted with February, which saw an improvement in the private sector for the first time in six months. Despite the…

International arrivals increased from 1.48 million in 2022 to 1.95 million as the sector turned around from lows of 569,848 at the peak of the Covid-19 pandemic in 2020. Last year’s strong performance saw the country record the highest earnings in tourism receipts, which went up to $2.7 billion, up from $2 billion. The US remained the single largest market source even as Africa accounted for the lion’s share of total arrivals during the year, with the East African region remaining key.  Kenya’s tourist arrivals grew 31.5 per cent last year, official government data indicates, as the tourism sector recovered…

Kenya is keen on extending its pipeline to Malaba (Kenya-Uganda border), with Uganda expected to construct a link line to Kampala. According to the Shippers Council of Eastern Africa (SCEA), Mombasa used to command up to 70% of transit business, but this has decreased to 60 per cent. Uganda imports an average of 2.5 billion litres of petroleum annually, valued at about $2 billion, with KPC handling at least 90 per cent of the volumes. Kenya is courting Uganda in a fresh bid to retain and possibly increase petroleum exports amid increased competition from neighbouring Tanzania. In recent months, East…

The Kenyan lender with subsidiaries in Tanzania, Rwanda, and Uganda saw customer deposits close at $4.4 billion, 15.3 per cent, year-on-year. Assets grew to $5.5 billion, 18.6 per cent up year-on-year. During the year that ended December 31, 2023, NCBA’s loan book grew to $2.5 billion, up from $2.1 billion the previous year, signalling continued demand for credit. Nairobi Security Exchange-listed bank–NCBA Group PLC has posted a profit after tax of $162.3 million in its full-year 2023, driven by positive operating income and a decline in loan impairment charges. brock bowers jersey Ohio State Team Jersey custom made football jerseys…

Florida state seminars jerseys fsu football jersey asu jersey Florida state seminars jerseys Iowa State Football Uniforms asu jersey ohio state jersey custom football jerseys custom football jerseys micah parsons jersey 49ers jersey OSU Jerseys micah parsons jersey 49ers jersey College Football Jerseys With operations in Kenya, Rwanda, Tanzania, Uganda and Mauritius, I&M Bank has attributed 15 per cent profit growth to an increase in its operating income. Its loan portfolio grew by 30 per cent to $2.4 billion, partly attributed to the extension of retail lending through digital platforms. Customer deposits closed at $3.2 billion, a 33% increase year-on-year,…

Africa’s venture ecosystem experienced a marked downturn in 2023, mirroring broader declines in venture capital to startups in the global market. Both the volume and value of venture capital investment decreased by close to a third in 2023.  Africa attracted a combined $4.5 billion in venture capital and venture debt investment during the year, across 603 deals. The high investor flight seeking better returns from markets abroad negatively impacted on Startups in Africa, as venture capital deals dropped in 2023 amid a turbulent time that saw the closure of some key firms. Africa’s venture ecosystem experienced a marked downturn in…

Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent. The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent. The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024. Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as…

Tullow’s 2023 operating revenue surpasses expectations with strengthened Group financial position through a cut in debt. British firm has secured long-term capital through a $400 million debt from Glencore Energy. Explorer is projecting a $800 million free cash flow from 2023–2025 and a sustainable revenue flow outlook thereafter. British exploration firm, Tullow Oil, has singled out Kenya oil project as one of its key areas in production growth for 2024, as it expects to deliver $800 million in operating revenue from 2023 to 2025. This is captured in its financial results for 2023, where Tullow reiterated the delivery of its plan, which is…