Author: Wanjiku Njugunah

• KCB Bank Kenya has invested over KSh 120 billion to support Oil Marketing Companies (OMCs) importing fuel as it seeks to consolidate its support to the energy sector
• KCB has been facilitating oil importation into the country by financing the oil firms under its portfolio that have won business under the Open Tender System (OTS) through the Ministry of Petroleum and Mining
• KCB Group CEO Paul Russo said that KCB is a champion of regional trade, extending its services across the border of East Africa and beyond as a catalyst for the energy sector

KCB Bank Kenya has injected over KSh 120 billion to support Oil Marketing Companies (OMCs) importing fuel as it seeks to consolidate its support to the energy sector.

The Bank has been facilitating oil importation into the country by financing the oil firms under its portfolio that have won business under the Open Tender System (OTS) …

• Persons with Disabilities in Kenya will get connected to jobs more easily following a partnership between Safaricom and the National Council of Persons with Disabilities (NCPWD)
• Safaricom and NCPWD will connect persons with disabilities with job opportunities through Fuzu, an online recruitment portal
• Fuzu, which has been active since November 2020, currently has over 360 employers and over 5,000 job candidates

Kenya’s leading telecommunications company, Safaricom, has partnered with the National Council of Persons with Disabilities (NCPWD) to connect persons with disabilities with job opportunities through an online portal.

In a statement seen by The Exchange Africa, the company said the portal, powered by IT service provider Fuzu, is a first in Africa and seeks to help employers easily identify and recruit Persons with Disabilities into their firms.

Fuzu, which has been active since November 2020, currently has over 360 employers and over 5,000 job candidates.

Safaricom said it has …

• Absa Bank Kenya has announced the exit of its CEO Jeremy Awori after nearly ten years of service
• Commenting on Awori’s tenure, the board credited him for outstanding leadership, service and contribution
• Absa revealed that Awori has decided to pursue a career opportunity outside the Absa Group

Jeremy Awori, Absa Kenya’s long-serving CEO, is leaving the bank.

On September 8, 2022, the Board of Absa Bank Kenya PLC announced that Awori is leaving the company after nearly 10 years of service.

Commenting on Awori’s tenure, the board credited him for outstanding leadership, service and contribution.

Absa revealed that Awori has decided to pursue a career opportunity outside the Absa Group. As such, the CEO will be stepping down as CEO & Managing Director of Absa Bank Kenya PLC on 31 October 2022.

The board’s Chair Charles Muchene said Awori has been instrumental in driving significant growth and transformation of the …

• Uber is expanding into eight more cities across Kenya, Nigeria and Ghana and raising its safety measures
• The company announced that it will now be operational in Owerri and Akure in Nigeria; Eldoret, Kisumu, Nakuru and Naivasha in Kenya; and Tamale and Sunyani in Ghana
• The ride-hailing app has also launched sharing options across the markets to help reduce costs for riders and increase demand for drivers

Uber is expanding into eight more cities across Kenya, Nigeria and Ghana and raising its safety measures.

On September 7, 2022, the company announced that it will now be operational in Owerri and Akure in Nigeria; Eldoret, Kisumu, Nakuru and Naivasha in Kenya; and Tamale and Sunyani in Ghana.

According to the company, the expansions illustrate Uber’s commitment to the region and signal more opportunities for more drivers to earn.

The company has also launched sharing options across the markets to help reduce …

• Kenya’s Purchasing Managers’ Index (PMI) fell below the 50 points mark to 44.2 in August 2022, down from 46.3 in July, to indicate deteriorating conditions for businesses in the country
• Businesses in Kenya were negatively affected by the August 2022 general elections, further deepening woes currently being experienced in the country’s private sector
• The decline was the lowest seen since the lockdown hit a period in April 2021 and was led by the construction and manufacturing sectors

Kenya’s Purchasing Managers’ Index (PMI) fell below the 50 points mark to 44.2 in August 2022, down from 46.3 in July, to indicate deteriorating conditions for businesses in the country.

As indicated in the August 2022 PMI survey, businesses in Kenya were negatively affected by the August 2022 general elections, further deepening woes currently being experienced in the country’s private sector.

The decline was the lowest seen since the lockdown hit a period …

• The International Finance Corporation (IFC) says it will extend USD 150.0 million (KSh 18.0 billion) to KCB Group as a senior unsecured loan 
• The credit facility would support the growth of the bank’s climate finance portfolio, which entails clients in sectors such as manufacturing, real estate and agriculture
• This is the third facility from IFC following a 10-year USD 150.0 million and a 7-year USD 75.0 million extended to KCB Group in 2020 and 2018, respectively
• The funding makes KCB Group the biggest borrower from IFC among tier one Kenyan lenders, with a cumulative amount of USD 375.0 million (KSh 45.0 billion)

The International Finance Corporation (IFC) has disclosed that it would extend USD 150.0 million (KSh 18.0 billion) to KCB Group in the form of a senior unsecured loan with a maturity of 7 years and a grace period of 2 years.

The credit facility is aimed at supporting …

• A new report by Knight Frank indicates that the ongoing war in Ukraine will affect Kenya’s overall gross domestic product in 2022 
• According to the Half-year report, Kenya’s gross domestic product is projected at 5.5 per cent in 2022, lower than last year’s 7.5 per cent
• While Kenya has no significant direct trade with Russia and Ukraine, its exposure – as a net fuel, wheat, and fertiliser importer – to the global price impacts of the Russian invasion of Ukraine remains telling

Kenya’s gross domestic product is projected at 5.5 per cent in 2022, lower than last year’s 7.5 per cent, owing to persisting drought and Russia’s invasion of Ukraine.

According to a Knight Frank finding, Kenya has no significant direct trade with Russia and Ukraine. In fact, only  2.1 per cent of Kenya’s trade between 2015 and 2020 was from Russia and Ukraine combined.

Nevertheless, the report noted that …

• Technology company Little has announced plans to construct a commercial office building in Lavington, Nairobi, using commercial mortgage loans
• The cost of the construction is estimated to come in between KSh 597.9 million and KSh 717.4 million, and will begin in 2023 on an undisclosed size of land in Lavington
• Little began its operations in 2016 as a taxi-hailing service provider and is currently based in Craft Silicon Campus building in Westlands, along with its parent company, Craft Silicon Limited

Kenyan-based technology company Little has announced plans to construct a commercial office building in Lavington, Nairobi, using commercial mortgage loans.

According to Cytonn Investments, the construction cost would be estimated to come in between KSh 597.9 million and KSh 717.4 million and will begin in 2023 on an undisclosed size of land that the company owns along Kabasarian Avenue.

Little began its operations in 2016 as a taxi-hailing service provider …

• Johnson & Johnson and the Ministry of Kenya have signed an MoU to facilitate access to quality mental healthcare services in Kenya
• The MoU that would see Kenyans would benefit from improved access to effective and appropriate mental healthcare services and products.
• It would also see Johnson & Johnson support the development of a Psychiatric Telemedicine Solution in Kenya

Kenya’s Ministry of Health has signed a collaborative pact with Johnson & Johnson to facilitate access to quality mental healthcare services in Kenya.

On September 2, 2022, the ministry signed a Memorandum of Understanding (MoU) that would see Kenyans would benefit from improved access to effective and appropriate mental healthcare services and products.

The Ministry of Health Principal Secretary Susan Mochache said the deal would also see Johnson & Johnson support the development of a Psychiatric Telemedicine Solution in Kenya.

She noted that mental health is a public health threat. She …

• Kakuzi Plc’s inaugural Hass Avocado export cargo to China has been sold-out, paving the way for the pre-export planning for a second load to be delivered in October
• The firm’s Managing Director Christopher Flowers revealed Kenya has a bright market future in China, which they believe will absorb larger volumes like other traditional European markets
• Kakuzi also revealed that it is currently exploring the Malaysian market as part of its market diversification strategy

Kakuzi Plc’s inaugural Hass Avocado export cargo to China has been sold out, paving the way for the pre-export planning for a second load to be delivered in October.

The firm’s Managing Director Christopher Flowers revealed Kenya has a bright market future in China, which they believe will absorb larger volumes like other traditional European markets.

Kakuzi also revealed that it had begun plans to explore the Malaysian market as part of its market diversification strategy.

“The …