Author: Wanjiku Njugunah

KenGen and Toshiba Energy Systems & Solutions Corporation have concluded a memorandum of understanding (MOU), paving the way for a new partnership The two parties said the MoU focuses on an Operation and Maintenance (O&M) services partnership for geothermal power plants in developing countries, including East African countries This will be done through a combination of KenGen and Toshiba ESS’s know-how and networks. The MoU was signed during TICAD 8 held in Tunisia on August 27 and 28 Kenya Electricity Generating Company PLC (KenGen) and Toshiba Energy Systems & Solutions Corporation have concluded a memorandum of understanding (MOU), paving the…

Safaricom has officially kicked off a large-scale customer pilot of its network in Ethiopia as part of ongoing plans to officially launch operations in Ethiopia  The telco has launched the trial network in Dire Dawa, Ethiopia’s second largest city after its capital Addis Ababa The launch of the network is part of Safaricom’s phased city-by-city regional network roll-out and rigorous service tests building towards its national launch in October Safaricom Ethiopia has officially kicked off a large-scale customer pilot of its network in Ethiopia as part of ongoing plans to officially launch operations in the Horn of Africa country. The…

Jubilee Holdings Limited has reported a half-year profit before tax of KES 4.1 billion ($34.1 million) for the period ended 30th June 2022 The Kenyan-headquartered insurer said its profitability had declined compared to the KSh 5.2 billion ($43.3 million) it posted in a similar period a year earlier The NSE-listed insurer blamed the decline on a tough economic environment characterised by uncertainty arising from elections in Kenya and rising interest rates Jubilee Holdings Board declared an interim dividend of KSh 1 per share, payable on 11 October 2022 Jubilee Holdings Limited has reported a half-year profit before tax of KES…

Africa received its highest proportion of private sector investment in infrastructure in 2020  African Development Bank has revealed that the greater private sector investment came as most governments contended with the Covid-19 pandemic and limited fiscal space  Private sector investment in Africa’s infrastructure rose to $19 billion in 2020, representing 23 per cent, the highest since 2016 A new finding by the African Development Bank has revealed that the continent of Africa received its highest proportion of private sector investment in infrastructure in 2020. The bank’s Vice President for the Private Sector, Infrastructure and Industrialization, Solomon Quaynor said the finding…

National Housing Cooperation (NHC) is seeking to raise KSh 7 billion through the International Finance Corporation (IFC) for an affordable housing project in Kenya  NHC will use the investment to fund the construction of 3,500 housing units in Athi River, Machakos County The housing units are part of the KSh 20 billion Stoni Athi Waterfront City project, comprising 10,500 units to be developed on a 150 acres piece of land. Kenya’s National Housing Cooperation (NHC) is seeking to raise KSh 7 billion through the International Finance Corporation (IFC) under the Public Private Partnership (PPP) model to fund the construction of…

KCB Group PLC has reported a 28.4 per cent rise in its net earnings to reach KSh 19.6 billion for the six months ending June 30, 2022 KCB said the growth from KSh 15.3 billion was driven by improvement in both the funded and non-funded income streams Group businesses increased their profit contribution to 16.8 per cent, driven by new business growth and the impact of BPR Bank KCB Group PLC has reported a net earning of KSh 19.6 billion for the six months ending June 30, 2022, to mark a 28.4 per cent rise from last year. The growth…

Kenya Airways (KQ) narrowed its half-year loss to KSh 9.88 billion, less than the KSh 11.48 billion loss it reported in the same period in 2021. Kenya Airways (KQ) has revealed that its total revenue rose to KSh 48,104 million in the six months ending June 2022, recording a 76 per cent increase compared to the same period last year KQ said the increase is mainly attributed to significant growth in passenger revenue, which grew by 109 per cent, and cargo revenue which increased by 18 per cent Kenya Airways (KQ) narrowed its half-year loss to KSh 9.88 billion, less…

There has been a decline in bank visits across Kenya, with customers opting to deposit cash via mobile money platforms and transfer bank deposits to their mobile money wallets In the latest Kenya Banking Sentiment Index, Deloitte reveals that this has posed a challenge to banks, which have made significant investments in their brick-and-mortar businesses Deloitte recommends banks to consider leveraging innovations in technology such as cloud platforms, analytical capabilities and augmented intelligence which can generate levels of customer engagement A new report has revealed that there has been a decline in bank visits across Kenya, with customers opting to…

Equity Group has reported a 36% growth in its after-tax profit to hit KSh 24.4 billion, principally driven by the growth of loans to customers The Kenyan-based regional lender also attributed the performance to its recovery and resilience strategy Equity Group CEO James Mwangi said the loan growth was targeted to supporting their clients to recover and rebuild after the Covid-19 business disruptions Equity Group has reported a 36 per cent growth in its after-tax profit to hit KSh 24.4 billion. The performance was principally driven by a 29 per cent growth in interest income to KSh 55 billion, up…

Kenya’s next government will be required to work on new strategies to reduce the country’s over-reliance on debt The country’s debt stock stood at KSh 8.6 trillion as of May 2022, equivalent to 69.1 per cent of the GDP and 19.1 per cent points above the IMF recommended threshold of 50 per cent for developing nations The incoming government could bridge the deficit gap by instituting austerity measures, reducing amounts extended to recurrent expenditure and focusing on developments  Kenya’s next government will be required to work on new strategies to reduce the country’s over-reliance on debt. According to analysts from…