Author: Wanjiku Njugunah

• Kenya’s leading telcos have signed a landmark deal that will propel the mobile money space in the country
• Telkom, Safaricom, and Airtel announced that Kenyans can now make direct mobile money payments to an M-PESA Pay Bill number from any network
• The companies said the move follows their announcement in April 2022, which saw Kenyans being able to make mobile money payments to M-PESA Buy Goods and Services Tills from any network

Kenya’s leading telcos have signed a landmark deal that will propel the mobile money space in the country.

On Friday, July 15, 2022, Telkom, Safaricom, and Airtel signed a deal to allow Kenyans to make direct mobile money payments to an M-PESA Pay Bill number from any network.

In a statement, the telecommunications companies said the move follows their announcement in April 2022, which saw Kenyans being able to make mobile money payments to M-PESA Buy Goods and …

• Kenya will receive a €63 million/$63 million loan (KSh 7.5 billion) from the African Development Bank (AfDB) to boost its cereals and oilseeds production
• AfDB said its board had approved the funding, adding that the production increase will help bolster Kenya’s food security
• The loan is part of the African Development Bank’s $1.5 billion African Emergency Food Production Facility, an Africa-wide initiative to avert a looming food crisis exacerbated by the war in Ukraine

Kenya will receive a €63 million/$63 million loan (KSh 7.5 billion) from the African Development Bank (AfDB) to boost its cereals and oilseeds production by over 1.5 million metric tonnes over the next two years.

In a statement, AfDB said its board had approved the funding, adding that the production increase will help bolster Kenya’s food security and economic resilience.

The loan is part of the African Development Bank’s $1.5 billion African Emergency Food Production Facility, …

• The Kenyan government has announced a fuel relief targeting consumers who have been paying the highest prices ever recorded in the East African country
• The government’s spokesperson Kanze Dena informed the public that the government had left the prices of the commodities unchanged, amid a steep rise in the cost of living
• Kenyans will continue to pay KSh 159.12, KSh 140 and KSh 127.94 for a litre of petrol, diesel and kerosene, respectively

The government of Kenya has announced a fuel relief targeting consumers who have been paying the highest prices ever recorded in the East African country.

On June 14, 2022, the government’s spokesperson Kanze Dena informed the public that the government had left prices of the commodities unchanged, amid a steep rise in the cost of living.

As such, Kenyans will continue to pay KSh 159.12, KSh 140 and KSh 127.94 for a litre of petrol, diesel and …

• CrossBoundary Energy has completed a US$40 million equity investment from Norfund and KLP
• The deal will allow CrossBoundary Energy to further scale its investments in renewable energy solutions for commercial and industrial businesses across Africa
• The $40M commitment is a continuation of Norfund’s and KLP’s earlier investments in the C&I sector and endorses the scale and maturity of the distributed generation sector in Africa

Renewable energy systems developer CrossBoundary Energy has completed a US$40 million equity investment from Norfund and KLP.

Norfund is the Norwegian Investment Fund for developing countries, while KLP is Norway’s largest pension company.

According to the partners, the commitment will allow CrossBoundary Energy to further scale its investments in renewable energy solutions for commercial and industrial businesses across Africa.

The $40M commitment is a continuation of Norfund and KLP’s earlier investments in the C&I sector and endorses the scale and maturity of the distributed generation sector …

• The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC)
• CBK noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC)
• It also effectively expands the region’s market size and offers a path between the seas for trade and cultural integration and new investment and employment opportunities for a dynamic population of about 300 million

The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC).

In a statement seen by The Exchange Africa, CBK said noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC).

The occasion was marked by depositing the instrument of ratification with the Secretary-General …

• A report by Turner & Townsend revealed that the global economy is facing intense challenges, despite expecting a robust recovery in 2022 following two tough years of the COVID-19 pandemic
• The war in Ukraine and renewed COVID-19 lockdowns in China have destabilised the supply chain further, causing widespread disruption
• Higher energy costs and climate change-induced floods, storms and fires are all combined to test the resilience of the global economy

A new report has indicated that the global economy is facing intense challenges, despite expecting a robust recovery in 2022 following two tough years of the COVID-19 pandemic.

The Global economic outlook: A disrupted recovery by Turner & Townsend revealed that despite 2022 starting on a solid base, the war in Ukraine and renewed COVID-19 lockdowns in China have destabilised the supply chain further, causing widespread disruption.

The report further noted that higher energy costs and climate change-induced floods, storms …

• Kenya has announced plans to set up a national automotive council to facilitate the implementation of the National Automotive Policy
• President Uhuru Kenyatta said that the policy is geared toward boosting the local assembling of motor vehicles
• Kenyatta said his administration had committed to creating an enabling environment for the growth of the country’s automotive industry

Kenya has announced plans to set up a national automotive council to facilitate the implementation of the National Automotive Policy.

On Tuesday, July 12, 2022, President Uhuru Kenyatta said that the policy is geared toward boosting the local assembling of motor vehicles.

Kenyatta said his administration had committed to creating an enabling environment for the growth of the country’s automotive industry.

The president said he would get the council established, adding that it would be something his government would do before leaving office next month.

He said the policy would ensure that they create …

• Telkom Kenya has connected nine more counties to its countrywide Mobile 4G/LTE Network
• The technology company said it had completed the Coast and Lower Eastern phase of its network expansion plans
• Telkom Kenya has added Mombasa, Kilifi, Kwale, Lamu, and Taita/Taveta, and Makueni, Machakos, Kitui, and Kajiado Counties to its Mobile 4G/LTE Network

Telkom Kenya has connected nine more counties to its countrywide Mobile 4G/LTE Network, The Exchange Africa has learned.

On Tuesday, June 12, 2022, the technology company said it had completed the Coast and Lower Eastern phase of its network expansion plans.

The company said it has added Mombasa, Kilifi, Kwale, Lamu, and Taita/Taveta, and Makueni, Machakos, Kitui, and Kajiado Counties to its Mobile 4G/LTE Network. As such, the firm has erected an additional 224 4G sites in the area.

According to the telco, the expansion is part of plans that Telkom Kenya, along with its partners, Ericsson, …

• Diamond Trust Bank (DTB) has opened three new brick-and-mortar branches in Kenya as part of its growth strategy, to bring its branch network in the country to 64
• The three new branches are located at Imara Daima (Imaara Mall), Kamakis (Viashla Business Centre) and Kahawa Sukari (Ruhan Plaza)
• The lender also announced that it would open 17 more branches in Kenya before the end of 2022, signalling a sizeable expansion in its branch network

Regional lender Diamond Trust Bank (DTB) has opened three new brick-and-mortar branches in Kenya as part of its growth strategy, The Exchange Africa has learned.

DTB said the three new branches are located at Imara Daima (Imaara Mall), Kamakis (Viashla Business Centre) and Kahawa Sukari (Ruhan Plaza).

The new branches now bring DTB’s physical branch network in Kenya to 64.

DTB Kenya Chairperson Linus Gitahi described the move as part of the bank’s plan to deepen …

• A report by the Kenya National Bureau of Statistics (KNBS) indicates that Kenya’s real estate sector grew by 6.1 per cent in the first quarter of 2022
• KNBS revealed that the decline in performance was attributed to a slowdown in activities in the market, which resulted in a decline in transactions in the sector
• The construction sector grew by 6.4 per cent in the quarter under review, marking a 0.4 per cent decline from the 6.8 per cent growth that was realised in the first quarter of 2021

Kenya’s real estate sector grew by 6.1 per cent in the first quarter of 2022, representing a 0.6 per cent decline from the 6.7 per cent growth that was recorded in the corresponding quarter in 2021.

A finding by the Kenya National Bureau of Statistics (KNBS) revealed that the decline in performance was attributed to a slowdown in activities in the market, …