Author: Wanjiku Njugunah

• Jambojet Jambojet and Pan-African payments company Cellulant have partnered to award customers over 600 discount vouchers, each worth KSh 3,000 ($25.6)
• The regional carrier said the vouchers would be available to all customers that sign up for Jambojet Rewards, the Jambojet loyalty program
• Jambojet Managing Director and CEO Karanja Ndegwa said that over 70 per cent of their customers book their tickets online and pay for their tickets using mobile money

Kenyan-headquartered low-cost airline Jambojet Jambojet and Pan-African payments company Cellulant have partnered to award customers over 600 discount vouchers, each worth KSh 3,000 ($25.6).

In a statement, the regional carrier said the vouchers would be available to all customers that sign up for Jambojet Rewards, the Jambojet loyalty program.

Jambojet has flown over 5 million passengers since its inception in 2014, and in April launched Jambojet Rewards, a loyalty program where customers earn points each time they fly Jambojet. …

• Kenya’s Centum Investments has sold its entire equity stake in Sidian Bank Limited to Nigerian lender Access Bank at a cost of $36.7 million 
• Centum holds 83.4 per cent of the issued shares of Sidian, directly in its own name and indirectly through its wholly-owned subsidiary, Bakki Holdco Limited
• The two parties said Sidian would eventually be merged with Access Bank’s subsidiary in Kenya to create a stronger banking institution positioned to serve the Kenyan market

Centum Investments has sold its entire equity stake in Sidian Bank Limited to Nigerian lender Access Bank at a cost of $36.7 million.

In a statement, the investment firm, the biggest in East and Central Africa, announced it had entered into a binding agreement with the West African bank.

According to the statement, Centum holds 83.4 per cent of the issued shares of Sidian, directly in its own name and indirectly through its wholly-owned …

• The economy of Kenya will grow by 5.5 per cent in 2022 and 5.2 per cent on average in 2023–24
• Data by World Bank indicates that while still strong, the growth rate will be moderate following a remarkable recovery in 2021 from the worst economic effects of the pandemic
• The bank noted that the impact of the war in Ukraine is weighing on the global economic recovery from the pandemic

The World Bank has projected that Kenya’s real gross domestic product (GDP) will grow by 5.5 per cent in 2022 and 5.2 per cent on average in 2023–24.

According to the group, while still strong, the growth rate will be moderate following a remarkable recovery in 2021 from the worst economic effects of the pandemic.

During the period, the country’s economy grew by 7.5 per cent, much higher than the estimated average growth in Sub-Saharan Africa of 4 per cent.…

• The US government sent out a warning against 14 countries, mainly from Africa, against buying grains from Russia on grounds that they had been stolen from Ukraine
• Washington backed claims by Ukraine, which accused Russia of stealing over 500,000 tons of wheat, estimated to cost over $100 million since the start of the war
• Russia launched a full assault on Ukraine, its southwest neighbour, on February 24, 2022, marking a significant escalation in the ongoing Russian-Ukrainian conflict

As millions of Africans continue to face severe drought that has been exacerbated by the rising food prices, Russia is making a bold move that the US government has been quick to condemn.

The US government sent out a warning against 14 countries, mainly from Africa, against buying grains from Russia on grounds that they had been stolen from Ukraine. Russia launched a full assault on Ukraine, its southwest neighbour, on February 24, …

• A survey by Stanbic Bank shows Kenyan businesses registered a drop in activity in May 2022 for the third consecutive month
• The PMI posted below the 50.0 mark for the second consecutive month in May, falling to 48.2 from 49.5 in April
• There were back-to-back declines in new orders across the Kenyan economy for the first time since the initial wave of the COVID-19 pandemic

Kenyan businesses registered a drop in activity in May 2022 for the third consecutive month, a new survey by Stanbic Bank has shown.

Stanbic’s latest Purchasing Managers’ Index (PMI) survey indicates that the latest downturn was the quickest seen since April 2021.

According to panellists of the survey, a price-led slump in demand and rising input costs were the main factors behind the fall in activity. The Stanbic Bank Kenya PMI covers sectors, including agriculture, mining, manufacturing, construction, wholesale, retail and services.

“For the first …

• Kenya Commercial Bank (KCB) has approved an $82.5 million total dividends pay-out for the 2021 financial year
• This comes after the company recorded a 74% rise in its profit after tax to hit $292.8 million for the full year ending December 2021
• The lender’s shareholders approved a final dividend of KSh 2.00 ($0.017) per share as recommended by the board

Kenya Commercial Bank (KCB) has approved a KSh 9.64 billion ($82.5 million) total dividends pay-out for the 2021 financial year, months after recording a 74% rise in its profit after tax to hit KSh 34.2 billion ($292.8 million) for the full year ending December 2021.

The lender’s shareholders approved a final dividend of KSh 2.00 per share as recommended by the board. According to the company, the dividend shall be paid on or before July 7, 2022, net of withholding tax to the shareholders who were on the register of …

• The EU and Kenya bilateral relationship in 2022 continues to thrive with the regions currently negotiating on an interim Economic Partnership Agreement (iEPA)
• The agreement that is expected to enhance trade and investment opportunities and help boost sustainable economic growth and job creation
• The EU further observed that the future EU-Kenya iEPA would liberalise trade in goods on mutual basis

The European Union (EU) EU and Kenya bilateral relationship in 2022 has continued to thrive, with the two regions currently negotiating on an interim Economic Partnership Agreement (iEPA), an agreement that is expected to enhance trade and investment opportunities and help boost sustainable economic growth and job creation.

In February 2022, the EU noted that the iEPA would be complemented by binding commitments on environmental protection, climate and labour rights adding that it reflects the pending EPA initialled in 2014 between the EU and the East African Community (EAC).

Valdis …

• Global Finance has named KCB 2022’s best bank in sustainable finance in Kenya 
• KCB was recognised for its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions
• The group has set a target of transitioning 25% of its total loan portfolio to green investments by 2025 as part of its Net Zero ambition

Global Finance has named Kenya Commercial Bank (KCB) the Best Bank in Sustainable Finance in Kenya 2022.

The bank was awarded owing to its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions.

The award announced by Global Finance recognises global, regional and local leadership in Sustainable Finance – funding for initiatives designed to mitigate the negative impacts of climate change, build resilience and help build a more sustainable future for humanity.

The award comes when there are calls for institutions to embrace sustainable practices through adopting the UN Sustainable Development …

• East African Breweries Plc (EABL) has announced plans to construct a microbrewery in Nairobi
• The microbrewery will serve as an innovation centre for alcoholic and non-alcoholic beverages
• EABL Managing Director Jane Karuku commissioned the construction and said the microbrewery would be completed and opened to the public by December 2022

East African Breweries Plc (EABL) has commissioned the construction of a microbrewery at Ruaraka, Nairobi, that will serve as an innovation centre for alcoholic and non-alcoholic beverages.

The regional brewer said that the facility would cost KSh 1 billion ($8.5 million) and comprise a microbrewery, taste room, taproom, and a flagship store.

Group Chief Executive Officer and Managing Director Jane Karuku commissioned the construction and said the microbrewery would be completed and opened to the public by December 2022.

According to EABL, the microbrewery will serve as a brand home for the company’s flagship beer, Tusker.

In addition, it will …

• A report by Cytonn Investments expects 2022 to register lower investor sentiments
• The performance would be affected by several reasons, including a cautious stance by investors who will be monitoring the election proceedings
• The report also foresees an increase in Eurobond yields as concerns over Kenya’s high debt-to-GDP ratio persists

As Kenya heads to General Elections this August, economic experts now expect 2022 to register lower investor sentiments.

In a new report, Cytonn Investments said the performance would be affected by several reasons, including a cautious stance by investors who will be monitoring the election proceedings.

The report also foresees an increase in Eurobond yields as concerns over Kenya’s high debt-to-GDP ratio persists and an expected depreciation of the Kenyan currency as a result of increased oil prices globally and high debt servicing costs.

“The investment performance is largely affected by the market sentiments on the macro-economic indicators of an …