Author: Wanjiku Njugunah

The Djiboutian venture is part of KenGen’s ambitious diversification strategy, in which the company is seeking to acquire new revenue streams by offering commercial drilling services, geothermal consulting and other related services across Africa.

This is the third mega geothermal drilling contract that KenGen is implementing in Africa. In October 2019, the company secured a KSh 5.8 billion contract to drill 12 geothermal wells in Ethiopia.

The contract with Ethiopia’s independent power producer Tulu Moye Geothermal Operations (TMGO) PLC includes installing a water supply system and equipment.…

Kenya’s national carrier, Kenya Airways PLC (KQ), has signed a Strategic Partnership Framework with South African Airways (SAA), a key milestone towards co-starting a Pan African Airline Group by 2023.

The partnership framework follows the Memorandum of Cooperation (MoC) that the two airlines signed two months ago to foster the exchange of knowledge, expertise, innovation, digital technologies, and best practice between the two airlines.

The signing of the Strategic Partnership Framework by the two African airlines will see both airlines work together to increase passenger traffic, cargo opportunities, and general trade by taking advantage of strengths in South Africa, Kenya, and Africa.

It is expected that the partnership will improve the financial viability of the two airlines. Customers will also benefit from more competitive price offering for both passenger and cargo segments.

The signing of the Strategic Partnership Framework was witnessed by President Uhuru Kenyatta and his South African host, …

• Kenya and South Africa have announced the signing of eight new agreements 
• The agreements are in areas including tourism, migration and health

President Uhuru Kenyatta and President Cyril Ramaphosa witnessed the signing of the agreements shortly after they led their delegations in bilateral talks at Union Buildings in Pretoria, the official seat of the South African Government.

The eight agreements included MoU’s in transport, health, diplomatic consultations and training as well as tourism and migration.

Others were a Bilateral Air Services Agreement (BASA) as well as MoU’s on Government Printing Works and the return of nationals refused entry and illegal entrants.

Addressing the press after the signing ceremony, President Kenyatta said the Kenya-South Africa diplomatic relationship of close to 30 years had come of age.

“In addition to strong bilateral relations which span a wide range of areas, Kenya and South Africa are close partners at the regional and global …

• MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card in Somalia
• The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points of sale and at ATMs
• The initiative is expected to contribute to significantly boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage

As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard, and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.

The new physical card is a first for MyBank in the country. It will enable consumers to transact in-store at various points of sale and ATMs while also giving them the ability to make online purchases through e-commerce …

An integrated green hydrogen and green ammonia manufacturing facility in Kenya, powered by renewable energy, is currently being evaluated by Fortescue Metals Group Limited’s (Fortescue) fully owned subsidiary, FFI.

In addition to the construction of large-scale green energy projects around the world, FFI is rapidly progressing and investing in a wide spectrum of green energy activities.

A statement from FFI CEO Julie Shuttleworth: “FFI is devoted to promoting economic growth, employment opportunities for youth, small and medium-sized businesses, and alleviating poverty in the communities where we operate.”…

• KCB Group’s net profit reached KShs.25.2 billion riven by higher income and reduced provisions 
• The group’s directors approved an interim dividend of KShs.1.00 for every ordinary share of KShs.1.00 held
• Customer deposits stood at KShs.859 billion, an 11% jump largely due to organic growth in Kenya

Regional banker KCB Group Plc has more than doubled its profit after tax for the nine months ending
September 2021.

The bank’s net profit stood at KShs.25.2 billion from KShs.10.9 billion a year ago, marking a 131% jump, driven by higher income and reduced provisions as recovery from the COVID-19 pandemic accelerated in quarter three.

Commenting on results, the bank’s Group Managing Director and CEO Joshua Oigara said this is the strongest quarter for the company since the COVID-19 pandemic struck 20 months ago, with clear signs of economic recovery across key sectors.

“While we are cautiously optimistic of the prospects, especially due to …

• The Entrepreneur’s Odyssey is a mobile and tablet-friendly, a self-paced curriculum that includes online lessons across 21 modules with a total of 28 videos of approximately 20-30 minutes each
• Its launch comes at a time when the small business segment in the region has faced unprecedented changes in the wake of the COVID-19 pandemic, further fueled by the rapid acceleration of digital transformation and e-commerce

Mastercard Academy has launched ‘The Entrepreneur’s Odyssey’, a digital education platform that brings together a range of world-class academic and business resources to help small businesses learn and thrive.

The Entrepreneur’s Odyssey is a mobile and tablet-friendly, self-paced curriculum that includes online lessons across 21 modules with a total of 28 videos of approximately 20-30 minutes each.

According to Mastercard, the platform follows a five-pathway approach which is open to all aspiring and established entrepreneurs with no limits on the number of viewers and is …

• Co-operative Bank has posted KSh 11.6 billion compared to Kshs. 9.8 billion reported in the third quarter of 2020
• The bank’s total assets grew by Kshs. 82 Billion to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year
• Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4 Billion while borrowed funds grew by Kshs. 17.7 Billion to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020

Co-operative Bank Group has reported KSh 11.6 billion compared to Kshs. 9.8 billion reported in the third quarter of 2020, exceeding pre-pandemic performance.

In a statement, the bank says the performance is in line with its strategic focus that supports growth, resilience and agility.

During the period under review, the bank’s total assets grew by Kshs 82 Billion to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.

At the same time, …

• In 2020, sub-Saharan Africa plunged into its first recession in more than 25 years, erasing at least five years of progress in fighting poverty.
• Economists forecast that lost ground will not be recovered until 2024, when they expect per capita output to return to pre-pandemic levels.
• The persistent impact of the pandemic on incomes means the poverty rate would translate into almost 25 million more people living in poverty, compared with pre-Covid estimates.

The COVID-19 pandemic has pushed an estimated 30 million people in sub-Saharan Africa into extreme poverty, wiping out more than five years of progress.

This is according to a report released at the ongoing Bloomberg New Economy Forum in Singapore which finds that whilst some ground will be made up as economies across the continent recover, this will still not be enough to meet the United Nations’ Sustainable Development Goal of eradicating poverty by 2030 – a …

• Organic Diaries Limited, Tropical Lush Limited, Meditrust Healthcare Services and Organic Fields are some of the winners of the KSh 33 million grant fund
• The grant funds are being issued under the Accelerate Program which aims to position Kenyan businesses for success while addressing the skills gap in the country 
• So far, the program has managed to reach over 850 small businesses, providing them with both financial and non-financial support

Kenya’s Stanbic Bank has unveiled the 7 recipients of a new KSh 33 million grant fund.

Through its Accelerate Programme, the bank signed Stanbic Foundation and United States African Development Foundation (USADF) to hand over the funding to the businesses.

The Fund’s recipients, who were selected out of over 500 applicants across the country, include Organic Diaries Limited, Tropical Lush Limited and Meditrust Healthcare Services.

Others are Organic Fields, Tarakwo Diaries Company Limited and Tovuti Group who won KSh 5 …