Author: Wanjiku Njugunah

• Kenya and Britain have partnered to launch the Nairobi Railways City project, a KSh 30 billion transit-oriented and multi-modal urban Development within the Central Business District of Nairobi 
• The infrastructure project will integrate the Nairobi Integrated Urban Master Plan, Nairobi Transport Master Plan, and Nairobi Commuter Rail Master Plan
• Britain has also pledged KSh 11.9 billion to construct office blocks, malls, and light industries within the project, which are meant to decongest the city and create new job opportunities

Kenya has partnered with Britain to launch the Nairobi Railways City project, a multi-billion transit-oriented and multi-modal urban Development within the Central Business District of Nairobi City.

The Nairobi Railways City project will cost an estimated KSh 30 billion and will integrate the Nairobi Integrated Urban Master Plan, Nairobi Transport Master Plan, and Nairobi Commuter Rail Master Plan.

The project will be developed in two phases on the 425 acres of …

• More than half of some of the world’s wealthiest individuals are managing their wealth and making changes to their investment strategies, given current economic challenges, including inflation
• In response to rising global inflation, two-thirds of investors are changing their investment strategies, with some spending less while others have made new decisions around their portfolios 
• Gold continues to be of high interest, with 2 in 5 saying they have invested as a result of inflation, and there is interest in bonds at a lower 22% to combat inflation

A new survey has indicated that more than half of some of the world’s wealthiest individuals are managing their wealth and making changes to their investment strategies, given current economic challenges, including inflation.

The Standard Chartered’s Wealth Expectancy Report 2022 reveals a shift in investor decisions for over 15,000 emerging affluent, affluent, and high net worth (HNW) investors in 14 markets.

The results …

• African carriers will post a loss of $638 million in 2022 and narrow it to $213 million in 2023, the International Air Transport Association (IATA) has revealed 
• The African region is expected to serve 86.3% of pre-crisis demand levels with 83.9% of pre-crisis capacity
• Overall, the report noted that all regions’ financial performance continues to improve since the depth of the pandemic losses seen in 2020

The International Air Transport Association (IATA) has released new data indicating that African airlines will post a loss of $638 million in 2022 and narrow it to $213 million in 2023.

The report dubbed Economic Outlook & State of the Industry revealed that passenger demand growth of 27.4% in Africa is expected to outpace capacity growth of 21.9%. Further, IATA said that the region is expected to serve 86.3% of pre-crisis demand levels over the year with 83.9% of pre-crisis capacity.

Why African airlines

• McKinsey report found that fintech in Africa is the fastest-growing startup industry, raising over US$1.3 billion in 2021
• The industry is being supported by several trends, including smartphone ownership, declining internet costs, and a young, fast-growing, and rapidly urbanising population
• Cash is still used in around 90% of transactions in Africa, which means that fintech revenues have huge potential to grow
• The top challenges that fintech may face include reaching scale and profitability, navigating an uncertain regulatory environment, managing scarcity, and building robust corporate governance foundations

A new finding named fintech in Africa as the fastest-growing startup industry, raising over US$1.3 billion in 2021.

McKinsey & Company found that the industry is being supported by several trends, including smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. Further, the COVID-19 pandemic has also accelerated existing trends toward digitalization and created a fertile environment …

• The PMI Survey has found that Kenyan businesses witnessed increased demand for their exports in the international market in November 2022
• New order inflows received by Kenyan businesses rose in November, extending the current growth sequence to three months
• Although marginal in November, the rate of employment growth was the quickest since July 2022, attributable to a rise in new orders

Kenyan businesses witnessed increased demand for their exports in the international market in November 2022. This is according to the latest Purchasing Managers’ Index (PMI) commissioned by Stanbic Bank Kenya. The index found that the rise in export orders strengthened further from October figures, having increased in each month since April 2022.

At the same time, new order inflows received by Kenyan businesses rose in November, extending the current growth sequence to three months. The rate of increase accelerated from the previous survey period and was modest but slower …

• KCB Kenya has entered a deal with the Kenya National Chambers of Commerce and Industries (KNCCI) to offer loans to over 50,000 members of the chambers
• The two entities entered a three-year strategic partnership, opening a credit line for Small and Medium-Sized Enterprises (SMEs) across the country
• Beyond the credit line, members of the KNCCI will also access non-financial solutions, including advisory, networking opportunities and training

KCB Kenya has entered a deal with the Kenya National Chambers of Commerce and Industries (KNCCI) to accelerate access to loans to over 50,000 members, mostly small and medium-sized enterprises (SMEs).

The two entities entered a three-year strategic partnership, opening a credit line for Small and Medium-Sized Enterprises (SMEs) across the country.

The partnership also involved KCB Foundation, which will offer financial capacity building to KNCCI members across the country.

KCB Chief Commercial Officer Samuel Makome said the partnership would enable the bank to …

• The Kenya Shilling depreciated by 0.9% against the US Dollar to close the month of November at KSh 122.4, from KSh 121.3 recorded at the end of October 2022
• A Cytonn Investments report has partly attributed the depreciation to increased dollar demand from importers, especially oil and energy sectors, against a slower supply of hard currency
• The report said it expects the Kenya shilling to remain under pressure for the rest of the year owing to several factors, such as rising oil prices

The Kenya Shilling depreciated by 0.9% against the US Dollar to close the month of November at KSh 122.4, from KSh 121.3 recorded at the end of October 2022.

A report by Cytonn Investments has partly attributed the depreciation to increased dollar demand from importers, especially oil and energy sectors, against a slower supply of hard currency.

For instance, in the last week of the month, the …

• A new report by Kaspersky has revealed that from January to September 2022, computers in the industrial control systems (ICS) environment were attacked using multiple means
• Most attacks on ICS infrastructure came from the Internet, followed by attacks made through email clients
• Companies or organizations should conduct regular security assessments of OT systems to identify and eliminate possible cyber security issues

A new report by Kaspersky has revealed that from January to September 2022, computers in the industrial control systems (ICS) environment were attacked using multiple means.

In the Middle East, Turkey and Africa region, malicious objects were blocked on 38% of ICS computers in the region that were protected by Kaspersky solutions, according to Kaspersky ICS CERT statistics. Globally the share of ICS computers with blocked malicious objects stands at 31,8%.

The company also noted that APT attacks on industrial systems are expected to get even more sophisticated in …

• Safaricom Ethiopia Service Revenue for the first month of operations was KSh 9.1 million, while Total Revenue, including handsets sales, was KSh 98.3 million
• Safaricom Kenya delivered a solid set of results despite the prevailing macroeconomic challenges leading to a tough operating environment in Kenya and elevated pressure on consumer spending
• In Kenya, voice service revenue dropped by 3.8% to KSh 39.88 Billion; Mobile Data revenue grew by 11.3% to KSh 26.30 Billion, while M-PESA revenue grew by 8.7% to KSh 56.86 Billion

Safaricom has registered its first revenue from its Ethiopia operations in its first reporting cycle since the launch of its commercial operations.

Safaricom Ethiopia Service Revenue for the period ended September 30th 2022, was KSh 9.1M, while Total Revenue, including handsets sales, was KSh 98.3 million.

Safaricom Kenya’s net income grew by 0.6% year on year, supported by a 4.6% growth in revenue.

Safaricom Kenya delivered a …

• Logistics company Sendy says it has received funding of an undisclosed amount to help scale its logistics and fulfillment services in Kenya, Uganda, Nigeria, and Cote d’Ivoire
• Sendy said it had received funding from MOL PLUS, which is the Corporate Venture Capital of Mitsui O.S.K. Lines
• Sendy provides the easiest way for businesses of any size to move goods, enabling them to drive more efficiency and growth

Sendy says it has received funding of an undisclosed amount to help scale its logistics and fulfillment services in Kenya, Uganda, Nigeria, and Cote d’Ivoire.

On November 9, 2022, the logistics company said it had received funding from MOL PLUS, which is the Corporate Venture Capital of Mitsui O.S.K. Lines. With the funding, MOL PLUS joins existing Sendy investors.

The technology company builds easy tech solutions that enable businesses to sell, move goods and get financing.

Through a portfolio of fulfillment services (Direct …