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Business
- Kenyan Shilling to Reach Sh138 this month as effects of global rates and heavy rains come alive
- Additionally, the minor decline in the foreign exchange reserves between April and May signals interventions in the forex market by the CBK.
- The CBK is expected to leave rates unchanged at 13 per cent at its June meeting to support these dollar inflows and provide positive yields to investors.
Financial experts are now predicting that the Kenyan shilling will depreciate to Sh138 against the US dollar by the end of June 2024.
The analysist from pan African market insights firm Stears, say that the Kenyan shilling witnessed large swings in May, after appreciating 2.09 per cent between May 2 and 16. This saw the local currency resume a consistent depreciation to close the month at Sh133.37 against the dollar.
Stears notes that although the currency remained relatively unchanged compared to April, on average, …
- At the convergence of technology and marketing, social media platforms have become an imperative tool for businesses
- Recognising your target audience is the foundation of an effective social media strategy.
- Artificial intelligence (AI) has become increasingly imperative in the digital marketing landscape.
Social media marketing
Social media has transformed from a platform for personal connection into a relevant tool for businesses to engage with their audience, build brand awareness, and drive growth. The power of social media in business cannot be underestimated, as it offers a myriad of opportunities for organisations, brands and people to thrive in the competitive landscape.
At the convergence of technology and marketing, social media platforms have become an imperative tool for businesses and organisations to promote their brands and connect with their target audience. With the widespread adoption and ever-changing features, social media has a superior say on digital marketing strategies.
Furthermore, social media marketing …
- Small and medium enterprises have become vital drivers of economic growth in African countries.
- According to the African Development Bank Group, SMEs in Africa represent around 90 per cent of all businesses and contribute up to 33 per cent of Africa’s Gross Domestic Product (GDP).
- Access to capital is one of the biggest obstacles small and medium enterprises face in Africa.
Small and medium enterprises (SMEs) in Africa play a vital role in fostering sustainable development. With 90 per cent of all global businesses falling under the MSME category, these enterprises create employment, foster innovation, and contribute to gross domestic product (GDP) growth.
In recent years, small and medium enterprises have become vital drivers of economic growth in African countries. As the continent undergoes rapid development, these enterprises foster innovation, create jobs, and contribute to economic growth.
Small and medium enterprises form the bedrock of African economies, representing various …
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National Bank of Kenya (NBK) has received $10 million from WaterEquity investment for onward lending to public and private water utility companies
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The NBK, WaterEquity partnership will also benefit micro, small, and medium-sized enterprises (MSMEs) by boosting the KSh 5 Billion NBK Majikonnect programme
- NBK’s collaboration with WaterEquity is also expected to positively and significantly impact the country’s access to water, sanitation, and hygiene services and products
National Bank of Kenya (NBK) has partnered WaterEquity, a global impact investor, for onward lending to public and private water utility companies.
The NBK, WaterEquity partnership will also benefit micro, small, and medium-sized enterprises (MSMEs) by boosting the KSh 5 Billion NBK Majikonnect programme up to an additional USD 10 million.
Acting NBK Managing Director Peter Kioko reaffirmed the bank’s commitment to supporting last mile connectivity in the water sector through increased access to financing.
He described WaterEquity as an entity intentionally focused …
The Africa Wealth Report 2022, released by Henley & Partners in partnership with New World Wealth, ranked the wealthiest cities in Africa by total wealth.
Listed in the report are the richest cities using total private wealth held by all the individuals living in each city.
The parameters measured were assets, cash, equities and business interests. Henley’s survey indicated the top two wealthiest cities on the continent are in South Africa. Johannesburg topped, followed by Cape Town.…
- Most business executives in Kenya expect a stable economy after the August 9 general elections to support higher industry business growth
- Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations
- Overall, the current CEOs Business Confidence Index by KEPSA stands at 61 points
As Kenya heads to the polls on August 9, 2022, the Kenya Private Sector Alliance (KEPSA) has launched the CEOs Business Confidence Index Report 2022, showing that most business executives expect a stable economy after elections to support higher industry business growth.
According to the index, the current CEOs Business Confidence Index stands at 61 points overall. Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations.
KEPSA CEO Carole Kariuki said the report’s findings come when the ongoing war in Ukraine …
- CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021.
- CIC said the performance was driven by strong growth in the gross written premium and improved performance on the underwriting results
- CIC’s gross written premium grew by 23 per cent to KSh 13.2 billion from KSh 10.7 billion, driven by growth in all its businesses in Kenya and the regional countries
- The company’s total assets increased by 10 per cent from KSh 41 Billion as of 30th June 2021 to KSh 45.8 billion as of 30th June 2022 as investments continued to grow
CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021. The performance represents a 38 …
- Kenya’s government has been urged to address challenges manufacturers face amid the implementation of the Africa Continental Free Trade Area (AfCFTA)
- The government is yet to put in place mechanisms to ensure the country takes full advantage of the benefits of AfCFTA to manufacturers
- Dwindling country competitiveness and lack of product competitiveness
The government of Kenya has been urged to address challenges manufacturers face amid the implementation of the Africa Continental Free Trade Area (AfCFTA).
Kenya Association of Manufacturers (KAM) Acting CEO Tobias Alando noted that whereas the trade agreement provides the best opportunity to realise the regional, national and business goals, Kenya is yet to put in place mechanisms to ensure the country takes full advantage of the benefits of AfCFTA to manufacturers.
Challenges facing manufacturers in Kenya
Alando noted that the export market in Africa is expected to increase with the full implementation of AfCFTA. However, if unaddressed,
- The Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion ($142 million) in the first quarter of 2022
- The report further revealed that medical, motor private, and motor commercial had the highest amounts of paid claims at 46.3 per cent, 25.9 per cent and 19.5 per cent, respectively
- Claims incurred in the general insurance business amounted to KSh 18.43 billion during the period under review
- The high premium volume classes of the general insurance business – medical, motor private and motor commercial, contributed the largest proportions of incurred claims
A new report by the Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion in the first quarter of 2022, marking a 13.3 per cent increase compared to the same period last year when insurers paid claims worth KSh 14.88 billion.
The report further revealed …
