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- Bank lending slows as Kenya faces highest loan defaults in 18 years
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Kenya
- A majority of Kenyan workers are disengaged according to the 2024 edition of Gallup employees survey.
- The survey further shows that men are slightly more engaged than their female counterparts.
- More women (50 per cent) were stressed than men (47 per cent). The junior employees recorded higher stress levels than managers.
A new study shows that for every five employed Kenyans, four lack the drive to go above and beyond in their roles at work.
A recent global survey by Gallup says 80 per cent of Kenyan workers are “disengaged” meaning they only do the bare minimum and are only in their current job because they haven’t found a job opening elsewhere.
‘Disengaged from work’ refers to a lack of emotional or psychological connection to one’s job or workplace.
Disengaged employees typically show low levels of motivation, commitment, and enthusiasm for their work.
At 80 percent, the rate of disengagement …
- Kenya’s $168Bn plundered development loans were taken over 11 year period between 2010 and 2021
- In one instance, the OAG raised an issue with the missing drawdowns for three loans from BELFIUS Bank and Unicredit totaling €29,510,462 (Sh4.1billion).
- The audit examined how 39 commercial loans valued at $168billiom (Sh1.36 trillion) during the time were used, and whether they were borrowed legally.
The Office of the Auditor General has opened a can of worms on the possible diversion of loans and plunder of funds disbursed to Kenya for development over the past 10 years.
A Special Audit by Auditor General Nancy Gathungu, on loans Kenya took between 2010 & 2021 shows that the country received $ 167.7 billion (Sh1.13 trillion) in the consolidated funds accounts however, the accountability of the funds is in question.
The revelations come at a time when President William Ruto has already gazetted the Presidential Taskforce on …
- Kenya’s Political Instability has seen calls for President Ruto’s impeachment, a demand likely to persist soon.
- Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support the currency in the near term.
- The analysist say tensions will likely de-escalate in the coming weeks, but expect market sentiments towards Kenya to remain bearish
The Kenyan shilling is expected to face pressure in July due to anticipated declines in capital inflows caused by political instability experts have warned.
The analysist from pan African market insights firm Stears are now saying that following the protests from June 18 to June 27, the currency depreciated by 0.29 per cent slightly dimming economic outlook.
This downward trend is likely to continue amid uncertainties surrounding the President’s push to step down and an upcoming IMF review.
Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support …
- As temperatures keep rising and emissions soar, the planet, too, continues to break (dangerous) new records.
- Climate change is a shared problem that the global community must solve by working together.
- With a strong partnership between Africa, Europe, and the rest of the international community, Kenya, can make significant contributions to the global transition to a net-zero economy.
NAIROBI – Last year in Berlin, the great Kenyan long-distance runner Eliud Kipchoge broke the world marathon record, clocking 02:01:09 and beating his previous time by 30 seconds. His success has made him a legend not only in Kenya but globally. It offers a useful lesson for everyone involved in the fight against climate change. Kipchoge’s winning strategy is rooted in the science of running (as well as 120 miles of hard work every week), and our own approach to the climate crisis must involve the same level of commitment and …
- The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
- Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
- Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.
Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.
The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.
This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …
- Mars Wrigley plans to roll out a fresh entrepreneurial initiative in Tanzania in 2024 and Rwanda, in 2025.
- The programme has already registered great strides in Kenya where it has been running since 2013, benefiting 1,600 traders, including 700 women.
- Wrigley now says it will recruit another 1,000 entrepreneurs in Kenya before the end of the year, bringing the total to 2,600.
Mars Wrigley, the world’s leading manufacturer of chocolate and chewing gum, has revealed plans to expand its entrepreneurial programme into Tanzania and Rwanda in regional expansion drive. As part of the company’s innovative distribution model, the Maua programme targets low-income consumer market in the region.
Speaking at the company’s factory and head office in Machakos County, Kenya, during at a ceremony to mark the tenth anniversary of Maua, Mars Wrigley General Manager, Sub-Saharan Africa, Ismael Bello said the company will roll out the initiative in Tanzania in 2024 …
- Dr Kamau Thugge, who is President Ruto’s advisor on fiscal affairs, is set to take over from Dr Patrick Njoroge.
- Previously, Dr Thugge served as the Permanent Secretary at Kenya’s National Treasury between 2013 and 2019.
- Prior to his nomination as Principal Secretary, he worked as a senior economic adviser in the Ministry of Finance since 2010.
President William Ruto has nominated former IMF economist Dr Kamau Thugge for appointment to head the Central Bank of Kenya. Dr Ruto picked Dr Thugge out of a list of six candidates who were interviewed on May 9th for the job that helps define Kenya’s fiscal policy.
Dr Thugge is not a stranger at Kenya’s financial industry. For close to 10 years, between 2013 and 2019, he served as the Principal Secretary, National Treasury under former President Uhuru Kenyatta. He was, however, hounded out of office over allegations of corruption. The scandal, which …
- Grey’s expansion in the East African Market follows $2 million seed funding of the West African company.
- Grey CEO AIdorenyin Obong says the Kenya office will help the firm navigate its planned operations across East African Community.
- The company has also privately launched Grey Business, a borderless business banking for startups.
Nigerian Fintech startup Grey has picked Kenya as its East African hub as it expands operations into the largest economy in the East African Community. The move follows $2 million seed funding the West African company raised as it eyes Uganda and Rwanda in the near future.
Already, the firm’s platform is live in Tanzania and Kenya with over 300,000 users. Grey CEO AIdorenyin Obong says opening offices in Kenya will help the firm navigate the markets in the East African Community.
“Kenya’s Diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in the last …
- According to their announcements, Germany would take professionals, skilled worked and semi-skilled Kenyans.
- German has promised to fund, extend and modernize the country’s TVET institutions and centres of excellence from levels three to seven.
- They will create a framework for linking Kenyan Technical and Vocational Training (TVET) colleges with chosen TVET colleges in Germany.
Kenya and Germany struck a deal to increase the rate of International Jobs in Africa. According to reports, Germany agreed to allow Kenyans to fill 250,00 unfilled positions to help both countries with their impending unemployment rate.
Due to this partnership, Kenya cannot deal with its corrosive low employment rate, significantly dragging its economy down.
Kenya’s History with low job rates
It is common to hear the wails of Kenyan Youths when t comes to their country’s employment rate. These days most individuals turn to entrepreneurship to sustain their livelihood while “tarmacking” the town streets to …
