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Kenya’s average inflation rate increased to 6.3 per cent in the first half of 2022,…

Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related expenses like purchase of fertiliser ranked fourth at 14 per cent, phone and home upgrades came in fifth at 7 per cent while entertainment like Christmas celebration was sixth.

Kenya has over 900 youthful millionaires according to the 2022 Knight Frank Wealth report.

The report indicated that Kenya’s young entrepreneurs taking home millions were on the rise.

Knight Frank Kenya managing director Ben Woodhams said the survey revealed the number of youthful millionaires in Kenya was above the global average.

Bolt has opened its Africa Head Office in Riverside, Nairobi, Kenya, months after receiving funding…

The Kenyan government said it had raised funding for the National Blood Transfusion Service Unit…