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• The Mobile Economy Sub-Saharan Africa 2022 report by GMSA has revealed that 214 mobile operators in 81 markets globally had launched commercial 5G services in September 2022
• 5G now accounts for nearly half of all mobile connections in South Korea while the network makes up a third of all connections in the US
• The adoption of 5G in Sub-Saharan Africa is, however, not as quick with full commercial 5G services only available in fewer than five countries across the region as of September 2022 

A new report now shows that 214 mobile operators in 81 markets globally had launched commercial 5G services as of September 2022.

According to the Mobile Economy Sub-Saharan Africa 2022 report by GMSA, the popularity of 5G is steadily growing and becoming mainstream in pioneer markets.

The report noted that developed economies such as South Korea have witnessed high usage of the network. In fact, in …

• Hela Kenya has received US$14 million from Norfund to strengthen the development of its manufacturing operations in East Africa
• The proceeds from Norfund’s investment will be utilised to strengthen Hela’s strategic supply chain partnerships in East Africa
• It will also enable Hela to leverage regional sourcing from Kenya and Tanzania to a larger extent, providing significant cost and lead time advantages for manufacturing in the region

Kenyan-based apparel company Hela Apparel Holdings PLC has received US$14 million (KSh 1.7 billion) from Norfund to strengthen the development of its manufacturing operations in East Africa.

Norfund, the Norwegian government’s investment fund, announced on Monday, February 27, 2023, that it had invested the amount in Hela Kenya. The company employs over 4,000 people and is the largest manufacturing facility within the Sri Lankan company Hela Group.

The proceeds from Norfund’s investment will be utilized to strengthen Hela’s strategic supply chain partnerships in East …

• Norfund has partnered with Ethos Mezzanine Partners 3 to invest in Balaji Group, a Kenyan textile manufacturer
• Norfund said it has partnered with Ethos Mezzanine Partners 3, a closed-ended specialist credit fund to invest US$25 million into Balaji, which is one of Sub-Saharan Africa’s leading textile companies
• The two partners said they have executed a USD 25 million mezzanine debt investment in the Balaji Group, with both contributing US$12.5 million each

The government of Norway, through the Norwegian development finance institution Norfund, has signed a new partner to invest in Balaji Group, a Kenyan-based textile manufacturer.

On February 24, 2023, Norfund said it has partnered with Ethos Mezzanine Partners 3, a closed-ended specialist credit fund to invest US$25 million into Balaji, which is one of Sub-Saharan Africa’s leading textile companies.

Job creation in Kenya

The investment is also expected to aid the creation of 6,000 new direct jobs and another …

• Jubilee Insurance has allocated KSh 40 million over the next four years to support 168 students in accessing high school education
• The scholarship, funded by Jubilee Children’s Fund, covers full high school education and supplementary needs such as school uniforms
• The Jubilee Children’s Fund has enrolled 85 additional students in 2023, while the first cohort of beneficiaries will sit for the national secondary examinations this year

Jubilee Insurance has allocated KSh 40 million over the next four years to support 168 students in accessing high school education.

The scholarship, funded by Jubilee Children’s Fund, covers full high school education and supplementary needs such as school uniforms.

The Jubilee Children’s Fund has enrolled 85 additional students in 2023, while the first cohort of beneficiaries will sit for the national secondary examinations this year.

Challenges facing access to secondary education in Kenya

Access to education is a basic human right. However, many …

• Bidco Africa wants to work with farmers in Kenya to meet its growing demand for some of its crucial raw materials
• The giant manufacturer and marketer of a variety of products including cooking oil said it wants suppliers of soybeans and sunflower seeds amid the rising demand for its products
• The Kenyan-based company said it is seeking partners to supply them with 30,000 metric tons of the products
• Bidco revealed that it was already working with 25,000 farmers across the east African region, but that high demand for the products had led to a decrease in its supplies

Bidco Africa said it is looking to work with farmers in Kenya to meet its growing demand for some of its crucial raw materials.

On February 19, 2023, Bidco Africa, a giant manufacturer and marketer of a variety of products including cooking oil, said it wants suppliers of soybeans and sunflower seeds …

• WorkPay has received KSh 341.3 million (US$2.7 million) from international investors to expand in Africa
• The Kenyan HR and payroll solution said the pre-series A round was led by several companies including Acadian Ventures, Fondation Botnar, P1 Ventures, and Kara Ventures
• The funding will assist WorkPay to expand in 40 countries in Africa

WorkPay, a Kenyan human resource (HR) and payroll solution startup WorkPay, has received KSh 341.3 million from international investors to expand in Africa. The startup offers cloud-based human resources management and payroll solution for small and medium-sized businesses (SMBs) in Africa.

On February 22, 2023, WorkPay announced that the investment, a pre-series A round, was led by several companies including Acadian Ventures, Fondation Botnar, P1 Ventures, and Kara Ventures.

The funding will assist WorkPay to expand in 40 countries in Africa.

Commenting on the funding, WorkPay CEO and Co-Founder Paul Kimani told TechCrunch that the company has …

• The Kenyan real estate industry recorded a bounce back in 2022 after two years of a sharp drop during the COVID-19 pandemic
• The Status of the Built Environment Report 2023 noted that the pandemic was an eye-opener, making people appreciate the need for spacious rooms, clean air, and sufficient parking, leading to improved quality of spaces in property development
• The economy’s recovery has significantly contributed to the rise in the price of land and houses while also reviving the rental market
• Infrastructural developments across various parts of the country have also been a significant factor in property prices

The Kenyan real estate industry recorded a bounce back in 2022 after two years of a sharp drop during the COVID-19 pandemic, a new report has shown.

The Status of the Built Environment Report 2023 noted that most people reserved their savings to support their livelihoods rather than investing in sectors such …

• Kakuzi Plc to double Avocado exports to China following an engagement with Dalian Yidu Group, a major Chinese importer of fresh fruits and vegetables
• The firm said it is set to enhance its exports to China once the harvest season opens late next month
• Kakuzi has also expanded its Avocado orchards by a further 60 hectares, up from 927 hectares at a KSh120 million investment cost, to expand production 
• The firm posted KSh 341.3 million in net profit in the six months that ended June 2022, thanks to increased sales, particularly against the firm’s strategic Avocado and Macadamia crops

Kakuzi Plc has confirmed plans to double Avocado exports to China following an engagement with Dalian Yidu Group, a major Chinese importer of fresh fruits and vegetables.

Kakuzi Plc Managing Director Chris Flowers said the firm is set to enhance its exports to China once the harvest season opens late next …

• CFAO Motors has introduced a new hatchback model dubbed Suzuki Baleno into the Kenyan market, at a cost of KSh 2.73 million
• The Suzuki Baleno is powered by a 1500cc petrol engine that delivers robust performance and fuel efficiency
• Customers can also acquire the vehicle through financing options through major financial institutions in Kenya

CFAO Motors, formerly known as Toyota Kenya, has introduced a new hatchback model dubbed Suzuki Baleno into the Kenyan market, at a cost of KSh 2.73 million.

On February 14, 2023, the company announced that the move is intended to help the firm meet the growing demand for fuel-efficient vehicles in Kenya.

The Suzuki Baleno is powered by a 1500cc petrol engine that delivers robust performance and fuel efficiency.

The new sporty and stylish model also features a 4-speed automatic transmission, 360-degree camera plus Heads Up Display, 6 airbags, LED headlights, 9-inch infotainment system display, and …

• Norfund invested US$32 million in Kenya in 2022 and plans to further increase financing to local enterprises seeking growth support in 2023
• The fund said it would continue to invest in the region, focusing on profitable enterprises with the potential to contribute to economic and social development
• Norfund is owned and funded by the Norwegian Government and has a portfolio of US$372 million invested in Kenya across various sectors of the economy

The Norwegian Investment Fund (Norfund) invested US$32 million in Kenya in 2022 and plans to further increase financing to local enterprises seeking growth support in 2023.

On February 9, 2023, Norfund said it would continue to invest in the region, focusing on profitable enterprises with the potential to contribute to economic and social development.

Norfund helps build sustainable businesses that would not otherwise be developed because of the high risks involved by providing equity and other risk capital …