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Kenya’s Absa Bank has launched a new solution that allows its customers to access their bank accounts and transact via WhatsApp, as part of their committed to invest at least Sh1.6 billion this year towards digitization, automation and innovation.

The bank says the solution, a first in the market, will allow Absa customers to conduct some of the most popular digital transactions in the market.

These include account-to-Mpesa/Airtel Money transfers, inter-account transfers, bill payments, balance enquiry, among others, on WhatsApp.

Absa Bank Kenya Managing Director Jeremy Awori said that the move is a demonstration of the bank’s commitment to continue investing in digitally led innovative solutions that have the potential to significantly transform customer experience.

“This is a really exciting moment for us at Absa not just because this solution is first-in-market, but more so because it will significantly transform the way our customers interact with us. Essentially, we are …

A new report by Knight Frank shows that whilst still declining, prime residential rents declined at a slower rate of 6.02 percent over the past 12 months to June, compared to a 7.62 percent decline in a comparable period in 2020.

The company’s First Half 2021 Kenya Market Update says the change was mainly attributed to the reopening of the economy, roll out of vaccinations and landlords adjusting rental terms to accept lower rental prices.

The report adds that the continued oversupply of residential developments in certain locations such as Kilimani coupled with the current economic state still makes the prime residential rents sector a buyers’ and tenants’ market.

Prime residential sale prices in Nairobi marginally improved by 0.1 percent over the past 12 months to June 2021, compared to a 5.1 percent decline in a comparable period in 2020 providing signs the market is stabilizing.

This is mainly attributed …

Kenya’s economic activity increased marginally in July from the previous month, a new survey has revealed.

The survey also found that domestic demand improved by the second slowest pace since the lifting of public health restrictions after the first wave of pandemic, with some firms reporting a drop in customer numbers.

The survey was commissioned by and compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies in the country.

It also reveals that growth momentum in the private sector slowed again at the start of the third quarter of the year, as surveyed businesses reported weaker expansions in output, new orders, employment and purchasing.

At the same time, cost inflationary pressures rose to a 16-month high as tax changes resulted in a sharp uptick in purchase prices.

This led to a decline of the headline Purchasing Manager’ Index …

Kenya received a further 180,000 doses of AstraZeneca vaccine on Friday, even as the number of those who have been vaccinated surpass 1.7 million.

In a statement, the Ministry of Health says the addition will serve as a boost to the ongoing vaccination efforts amid increased Covid-19 cases across the country.

So far, a total of 209, 823 cases have been reported Kenya.

The latest consignment, which was a donation from the Greek government, pushes the number of vaccines received in the country to 2,323,100.

Speaking at JKIA after receiving the consignment, National Taskforce on Vaccine Deployment Chair Dr. Willis Akhwale said the donation was a welcome boost to the ongoing vaccination exercise.

Akhwale said the government expects to have vaccinated 10 million people by the end of this year.

At the same time, Deputy Head of mission at the Embassy of Greece in Kenya Counsellor Sotirios Demestichas, said the …

Kenyan-based low-cost carrier Jambojet has announced plans to begin operations to North Kivu Capital, Goma in the Eastern Democratic Republic of the Congo, as well as to the Kenyan coastal island of Lamu.

In a statement, the carrier says the move is part of its expansion program, at a time when the coronavirus pandemic continues to have a devastating impact on the aviation sector in the region as well as across the world.

The company said its inaugural flight to Goma will be on 10th September 2021, starting with 2 frequencies weekly, with flights expected to grow to 4 frequencies weekly, flying on Monday, Wednesday, Friday, and Sunday.

The airline announced that it will be flying to Lamu 4 times weekly, starting 15th September 2021.

Commenting on the announcement, Jambojet Board of Directors Chairman Vincent Rague said the expansion plan has been in motion for 3 years.

“Three years ago, …

The Kenya shilling depreciated by 0.7 percent against the US Dollar to close the month of July at Sh108.6, from Sh107.9 recorded at the end of June 2021, mostly attributable to increased dollar demand from general importers.

Data collected by Cytonn Investments further reveal that last week, the shilling depreciated by 0.4 percent against the US dollar to close the week at Sh108.6, from Sh108.2 recorded the previous week.

This was partly attributable to the build-up of dollar demand from energy importers as they meet their end of the month hard currency obligations.

On a year to date basis, the shilling has appreciated by 0.5 percent against the dollar, in comparison to the 7.7 percent depreciation recorded in 2020.

Despite the recent appreciation of the shilling, analysts from the investment firm expect the shilling to remain under pressure in 2021.

This will be as a result of several factors among …

A new report has revealed that Rwanda’s tourism revenues from international visitors dropped by an estimated 35 percent in 2020 compared to 2019, with the total of number of visitors dropping by 47.2 percent in 2020.

The report, Economic impact of the COVID-19 pandemic on East African economies by Deloitte indicates that in the months of April and May, Rwanda saw a drop of 100 percent in the number of international tourists following the announcement of the lockdown.

The losses related to Meetings, Conventions and Exhibitions (MICE) tourism were estimated to be around USD 80m for events that would have been hosted between Mar-2020 and Nov-2020.

The report shows that Rwanda benefitted on a global scale as from the third quarter of 2020 after being included on the European Union’s list of ‘epidemiologically safe’ countries for travel.

“The Rwanda Development Board (RDB) continues to promote tourism in 2021. The board …

Exports of goods from Kenya remained strong, growing by 11.1 percent in the first half of 2021 compared to a similar period in 2020.

This is according to fresh data by Central Bank of Kenya which indicates that receipts from exports of horticulture and manufactured goods rose by 29.4 percent and 45.2 percent, respectively, in the first half of 2021 compared to a similar period in 2020.

However, receipts from tea exports declined by 5.5 percent, partly due to the impact of accelerated purchases in 2020.

Travel and transport receipts continued to recover in 2021 with the resumption of international travel.

Remittances were robust at USD305.9 million in June 2021, and were 20.4 percent higher in the first half of 2021 compared to a similar period in 2020.

The value of Export of Goods and Services Increase By 9.8%

More findings

Separate data released earlier this month by Deloitte revealed …

The British High Commission has announced a new programme that will allow unemployed Kenyan nurses to work in the United Kingdom, as part of a new scheme requested by the Government of Kenya and launched by President Kenyatta on July 29 during his visit to London.

The British High Commission says Kenyan health professionals and health managers who are out of work are eligible of working in the UK, before returning to work in Kenya’s health sector.

According to the Commission, the special arrangement for Kenyan nurses to work the UK was part of a request by Kenya to capitalize in those qualified but unemployed health workers in Kenya.

The exact numbers of those who will go to the UK – and the process for visas – will however be confirmed in the next three months, according to the Commission.

Kenya embracing new ways of doing business

UK Health Secretary, …

Kenya’s inflation is expected to remain well anchored within the target range, against the backdrop of COVID-19 shock and its spillover to the economy.

This is according to a new report by Central Bank of Kenya (CBK) which has reveals that a hike in food and fuel prices has been impacting the rate of inflation.

In July for instance, year on year inflation rate, which is measured by the Consumer Price Index (CPI) was 6.44 percent, in July 2021.

The Kenya National Bureau of Statistics attributed the rise in inflation increase in prices of commodities especially food and transport.

“Food and non-alcoholic beverages prices increased by 8.84 percent, while housing, water, electricity, gas and other fuels rose by 6.03 percent,” KNBS noted.

Transport was however the commodity with the biggest hike, after prices shot up by 10.33 percent between July 2020 and July 2021.

The CPI increased by 0.20 …