Browsing: Kenya

• The firm’s new Nairobi factory has tripled production capacity, fueling the county’s transition to electric motorcycles.
• Ampersand already has over 1150 e-bikes on the roads of Nairobi
• The latest expansion underscores the company’s commitment to cutting carbon emissions and driving clean economic prosperity across Africa.

Ampersand, one of Africa’s electric vehicle (EV) energy tech companies, is ramping up its presence in Kenya with the opening of a new, larger plant in the capital, Nairobi. This expansion is poised to triple the company’s production capacity in the country, a strategic move aimed at meeting the surging demand for electric motorcycles (e-motos).

With over 1,100 Ampersand e-motos already zipping through Kenyan roads, the need for more is clear—and Ampersand is prepared to deliver.

A strategic expansion for sustainability

Ampersand’s new Nairobi factory is a significant upgrade from its previous operations. Spanning 21,000 square meters, it is more than three …

• Kenya adopts global messaging standard  ISO20022, which is the latest international open system for sealing financial deals.
• In the 12 months to August 2024, the country processed a total of over 5.3 million transactions valued at over Sh45 trillion for local currency transactions.
• The new standard’s rich data formats will aid in checking fraud thereby curtailing illicit transactions.

The Central Bank of Kenya (CBK) has announced a transition of the Kenya Electronic Payment and Settlement System (KEPSS) to the internationally recognized Global Messaging Standard (ISO 20022 Standard). The new system is the latest international open standard for financial messaging that is being adopted globally.

Last month, the banking industry regulator directed lenders, including microfinance institutions to start testing of the upgraded system for messaging high-value financial transactions aimed at increasing the speed of transfers while heightening the checks against fraud.

“KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is …

• Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind—The World Bank.
• Currently, seven in 10 children in Sub-Saharan Africa do not have access to pre-primary education.
• The World Bank says stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise is critical.

Despite signs of a fragile economic recovery, Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind. According to the latest analysis by the World Bank’s Africa Pulse, two factors are critical to jumpstart inclusive growth: stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise.

The report, which is in its 30th edition and on the theme of Transforming Education for Inclusive Growth, says economic activity in the region …

• In Kenya, mobile phone users are opting for internet calls and texting as a measure to cut on costs.
• Last year, customers spent more time on a single on-net call averaging 2.8 minutes.
• Safaricom customers spent more on off-net calls, averaging at 1.4 minutes while Airtel accounted for 33.3% of voice and 10.3% of SMS traffic in Kenya. 

An increasing number of mobile phone users in Kenya prefer using internet calls and texting as a measure to cut communication costs, a 2023 report by the Communications Authority shows. This shift is steadily eroding both voice and text revenues for mobile network providers in Kenya.

The report shows that the minutes of use per month per subscription decreased to 120.4 minutes in the three months to December 2023 compared to a higher 123.4 minutes during the previous quarter.

Similarly, short messages sent per month per subscription declined marginally to 65.4 from …

• Bankers in Kenya are grappling with record 18-year high loan defaults due to high interest rates and a tough business environment.
• Central Bank of Kenya Governor Dr. Kamau Thugge says that despite the rise in bad loans, the banking sector remains stable and resilient
• The overall balance of payments is projected to be a surplus of $554 million in 2024 which should result in a reserves buildup of $1,920 million

The rate of loan defaults in Kenya has hit records last seen over 18 years ago as the fiscal policies meant to cushion the country from high inflation take a toll on the banking industry.

Latest industry data by Central Bank of Kenya shows that the ratio of gross non-performing loans (NPLs) to gross loans stood at 16.7 per cent in August 2024 compared to 16.3 per cent two months earlier.

Essentially this means that out of every Sh100 shillings …

• Kenya and the IMF talks on a new loan are making “significant progress,” Central Bank Governor has revealed.
• The country eyes about $487.2 million (Sh62.9 billion) under the IMF’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF)​.
• Completing the second review under the Resilience and Sustainability Facility (RSF), approved on July 17, 2023, will provide another $120 million to Kenya.

Kenya will receive a loan of up to $1.61 billion (Sh209.3billion) from the International Monetary Fund (IMF) in December to back up the governments reserves, the Central Bank of Kenya has revealed.

This is after the government and IMF agreed to combine the seventh and eighth reviews which will raise the government access to $1.61 billion, increasing the country’s reserves to $1.9 billion (Sh245 billion) by the close of the year.

CBK Governor Dr. Kamau Thugge has confirmed that discussions with the IMF are nearing completion. The talks, have …

• Handcraft artisans in Kenya have over the years been exploited by profit-sapping middlemen who set prices for them.
• According to the Kenya Economic Survey Report 2023, the Jua Kali sector contributed 25% of the GDP, a similar contribution rate to that of agriculture.
• One of the challenges that the engagement is looking to address is the disparity in pricing for similar products, depending on where they are made.

Technology and education are transforming the lives of Kenyan handmade craft artisans, offering new opportunities for growth, sustainability, and global market access. Artisans, who traditionally relied on local markets and limited resources, are now tapping into digital platforms and skill-building programs to expand their reach and improve their livelihoods.

The integration of tech solutions, including e-commerce platforms, social media marketing, and digital payment systems, has enabled artisans to showcase their products beyond Kenya’s borders.

Platforms such as Etsy, Facebook, and Instagram are …

• Kenya has unveiled  a plan to help MSMEs meet international export standards.
• Through the plan, Kenyan will be able to secure necessary product certifications for easier entry into foreign markets.
• Kenya plans to send over 300 MSMEs to the trade fair, focusing on presenting high-quality, export-ready products.

Kenya’s Ministry of Co-operatives and Micro, Small and Medium Enterprises has launched a new initiative aimed at enhancing regional trade and improving the export competitiveness of high-potential products. This program seeks to address existing supply gaps in global markets and help local businesses tap into higher price segments.

The initiative will include boosting the readiness and organisation among Micro, Small, and Medium Enterprises (MSMEs) to meet strict international quality and quantity export standards.

The Cabinet Secretary for Cooperatives and MSMEs Wycliffe Oparanya said that through the plan, Kenya will be able to secure necessary product certifications for easier entry into foreign markets.

“Central …

• Kenya solidifies its position as East Africa’s tourism hub, with Nairobi chosen to host the Africa Youth in Tourism Innovation Summit for 2025, 2026, and 2027.
• The summit, which draws hundreds of innovators, government leaders, and tourism experts, will boost Kenya’s post-COVID tourism recovery.
• Organized by TEAMS Africa, the event underscores Nairobi’s growing prominence on the global tourism stage following a successful edition in Namibia.

Kenya, East Africa’s travel and tourism industry hub, has yet again cemented its position in the hospitality sector after the capital Nairobi was picked to host the Africa Youth in Tourism Innovation Summit and Challenge (AYTIS) for the years 2025, 2026, and 2027.

This feat further reinforces Kenya as a tourism destination of choice as the industry continues to register growth post the Covid-19 economic fallout.

AYTIS is a platform that is fashioned to promote and uplift innovative investors within the dynamic tourism industry in …

• Kenya’s rising debt obligations have failed to reduce the debt that currently stands at about $82.2 billion.
• Service costs went up from 58% after the government paid $2 billion Eurobond.
• Sovereign bond-holders accounted for $6.6 billion of the external public debt stock.

The National Treasury has laid bare the pain awaiting Kenyans in repaying loans borrowed from external lenders and domestically. Fresh data tabled in Parliament reveals that taxpayers will dig deeper in their pockets in the next financial years to repay loan obligations.

Details show that for every $0.78) Sh100 the government collects, $0.53 (Sh68) goes to servicing the $82.2 billion (Sh10.6 trillion) debt pile reported as of June 30, 2024. The treasury revealed that the country’s debt stock increased by $2.3 billion (Sh303 billion) compared in the year ended June 2024 compared to a year ealier. Currently, Kenya’s debt stock is projected to hit $100.7 billion (Sh13 trillion) …