Browsing: Kenya

• An INTERPOL cybersecurity operation that has arrested 1,006 suspects and the busting of 134,089 cybercrime networks in Africa underscores the urgent need for banks to fortify their cybersecurity defenses.
• The probe identified 35,000 victims, with cases linked to nearly $193 million in financial losses.
• This exposure invites the question: Are banks in Africa prepared to counter the threat of cybercrime?

The fintech revolution sweeping across Africa’s economy is reshaping banking systems, offering millions of people unprecedented convenience and access to financial services. However, as banks and other financial services institutions embrace innovation, they must contend with a new and evolving threat: cybercrime.

With malicious actors continually adapting their tactics, robust cybersecurity measures are no longer optional for banks; they are critical. Take, for instance, the International Criminal Police Organization (INTERPOL’s) Operation Serengeti, which has exposed the grand scale and complexity of cybercrime threats plaguing the continent’s financial institutions.

Interpol Cybersecurity

• Fintech Raenest will be the key sponsor of the seventh edition of Africa Tech Summit Nairobi in February 2025.
• The a B2B Summit, expo, and awards forum projects to attract over 2,000 industry leaders, corporates, investors, and global delegates.
• Conference will feature four key track themes: Africa Money & DeFi, Africa Climate Tech & Investment, Africa Startup, and the Africa Mobile & App segments.

For the second year in a row, Nigerian fintech heavyweight Raenest is set to headline the Africa Tech Summit 2025 edition, reaffirming the company’s commitment to fostering growth, and collaboration in Africa.

According to the organizers, Raenest will be the key sponsor of the seventh edition of Africa Tech Summit Nairobi, which is set to be held on February 12th and 13th, 2025, at the Sarit Expo Centre.

“We are thrilled to continue as the headline sponsor of Africa Tech Summit Nairobi. This platform is pivotal …

• Kenya’s diaspora remittances in October increased by $18.7 million compared a month earlier.
• CBK in its weekly dispatch announced that the cumulative inflows for the 12 months to October 2024 increased by 15.3%.
• Despite the dollar inflows from diaspora remittances, Kenya’s currency weakened marginally against the USD in the week ending Nov 15.

Kenya’s diaspora remittances increased by $18.7 million (KSh2.4 billion) between September and October 2024, the latest data from the Central Bank shows. Kenyans living and working abroad wire home $437.2 million (KSh56.7 billion) in October, a significant increase from the $418.5 million (KSh54.4 billion) reported the previous month.

Compared to a similar period last year this was an increase of 22.9 per cent when the foreign remittance stood at Ksh46 billion ($355.6 million).

The Central Bank of Kenya (CBK) in its weekly bulletin published on Friday, November 15, announced that the cumulative inflows for the 12 months …

• Africa’s hospitality sector has matured in ways that not only meet but anticipate the desires of modern travellers.
• By embracing responsible tourism, fostering local community interactions, and providing avenues for health and wellness, Africa is redefining what it means to travel meaningfully.
• Africa’s lower cost of living is making it an attractive destination for digital nomads.

Africa’s hospitality sector has long offered unique experiences and the 2025 travel trends show a continent aligning in unique way to tap changing preferences of holidaymakers from different source markets across the world.

By February this year, an estimated 150,000 European tourists had visited South Africa. The succeeding months look promising as this year’s United Nations Tourism Report says there is increasing interest in East and West Africa holiday destinations by holidaymakers from Europe.

At the moment, tourists from Britain and German are the trailblazers with their changing values and preferences setting the tone …

• In Kenya, off-grid solar power is a game changer in rural parts of the country where main electricity transmission lines are yet to reach.
• Across rural homes, locals are tapping sun energy provide clean drinking water without the high costs of diesel pumps that often worsen air pollution.
• Solar power is also being used in clinics, improving medical care, including providing services during the day and emergency treatment at night.

Kenya has made significant progress in driving the adoption of solar power as part of a broad strategy to enhance the country’s switch to green energy. The East African country is equally banking on solar power use to achieve an ambitious target of electricity for all by 2030.

In Africa, Kenya leads in exploiting renewable energy sources to provide the electricity required to complement the realization of Vision 2030—accelerating transformation of the country into a rapidly industrializing middle—income nation …

• A new survey shows that trash disposal, including plastic waste, is the top concern for urban communities.
• Nearly half (46 per cent) of Africans believe citizens have a big role in addressing pollution.
• An estimated 78 per cent of Africans want their governments to do more to limit environmental pollution.

Across Africa, environmental pollution has become increasingly urgent, with two-thirds of citizens describing it as a severe community issue. From urban centers choked by trash to rural areas grappling with deforestation, the environmental challenges are as diverse as the continent.

The Afrobarometer survey reveals that trash disposal, including plastic waste, tops the list of concerns for urban communities, cited by 37 per cent of respondents across Africa.

In rural areas, deforestation takes the lead at 28 per cent. Water pollution (17 per cent), air pollution, and poor sanitation also rank high, painting a grim picture of environmental degradation across countries.…

• AMSONS Group granted regulatory go ahead to acquire Bamburi cement.
• The family-owned business has partnered with KCB Investment Bank as its transaction adviser.
• Amson made its initial offer when Bamburi Cement’s shares were trading at Sh45, but the stock has since risen, trading at Sh66 on Thursday afternoon.

Tanzanian business conglomerate AMSONS Group has received regulatory approval from the COMESA Competition Commission for its proposed acquisition of up to 100 per cent of Bamburi Cement.

The move coming at a time that Kenya’s Savannah Clinker Limited has already raised its bid for the acquisition of Bamburi Cement, even though its offer already exceeds Tanzania Amsoms’ competing offer.

In a statement, the COMESA Competition Commission confirmed that the proposed acquisition falls within its ambit and does not pose a competition risk within the common market.

“It is unlikely that the proposed merger will lead to the creation of a dominant position …

• Bad weather is severely affecting Brazil, and Vietnam’s coffee output.
• Coffee prices are soaring as global supply decreases from the South American countries.
• As Brazil and Vietnam take a hit, East African coffee producers stand to gain as prices increase.

Coffee output in Brazil and Vietnam has taken a hit owing to bad weather affecting global supply, a scenario that could turn the tide in favour of the bean producers from East Africa.

At the moment, Brazil, which is the world’s largest coffee supplier, is facing worsening drought that is expected to further affect the optimum production of the crop in this year.

Since April 2024, rainfall in Brazil has been below the required amount, which has in turn severely affected the flowering of coffee trees and therefore, overall production.

According to the ICE, there is a drastic decline in arabica coffee stocks which are reported to be at a …

• Stanbic PMI Report shows that purchasing efforts accelerated in October, leading to the greatest upturn in inventories since August 2023.
• PMI readings below 50 signals a decline in month-on-month private sector activity, while levels above point to growth.
• While tax payments and higher material prices drove expenses up at several firms, reduced fuel prices partly countered this.

Kenya’s private sector activity improved marginally in October, boosted by a rise in employment and growth in output, according to the Stanbic PMI Report. The Stanbic Kenya Purchasing Managers’ Index (PMI), which measures the performance of key private sector indicators such as output, new orders, and employment, rose slightly to 50.4 in October from 50.0 in September.

PMI readings below 50 signal a decline in month-on-month private sector activity, while levels above point to growth. The index shows that activity in the review period expanded amid a broad stabilization of new work, …

• Africa Trade Barometer has ranked Kenya sixth after South Africa, Namibia, Mozambique, Tanzania, and Nigeria.
• Kenya’s macroeconomic environment has demonstrated a moderate contribution to the nation’s trade attractiveness.
• A total of 235 businesses were surveyed in Kenya, located in Nairobi, Mombasa, Nakuru, Kisumu and Eldoret.

Kenya has fallen one place in Africa’s trade index by Stanbic Bank, as the country navigated a challenging macroeconomic environment marked by high interest in the first half of the year.

Latest Stanbic Bank Africa Trade Barometer has placed Kenya sixth after South Africa, Namibia, Mozambique, Tanzania and Nigeria.

Kenya has nevertheless beaten Ghana, Zambia, Uganda and Angola in the index which surveys 10 key economies in Sub-Sahara Africa, looking into trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance and economy, and traders’ financial behaviour.

According to the report, the country recorded drops in macroeconomic stability, governance, quality of infrastructure and …