Browsing: Kenya

• The Kenyan government owes media companies $10.8 million (Sh1.7 billion) in pending media bills.
• Kenyan media companies have, however, been challenged to become innovative during the tough economic times and reinvent their operating models to remain competitive.
• Kenya’s media industry is among the sectors worst hit with the changing business models according a 2023 report by Oxford university and Reuters Institute for the Study of Journalism.

The Kenyan government has offered to pay media organizations $10.8 million (Sh1.7 billion) which it owes in pending media bills, a move that will significantly help them address financial struggles within the sector brought about by the changing media landscape.

Media organizations in Kenya have been grappling with cash flow challenges due to outstanding payments from the State, leading some companies to resort to employee layoffs and substantial budget cuts as a consequence of mounting financial difficulties.

This situation arises at a time when …

• MediaTek Technology says it aims to improve 5G adoption in East Africa as a strategic priority in 2024.
• Some of the best 5G smartphones in Kenya are powered by MediaTek’s Dimensity chipsets.
• Broadband demands are expected to continue rising in the Sub-Saharan region with the advent of augmented reality.

Fabless semiconductor company MediaTek Technology will collaborate with telecom operators and original equipment manufacturers (OEMs) in Kenya and greater East Africa region to promote the adoption of 5G and contribute to narrowing the digital divide in the region.

This partnership is occurring at a time when significant progress has been made in terms of 5G adoption, not only in Kenya but across the continent, over the past couple of years.

Kenya ranks as the third-largest country in Africa in the continent’s mobile phone market, with 5 million smartphones shipped annually.

.

Some of the best 5G smartphones in the country are …

• Vienna Payment Solutions has joined the Kenyan market by partnering with Interswitch East Africa.
• Kenya has been a regional powerhouse in digital payments, with the 2023 Economic survey placing the value of mobile money transfers at $47.6 billion.
• Interswitch East Africa Head of Technology, Naomi Wachira, says the solution marks a significant leap towards bridging gaps in the payment industry.

Austria-based firm Vienna Payment Solutions has entered the Kenyan market through a partnership with Interswitch East Africa, as the increasing popularity of mobile money continues to open up a new frontier for spirited competition in the space.

Following the partnership, the two companies introduced VIPASO, a payment solution comprising two applications: a consumer app and a merchant app. This initiative aims to enhance payment solutions for banks, players in the hospitality industry, on-the-go services, financial institutions, and retailers.

This comes when merchant payment platforms are projected to grow and …

• The East African region and the Common Market for Eastern and Southern Africa (COMESA) were the single biggest trade blocs that consumed Kenya’s exports.
• According to the Kenya National Bureau of Statistics (KNBS), the value of Kenya’s exports to the EAC totaled $496.7 million (Ksh77.9 billion) up from $431 million (Ksh67.7 billion).
• There was an increase in earnings from exports to Uganda (27.7%), Tanzania (32.1%), South Sudan (64.4%) and the Democratic Republic of Congo (78.6%).

Kenya’s exports to her East African Community (EAC) neighbours increased in the third quarter of 2023, as the country continued to push volumes amid efforts to cut the high import bill.

This comes as Africa increasingly remained Kenya’s biggest export market, even as economies edge closer to operationalizing the African Continental Free Trade Area (AfCFTA).

The East African region and the Common Market for Eastern and Southern Africa (COMESA) were the single biggest trade …

• Kenya’s Capital Markets Authority will examine corporate governance reporting templates and assessment methods for all its issuers.
• This initiative ensures continued relevance in the financial landscape while enhancing accuracy to align with global standards.
• The industry watchdog is also exploring integrating sustainability into the listing requirements.

The Capital Markets Authority in Kenya is poised to conduct a comprehensive regulatory examination of corporate governance reporting templates and assessment methods for all its issuers. This initiative aims to ensure ongoing relevance in the financial landscape and enhance accuracy to align with global standards.

Details contained in the regulator’s latest report indicate that this exercise will promote transparency, accountability, and investor confidence in the capital markets sector. This came when the bourse recorded an overall improvement in corporate governance practices in the 2022/2023 financial year.

According to the CMA, during the review period, the annual weighted overall score by all issuers experienced …

• Airtel Africa CEO Olusegun Ogunsanya has retired and will be replaced by Sunil Taldar, the new Managing Director and CEO.
• For the six months ending on September 30, the group reported a net loss of $13 million,
• Mittal further announced Ogunsanya’s post-retirement role as the Airtel Africa Charitable Foundation Chair.

Airtel Africa CEO set to retire

Airtel Africa PLC has announced that Chief Executive Officer Olusegun Ogunsanya will retire on 1 July 2024 and take an advisory role.

Ogunsanya, who joined Airtel in 2012, ran the Nigeria Operations of the Telecommunications and Mobile Money Company for nine years before he was appointed Chief Executive Officer of the Group in 2021.

He led the company to maintain double-digit revenue growth and deliver new products to its customers across the continent.

Building on the work undertaken during his time as CEO, including the launch of the Company’s first Sustainability Strategy, and given …

• In 2023, Kenya’s economy experienced real GDP growth, surging from 4.8% in 2022 to an estimated 5 per cent.
• Kenya’s agriculture, which had grappled with severe drought, recovered with critical crops, such as tea and coffee, displaying remarkable resilience.
• High cost of living, exchange rate pressures, and global economic uncertainties remain persistent risks to growth this year.

In 2023, Kenya’s economy strengthened, defying persistent challenges as highlighted in the World Bank’s 28th edition of the Kenya Economic Update (KEU). Despite facing continued hurdles, East Africa’s biggest economy experienced an acceleration in real GDP growth, surging from 4.8 per cent in 2022 to an estimated 5 per cent in 2023.

This economic performance is a testament to Kenya’s ability to navigate adversities and build a foundation for sustainable economic growth.

Agriculture helped revive Kenya’s economy in 2023

A key factor contributing to Kenya’s revival of economic performance in 2023 was the …

• A state-of-the-art liquefied petroleum gas (LPG) storage facility is being built in Mombasa by Taifa Gas Investment SEZ Limited.
• Taifa Gas’ entry into the Kenyan market marks the beginning of a fresh era in the trading links within East Africa.
• Much of East Africa, especially in nations like Tanzania, Kenya, and Uganda, needs more energy because so many people there do not have access to consistent power.

A state-of-the-art liquefied petroleum gas (LPG) storage facility is being built in Mombasa by Taifa Gas Investment SEZ Limited. This is a monumental step for East Africa’s energy sector. This project is more than a local development; its 30,000-ton capacity symbolises the rise energy sector in East Africa and promises economic prosperity for the entire region.

Strategically located within the Dongo Kundu Special Economic Zone (SEZ), the facility represents economic vision. This site is not a fluke because of the strategic decision …

• Kenya’s real estate investment requires obtaining the necessary financing to achieve success.
• Exploring various financing options and establishing strong relationships with banks or financial institutions is crucial.
• Developing effective exit strategies and focusing on long-term appreciation is vital for real estate investment success in Kenya.

Financing options for Kenya’s real estate investment

In Kenya’s real estate investment, obtaining the necessary financing is crucial to success. Fortunately, several financing options are available for Kenyan real estate market investors. Understanding these options can help you make informed decisions and secure the funds needed for your investment endeavors.

Mortgage Loans

One of Kenya’s most common financing options for real estate investment is obtaining a mortgage loan. Kenyan banks and financial institutions offer mortgage products specifically tailored for property purchases. These loans typically involve a down payment and offer competitive interest rates and repayment terms. Evaluating different mortgage options and choosing one that suits …

• Kenya stands to benefit from duty-free and quota-free access to the expansive opportunities that historic Economic Partnership Agreement (EPA) presents with the 27-member EU bloc.
• President Ruto has lauded EPA, saying it seeks to put real money into the pockets of ordinary people (in Kenya).
• Kenya aims to roll out provisions contained in the EU-East African Community EPA, and will be open for regional countries to join in the pact in the future.

Kenya and the European Union (EU) have taken a significant stride towards strengthening their trade relations with the signing of the Economic Partnership Agreement (EPA) in Nairobi.

This landmark agreement, which now awaits endorsement from lawmakers on both sides, is poised to bolster bilateral trade in goods, foster increased investment flows, and contribute to sustainable economic growth.

As East Africa’s largest economy, Kenya stands to benefit from duty-free and quota-free access to the expansive opportunities that …