Browsing: Kenya

• Equity Group anticipates regulatory changes, currency fluctuations, and the broader economic repercussions of global events as obstacles in the future.
• However, the regional lender looks well-positioned to overcome these obstacles due to its robust capital base, diversified business model, and continuous digital transformation.
• Analysis shows that industry-specific factors, market sentiment, and macroeconomic conditions may be exerting an impact on the stock’s performance.

Amidst the ongoing repercussions of the pandemic and geopolitical unrest on a global scale, Equity Group Kenya, arguably the largest financial institution in East Africa, has exhibited exceptional fortitude and expansion during the three months ending September 30, 2023.

In spite of the tough economic climate characterized by inflationary forces and disruptions in the supply chain, Equity Group has disclosed a consistent upward trend in its fundamental financial indicators. An important growth driver has been the bank’s emphasis on digital innovation and customer-centric services, which have significantly …

• Tanzania’s tea auction hopes to benefit economically and directly from local tea producers by relocating tea trading to local ports rather than routing through Mombasa.
• The tea auctions in East and Central Africa have made African teas competitive on a worldwide scale by enforcing and maintaining quality standards.
• Tanzania has the potential to become a global leader in the tea industry with the right mix of technology investment, and innovative product development.

With the recent success of its first tea auction in Dar es Salaam, Tanzania has taken a major stride forward in the international tea trade. More than just a business deal, the historic exchange of 65 tonnes of tea is an effort to increase local autonomy and regional clout. Tanzania hopes to benefit economically and directly from local tea producers by relocating tea trading to local ports rather than routing through Mombasa.

Tea auctions have historically sustained …

• Most African countries are set to increase their economic growth next year compared to 2023, with East Africa leading the charge.
• Countries will be powered by their travel, tourism, transport, logistics, financial, and telco sectors.
• However, some African countries will not enjoy this fastest-growing economy wave as they will be under severe financial stress in 2024 due to their huge debt obligations.

The most recent analysis from the Economist Intelligence Unit (EIU) predicts that by 2024, Africa will have the world’s second-fastest expanding major area, behind only Asia. According to the EIU’s African Economic Outlook, Africa’s amazing growth trajectory is evidence of the continent’s resiliency and its enormous unrealized economic potential.

Most African countries are set to increase their economic development compared to 2023, with East Africa leading the charge, as noted by the EIU’s Africa Economic Outlook. Powered by their thriving travel, tourism, and hospitality industries as well …

• Kenya seeks to attract $10 billion in Foreign Direct Investments (FDI) in the next four years despite dwindling inflows over the past years. 
• The Kenya Investment Authority has partnered with UNDP and the World Bank to develop and implement an Investment Facilitation Framework and FDI Attraction Strategy.
• The framework is aimed at creating a transparent, predictable, efficient and trusted mechanism for effective investment facilitation.

Kenya aims to attract $10 billion in Foreign Direct Investments (FDI) in the next four years despite experiencing declining investment inflows in recent years. The East African country, in collaboration with the Kenya Investment Authority, has partnered with the United Nations Development Programme (UNDP) and the World Bank to formulate and implement an Investment Facilitation Framework and FDI Attraction Strategy.

Rebecca Miano, the Cabinet Secretary (CS) for the Ministry of Investments, Trade, and Industry (MITI) in Kenya, stated that the framework seeks to establish a transparent, …

The International Monetary Fund (IMF) has committed an additional $938 million to Kenya as part of a strategy to stabilise the country’s economy.…

• Egypt’s entry is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates over 370 different payment methods.
• Cellulant has raised a total of US$55 million to date, making it one of the most heavily backed fintech startups in Africa and allowing it to support its ambitious expansion plans.
• CEO Ahmed Marwan says with over 40% the adult population in Egypt using prepaid cards and mobile wallets, the acquisition of these licences positions Cellulant to further streamline payment options for businesses.

Kenyan Fintech giant Cellulant, has announced its initial registration as a Payment Service Provider and Payment Facilitator in Egypt, a major development for digital payments in the Middle East and North Africa (MENA). This is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates more than …

• Kenya Power attributes its loss to the impact of a declining currency and a strengthening US dollar amid skyrocketing electricity costs.
• The company’s unrealized foreign exchange losses on power purchases increased from $7.3 million in the last financial year to $34.9 million.
• During the year, power purchases rose from $770 million to $943 million, primarily due to unrealized foreign exchange losses.  Finance costs increased significantly by 89%, from $83 million to $158 million, mainly driven by the depreciation of the Kenyan shilling.

Utility Kenya Power has reported a net loss of $21 million for the year ending June 30, 2023, attributed to the impact of currency fluctuations and the strengthening of the dollar amidst soaring electricity costs.

During the review period, unrealized foreign exchange losses on power purchases increased from $7.3 million in the previous financial year to $34.9 million. This was a result of the depreciation of the Kenyan …

Bamburi Cement PLC has announced plans to sell its Ugandan business to Sarrai Group, pending regulatory approvals. The Board of Directors of the cement maker has approved the sale of its stake in Hima Cement Limited, Uganda, amid declining profits.…

• Dubai Ports World (DP World), based in the United Arab Emirates, is rapidly expanding its operations across Africa to become a dominant player in the region’s commerce.
• Establishing a streamlined commerce corridor connecting East Africa and the Great Lakes region is a fundamental plank of DP World’s overall strategy.
• DP World seeks to regulate and strengthen African trade by tackling the difficulties of logistics and storage with cutting-edge digital solutions.

Dubai Ports World in Africa

As the Africa Continental Free Trade Act ushers in a new era of African trade, a significant participant rises from the Arabian Peninsula. Dubai Ports World (DP World), based in the United Arab Emirates, is rapidly expanding its operations across Africa to become a dominant player in the region’s commerce.

The story’s action begins in one of East Africa’s thriving harbours. The vast potential of the Kenyan ports of Mombasa, Lamu, Kisumu, and Naivasha has …

International delegates have gathered in Nairobi, Kenya, hoping to make further progress towards a landmark treaty to address global plastic pollution. The meeting is happening at the UNEP headquarters as negotiators seek to solve the scourge of pollution resulting from more than 430 million metric tonnes of plastic waste produced annually.
More than 2,000 delegates have attended the global plastics summit. They include representatives from environmental organisations, the oil and gas industry, and civil society groups. The delegates in Nairobi will mull two options: a wide-ranging strategy targeting plastics production or a limited approach focussed on waste management.…