Browsing: Kenya

Africa has had a dark past and specifically the four century long blot of human slavery climaxing in the 17th and 18th century. However, some of the descendants of the slaves have gone on to make great businessmen with great influence in the world.

Ghana has realized the potential such a group of people pose to the African economy and has launched several drives to make the African Diaspora return to the continent and invest in projects of their choice.

The Ghana Diaspora Celebration & Homecoming Summit 2019 (GDHS’19) is a four-day event recognizing and celebrating the immense contributions to nation building by the Ghanaian Diaspora.

The event will not only highlight past contributions but will focus on present contributions as well, whiles furthering the advocacy for political, economic, and all other systems and policies that would facilitate future contributions by the Ghanaian Diaspora.

Ghana’s president Nana Akufo-Addo in October …

Globeleq, a power sector leader in Africa, has reached financial close of the 40 MW (52 MW p) Malindi Solar photovoltaic (PV) project in Malindi, Kenya and is commencing construction of the plant.

The US$69 million project is located in Langobaya, Malindi District, Kilifi County, about 120 kms north-east of Mombasa and is one of the first IPP owned utility scale solar power plants in Kenya to begin construction.  Electricity will be sold through a 20-year agreement with the national distribution company, Kenya Power.

Globeleq has been working with the project originator, Africa Energy Development Corporation (AEDC), who will retain 10% ownership of the project, and its partner, IDEA Power, to bring the project to construction by providing equity, project development and construction management experience.  CDC, the UK’s development finance institution, as the mandated lead arranger, has sourced US$52 million in debt financing including $20 million from DEG, the German …

Small and Medium Enterprises (SMEs) are also included in the plan to deliver affordable housing to Kenyans…

Every plastic bag, paying little heed to thickness, will be restricted from being imported, sent out, made, sold, put away, or provided for use in Tanzania.

Visitors to East Africa’s most populous nation, nearly 57 million, have been told to expel plastic bags from their baggage before traveling.

WWF Nation Executive Dr. Amani Ngusaru has complimented the administration for venturing up the battle against plastic contamination in the nation. He said WWF Tanzania is inspired with the Tanzania government’s choice to boycott the utilization of plastic bags.

“Plastic is a number one polluter of environment and a silent killer of our natural environment and resources than most people understand. This is because it takes more than a hundred years for a single plastic bag to decay. We are happy that Tanzania is among the very few African countries to ban the use of plastic bags and we will work hard …

Digital payments in Kenya have been ruled by Safaricom through its revolutionary MPesa services. This is despite there being other local players like Airtel Money and Telkom’s  T-Kash competing for the local share of mobile money transfer.

Safaricom has gone global targeting international remittances and linking with global players like Western Union and Pay Pal to make trans-border  transfers.

However, during the just concluded East Africa EuroMoney Conference locally hosted by Central Bank of Kenya, the CBK governor Dr Patrick Njoroge noted that these innovations though first tested and embraced in Kenya, must not sleep on their laurels.

Dr Njoroge noted that Kenya was able to enjoy the innovation and domesticate the technology, which has drawn the admiration of global players and replicated world over.

However, it is the entry of global players like WhatsApp, WeChat, Alipay and Apple Cash which have made it easier to transfer money, purchase items …

By 2035, Africa which has one of the youngest populations in the world will have the largest workforce in the world.…

The World Bank Board of Directors has approved a US$750 million (Ksh75.9 billion) International Development Association (IDA) credit for Kenya, in the latest move by the global lender to channel funds to the East Africa State.

A member of the World Bank Group headquartered in Washington D.C, IDA is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries

The loan comes amid concerns over the country’s ballooning public debt which crossed the Ksh5.1 trillion (US$50.4 billion) mark in September 2018, with possibilities of going Ksh5.6 trillion (US$55.4 billion by close of the year.

READ:Tough times: Kenya piles Kshs 2.5 billion debt in a day

On Tuesday, Central Bank of Kenya (CBK) governor Patrick Njoroge said the country’s headroom for new borrowing has shrunk since it tapped the US$2.1 billion Eurobond earlier this month, which part of it has gone towards debt refinancing.…

Diamond Trust Bank (DTB) has posted a 9.4 per cent growth in net profit for the first quarter ended March, buoyed by returns from investment in government securities and non-funded revenue.

The Nairobi Securities Exchange (NSE) listed lender closed the period with a Ksh1.97 billion profit after tax compared to Ksh1.80 billion posted last year.

The Group defied a tough operating environment to build customer deposits to Ksh275 billion, while the asset base grew to Ksh370 billion, entrenching the DTB’s position as a leading tier one bank in Kenya and the wider East African region.

On the back of an industry-wide subdued growth in loans, the group’s investment in Treasury Bills and Treasury Bonds grew to Ksh124 billion at the end of March 2019, compared to Ksh118 billion at the same time last year.

DTB’s non- performing loan book declined marginally to Ksh12.4 billion, from Ksh13.2 billion a year earlier, …

The Kenyan government has once again gone to the market with its unique mobile phone based bond M-Akiba, as it seeks to raise funds to support infrastructure development in the country.

In a second issue this year, the National Treasury has re-opened the retail infrastructure bond as targeting to raise Ksh250 million (US$2.47million).

The bond was opened to the public on Monday, May 27, and will run up to Friday June 7, 2019. The value date shall be on Monday, June 10, 2019 and will start trading at the NSE on Tuesday, June 11, 2019, the government has said.

“Following the successful uptake of M-Akiba Retail Infrastructure Bond in March which attracted 79 per cent subscription rate, The National Treasury, the Central Depository and Settlement Corporation and the Nairobi Securities Exchange have jointly reopened the M-Akiba Retail Infrastructure Bond Issue No MAB/2/2017/03 to offer Kenyans another opportunity to invest in …

The Kenya Revenue Authority (KRA) has received a go-ahead to collect more than Ksh2.7billion (US$26.7 million) worth of monthly taxes on withholding tax on winnings from Sportpesa.

This follows a ruling by Milimani Commercial Courts Chief Magistrate, Peter Gesora, allowing KRA to collect withholding taxes on winnings from betting games on the Sportpesa platform among others, that have been failing to withhold tax on winnings.

The landmark ruling delivered on Thursday, May 23, 2019 arose from a 2014 suit filed by a Mr. Benson Irungu against Sportpesa Ltd trading as Pevans East Africa.

READ:Why Kenya will not collect taxes from sports betting

The suit sought to stop Sportpesa from deducting and remitting taxes arising from Mr Irungu’s and any other person’s winnings.

In his ruling last Thursday, Chief Magistrate Gesora while dismissing Mr Irungu’s case noted that the nature of sports betting, winnings are unpredictable and a player cannot …