Business News
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Gov’t Releases 200,000 Bags of Maize to Curb Surging Flour Prices
The government has released 200,000 bags of maize from the National Strategic Grain Reserve (NSR) to maize millers in a move to stabilize flour prices in the country. This comes amid rising concerns over the rising cost of flour staged by shortage of maize. Agriculture Cabinet Secretary Mutahi Kagwe said the consignment will be sold…
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Valour, GulfCap Partner to Cross-List Digital ETPs on NSE
Canadian firm Valour Inc. has partnered with GulfCap Investment Bank to cross-list its Exchange Traded Products on the Nairobi Securities Exchange. The Capital Markets Authority is expected to approve the cross-listing, allowing Valour’s ETPs to be traded in Kenya Shillings on the NSE. This will provide investors in East Africa exposure to leading digital assets…
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Why Government Wants to Sell Parts of Its Shares in Safaricom
The government has announced plans to sell a portion of its 34.9 percent stake in Safaricom by June 2026 as part of its broader privatization agenda aimed at raising Sh149 billion. According to Treasury Cabinet Secretary John Mbadi, the move is intended to help meet revenue targets for the 2025/26 financial year, reduce public debt,…
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KCB Partners with UnionPay to Enhance E-Commerce Payments
KCB Bank has entered into a strategic partnership with UnionPay International (UPI) to strengthen digital payment solutions and support the growing e-commerce ecosystem in Kenya. The collaboration enables customers to use UnionPay cards for online transactions via Cybersource and Mastercard Payment Gateway Services (MPGS), expanding the range of secure and convenient payment options available. KCB…
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Kenya Banks See Q1 Profit Rise Amid Asset, Deposit Strain
Kenya’s banking sector registered a mixed performance in the first quarter of 2025, with notable improvements in profitability and capital adequacy, despite a slight dip in deposits and asset quality, according to the latest industry data. The sector’s total asset base rose marginally by 0.4 percent to Sh7.67 trillion in March 2025, up from Sh7.65…
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Tatu City, Stanbic Bank Partner to Make Homeownership Affordable
Tatu City has partnered with Stanbic Bank Kenya to offer flexible financing solutions aimed at making property ownership more accessible for Kenyans both locally and in the diaspora. The agreement, formalized through a Memorandum of Understanding, enables prospective homeowners to access loans for properties at Tatu City and sister projects, Oaklands and Zuri Springs. “This…
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State to Leverage PPPs and Technology in Sh2.5bn Clean Energy Initiative
Energy Cabinet Secretary Opiyo Wandayi has announced that the Ministry of Energy will require an additional Sh2.54 billion in financial and technical resources over the next two years to implement its planned clean energy initiative. This comes as the government intensifies efforts to grow the energy sector in response to the increasing demand for electricity…
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Saccos Urged to Invest in Product Development to Remain Competitive
Savings and Credit Cooperative Organizations (SACCOs) have been encouraged to increase investments in product development and embrace new technologies to withstand growing market competition, especially from commercial banks. According to Cooperative Bank of Kenya Vice Chairman Macloud Malonza, commercial banks have increased product development efforts, aggressively targeting all depositor categories, especially those in formal employment.…
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Uganda Airlines Launches Direct Flight From Kampala to London
Uganda Airlines has officially launched direct flights between Entebbe International Airport and London Gatwick Airport. The route will operate four times a week on Sundays, Tuesdays, Wednesdays, and Fridays with same-day return departures from London. Operated by Uganda Airlines’ state-of-the-art Airbus A330-800neo, the new long-haul service promises enhanced comfort, fuel efficiency, and an improved passenger…
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Janeth: My Journey of Building Two Businesses While Raising a Family
Running a business as a woman and at the same time having a young family to take care of isn’t easy. For Janeth Soinato, her failed job hunting led her to business as she looked for a way to earn a living thanks to her supportive partner. Soinato was born in Isinya, Kajiado in a…
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Parents Urged to Embrace Financial Literacy to Fight Poverty
Kenyans have been urged to prioritize financial literacy as a major approach to improve household stability and support children’s education across informal settlements. Speaking during an event held in Kajiado County, CFK Africa Program Manager Mediatrix Tuju emphasized that financial literacy is crucial in ensuring households get daily requirements including food and even education for…
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Choosing the Right Loan: A Guide to Smarter Borrowing
Loans can be powerful financial tools when used wisely whether you’re looking to grow a business, pay school fees, handle emergencies, or invest in property. In the country a wide range of loan products is available, each suited to different needs and borrower profiles. However, understanding how these loans work is crucial in making an…
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CBK Raises Sh37.4bn in Oversubscribed T-Bills Auction
The Central Bank of Kenya (CBK) raised Sh37.41 billion from the latest auction of 91-day, 182-day, and 364-day Treasury bills. According to auction results released on May 19, the government had offered a total of Sh24 billion across the three tenors, but bids received soared to Sh43.13 billion representing a bid-to-cover ratio of 1.15. The…
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Buyout Talks Between Umeme and Uganda Govt Extended
Electricity distributor Umeme has issued a public notice to its shareholders, prospective investors, and the general public regarding the current status of its electricity distribution concession. The notice follows a formal notice of dispute dated April 11, 2025, which marked the commencement of good faith negotiations between Umeme and the Government of Uganda. These talks…
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CBK Clarifies It Has No Plans to Reintroduce Interest Rate Caps
The Central Bank of Kenya (CBK) has moved to dismiss speculation over a possible return to interest rate caps, clarifying that its recent consultative paper on risk-based credit pricing does not propose the revival of the controversial policy. In a statement released after the close of public submissions on the Consultative Paper on the Review…
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BURN Secures $5M to Scale Electric Cooking in Kenya
BURN, a clean cookstove manufacturer and carbon project developer, has secured a USD 5 million investment from EDFI Management Company (EDFI MC) under the EU-funded Electrification Financing Initiative (ElectriFI). The move aims at tackling household pollution and energy poverty in Africa. The funding is expected to support the distribution of BURN’s IoT-enabled ECOA Induction Cooker…
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Finsco, Co-op Bank Partner to Unlock Affordable Mortgages
Finsco Africa, Co-op Bank Sign Deal to Unlock Affordable Mortgages for Kenyans and DiasporaFinsco Africa has signed a strategic partnership with Co-operative Bank of Kenya to roll out low-interest, long-tenure mortgage financing under the Kenya Mortgage Refinance Company (KMRC) framework. The deal seeks to tackle Kenya’s housing finance dilemma by providing faster, structured access to…
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Aviation Pumps Sh425 Billion into Kenya’s Economy
A report released today by the International Air Transport Association (IATA) has revealed that aviation contributed Ksh425 billion (USD 3.3 billion) to Kenya’s Gross Domestic Product (GDP) in 2023, accounting for 3.1 percent of the total GDP. According to the report, the sector also supported 460,000 jobs across the value chain, including those created directly…
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Absa Bank Kenya officially launches its custody business in Kenya
Absa Bank Kenya PLC has officially launched its custody services business in Kenya, further strengthening its corporate business offering to clients in the region. The Absa custody business will offer safekeeping and servicing of assets, settlement of instructions for both local and cross-border investments, compliance and statutory reporting, track and execute corporate actions, portfolio reconciliations…
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KRA Uncovers Sh4.6 Billion VAT Fraud Scheme
The Kenya Revenue Authority (KRA) has uncovered a widespread scheme involving fraudulent invoicing and tax evasion, which has led to significant revenue losses for the government. The revelation follows a probe into abuse of the Value Added Tax (VAT) system, particularly through non-remittance and manipulation of tax obligations. In a stern response, KRA announced that…
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