Business News
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Bolt Introduces Real-Time Flight Tracking for Smoother Airport Pickups
Ride-hailing platform Bolt has launched a new Flight Tracking feature aimed at offering users a more seamless and reliable airport pickup experience, even amid flight delays and last-minute schedule changes. The feature allows users to enter their flight number while scheduling an airport ride, enabling the app to automatically adjust the pickup time based on…
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MTN Profits Jump as More People Use Data and Mobile Money
Telecoms giant MTN has posted a strong quarterly performance for the period ended 31 March 2025, driven largely by a surge in data and fintech revenue. According to the company’s latest quarterly update, group service revenue rose by 10.4 percent marking a 19.8 percent increase on a constant currency basis. The growth was supported by…
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CBK Clarifies Stance on Rates, Rules Out Interest Caps
The Central Bank of Kenya (CBK) has issued a clarification on its recent consultative paper reviewing the Risk-Based Credit Pricing Model, following public feedback from over 40 stakeholders, including commercial banks, financial institutions, consultancy firms, academia, and industry associations. In a press release dated May 13, 2025, CBK stated that the paper, released in April…
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Nawy Secures Millions of Dollars in Series A Funding
Egyptian property technology (proptech) startup Nawy has raised a total of $75 million in funding to expand its operations across the Middle East and North Africa (MENA) region and enhance its artificial intelligence (AI) powered real estate services. The funding comprises $52 million in Series A equity led by Partech Africa, with participation from investors…
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Stanbic Bank Announces Profits After Tax for Q1 2025
Stanbic Bank has announced a profit after tax of Sh3.3 Billion for the first quarter ending March, 31st 2025. The Bank has attributed the Q1 performance to a shift in year-on-year macroeconomic dynamics and base effects which have temporarily impacted growth momentum. The bank said that the Net interest income grew by 5 percent on…
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Stripe Launches AI Payment Model, Stablecoin Accounts Globally
Stripe has unveiled an artificial intelligence (AI) foundation model for payments and introduced stablecoin-based financial accounts across 101 countries, marking a significant advancement in global digital finance. The announcements were made during the company’s annual Sessions 2025 event in San Francisco. The newly introduced Payments Foundation Model is the first of its kind, trained on…
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How Founders Can Win Investor Confidence and Secure Funding
The terms ‘entrepreneurship’ and ‘start-ups’ have become buzzwords among Gen Z, energizing a spirit of enterprise among young people. With many seeking to be self-employed, it’s a fertile ground for innovation, put differently, they are brimming with business ideas. However, having a great idea is just one piece of the puzzle. Knowing how to raise…
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Commercial Banks Proposes Interbank Rate As New Benchmark For Loan Pricing
Commercial banks are pushing for a change in how loans are priced, proposing that the Central Bank of Kenya (CBK) adopt the interbank rate as the new benchmark. If accepted, the proposal would see the current risk-based pricing model which allows each bank to set its own base rate replaced with a more unified, market-driven…
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Jiangling Motors Corporation Partners With Caetano To Enter Kenyan Market
Chinese automotive manufacturer Jiangling Motors Corporation (JMC) has officially entered the Kenyan market through a partnership with local motor dealer Caetano Kenya. The collaboration aims to meet the growing demand for reliable commercial vehicles in the region. During the launch event in Nairobi, Caetano Kenya’s Managing Director, Aurelien Glay, introduced the JMC Vigus lineup, which…
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Kenyans Resort To Open Businesses Amid The Tightening Economy
A report by Tala MoneyMarch 2025 found a 7 percent increase in the number of people owning businesses across the country, with financial challenges fueling this trend. The report further found that 9 in 10 Kenyans surveyed reported having experienced financial challenges in the last six months underscoring the rising cost of living, with a…
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The Role Of Open Finance In Kenya’s Financial Sector
Kenya’s financial sector is witnessing a shift as Open Finance continues to gain traction, presenting new opportunities for financial inclusion and innovation. As the country remains at the forefront of digital finance, industry players are increasingly exploring ways to enhance accessibility and data-sharing mechanisms to better serve consumers. The concept of Open Finance, which extends…
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Why Banks Oppose Creation Of New Real-time Fast Payment System
Kenya’s financial sector is witnessing an intense battle over the future of digital payments, with the Central Bank of Kenya (CBK) pushing for a new real-time Fast Payment System (FPS) while banks and private sector players push back with alternative solutions. CBK’s goal is to introduce an interoperable system that allows instant money transfers between…
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Airtel Gains Ground With Subscriber Growth, Mobile Money Expansion
Airtel Kenya has reported significant growth in both its subscriber base and mobile money services, according to the latest data from the Communications Authority of Kenya (CA). As of the fourth quarter of 2024, the total number of SIM subscriptions in Kenya reached 71,375,093, reflecting a penetration rate of 138.5 percent. Within this market, Airtel’s…
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How University Student Built A Thriving Cake Business While Studying
From a young age, Sharon Nyaga loved cakes. Growing up in Embu County, her mother used to bake birthday cakes for her. Unknown to her was that fate would lead her to baking business in the future. “I really loved cakes,” she recalls. “Watching my mom bake for my birthdays and seeing wedding cakes always…
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My Journey Of Bringing Sustainability To Fashion Industry
From a young age Joanna Maiden was troubled by the inequalities of the world. Born in London to a well to do family, she understood that having everything she wanted wasn’t worth it when others are suffering. She often thought of ways to lend a helping hand to the needy and bring positive change to…
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Sacco Sues SASRA Following KUSSCO’s Financial Mismanagement
Nyati Sacco Society has filed a lawsuit against the Sacco Societies Regulatory Authority (SASRA), alleging that the regulator failed to protect its members from the massive financial mismanagement at the Kenya Union of Savings and Credit Co-operatives (KUSCCO), which resulted in a staggering Sh13.3 billion loss. The Sacco contends that SASRA’s directives requiring individual Saccos…
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SACCOs Bear Brunt Of KUSCCO Losses As Several Write-Off Millions
SACCOs across the country are feeling the heat following a multi billion fraud scandal implicating the Kenya Union of Savings and Credit Co-operatives (KUSCCO). This follows a directive from the government requiring SACCOs to cover losses in the face of the scandal that has rocked KUSCCO through scaling of dividend payouts and setting aside funds…
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Vivo Energy Defends Shell V-Power Fuel Quality Amid Social Media Claims
Vivo Energy Kenya, the distributor of Shell V-Power fuel, has firmly refuted recent allegations questioning the quality of its fuel. The company’s Managing Director, Peter Murungi, addressed these concerns following a viral social media video that purported to test the fuel’s quality at certain service stations. Speaking to the press at Shell service station in…
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Kenya’s Inflation Rate Rises To 3.3 Per Cent In January
Kenya’s inflation rate increased to 3.3 per cent in January 2025, up from 3.0 per cent in December 2024, according to the Kenya National Bureau of Statistics (KNBS). The rise comes as the country adjusts to evolving economic conditions, including changes in food, fuel, and transport costs. The KNBS has recently adopted a new methodology…
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How Airtel Money Is Eating Into Mpesa’s Market Share
Airtel mobile money service, Airtel Money has grown its market share to 7.6 per cent up from 2.9 per cent as of September 2024. The growth has been fuelled by Aitel’s decision to eliminate transaction charges on Airtel-to-Airtel transfers, coupled with lower transaction fee when transferring to other networks. Sending Sh1000 to other networks costs…
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