Category: Kenya
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Kenya races to relax rule on cheaper night tariff for factories
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The Department of Energy will accelerate the review of rules on cheap overnight energy costs ahead of the proposed opening of electricity transmission and distribution to the private sector early next year. Cabinet Minister for Energy, Opio Wandaye, said the government is racing against time to ease conditions that have…
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Kenya eyes UAE-backed Sh193bn debt as IMF delays
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Kenya has turned to $1.5 billion (Sh193.8 billion) in UAE-backed bonds in the wake of faltering IMF financing to plug the country’s financing shortfall as UAE royals seek wider influence in Africa. . The UAE will guarantee the bonds while Kenya expands the scope of financing available after the withdrawal…
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Kenya, IMF fallout deepens as State firms’ sale blocked
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A Supreme Court ruling declaring the Privatization Act 2023 unconstitutional appears set to further complicate Kenya’s efforts to secure more than Sh77.5 billion in fresh funding from the International Monetary Fund. The IMF had partly linked the financing plan to a comprehensive overhaul of state-owned enterprises, including the sale and…
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JPMorgan CEO Jamie Dimon to visit Kenya in four-nation tour in growth push
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JPMorgan Chase Chief Executive Jamie Dimon plans to travel to Africa in mid-October as the largest U.S. lender seeks to expand on the continent, his first trip there in seven years, four people familiar with the matter told Reuters. Two sources said Dimon is expected to visit Kenya, Nigeria, South…
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Kenya miraa exports double on reopened Somalia market
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Mira traders in Kenya managed to double their exports last year after the Somali market reopened, but they faced stiff competition from their rivals in Ethiopia. Data from the Food and Agriculture Authority shows that Kenya exported 6.2 million kilograms of miraa in 2023, all of which was destined for…
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Kenya to host satellite dish for world’s largest radio-powered space telescope
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Kenya will host one of eight satellite dishes that will support the launch of the Square Kilometre Observatory (SKA), which is set to be the world’s largest intergovernmental radio telescope project. The SKA project is currently under construction in Australia and South Africa and will drive technological development, particularly in…
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Kenya Power rations electricity on supply shortages
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Kenya Power cut off power to some customers in August due to insufficient power supply, raising fresh concerns about the country’s energy security. Indonesian Energy Minister Opio Wandaje revealed on Friday that the government is not prepared to meet the country’s growing demand for electricity. Mr Wanda said Kenya Power…
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Kenya Power rations electricity on supply shortages
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Kenya Power cut off power to some customers in August due to insufficient power supply, raising fresh concerns about the country’s energy security. Indonesian Energy Minister Opio Wandaje revealed on Friday that the government is not prepared to meet the country’s growing demand for electricity. Mr Wanda said Kenya Power…
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Shift as insurers in Kenya embrace AI to boost business
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The insurance sector in Kenya is gradually moving towards the new era of artificial intelligence technology in a bid to improve its business. With the emergence of concepts like machine learning and generative AI, insurance companies are leveraging technology to better measure risk, combat fraud, and offer personalized pricing along…
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Women-owned firms dominate Jumia listings in Kenya
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More than half of businesses registered on e-commerce platform Jumia in Kenya are owned by female entrepreneurs, a new report has found, highlighting the pivotal role e-commerce plays in boosting their participation in business. The latest report on the digital economy published by the United Nations Conference on Trade and…
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Why Kenya needs robust Shariah governance rules
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Kenya has achieved a significant milestone in Islamic finance by issuing the first Sukuk in East and Central Africa. The listing of Linzi Finco Sukuk on the Nairobi Stock Exchange’s over-the-counter securities platform two weeks ago was aimed at raising funds that would be used to develop affordable housing projects…
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Tech advancements driving the uptake of e-mobility in Kenya
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Over the past decade, Kenya has become a sought-after destination for investors in e-mobility and its technology. Electric vehicle batteries have undergone many technological advances. These include chemical changes aimed at increasing energy density and other metrics such as the weight and size of battery packs. These changes make batteries…
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Kenya Airways posts first profit in 11 years
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Kenya Airways (KQ) has ended its losing streak by posting a net profit of Sh513 million in the first half of the year to June, helped by lower debt servicing costs. The airline last posted a profit of Sh384 million in the first half of the year to June 2013…
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Kenya eyes Agoa trade deal with United States in October
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Kenya has received assurances that Washington will ratify two crucial trade deals before the US presidential election on November 5, the trade ministry told parliament. US lawmakers will approve the extension of the Africa Growth Opportunity Act (AGOA) and the US-Kenya Strategic Trade and Investment Partnership (STIP) agreement, Chief Secretary…
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Gerald Warui steps down as head of Equity Bank Kenya
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Gerald Warui, Managing Director of Equity Bank Kenya, has left the company, becoming the second senior executive to leave the regional bank in two months. Mr. Warwe, a professional banker, has been with the bank since 1998 and has held various positions. He has been temporarily replaced by the Head…
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Kenya Re half-year profit dips 10pc on forex losses
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Kenya Re’s net profit in the six months to June fell 10 percent to Sh1.06 billion, as foreign exchange losses eroded higher income from reinsurance and local investments. The Nairobi Securities Exchange-listed reinsurer reported a net foreign exchange loss of Sh800.25 million in the period, compared to a profit of…
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Value of Kenya tea exports to Pakistan up 11pc on demand
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The value of Kenyan tea bought by Pakistan rose 10.6 percent in the six months to June, extending the Asian nation’s dominance as the biggest buyer of the drink from the East African nation and helping to offset falling sales to other major buyers. New data from the Central Bank…
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How you can trade your excess electricity with Kenya Power
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For the first time in Kenya, those who generate power for their own use but also have a connection to the national electricity grid can now sell their excess generation to the entire country through a concept known as net metering. A system that allows consumers who produce their own…
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Rwanda overtakes Kenya, Tanzania in cheap broadband internet race
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Rwanda now offers the cheapest broadband internet service in the East African Community, overtaking Kenya and Tanzania, a new report has shown. New data published by British technology research firm Cable shows that internet users in Paul Kagame’s Rwanda are paying an average of $43.22 (5,603 shillings) per month for…
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US steps up pressure on Kenya over graft, civil liberties
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The Biden administration has stepped up pressure on Kenya to step up its fight against corruption and protect civil liberties as talks continue on a bilateral trade agreement between the two countries. Washington has sent a senior democracy and human rights official to Nairobi amid widespread reports of violations of…