Keep up to date with business developments and opportunities in the region.
he Kenyan shilling gained 16 percent in the first quarter of 2024 to stand at a new high of 131.8 to the U.S. dollar at the end of March, the Central Bank of Kenya said Tuesday. The apex noted that the currency gained from 157 at the beginning of January, with the rise attributed to…
Kenya will allow private firms that enter the electricity distribution market to import power from neighbouring countries, putting pressure on power producers to cut wholesale tariffs. This is among the proposals by the Energy and Petroleum Regulatory Authority (Epra) to open the electricity distribution sector, spark competition with Kenya Power and boost service delivery to…
National Treasury has directed state corporations to re-submit their 2024–2025 recurrent expenditure budget, which has been rationalized to a level that is not more than 70 percent of the approved 2023–2024 budget. Treasury Cabinet Secretary Njuguna Ndung’u stated that the recurrent expenditure budget should be re-submitted through the Government Investments Management Information System (GIMIS) by…
Dimensions data is set to be rebranded to NTT DATA to increase investment opportunities in East and West Africa. In a statement, Dimensions Data stated that the move came into effect after receiving approval from the communications authority of Kenya. According to the Dimension Data Managing Director for East and West Africa, Richard Hechle, it…
Asset finance solutions provider Watu Credit has welcomed the publication of the draft national e-Mobility Policy. The company has committed to spending Sh1.3 billion for the transition of fossil-powered motorbike financing to e-bikes in the next seven years. Watu says that its goal aligns with the government’s agenda to transition from fossil-powered vehicles to electric…
Economists under the International Development Economics Associates Limited (IDEAs), are asking creditors extending trillions of shillings to African countries including Kenya to refrain from dumping expensive loans without care of how the money is going to be used. Calls for Africa to be wary of “yield-hungry” investors luring the continent into haphazard debts came up…
Patients using National Health Insurance Fund (NHIF) cards to pay for treatment were Tuesday left stranded following a system outage that lasted hours. Thousands of patients were forced to make cash payments or wait until the services were restored. Inquiries revealed that the system outage was first reported on Monday evening and had not cleared…
Kenya will require at least Ksh11 billion (about $83 million) as the initial cost of developing the country’s first nuclear research reactor in what is expected to be the stepping stone towards future nuclear power production. Research reactors are nuclear reactors used for research, education and training. Nuclear Power and Energy Agency (NuPEA), the State…
Kenya has defied a global funding drought for budding companies to post a 17 percent increase in new start-up investments, toppling Nigeria and Egypt as the continent’s largest destination for start-up financing. In 2023, 62 Kenyan start-ups raised an estimated $673.78 million from local and international investors, a rise from the $574.8 million raised in…
Former Scangroup CEO Bharat Thakrar has sued the firm’s UK-based parent WPP Plc, its subsidiary WPP Scangroup, and all its directors in a Nairobi court for alleged loss and reputational, emotional and mental damage linked to the events that followed his suspension from the company he founded. He is seeking more than half a billion…
