In accordance to the China Africa Research Initiative data, Kenya was ranked as the third most indebted country to China in the continent for the period between 2000 and 2017. According to the data, Kenya had borrowed Sh988 billion as at the end of 2017 with only Angola and Ethiopia having borrowed more in the same period; Sh4.3 trillion and Sh1.38 trillion respectively. This was despite the country having reduced its borrowing in 2017 as compared to the period between 2014 and 2016. Other African countries which made up the top ten indebted to China in the period include; Republic…
Author: Nairobi Business Monthly Reporter
Fuji Electric, a Japanese electrical equipment company has won the contract to supply a complete geothermal power facility for the Olkaria 1 geothermal power plant. The company got the contract from Marubeni Corporation, a sōgō shōsha (Japanese general trading firm) which was awarded by state-owned power producer Kenya Electricity Generating Co Ltd (KenGen). This will be the first geothermal power plant project that Fuji Electric will be undertaking in Africa after having completed 43 geothermal power generation units in Asia and Oceania (China, Indonesia, Japan, New Zealand and the Philippines), 26 units in the Americas and 9 units in Europe…
Kenya was among a number of African countries to defy domestic and external shocks and come out on top in terms of quality of policy and institutional frameworks according to a report by the World Bank. The country, according to the World Bank’s 2017 Country Policy and Institutional Assessment (CPIA), scored 3.7 in 2017 as compared to the average score for Sub Sharan Africa, which stood at 3.1. The only countries in Africa that recorded a better score were Rwanda and Senegal that posted a 4.0 and 3.8 score respectively. The study that covered 38 SSA IDA countries in 2017…
Lori Systems (“Lori”), a tech-enabled trucking logistics platform that is one of the fastest growing tech startups in Africa, has announced their expansion into three new countries: Uganda, Rwanda and South Sudan. More than 40% of grains moving through Kenya to Uganda now move through Lori’s platform. The announcement comes on the heels of pitching at TechCrunch Battlefield in San Francisco, and being named the overall winner of TechCrunch Battlefield Africa last fall. In addition to the expansion, Lori recently won multiple bids associated with the newly built $4B railroad system in East Africa, with the joint goal of driving…
Caritas Microfinance bank has been recognized for its use of technology in delivering services to its customers. The bank scooped two awards – the Best microfinance Bank in the Use of Digital Solutions to Enhance Customer Experience and Best Microfinance institution in e-services in Kenya during the 2nd Digital Inclusion Awards held last month. The recognition comes barely six months after the micro lender was feted as the best microfinance Bank in Kenya during the Think Business Awards ceremony. Caritas, whose key shareholders are various institutions in the Catholic Church, was granted a nationwide license by the Central Bank of Kenya…
France based cosmetic company, Yves Rocher, has opened its new Lab store at The Hub to target the fast-growing Kenyan middle class population. The store counts 3 beauty advisors and more than 800 product references to ensure a global beauty offer respecting women and nature. Yves Rocher, which is known for its premium botanical beauty products and expertise in Face Care, will become the new inescapable place for women committed to plants and beauty. As a botanist, harvester, manufacturer and retailer, Yves Rocher controls the entire life cycle of its products, from the plant to the skin, of its 30…
Standard chartered, one of the country’s top-tier lenders, has upgraded its Automated Teller Machines (ATM) to allow its customers to withdraw cash without using their cards and transfer funds directly to third parties. This new function has been introduced on the bank’s mobile banking application following a successful piloting phase and the upgrading of its ATM network. This will enable customers to withdraw cash themselves at the ATMs using the mobile application. According to David Idoru, head of retail banking, to access cash, a customer will be required to generate a voucher number via the StanChart mobile banking App, which…
Blockbank, a digital decentralized commercial banking entity that leverages the blockchain technology, has acquired a stake in Spire Bank, formerly Equatorial Commercial Bank Limited (ECB) and declared a strategic fintech partnership with them to facilitate a wide variety of international crypto banking activities. The partnership is set to present the first fully licensed crypto bank offering low cost funding. The collaboration will also see Blockbank take advantage of Spire Bank’s local knowledge, experience and extensive customer base to be able to reach more customers. According to Blockbank, the Kenyan bank will provide a solid foundation for its first step into…
By David Wanjala After recording a deficit in the national budget, the government once again found itself in a tight spot and was hard pressed in finding ways to plug it. With credit currently out of reach, the President signed the Finance Bill 2018 into law, which brought with it new taxes and levies that have seen many Kenyans up in arms, as they feel that this will only enslave them financially. The new law has introduced various new fees and taxes besides the anchoring 8% VAT tax on petroleum products. There’s the increase of excise duty on mobile money…
By Onjili David Kenya wins bid to host the 6th International Open Data Conference (IODC) to be held in Africa in 2020 in Nairobi for the first time. Themed “Bridging Data Communities”, this bi-annual conference aims at embracing Africa’s growing innovative space. According to the Deputy President William Ruto, Kenya’s government is committed to the creation of an inclusive data ecosystem involving the government, the private sector, academia, civil society, local communities, and development partners that tackles the information aspects of development decision-making. “We recognize that if Kenya is to move ahead, we must deliberately pursue collaboration between the government,…