Author: David Indeje

Kenya’s current account deficit declined to 4.9 per cent of the gross domestic product (GDP) in 2022, compared to 5.2 per cent recorded in 2021, the Central Bank of Kenya (CBK) said. The CBK attributed the decline to the strong performance of the export of goods and services, especially tea and manufactured goods and significant increases in remittance inflows. “This turnaround in the current account (projection) relates to some of the exports that we saw towards the end of the year, and is a good outcome. Our sweet spot in the current account is a deficit of about five per…

Egypt’s largest private lender Commercial International Bank (CIB) has obtained the approvals of the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire the remaining 49% of Mayfair CIB for $40 million. Through the acquisition, CIB is the first lender with a base in Egypt to join the Kenyan market. In April 2020, CIB acquired a 51 per cent stake in Mayfair Bank, which began operations in 2017. The transaction was a component of CIB’s plan to grow in East Africa while expanding business and economic ties between Egypt and Kenya. “Kenya offers great opportunities,…

The Central Bank of Kenya’s Monetary Policy Committee (MPC) on Monday retained the policy rate at 8.75 per cent to ensure inflation remains within the target while supporting growth. “The (Monetary Policy) Committee noted that the impact of the further tightening of monetary policy in November 2022 to anchor inflationary pressures were still transitioning in the economy,” the CBK said in a statement. “Additionally, the MPC noted that this action will be complemented by the recently announced government measures to allow limited duty-free imports on specific food items, which are expected to moderate prices and further ease domestic inflationary pressures.”…

In Kenya, the adoption of digital technologies has seen an increase in cybersecurity threats and risks. This has been primarily due to the rapid adoption of digital systems, remote working without adequate attention being paid to the security of computer systems and devices, and increasing awareness of people on the appropriate measures to protect themselves online from cyber threats and risks. Data from the National Kenya Computer Incident Response Team found that between July – September 2021, it detected 143,040,599 cyber threat events, a 268.883% increase from the 38,776,699 threat events detected in the previous period, April – June 2021.…

The Central Bank of Kenya (CBK) has approved 12 more digital credit providers (DCP), bringing the total number of licensed digital lenders to 22. The CBK said it had received 381 applications since March 2022. “Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications,” said CBK. Those approved include Tala, Inventure Mobile Limited (Trading as Tala), Letshego Kenya Ltd, MFS Technologies Limited, Letshego Kenya Ltd, Natal Tech Company Limited, Ngao Credit Limited, and Pezesha…

The Media Council of Kenya (MCK) has introduced QR codes to ensure compliance and ethical and professional standards amongst journalists and media enterprises. Under this, journalists and media practitioners operating in Kenya will be allowed to use press cards with barcodes and QR codes to know whether those accredited are authentic. As a result, on Friday, the Council recalled all accreditation cards it had previously issued to journalists. https://twitter.com/MediaCouncilK/status/1618862954522501121?s=20&t=oPez1n9eP_l1DN1JYJMp8A “Following increased incidences of misrepresentation by persons bearing Media Council of Kenya (MCK) accreditation cards and reported cases of forgeries of the cards, effective today, 27 January 2023, all Media Council…