Author: David Indeje

Diaspora remittance flows to Kenya increased by 10 per cent, from US$2,796 million in 2019 to US$3,095 million in 2020, and the Central Bank says it expects another ‘record year”. CBK projects that remittances will rise to about $3.4 billion this year, from $3.09 billion in 2020. Remittances were also strong at $337.4 million in October recording a 20.1 per cent increase between the period January-October 2021 compared to a similar period in 2020, and the banking sector remained “stable and resilient, with strong liquidity and capital adequacy ratios”. However, cost remains a challenge for the diaspora community and reducing…

KCB Group won’t expand further in Tanzania after failing to get the final regulatory approval to acquire Atlas Mara’s unit in Tanzania, African Banking Corporation Tanzania Ltd (BancABC). According to the lender, “…certain regulatory approvals have not been received within the prescribed timeframe specified in the Agreement”. “As a result, the Agreement has been terminated and accordingly, the parties will not proceed to complete the Transaction,” the lender said in a statement. KCB says it will continue to explore and pursue attractive regional expansion opportunities aimed at enhancing its regional participation in line with its expansion and growth strategy. The…

Kenya’s annual inflation eased to 5.8 per cent in November from the previous month’s 6.4 per cent, helped by lower increases in the cost of food and non-alcoholic beverages, government data showed on Tuesday. This is the lowest rate of the Consumer Price Index, seven months since April when inflation stood at 5.76 per cent. “This was mainly due to an increase in prices of commodities under food and non-alcoholic beverages (9.92%); transport (8.14%); and housing, water, electricity, gas and other fuels (6.24%) between November 2020 and November 2021,” the Kenya National Bureau of Statistics said. The overall Consumer Price Index…

Twitter Inc. on Tuesday said users will no longer be able to share private media, such as photos and videos, of another person without their consent. The social media platform said this is aimed at improving privacy and security stating that “There are growing concerns about the misuse of media and information that is not available elsewhere online as a tool to harass, intimidate, and reveal the identities of individuals.” “Sharing personal media, such as images or videos, can potentially violate a person’s privacy, and may lead to emotional or physical harm,” Twitter said in a blog post.  “The misuse…

Kenya is expected to grow at 6.4 per cent in 2021 but economic growth could decelerate next year to 6.0 per cent, according to the Central Bank. The forecast is higher than the 6.1 per cent growth for this year and 5.6 per cent in 2022 projected in September. “We have used this new quarterly data, leading economic indicators and other information that we have and our projection for 2021, the annual is 6.4 per cent and six per cent in 2022,” Dr Patrick Njoroge said during a virtual media briefing post MPC meeting held Monday. However, the CBK said…

Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company announced. He will be succeeded by Twitter’s current Chief Technology Officer Parag Agrawal. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” said Dorsey.…