Author: David Indeje

Central Bank of Kenya’s (CBK) September twenty-one-year infrastructure bond issuance attracted a subscription worth Ksh 151 billion with Ksh 106 billion being accepted. The original issue plan was to raise Kshs 75 billion with proceeds being used to fund infrastructure projects in the 2021/2022 National Budget Estimates. The oversubscription, 201.67%, was largely attributed to the high market liquidity as had been projected by market analysts. https://twitter.com/CBKKenya/status/1435588102127554562?s=20 “We expect the paper to be well bid. However, the absorption might be dependent on how market bids and the real appetite for the funds by the sovereign,” Stephanie Kimani, NCBA Market Research had…

Pezesha Africa, a Kenyan fintech startup has closed a seven-figure sum in a seed-extending round led by a Nigerian Venture Capitalist firm, Greenhouse Capital Partners. The fintech startup said this was additional funding to the one received from GHC’s sister company Venture Garden Group (VGG). The funds will support its growth across Africa and its mission to expand access to affordable working capital for SMEs. Using its holistic digital financial infrastructure, Pezesha is looking to solve Africa’s $82 billion working capital and trade finance access problems by enabling non-traditional finance institutions to offer working capital to SMEs. “Pezesha is breaking…

Shanta Gold Ltd says its West Kenya Project has delivered “high-grade gold” at Isulu and Bushiangala in Kakamega. According to its sixth set of Phase 2 drilling results, it discovered more high-grade gold intersections from infill drilling including a new intersection of 3.9 metres at 63.80 g/t of gold. It said, around 3,205 metres were drilled across 11 holes in June and July 2021 at the Isulu and Bushiangala deposits. “We are delighted with our second set of results from Phase 2 drilling at West Kenya,” said Shanta chief executive Eric Zurrin in a statement. “We are almost halfway through…

Kenya’s current account deficit remains high, the Central Bank of Kenya (CBK) said on Friday. Data from the Central Bank of Kenya (CBK) shows the deficit, measured as a percentage of the gross domestic product, stood at 5.4 per cent in the 12 months to July 2021 compared to 4.9 per cent of GDP in the corresponding year. The country’s current account deficit has been a key parameter for the CBK while setting monetary policy. “The higher deficit was attributed to lower service receipts as well as high imports, which more than offset increased receipts from agricultural exports and remittances,”…

The global smartphone market is set to hit a record high of 1.37 billion units in 2021, growing at 7.4 per cent year-on-year, according to the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker report. This will be followed by 3.4 per cent growth in 2022 and 2023, respectively, it said. The report notes that the market has been experiencing strong consumer demand with a 13.8 per cent growth from iOS devices combined with 6.2 per cent growth from Android. The top markets for 5G phones in the world are China with a 47.1 per cent market share, followed…

Agricultural firm Kakuzi PLC is bullish on the long-term growth prospects of its products. Wilson Odio, the Kakuzi assistant general manager in charge of corporate affairs, told Khusoko that the company is looking for profitable growth and will expand its diversified agricultural product portfolio. The Nairobi Securities Exchange-listed Kakuzi firm revealed its plans as an indication that it has resolved alleged human rights abuse issues that cost it KSh1.1 billion in legal fees and payments to the victims in Kenya and Malawi. In 2020, UK supermarket giant Tesco suspended the supply of avocados from the company over alleged systemic human…