Author: David Indeje

Facebook Inc. and Liquid Intelligent Technologies, have partnered to lay 1,200kms of Fibre in the Democratic Republic of Congo.  The network will help create a digital corridor from the Atlantic Ocean through the Congo Rainforest to East Africa, and onto the Indian Ocean. Liquid Technologies has been working on the digital corridor for more than two years, which now reaches Central DRC. This corridor will connect DRC to its neighbouring countries including Angola, Congo Brazzaville, Rwanda, Tanzania, Uganda, and Zambia. The new build will stretch from Central DRC to the Eastern border with Rwanda and extend the reach of 2Africa,…

Kenya’s foreign exchange reserves surged by USD 1.38 billion to reach a record high of USD 9.5 billion in the week ended July 2, the latest data from the Central Bank of Kenya (CBK) showed on Friday. The rise in reserves was on account of the proceeds of the Eurobond issue coupled with the USD 407.0 million from the International Monetary Fund disbursement and the USD 130.0 million World Bank loan financing. “The usable foreign exchange reserves remained adequate at USD 9,494 million (5.81 months of import cover) as at July 1st. This meets the CBK’s statutory requirement to endeavour to maintain…

The Covid-19 pandemic could harm business activity in Kenya’s private sector. This is despite a second consecutive monthly improvement in the health of the private sector in June, according to Stanbic Bank Kenya PMI. Stanbic Bank Kenya Purchasing Managers’ Index (PMI) in a statement said, “Concerns about further COVID-19 restrictions meant that the business outlook slipped to the second-weakest in the series history.” The PMI fell from 52.5 in May to 51.0 in June indicating a sustained, but weaker, expansion in the Kenyan private sector economy. Readings above 50.0 signal an improvement in business conditions on the previous month, while…

Regional banking and financial services group I&M Holding on Thursday said the company name has been changed to I&M Group. The lender says this is after its shareholders approved the name change and “receipt of the certificate of change of name issued by the Registrar of Companies dated 28th June 2021.” The bank also said it has unveiled its Wealth Management and Advisory Business, in a move expected to drive business growth through revenue diversification. They will target high net worth and premium customers and potential customers will be offered through I&M Capital, a subsidiary of the I&M Group PLC.…

Family Bank limited Wednesday listed its corporate bond on the Nairobi Securities Exchange aimed at raising more capital to implement its 2020 – 2024 strategic plan and growth plans. The lender’s first tranche of its Medium Term Note under the Fixed Income Market Segment at the NSE raised KSh4.42 billion against a KSh3 billion target, marking a subscription of 147.3 per cent.  “The capital raised will definitely strengthen our business position and competitiveness as we seek to strengthen our capital base to support future balance sheet growth and onward lending to MSMEs and also anchor our next phase of investments…

Kenya consumer prices rose by more than expected in June as fuel goods and services costs surged during the month, the statistics body said Wednesday.   Data by the Kenya National Bureau of Statistics (KNBS) showed an overall rate of inflation in June at 6.32 per cent, compared to the 5.87 per cent recorded in May. This was a 16 month high similar to February 2021. “The increase was mainly driven by rise in prices for commodities under: food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport between June 2020 and June 2021,” said Macdonald G. Obudho,…