Author: David Indeje

Flutterwave secures $170 million in capital injections from investors African fintech company Flutterwave an online payment solution says it has raised $170 million in Series C funding, valuing the company at over $1 billion. The company said It will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products. “The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty,” the statement…

Nation Media Group is considering a 10% buyback of its 18,854,229 ordinary shares, the Board of Directors disclosed Thursday. In a public cautionary notice, the Board said the proposal was in line with the Capital Markets  Authority (CMA) regulations which require a company to inform investors about a plan to buy back shares. A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the number of shares available in the open market. “By reducing the number of shares in the market, and hence the supply of traded shares, listed companies can…

The number of Kenyan High Net Worth Individuals (HNWI) dropped by 22 per cent higher than the global decline of eight per cent in 2020 as the Covid-19 pandemic wiped out years of lucrative investment, a study said on Wednesday.  Knight Frank The Wealth Report 2021 showed that 912 people dropped from the list of Kenyans worth over $1 million (KSh109.8 million) to stand at a population of 3,323 down from 4,235 in 2019.   Consequently, the number of ultra-high net worth individuals, those worth over $30 million (KSh3.3 billion), declined to 90 from 106 in 2019.  “HNWI took a direct…

Retailer Carrefour Kenya has opened its 12th branch in Nairobi at Westgate Mall, Westlands area. The new 50,000-square-feet store will serve residents of Westlands, Parklands and the larger Thigiri area, bringing services closer to customers by adopting the Carrefour Market model. The store was last occupied by Shoprite when it opened its doors in the Kenyan market for trading replacing Nakumatt at the Westgate Mall in 2018. “As we continue to grow and expand our presence in Nairobi, we remain committed to addressing our customers’ needs effectively by offering convenient and unbeatable shopping experiences,” Franck Moreau, Country Manager said. He said…

Kenya’s media and corporate advertising spend dropped sharply by 21% to Ksh 31.8 billion in 2020 according to the latest report by Reelanalytics and Marketing Society of Kenya.  This translates to Kshs. 122.3 billion lower than Kshs. 154.1 billion recorded in 2019 attributed to the significant reduction in brand marketing activities and paid for advertising.  “Almost all sectors of the economy were adversely affected by COVID-19. The topmost affected sectors were; communication, media and finance, sectors which recorded a significant drop in advertising spends during the year,” said Reelanalytics senior researcher, Enock Mokaya.  However, during the period, the country’s social…

The Nairobi Securities Exchange (NSE) has integrated its bond trading system with the Refinitiv Fixed Income Callouts application, a flexible trading platform that is secure, transparent and allows for real-time bond trading.   The easy-to-use application improves price discovery, market monitoring, execution and market transparency. NSE said Kenya is among the first emerging markets globally leveraging the automated Over the Counter FI workflow that integrates with both, the Securities Exchange and the Central Securities Depository.  “The integration will facilitate seamless trading of fixed income transactions supporting accurate price discovery, trade negotiations and execution as well as reduce delays caused by the…