Author: David Indeje

Central Bank of Kenya’s decision to extended waiver of merchant fees on mobile money transfer service for transactions below Ksh 1,000 until December 31, 2020 will cause a huge financial loss to Safaricom, The telecommunications firm Thursday reported that M-pesa revenues could lose up to Ksh.19 billion as a result of the Regulator’s decision. “The total value of our contribution to the fight against this pandemic (coronavirus) currently stands at Ksh.6.5 billion and continues to grow every day. We estimate the impact on M-Pesa payment support will increase to about Ksh.19 billion by the end of the year,” outgoing Chairman…

Passengers will require a Covid-19 free certificate. Kenya international flights will resume on Aug 1 Kenya’s Transport, Infrastructure, Housing and Urban Development ministry has cleared eleven countries to resume international flights to on Saturday. “These countries have mild or limited community transmission or declining incidences,” Transport Cabinet Secretary James Macharia said. The eleven are: China, South Korea, Japan, Canada, Zimbabwe, Ethiopia, France, Rwanda, Uganda, Namibia and Morroco On Friday, Macharia updated the list to include the US (except for California, Florida and Texas), the United Kingdom, UK, France, Germany, Netherlands, Qatar, UAE, and Italy. “Review of countries from which travellers…

The Monetary Policy Committee (MPC) of Kenya’s Central Bank held rates steady on Wednesday and retained an accommodative policy stance to support the economy with inflation remaining stable. The MPC maintained its key policy rate unchanged at 7.00 percent for the third time, saying it was having the intended effect on the economy. In a statement, CBK Governor Dr Patrick Njoroge said the central bank’s Monetary Policy Committee (MPC) had voted to maintain its “accommodative stance remains appropriate, ” and will be augmented by the implementation of the measures in the FY2020/21 budget. According to the MPC, progress was noted…

Kenya’s National Hospital Insurance Fund (NHIF) will provide cover for Covid-19 patients admitted to specific public hospitals. Peter Kamunyo, the chief executive of NHIF, said the fund will only pay partially on treatment bills incurred by Covid-19 patients at the Kenyatta National Hospital (KNH), Kenyatta University Teaching and Referral Hospital, Mbagathi Hospital and other Health ministry-designated hospitals in the counties. “We shall support all Covid-19 positive members and their declared beneficiaries who get admitted to the Ministry of Health designated facilities. NHIF shall not be liable for bills incurred in non-MoH designated health facilities,” he said in a circular to…

Regional retailer Tuskys Supermarket shareholders on Tuesday agreed to sell a majority stake of the company in an effort to recapitalise it. In a statement, Tuskys Chairman Bernard Kahianyu said shareholders of Orakam Holdings Ltd, gave a nod to the acquisition of a majority stake by any equity investor, paving the way for new leadership in the retailer. “The Orakam shareholders provided their nod to the acquisition of a majority stake in Tuskys by an equity investor who will further provide strategic leadership for the long term growth of the business and for the benefit of all stakeholders,” said Kahianyu.…

Standard Chartered ( StanChart ) Bank Kenya Limited is set to list additional shares on the Nairobi Securities Exchange (NSE) following shareholders’ approval during its Annual General Meeting.  The lender in a special resolution said it will list Kshs 171,755,285, “being part of the money now standing to the credit of the retained earnings account of the Company be capitalized…,” reads part of the resolution. However, the resolution requires the approval of the Capital Markets Authority (CMA) and the NSE. Bonus Share Issue Shareholders approved the payment of a final dividend of Ksh 7.50 half of what had been initially…