Author: David Indeje

The Central Bank of Kenya (CBK) on Monday delivered a widely expected interest rate hold at 9 percent due to the relatively stable inflation rate and current ‘appropriate economy stance but said they will remain vigilant on the possible effects of the increased uncertainties in the external environment. This is the 16th consecutive month that the MPC has held the lending rate at that percentage. The meeting was held against a backdrop of domestic macroeconomic stability sustained optimism on economic growth prospects, heightened global uncertainties and volatility in international markets. Dr. Patrick Njoroge, CBK governor, who chaired the Monetary Policy…

Tanzania’s central bank has fined five commercial banks over $800,000 for breaching anti-money laundering rules. The Bank of Tanzania (BoT) said the fines were imposed “For failure to conduct proper customer due diligence and file suspicious transaction reports to the (state-run) Financial Intelligence Unit (FIU).” African Banking Corporation (T) Limited TZS 145 million shillings Equity Bank (Tanzania) Limited TZS 580 million shillings I&M Bank (T) Limited TZS 655 $284,782.61 UBL Bank (T) Limited TZS 325 million shillings Habib African Bank Limited TZS 175 million shillings I&M Bank was slapped with the biggest fine at 655 million Tanzanian shillings ($284,782.61), followed…

Kenya has committed to achieving universal health coverage (UHC) by 2030, as part of the United Nations Sustainable Development Goals (SDGs) however, its realization remains a challenge in delivering equitable access and affordable medicines within its public health facilities.  This is according to the latest  Universal Health Coverage citizenry perception survey conducted by Infotrack, a Research and Consulting company, that found out that  40 percent of Kenyans rate the provision of healthcare services by the national and county governments as poor by 40% compared to 28 percent who rated it as good. In the findings, only four in ten Kenyans…

Nairobi sixth wealthiest city in Africa – African wealth report for 2019 The Kenyan market has been touted to be the most resilient in the midst of all the gloom in other African markets. Kenya was ranked as the fifth richest country in Africa after South Africa, Egypt, Nigeria, and Morocco besides having dropped 10 percent on the bear run at the Nairobi Securities Exchange, its cumulative wealth has increased by 64 percent since 2008. “However, if one looks over the longer term, the trend there is still quite positive with wealth growth of 64% over the past 10 years.…

Sun Africa Hotels Group,  a regional hotel group with a collection of the Extraordinary properties, plans to invest an estimated Ksh1 billion to develop luxury serviced apartments in Hurlingham, Kilimani. “Nairobi is East Africa’s business and commercial hub and we don’t want to miss out on the opportunities it provides,” Sun Africa Group Managing Director Middle East and Africa, Rahul Sood said in a communiqué. The group owns Keekorok Lodge(Masai Mara), Nyali Sun Africa Beach Hotel and Spa(Mombasa) Sovereign Suites(Nairobi), Kibiko Luxury Camp(Naivasha) and Lake Naivasha Country Club. “Serviced apartments have continued to gain traction in Kenya especially for use…

The Global Climate Strike, the third in a worldwide series of climate rallies organized by school students, and led by 16-year-old Greta Thunberg took place on Friday. In Kenya, various organizations joined thousands of citizens in Nairobi for the #ClimateAction march from Uhuru Park to the Ministry of Environment and Forestry where they presented a  petition on Climate Action as a matter of emergency. According to the petition, it is demanding that the government should Declare Climate Emergency as a way to educate the public; end all financing and support of fossil fuels and climate destruction; allow renewable energy to…