Dr. Patrick Njoroge, Kenya’s Central Bank governor has maintained that caps on commercial lending rates would eventually be removed, terming them a ‘temporary deviation’ even as Members of Parliament on Wednesday opposed repealing sections of the Banking (Amendment) Bill 2019. “This is only a matter of time,” said Dr. Njoroge at the Renaissance Capital’s 5th Annual East Africa Investor Conference held in Nairobi. “Our view is, do not get fixated with interest rate caps. Be assured that with time, as soon as possible, that will be removed…in general terms, that is a temporary deviation,” he added. In March, the Kenyan…
Author: David Indeje
David Indeje
David Indeje is the community engagement editor at Khusoko, a leading digital platform for East African business news. He oversees editorial content, drives audience engagement, and amplifies diverse voices. Indeje also consults on digital strategy for brands in agriculture, governance, technology, and health, while exploring AI’s impact on journalism. In addition, he serves as a communications officer at KICTANet, advancing digital inclusion and policy dialogue.
The Central Bank of Kenya expects that the current account deficit will remain steady at 5 percent of the Gross Domestic Product going forward. “5 percent is a stable thing. It can be completely financed by foreign flows,” said Dr. Patrick Njoroge the Central Bank Governor during the 5the Annual East Africa Investor Conference on Wednesday. Njoroge said this is so because Kenya benefits greatly from the external savings of others. The current account deficit – the gap between export and import earnings – as a fraction of national output (Gross Domestic Product (GDP) narrowed to 4.2 percent in the…
The sustained capping of commercial banks’ lending rates at 4 percentage points above the Central Bank of Kenya benchmark rate will remain a constraint to the conduct of monetary policy. This is according to Commercial Bank of Africa (CBA) September monthly report after the National Assembly during the second reading of the Banking (Amendment) Bill 2019 were opposed to repealing it. “The cap will remain a constraint to the conduct of monetary policy potentially limiting further adjustments to the policy rate, currently at 9.00%,” Says CBA. “Even then, inflation and growth suggests that the current stance may still be appropriate.…
Andela, tech talent accelerator, is ending its developer training programs in Nigeria, Kenya, and Uganda attributing it to market demand for more senior engineering talent. “Andela’s next phase of growth requires a strategic shift in how we think about talent,” Jeremy Johnson, chief executive and founder of Andela said in a statement, ‘The Future of Andela.’ As a result, the firm said it will it is closing the D0 program in Nigeria, Kenya, and Uganda. In addition, we will be letting go of approximately 250 Andelans in Nigeria and Uganda, with an additional 170 potentially impacted in Kenya, ‘who we…
Tala, a fintech lender that offers small loans to millions of people in emerging markets, has stopped giving credit to its Tanzania customers after it was charged with economic crimes in Dar es Salaam. “We regret to inform you that Tala is no longer offering loans in Tanzania. We thank you for giving us a chance to serve you and wishing our customers success,” Tala said in a Tweet. https://twitter.com/TalaTanzania/status/1169867582851047425 In April, according to The East African, the Vodacom managing director and Tala business operations manager were charged alongside six other company staff with causing the government the loss of…
Kenya’s gig economy is driven by the demand side, especially in urban households’ transport and domestic service uptake.