Author: David Indeje

The Kenya Private Sector Alliance (KEPSA) has called for the expulsion of firms implicated in the theft of COVID-19 funds, from its membership. Carole Karuga, the sector’s chief executive urged its membership to self-audit to identify any that would have been involved in business malpractices. “These self-examinations should include expelling from their memberships any companies or individuals found to be involved in the embezzlement of Covid-19 funds,” she said in a statement issued Tuesday. She also urged the relevant government agencies to undertake an urgent, independent and transparent audit of the use of all COVID funds raised, including those raised…

Equity Group Holdings PLC (EGH) on Tuesday reported a 24 percent decline in its consolidated net profit at Ksh 9.1 billion for the period ended June 30, 2020.  Profit declined from Ksh 12.0 billion to Ksh 9.1 billion for the corresponding period the previous year. Topline net interest income was up 17 percent to Ksh.24.6 billion up from Ksh.21.1 billion the previous year driven by a 22 percent growth in loan book from Ksh.320.9 billion to Ksh.391.6 billion. “Despite NPLs showing a minimal decline from 10.9 percent to 10.7 percent quarter on quarter basis and stabilizing below the 13.1 percent…

The Ministry of Public Service Youth and Gender Affairs on Monday reopened the Huduma Centre GPO Nairobi after it was temporarily closed due to the COVID-19 pandemic, but one needs an appointment.  Huduma Centers are one-stop-shop citizen service centers that provide National and County Government Services from a single location. In a statement, the ministry said one needs to book an appointment in order “To minimise the traffic as well as time spent queuing for services.” As a result, they have rolled out a service appoint system commencing with the Huduma Center GPO. To book an appointment, visit www.hudumakenya.go.ke, select…

Regional retailer Tuskys Supermarket has agreed to pay KSh2.4 billion equivalent to 40 percent of the amount owed to its suppliers over a period of two years. The retailer owes the suppliers KSh6.2 billion. “Total trade supplier debt is KSh6.2 billion. As at August 6, 2020, 40 percent of this supplier debt has been rescheduled and the respective suppliers have signed individual agreements to reschedule the debt to periods between eight months and 24 months,” Tuskys in a letter to the Competition Authority on August 7, 2020. “Having these debts rescheduled and restructured allows Tuskys time to reorganise cash flows…

The Kenyan government has lifted its ban on the importation of second-hand clothes and shoes with the publication of new safety protocols. Kenya National Bureau of Standards (KNBS) and the Ministry of Trade published the new guidelines which require all cargo subjected to physical examination and certification under the Pre-export Verification of Conformity to Standards (PVoC) requirements. “The guidelines provide a framework for enforcing additional safety measures such as cleaning and fumigation of used textiles and shoes at the country of origin before baling, and at the wholesale or retail stores including surrounding areas every day at the closure of…

Kenya’s foreign exchange reserves dropped $9,249 billion in the week ended August 14, down by $41 billion from the previous week, according to theCentral Bank data. The CBK indicated that its usable foreign exchange reserves remained adequate at USD 9,249 million (5.6 months of import cover) as at August 13.  “This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.” The forex reserves have continued to decline since July 9 when the when Kenya started phased reopening of the economy. In…