Author: David Indeje

EGM Securities Limited, a non-dealing online forex broker, has unveiled FXPesa, that will focus on small deposits clients in  East Africa. FX Pesa offers a web-based forex trading platform which does not require any downloads. Kevin Ng’ang’a, CEO of EGM Securities said, “The FXPesa platform has an easy-to-use interface and is tailor-made for users who do not necessarily have forex trading experience, do not necessarily have extra cash to trade, or simply can’t bear a lengthy onboarding process. Everyone who signs up for an FXPesa account is in full control of when to trade, how to trade and how much…

Kenya’s economy suffered a hit to operating conditions in April, as activity and employment declined for the first time in 17 months in the wake of poor weather conditions and intensifying cash flow issues. Markit’s monthly service sector PMI dropped to 49.3 in April below the neutral 50.0 threshold. A reading below 50 indicates a contraction in the manufacturing sector while a reading above 50 represents expansion. “This marked the first time in nearly one-and-a-half years that the series has fallen into contraction territory, signalling a slight deterioration in business conditions. It was also the fourth successive drop in the…

Safaricom on Friday reported its earnings before interest, taxation, depreciation, and amortization (EBITDA) in the full year to March soared 13.1% to Ksh89.6 billion. This was driven by M-Pesa growing at 19.2% year on year, and, accounting for 75% of the revenue growth for the year.  • Service revenue growth of 7% to KSh 240.30bn. • Voice service (incoming and outgoing) revenue grew by 0.3% to KSh95.94bn. • M-PESA revenue grew by 19.2% to KSh 74.99bn. • Mobile data revenue increased by 6.4% to KSh38.69bn. • Fixed service revenue increased by 22.7% to KSh8.19bn. • Total customer base increased by…

Regional low-cost carrier, Jambojet says its growth will be anchored through partnerships and alliances as it marked its 5th year anniversary on Thursday. Vincent Rague, Jambojet’s Board Chairman said since its inception five years ago, “The trajectory is good…we have witnessed remarkable growth with significant milestones. We have created a strong brand and we remain ambitious.” He added that aviation will be a key realisation of the African rising story propelled by numerous possibilities from the growing population. “In Africa, it is estimated that 2.5% of the passengers have travel documents, and 88% need to have them,” noted Rague. However,…

The Kenya Meteorological Department has said the country has been spared from being hit by cyclone Kenneth. However, parts of Kenya will experience enhanced rainfall as a result. “…but the cyclone will not hit Mombasa,” said the Department on Twitter in response to Harun Mwadena Muyesi who had inquired. https://twitter.com/MeteoKenya/status/1121359991808589825 On Thursday, the met department had also said that “It is false that cyclone Kenneth will hit the Kenyan Coast. By the laws of physics, cyclones cannot come this close to the equator. Landfall will be northern Mozambique as shown in the satellite image.” According to Reuters, three people have…

Kenya job growth surged by 00.9 million to 17.8 million in 2018 compared to 16.9 million in 2017, with only 840,000 new jobs created, the 2019 Economic Survey report indicates. Out of the new jobs created, 83.6% came from the informal sector and 16.4% in the formal sector. Compared to 2017 where 897,000 jobs were created, this was a decline. “This implies that the economy generated an extra 840.6 thousand jobs in 2018. In the modern sector, total employment increased from 2.8 million persons in 2017 to 2.9 million persons in 2018. Jobs in the informal sector which constituted 83.6%…