Author: David Indeje

The International Monetary Fund and Kenya reached a preliminary agreement to unlock about $1.1 billion. The funding is under the existing Extended Fund Facility and Extended Credit Facility arrangements. The staff-level agreement, which is subject to IMF board approval, will give Kenya access to about $976 million. If approved, Kenya would receive $976 million 135.55% of the country’s quota with the IMF (quota refers to the maximum amount a country can borrow from the IMF). In addition to $156 million in concessional loans which have zero interest rates and are intended to help low-income countries. This will bring the total IMF…

Airtel Kenya has significantly expanded its 5G network coverage, reaching 39 counties with 690 5G sites as of June 2024. They aim to launch an additional 1000 sites this year, bringing the total to 1690. “We are pleased to introduce Airtel Kenya’s Unlimited Plans,” said Ashish Malhotra, Managing Director, Airtel Kenya. “They signify our commitment to providing unmatched connectivity solutions and embody our vision for individuals and businesses empowered by seamless connectivity.” Airtel offers a variety of 5G home internet plans: 10 Mbps – Ksh 3,500 per month 20 Mbps – Ksh 5,000 per month 30 Mbps – Ksh 6,500…

Kenya’s central bank, the Central Bank of Kenya (CBK), opted to maintain its benchmark lending rate at 13.0% on Wednesday. The Monetary Policy Committee (MPC), decision comes despite some positive economic indicators, such as stable inflation and exchange rates. “The Monetary Policy Committee (MPC) concluded that the current monetary policy stance will ensure that overall inflation remains stable around the mid-point of the target range in the near term while ensuring continued stability in the exchange rate,” the central bank said in an emailed statement. This means loan interest rates for Kenyans are likely to remain high for the foreseeable future.…

The internet plays a vital role in our lives, and Kenya is committed to shaping a digital future that benefits everyone. The Kenya Internet Governance Forum (KeIGF) is a chance for different stakeholders to be part of the conversation. What is the KeIGF? The KeIGF is an annual event convened by KICTANet, a multistakeholder platform for people and institutions interested in ICT policy. The network’s guiding philosophy is that of encouraging synergies for ICT policy-related activities and initiatives. KeIGF is a multistakeholder forum, meaning it brings together people from all sectors – government, businesses, civil society, and technical experts –…

Standard Chartered Bank Kenya has finally launched its mobile lending service, the SC Juza app, after overcoming initial hurdles. During the trial phase, SC Juza encountered issues such as data privacy concerns, which caused a delay in its full rollout. However, the bank has addressed these concerns and secured approval from the Central Bank of Kenya (CBK) to proceed. SC Juza Aims to Compete in Kenya’s Mobile Lending Market With SC Juza, Standard Chartered directly enters the competitive Kenyan mobile lending market, currently dominated by established players like Absa Kenya’s Timiza, KCB M-PESA, and NCBA’s M-Shwari. This move highlights the…

Kenya is committing US$100 million to increase its ownership stake in three key African financial institutions: the African Development Bank (AfDB), the African Export-Import Bank (Afreximbank), and the Trade and Development Bank (TDB). This investment will be spread out over the next three years. President ⁦@WilliamsRuto⁩ of Kenya announced $20 million support by Kenya to the African Development Fund. This marks the largest contribution by an African country to the Fund. Thank you very much my dear friend and brother, Mr. President! ⁦@AfDB_Group⁩ pic.twitter.com/CSCav4TZlk — Akinwumi A. Adesina (@akin_adesina) June 2, 2024 Kenya has been a significant beneficiary of AfDB…