Author: David Indeje

Eaagads Ltd., a coffee producer and exporter based in Kenya, reported a dismal performance for the six months ended September 2023, as the company suffered from low sales and high production costs. “During the reporting period, significantly minimal coffee sales were made owing to the ongoing government-initiated coffee reforms, which have negatively impacted the company’s ability to do direct coffee sales as has been the practice.” “The lack of sales has severely impacted the company’s cash flow, leaving a financial gap that necessitated borrowing a substantial sum of KES108 million. This borrowing has served as a means to cover operational…

The Kenyan government has proposed a new social healthcare fund that will require every household in Kenya to pay 2.75 per cent of its monthly income to fund universal health coverage (UHC) for all Kenyans.  If passed and approved, the Social Health Insurance (General) Regulations, 2023, will replace the National Health Insurance Fund (NHIF), which has been in operation for 57 years. The draft Social Health Insurance (General) Regulations, 2023, which were published by the Ministry of Health, are meant to implement the Social Health Insurance Act, 2023, which was gazetted in November.  The regulations will require public participation before…

The International Criminal Court (ICC) has terminated the investigation into President William Ruto’s alleged involvement in crimes against humanity during the 2007 post-election violence in Kenya. Ruto was a Member of Parliament at the time and was one of the six suspects charged by the ICC. The other five were Henry Kosgey, Joshua Arap Sang, Uhuru Kenyatta, Hussein Ali, and Francis Muthaura. All of them had their cases dropped for lack of evidence, except for Ruto, whose case remained active until Tuesday, November 28, 2023. In a statement, ICC Deputy Prosecutor Nazhat Shameem Khan said that she had decided to…

Coca-Cola launched its festive campaign and revealed the acts of kindness that Santa values most in Kenya. The 2023 Christmas campaign by Coca-Cola announced Friday marked a celebration of the real magic of kindness. The Christmas campaign, titled ‘The World Needs More Santas’, celebrates the spirit of Santa Claus in everyone. It encourages people to be kind, generous, and helpful, whether it’s helping a neighbour, sharing the last Coca-Cola, or lending a hand to a stranger in need. To kick off the season of giving, Coca-Cola brought back one of its most iconic and beloved ways to welcome the holidays…

Equity Bank has launched a new service that allows its customers to make payments and access their accounts across five East African countries: Kenya, Uganda, Tanzania, Rwanda, and South Sudan.  The service, called borderless banking, is designed to facilitate regional economic integration and support cross-border trade. Travelling for business or leisure? Whether you are in Kenya, Uganda, Tanzania, Rwanda, or even South Sudan, you can simply deposit, withdraw, or transfer money to any Equity account in the region as conveniently as you would at home. pic.twitter.com/ReJcAiGKxM — Equity Bank Kenya (@KeEquityBank) November 23, 2023 With borderless banking, Equity’s 18 million customers…

Absa Bank Kenya reported a net profit of Sh12.3 billion for the first nine months of 2023, a 14.8% increase from the same period in 2022.  The main driver of this growth was the higher interest income from loans and advances to customers, which rose by 269.7% to Sh39.1 billion. The bank’s loan book expanded by 270.1% to Sh330.9 billion, reflecting its focus on lending to the private sector. The bank also benefited from the rising interest rates in the market, which enabled it to charge higher base lending rates than in the previous year.  The bank’s return on equity improved to 25.2%, up from 23.6% in 2022. The bank’s non-interest income, which…