Author: Korir Issa

Standard Chartered Bank Kenya Plc has issued a profit warning, forecasting a 25% reduction in net earnings for the financial year ending 31 December 2025. The anticipated decline follows a Supreme Court-backed ruling requiring the bank to pay approximately KES 7 billion in pension arrears to 629 former employees. The payout stems from a long-running dispute over pension calculations linked to the bank’s transition from a defined benefit scheme to a defined contribution model. The Retirement Benefits Appeals Tribunal, High Court, and Court of Appeal all ruled in favour of the retirees, with the Supreme Court recently dismissing StanChart’s final…

Kenya’s foreign exchange reserves rose by USD 268 million this week to USD 11.17 billion, equivalent to 4.9 months of import cover, marking a notable improvement in the country’s external position. The uptick reflects a confluence of resilient diaspora inflows, investor appetite for government securities, and a stable currency environment, as broader economic indicators signal subdued momentum. Diaspora Remittances and Export Resilience Bolster External Buffers The Central Bank of Kenya (CBK) reported USD 426.1 million in diaspora remittances for August, sustaining a 12-month cumulative growth of 9.4% to USD 5.08 billion. While this marked a slight 0.2% decline compared to…

Airtel Kenya has launched the construction of East Africa’s largest data centre at Tatu City, Nairobi. The $150 million facility, developed under Airtel’s data centre arm Nxtra by Airtel Africa, is designed to support hyperscale cloud computing, AI workloads, and enterprise-grade services across the continent. “Our estimates for the first rollout alone, across two phases, are upwards of $150 million—about 18 billion shillings. It’s a big, big investment from our side,” said Ashish Malhotra, Managing Director, Airtel Kenya. Power, Performance, and Precision The Nxtra Nairobi facility will deliver 44 megawatts (MW) of power capacity, split into two phases of 22MW…

Standard Chartered Bank Kenya has reassured shareholders and the market following the Supreme Court’s dismissal of its final appeal in a long-running pension dispute. The ruling enforces a Retirement Benefits Appeals Tribunal (RBAT) judgment requiring the bank to pay over KSh 7 billion (approximately USD 54.2 million) in compensation to 629 former employees. In a statement issued Monday, the bank confirmed it has “initiated a structured process” to execute the judgment and will maintain open communication with affected pensioners. “We are committed to meeting our obligations within the law and remain adequately capitalised to meet the anticipated liabilities,” the bank…

Over the past 25 years, Kenya’s residential property prices have soared by 425%, outpacing global benchmarks and defying the drag of costly mortgages. The surge, according to HassConsult’s latest report, is driven by a rapidly expanding middle class with disposable income and a preference for cash purchases over debt-financed acquisitions. “Homes in Kenya are fully paid, which makes the market super resilient,” said Sakina Hassanali, Co-CEO of HassConsult, during the launch of the International Investment Outperformance: The Kenyan Residential Property Market report. “Owners rarely end up grappling with mortgage repayments they can’t meet, preventing the waves of forced sales suffered…

Absa Bank Kenya PLC has unveiled a three‑month campaign aimed at accelerating card usage and deepening customer engagement in digital payments, aligning with the country’s steady shift towards a cashless economy. Driving Card Adoption Amid Rising Usage The initiative, dubbed “Play Your Cards Right,” encourages both existing and new customers to embrace cashless transactions using Absa debit and credit cards for everyday purchases. The launch comes as Central Bank of Kenya data shows POS transactions hit 41.2 million in the first half of 2025, up 4% from the same period in 2024, while ATM withdrawals continue to decline. Kenya Card…