Author: Korir Issa

Kenya’s inflation rate rose to 3.6% in March, marking a fifth consecutive monthly increase from 2.7% in October, according to the Kenya National Bureau of Statistics (KNBS). This increase from 3.5% in February was primarily driven by rising food and non-alcoholic beverage prices. Key Inflation Drivers In the period, the food index increased to 6.6% year-on-year, with significant price increases in sukuma wiki (6.2%), potatoes (4.5%), and maize (3.3%). The housing, water, electricity, gas, and other fuels index marginally increased, with 50 kWh and 200 kWh electricity prices rising by 1.0% and 0.9%, respectively. The transport index rose by 1.5%…

Lipa Later, a Kenyan digital consumer credit provider, has been placed under administration, with Joy Vipinchandra Bhatt of Moore JVB Consulting appointed as administrator effective March 24, 2025. This move transferred control of the company’s operations and assets to Bhatt, effectively ousting the previous management. This development follows a period of financial instability for Lipa Later, despite a recent KSh 1.36 billion ($9.88 million) funding round intended for African expansion. Reports indicate months of unpaid employee salaries, outstanding supplier invoices, and escalating legal disputes. Key legal challenges include a lawsuit filed by Africa Foresight Group (AFG) for unpaid consultancy fees,…

NCBA Group has completed the rebranding of AIG Kenya Insurance Company to NCBA Insurance Company following its acquisition of a controlling stake in 2024. The insurer now operates as the seventh subsidiary within the NCBA Group’s portfolio. “This rebranding to NCBA Insurance Company will enhance our market competitiveness and solidify our position as a trusted insurance solutions partner, aligning with the Group’s 2025 customer obsession mission,” stated John Gachora, NCBA Group Managing Director. In July 2023, NCBA Group acquired a 66.67 per cent controlling stake in AIG Kenya Insurance Company. At the time of the acquisition, AIG Kenya Insurance Company,…

The Co-operative Bank of Kenya reported its highest-ever profit, closing the 2024 financial year with KSh 34.8 billion, a 7.5% increase from the KSh 32.4 billion recorded in 2023. After-tax, this translates to a profit of KSh 25.5 billion in 2024, compared to KSh 23.2 billion in 2023, representing a 9.8% growth. Group Managing Director and CEO, Gideon Muriuki, attributed this consistent growth to the bank’s adherence to the “Soaring Eagle” transformation agenda, emphasizing the bank’s “strategic focus on sustainable growth, resilience, and agility.” This robust performance has enhanced shareholder value, reflected in a competitive Return on Equity of 19.7%.…

The Kenyan government has partnered with RUBiS Energy Kenya to rescue the struggling National Oil Corporation (NOC), transferring the management of over 99 NOC fuel stations. This partnership is a key component of a broader restructuring plan that aims to prevent the collapse of the state-owned entity, which currently faces debts of KSh8.3 billion and a negative balance sheet. The restructuring plan, approved by the Cabinet, involves transforming NOC into a group holding company with three distinct subsidiaries: NOC Upstream Limited: focused on exploration and upstream production activities. NOC Trading Limited: Specializing in holding strategic stocks of petroleum products for import…

Tala’s MoneyMarch 2025 report reveals a shift in Kenyan financial behaviour amidst rising living costs. While 90% of Kenyans experienced economic challenges in the past six months and 32% reported financial stress, 46% remain optimistic about their financial futures. Key trends include increased borrowing for essential needs, a surge in business ownership, and a decline in reliance on full-time employment. The report reveals business ownership increased by 7 percentage points (pp) year-on-year, while full-time employment as the primary income source declined by 5 pp. This trend reflects the ongoing challenges of the rising cost of living, which has reduced the…