Author: Korir Issa

Kenya Power is set to expand rural electrification by connecting 150,000 customers to the grid under the sixth phase of its Last Mile Connectivity Project (LMCP). This expansion, financed by the African Development Bank (AfDB), will focus on 45 counties across Kenya, excluding Nairobi and Mombasa. This latest phase marks the third instance of AfDB funding for the LMCP, which has already connected over half a million Kenyans in its initial phases. To facilitate this rollout, Kenya Power has initiated a bidding process for consultancy services. The company is seeking firms to conduct technical designs, environmental and social performance audits,…

The Monetary Policy Committee (MPC) of the Central Bank of Kenya (CBK) on Tuesday eased its monetary policy stance, lowering the benchmark Central Bank Rate (CBR) by 75 basis points to 10.00 per cent from 10.75 per cent. In a move aimed at enhancing the effectiveness of its policy implementation, the MPC also approved a substantial narrowing of the interest rate corridor around the CBR, from ±150 basis points to ±75 basis points. The MPC cited several factors influencing its decision, including the expectation of overall inflation remaining below the midpoint of the 5±2.5 percent target range in the near…

Diageo Plc has entered an agreement to sell its 54.4% shareholding in Seychelles Breweries Ltd. to Phoenix Beverages Ltd., a subsidiary of IBL Ltd. This divestment marks Diageo’s third sale of African assets within the past year. Phoenix Beverages Ltd. (PBL), the largest brewer and soft drink bottler in Mauritius, will acquire the stake from Diageo Holdings Netherlands B.V. and Guinness Overseas Limited, both members of the Diageo Group, for approximately $80 million. Seychelles Breweries, operating since 1972 and known as Seybrew, produces and distributes a portfolio of beers, premium spirits, and soft drinks. “This acquisition is a key milestone…

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,…