Author: Korir Issa

Bolt has launched Bolt Market in Kenya, its new grocery delivery service aimed at enhancing shopping convenience. Kenya becomes the first African country to access this service, following its initial launch in Estonia three years ago. With this launch, Bolt entered a market currently dominated by Glovo, according to a recent survey by the Competition Authority of Kenya (CAK). “With the launch of Bolt Market grocery delivery in Kenya, we aim to better serve a thriving food and grocery ecosystem,” stated Edgar Kitur, Bolt Food General Manager. “Bolt Market offers a selection of over 1,500 carefully curated products, from fresh…

The Stanbic Bank Purchasing Managers’ Index (PMI) for Kenya rose to 50.9 in November from 50.4 in October, indicating a marginal improvement in business conditions. This marks the highest reading since May. A PMI reading above 50 signifies an expansion in business activity. According to the survey, stronger sales growth was recorded, driven by increased customer spending and travel activity, particularly in the wholesale, retail, and services sectors, fueling output growth. “However, this was not broad-based, but only in the wholesale and retail and services sectors. Sales declined across agriculture, manufacturing and construction.” However, rising input and output costs were…

The Central Bank of Kenya (CBK) has announced a 75 basis point cut in the policy rate, bringing it down to 11.25%. This move aims to stimulate economic growth and address persistent low demand and credit market distress. “The Committee observed that short-term rates on government securities had declined sharply in line with the CBR, but that banks had not responded by lowering their rates proportionately. The MPC, therefore, urges the banks to take necessary steps to lower their lending rates, in order to stimulate credit to the private sector, and thereby stimulate more economic activity.” While the economy grew…

The much-anticipated Find X8 is now available for purchase in Kenya. Following its global launch on 21 November 2024, Kenya is one of the first international markets to unveil this flagship device of the year. Renowned for its groundbreaking innovations, the Find X8 has garnered widespread praise for its powerful camera capabilities and cutting-edge AI technology, setting a new standard for smartphone excellence in 2024. Stylish, Slim & Durable The Find X8 combines elegance and durability, with rich glass and aluminium construction and a striking Cosmos Ring design, delivering a super-comfortable in-hand experience. With its 6.59” display and an easy-to-hold…

Orange, a leading telecommunications company, has announced a partnership with Meta and OpenAI to develop advanced artificial intelligence (AI) models specifically tailored to African languages. This initiative aims to bridge the digital divide and empower communities across the continent. “Orange intends to help drive AI innovation in these regional languages, ​​including by collaborating on these new AI models with local startups and other technology companies, and by doing so, to mitigate the growing digital divide faced by people all across the African continent,” says Orange. Key Focus Areas Language Model Development: Fine-tuning: Orange will collaborate with Meta and OpenAI to…

Safaricom has expanded its financial services portfolio by securing a license for its Ziidi Money Market Fund (MMF) from the Capital Markets Authority (CMA). The new fund, a partnership between Safaricom, Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited, will be accessible through the popular M-PESA platform, similar to the existing M-PESA Fund. Wycliffe Shamiah, CMA’s CEO, said the development, “underscores the commitment to foster innovation which also enables Safaricom enhance its footprint in the finance services sector.” A Growing Market Money market funds, which invest in low-risk, short-term debt securities, have gained significant popularity in…