Author: Korir Issa

Safaricom has updated its reverse call service terms, imposing a fee on customers who make more than two reverse calls per day. Previously, the service was offered free of charge. To deter excessive use, Safaricom will now charge a fee of Sh0.5 per request for any reverse calls made after the first two within a single day. This change aims to curb unnecessary usage. The reverse call service remains free for the first two requests within a day. However, the fee will apply to subsequent reverse calls on the same day. The service is exclusive to calls within the Safaricom…

Kenya Reinsurance Corporation Limited (Kenya Re ) has bounced back to profitability, recording a Sh600 million profit in the first half of 2024. This is a significant turnaround from the Sh200 million loss reported in the same period last year. The improved performance was driven by a 20% increase in insurance revenue and better results from operations in Cote d’Ivoire and Uganda. However, Kenya Re ‘s profit after tax declined by 10% due to lower investment income and increased operating expenses. Despite the challenges, Kenya Re’s asset base remains strong, and the company has secured a listing on the MSCI…

Co-op Bank Kenya reported a robust financial performance for the first half of 2024, with net profit climbing 7% to Ksh13 billion compared to the same period last year. This growth was driven by a 10.7% increase in net interest income to Ksh23.9 billion and an 11.2% rise in non-interest income to Ksh15.4 billion. Despite an 11% increase in operating expenses to Ksh21.3 billion, primarily due to higher provisions for loan losses and increased staff costs, the bank managed to deliver a strong performance, achieving a Return on Equity of 22.1%. “The strong performance by the Bank is in line…

The WRC Safari Rally Kenya has been added to the 2025 FIA World Rally Championship calendar. The event will take place in March, alongside other new rallies in Spain, Paraguay, and Saudi Arabia. The WRC Safari Rally Kenya has been included in the 2025 FIA World Rally Championship (WRC) calendar. The event will take place from March 20-23, avoiding the Easter holidays. The 2025 WRC calendar features several new rallies, including Spain, Paraguay, and Saudi Arabia, marking the largest calendar since 2008. FIA President Mohammed Ben Sulayem expressed excitement about the diverse and challenging events included in the calendar. “It…

Kenya’s National Environment Management Authority (NEMA) has introduced a proposed three-colour coding system for non-hazardous waste, designating green for organic waste, blue for recyclables, and black for general waste. This initiative is mandated by the Sustainable Waste Management Act of 2022, which requires the establishment of a national colour coding system. While seemingly straightforward, the colour coding system has implications for manufacturers, waste management companies, and consumers. It is part of a broader push by NEMA to improve waste management practices in the country. Previous measures include the 2017 ban on single-use plastic bags, which has led to the emergence…

Nairobi’s property market continues to show resilience, with land prices increasing across both suburbs and satellite towns in the first quarter of 2024. According to Hass Property Price Index for the second quarter of 2024, suburban land prices rose by an average of 1.3% per acre, while satellite town prices increased by 3.03%. On an annual basis, suburban land values appreciated by 5%, compared to a more substantial 11.2% increase in satellite towns. “Satellite towns are driving the revival of land as a competitive asset class with an average annual growth of over 10%. With interest rates projected by the…