Author: Korir Issa

HF Group Plc, a leading Kenyan financial solutions provider, concluded its rights issue, surpassing its target by attracting KES 6.38 billion in applications against the targeted KES 4.6 billion. This translates to a subscription rate of 138.32%. Shareholders applied for 1,595,995,966 shares, exceeding the initial offer of 1.5 billion shares. The take-up percentage under entitlement reached 61.65%. The rights issue, priced at KES 4.00 per share, included a greenshoe option to accommodate oversubscriptions, resulting in total gross proceeds of KES 5,999,981,020. Capital Allocation The proceeds will be utilised to scale operations across key segments, including mortgage lending, bancassurance, and property…

Xiaomi has announced its ambitious global strategy, “Human x Car x Home,” a seamlessly connected ecosystem that leverages Artificial Intelligence of Things (AIoT) to integrate personal devices, automobiles, and smart home technology. This innovative approach, branded “Xiaomi Universe – Human x Car x Home – Perfectly Synced,” aims to redefine user interactions by merging human-centred technology with a futuristic ecosystem. “Our innovations are designed with people in mind,” said Matt Huang, Country Manager for Xiaomi Kenya. “Human x Car x Home embodies our commitment to creating a deeply connected, seamless experience that enhances everyday life.” The ecosystem encompasses flagship devices…

Kenya has introduced revised work permit classes and associated fees for foreigners according to the Kenya Citizenship and Immigration (Amendment) Regulations, 2024. The regulations aim at modernizing and streamlining work permit processes to advance national interests, promote digital jobs, foster regional integration, and ensure fairer practices. In a press statement dated Tuesday, December 17, Acting Interior Cabinet Secretary Musalia Mudavadi explained that the revisions aim to address concerns raised by various stakeholders and enhance Kenya’s attractiveness as a destination for foreign professionals and investors. “This is part of efforts to elevate Kenya’s role as a diplomatic and multilateral center,” Mudavadi stated.…

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…