Author: Korir Issa

Sanlam Kenya Plc, a non-bank finance solutions provider, loss after tax grew 52.6% to Ksh 0.13 billion in FY 2023. The loss was driven by a significant 417.6%  increase in reinsurance expenses to Ksh 1.2 billion and a decline in insurance revenue totalling Ksh 6.9 billion. Due to lower expenses, Sanlam’s net insurance service results increased by 803.9%, resulting in a Ksh 0.7 billion profit compared to a Ksh 0.1 billion loss in FY 2022. On the other hand, Sanlam Life Insurance Limited recorded a profit after tax of Kshs 0.53 billion, representing a 15.0% growth from the Kshs 0.46…

Safaricom has launched the Connect Academy, a training program designed to address the shortage of skilled fibre optic technicians in Kenya. The Connect Academy was unveiled at the Connected Africa Summit 2024. It aligns with Safaricom’s commitment to invest in robust fibre optic networks and the government’s expansion of internet access. As part of the Presidential DigiTalent Programme, a Public-Private Partnership (PPP), the academy will focus on skill development, mentorship, training, certification, and fostering innovation in the ICT sector. The program targets young Kenyans who need higher education, providing them with employment and career development opportunities in the growing field…

Listed utility company Kenya Power & Lighting Company Plc (KPLC) is investing KSh 6.5 million to establish a second public electric vehicle (EV) charging station at Stima Plaza.  The station will have fast (50 kW DC, 1-hour charge) and regular (22 kW AC, 2-hour charge) options.  Kenya Power’s first station serves its electric company vehicles at the Ruaraka depot. “We have set aside an annual budget of KSh 20 million to set up EV charging stations at all our offices across the country. Beyond the additional EV charging stations that we intend to put up in the current financial year,…

Rising interest rates and construction costs have led to a rise in Nairobi property prices, particularly detached houses (3.7%) and apartments (1.5%) in Q1 2024 compared to the previous quarter.  Hass Consult’s Property price index for the first quarter of 2024 shows a 5.3% year-on-year increase. Rental markets slightly improved, with overall asking rents increasing by 0.4% q/q.  Apartments led the increase with 1.4% growth, while detached houses saw a marginal rise of 0.1%. This limited growth reflects the challenging economic climate. “The rise in asking prices moderated in the first quarter of the year as credit conditions tightened following…

Airtel Kenya has reduced its call rates to other mobile networks in Kenya from KES 0.58 per minute to KES 0.41 per minute, effective March 1, 2024.  The cut follows the Communications Authority of Kenya (CA) directive to lower mobile termination rates (MTRs). What are MTRs? MTRs are fees that mobile service providers charge each other for completing calls on their networks. Lower MTRs allow operators to offer cheaper call rates to customers on other networks. Despite opposition from Safaricom, the CA directed all Kenyan mobile operators to reduce MTRs. This move is expected to increase competition and lower call…

The Central Bank of Kenya (CBK) predicts lower prices for most basic food items in April 2024.  Favourable weather conditions, a stronger Kenyan shilling, and recent fuel price reductions contribute to this positive outlook. The good news extends to staples like maize, beans, vegetables, milk, and bread, which are all forecast to see lower prices in the month. A drop in dollar demand, fueled by stronger investor interest, has led to an 18% appreciation of the shilling year-to-date. Consumers can also expect stability in the cost of maize flour, sugar, and cooking oil. Stability in milk prices is attributed to…