Author: Korir Issa

Carrefour Kenya, owned and run by Majid Al Futtaim, remains confident about its prospects in the Kenyan market following the expansion of its retail footprint. The 3,000 square-metre store at Business Bay in Nairobi’s Eastleigh area will be one of the largest opened by Carrefour in the country since 2019 and promises to conveniently serve customers looking to shop from its wide array of products. The new store will absorb about 60 employees across different departments of its corporate set-up. The store will also have dedicated e-commerce operations to increase convenience and shopping options for customers. “The new store will…

The African Banker magazine named Esther Kariuki, head of agriculture business at the Co-operative Bank of Kenya, the African Banker of the Year award for 2023. According to the African Banker, Esther has been a central figure in advancing agriculture as a key asset class for the Co-operative Bank of Kenya. Not only a leader and role model, she was also responsible for considerably increasing lending to the agriculture sector and oversaw the roll-out of the platform Co-op Bank Soko, a digital marketplace that connects the agriculture value chain and ensures, among other things, that smallholder farmers receive a higher…

NCBA, Kenya’s third-largest bank by assets, said its first-quarter profit rose by 49 per cent to Ksh 5.1 billion compared to Ksh 3.4 billion reported during a similar period in 2022. Growth in profitability was attributed to an increase in operating income and a decline in loan impairment charges by 23 per cent.  Despite the tough macroeconomic conditions, the Group’s prudent management of credit risk has resulted in an improved NPL ratio and a reduced cost of risk. Commenting on the results, NCBA Group Managing Director, John Gachora remarked, “These strong operating results are attributable to continued focus on our strategic priorities,…

Naivas Supermarket reported KSh2.1 billion in revenue for the nine months ending March 2023. IBL acquired 26.3 per cent of the retailer last year, revealing that it received KSh553.4 million in the same period. IBL is a diversified group based in Mauritius. It is listed on the Stock Exchange of Mauritius. IBL stated that “Naivas, the leading supermarket chain in Kenya that the group (IBL) invested in during the first quarter, generated higher profits compared to last year,” and that the share of profits for Naivas, as an associate, is being reported for the first time this year and represents…

The African Economic Research Consortium (AERC) held its 58th biannual plenary session of the biannual research workshop on Monday on a virtual platform. The conference aimed at facilitating continent-wide unity on trade to accelerate the recovery agenda. The plenary session noted notable progress in some sub-regions where integration in trade, finance and labour mobility is improving fast. It acknowledged that harnessing the full benefits of Africa Continental Free Trade Area (AfCFTA) agreements and strengthening regional integration and regional trade prospects are new avenues for exploiting the limitless opportunities. The President and Chairman of the Board of Directors of the African…

The Kenyan government is committed to expanding the ICT space as it seeks to leverage technology as a catalyst for economic growth and development. The Cabinet Secretary, Ministry of Information, Communications, and the Digital Economy, Mr. Eliud Owalo cited ICT as an enabler, and the focus is on how to make this a reality. The government recognizes the ICT sector as a cog in our economic engine and has identified priorities through the Government Digital Transformation Agenda (GoDTA). This agenda seeks to digitize at least 80% of government services in five (5) years, support last-mile fibre connectivity through the deployment…