Author: Muindi

The East African Community (EAC) recorded a 13.4 per cent growth in its total trade in 2022, reaching $74.1 billion (Sh10.55 trillion), according to data released by the regional body. The Secretary General of the EAC, Peter Mathuki, attributed the growth, partly to the admission of the Democratic Republic of Congo (DRC) as a member of the regional bloc in July 2022. He said that the entry of the DRC, which has a population of over 100 million and a GDP of $48 billion, expanded the market size and opportunities for trade and investment in the region. EAC member states…

Kenya received a record amount of money from its citizens living and working abroad in July 2023, according to the latest data from the Central Bank of Kenya (CBK). The CBK said remittances surged to Sh54 billion in July, up from Sh49 billion in June. This was the highest monthly inflow ever recorded, surpassing the previous peak of Sh51 billion in December 2022. “Remittance inflows in July 2023 hit a record monthly high of $378.1 million compared to $319.4 million in July 2022, an 18.4 per cent increase,” said the CBK. The cumulative inflows for the 12 months to July…

Ascent Capital Africa Ltd, a private equity fund manager, has sold its stake in Uganda’s Guardian Health Ltd, to Kenya’s online retail pharmacy and beauty platform, MyDawa Holdings Limited. The sale of Guardian Health Ltd. marks the second exit for Ascent Rift Valley Fund, following the sale of Medpharm Holdings, a pharmaceutical manufacturer in Ethiopia, in Q4 2022. The deal was advised by I&M Burbidge Capital, a corporate finance advisory firm. Guardian Health Ltd was founded in 2012 with the aim of providing affordable and quality medicines to Ugandans. It also sells beauty and personal care products. The company has…

Twiga Foods, a Kenyan tech-enabled food distribution platform, has cut jobs, citing a tough economic environment affecting purchasing power. The company said it had to make some roles redundant and resize its operations in different regions, following a review of its business model. “The business has undertaken strategic operating adjustments to enhance its service delivery capacity over the past few months. This has been influenced by the current business environment, where people’s purchasing power continues to decline,” Twiga said in a statement issued on Saturday, August 1. This is the third time in less than a year that Twiga Foods…

Co-op Bank of Kenya has recorded a 7.4 per cent increase in its half-year profits, reaching Shs 12.1 billion in the first six months of 2023.  This is an improvement from the Shs 11.5 billion earned in the same period in 2022. According to a statement issued on Thursday, Co-op Bank Group Chief Executive Gideon Muriuki attributed the performance to the growth in lending, reduced expenses, and higher net interest income. Mr Muriuki noted that the bank’s non-interest-funded income rose by four per cent to Sh13.8 billion from Sh13.3 billion in the first half of 2022. The bank’s net interest…

Safaricom Ethiopia’s M-PESA mobile money service went live in Ethiopia on Wednesday.  The service will enable customers to send and receive money, pay bills, buy airtime, and access other financial services using their mobile phones. Safaricom Ethiopia received the Payment Instrument Issuer License from the National Bank of Ethiopia in May 2023 after winning a telecom license in a competitive bidding process.  The company has invested over $850 million to roll out its network and services in the country, which has a population of over 110 million people. Stanley Njoroge, interim CEO of Safaricom Ethiopia, said that M-PESA will provide…