Author: Muindi

The Central Bank of Kenya (CBK) has increased the base lending rate to 10.5 per cent to curb inflation from 9.5 per cent in May. “The Committee noted the sustained inflationary pressure, the increased risks to the inflation outlook, the elevated global risks, and their potential impact on the domestic economy,” CBK Governor Kamau Thugge said in a statement. “The MPC thus concluded that there was scope for further tightening of monetary policy to anchor inflation expectations,” Thugge added. “Overall inflation is expected to remain elevated in the near term, mainly due to the recent increase in electricity prices, the…

The Communications Authority of Kenya (CA) has partnered with Huawei and the Kenya Cybersecurity Forensics Association to launch a cybersecurity hackathon and Bootcamp. The two series of events will be held in Nairobi and various towns across the country including Kisumu, Mombasa, Nyeri and Eldoret. Over 6,000 students have signed up for online training and the top 100 from each of the five regions will attend the regional finals that will be held in conjunction with university partners in Nairobi, Nyeri, Eldoret, Kisumu and Mombasa. As many businesses and institutions become digitized, the scope to which online platforms and technologies…

The Central Bank of Kenya governor, Kamau Thugge will host his inaugural Monetary Policy Committee (MPC) on June 26. It, however, did not disclose the agenda. “The Monetary Policy Committee will hold its meeting on Monday, June 26, 2023,” the tweet posted Friday evening reads. https://twitter.com/CBKKenya/status/1672259120659931139?s=20 In May, the MPC retained the base lending rate at 9.5 per cent against a backdrop of continued global uncertainties, a weak global growth outlook, easing inflationary pressures, and geopolitical tensions. The overall headline inflation has remained above the CBK target range of 2.5 per cent -7.5 per cent for the past one year,…

Unilever East Africa (EA) has opened a Kshs 500 million new modern warehousing facility in Nairobi, as part of the firm’s growth bid and expansion in the East Africa region. The facility is designed to efficiently handle Fast Moving Consumer Goods (FMCGs) coupled with a diverse range of health and beauty products across the East African region. The warehouse spans an extensive surface area of 23,000 SQM and is equipped with advanced automated storage and retrieval systems. It boasts an enhanced pallet capacity exceeding 10,000 and is intended to facilitate seamless storage, processing, and shipment of Unilever’s products. The move…

Safaricom Telecommunication Ethiopia PLC’s CEO Anwar Soussa, will exit the company by the end of July once his secondment comes to an end. Anwar joined Safaricom Ethiopia in August 2021 to lead the establishment of the organization, set up business operations, and roll out the network. As the first CEO of Safaricom Ethiopia, Anwar has overseen the attainment of significant milestones in a highly dynamic environment, including onboarding the team and launching commercial operations of the second telecommunications operator in Ethiopia. In a statement, Safaricom says that Anwar has steered the Ethiopian business to acquire over 4 million customers, with…

South Korean Companies, Jerrybag and tAB through Korea Trade-Investment Promotion Agency (KOTRA) have pledged to continue supporting Uganda towards the country’s transformation through knowledge sharing and cooperation. The pledge was made in May as the two countries celebrated 60 years of cooperation. During the celebrations, Korean company Jerrybag pledged to donate Jerrycan bags that more than 1,000 children can use in some less privileged backgrounds in Uganda to carry water and therefore ease the burden they endure from routine exercise. In addition, during the event, 500 UV Water Sterilizers (LADIS) made by tAB were donated to health centres and rural…