Kenya has commenced the implementation of the Kenya Quick Response Code Standard 2023 (KE-QR Code Standard 2023), which aims to promote customer convenience and security. The standard will also support future interoperability among different payment service providers’ platforms. “The implementation of the Standard, and use of standardised QR Code-enabled payments, will bring practical benefits to businesses and customers. Customers will now be able to make digital payments in an easy, fast, convenient, and secure manner using QR,” said the Central Bank Kenya in an emailed statement. Another milestone that will enable customers to make digital payments in an easy, fast,…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Loss-making power distributor, Kenya Power and Lighting Company (KPLC) has named Dr Joseph Siror as its new chief executive for a three-year term effective May 2. He replaces Geoffrey Muli, who has been the acting chief since May 2022. Prior to his appointment, Siror served as General Manager in charge of Technical Services (System Operations and Power Management) at the Kenya Electricity Transmission Company (KETRACO). “Dr Siror brings a wealth of experience, expertise, integrity and energy to the company. His time in the public sector as well as his training and knowledge will help provide Kenya Power with a fresh…
Prices of land in Nairobi reached an average price of Ksh 194 million per acre for the first quarter of 2023, the highest rate the market has experienced. The latest HassConsult index shows that year-on-year growth of land prices in the satellite towns increased by 8.08 per cent compared to a 1.42 per cent annual increase in land prices in the city with similar increases in Nairobi’s satellite towns up by 1.28 per cent over the quarter. “A renewal of development activity has been the driving reason for land price recovery and 10 out of 18 Nairobi suburbs now have…
Hellen Chepchumba Chepkwony, a Macroeconomist and Risk Certified Professional, has been named Chief Executive Officer of the Kenya Deposit Insurance Corporation (KDIC) for a term of three years. Chepkwony takes over from Mohamud Mohamud who exited in January. In a statement, KDIC said Chepkwony’s formal appointment follows a competitive recruitment process. “Chepkwony is a distinguished economist and risk management professional with extensive exposure in both the public and private sectors,” the statement read. KDIC is a statutory institution established under the Kenya Deposit Insurance Act, 2012 (KDI Act, 2012). The Corporation is mandated to provide a deposit insurance scheme for…
The African Continental Free Trade Area (AfCFTA) is a key opportunity for Africa to alleviate poverty, drive economic activity and achieve prosperity for her people, says Standard Bank, a key sponsor of this week’s African Continental Free Trade Area (AfCFTA) Business Forum in Cape Town. By eliminating trade barriers and boosting intra-Africa trade, the AfCFTA aims to lift 30 million Africans out of poverty by increasing income across Africa, by 7% by 2035. Once implemented, it will be the world’s largest free trade area. Recent global supply chain disruptions illustrate the urgent need of building domestic value chains integrated into…
Kenya’s core inflation declined to a 10-month low from 9.2 per cent in March due to decreased prices of fast-growing vegetable items. In addition, food inflation declined to 10.1 per cent from 13.4 per cent in March, reflecting lower vegetable prices. Data by the Kenya National Bureau of Statistics (KNBS) showed the price for a kilo of kale dropped to KSh63.55 from KSh71.87 while that of spinach dropped to KSh72.80 compared to KSh78.99 in March. However, fuel inflation remained elevated, declining marginally to 13.2 per cent from 13.4 per cent in March, mainly driven by electricity prices. The country’s annual…