Author: Muindi

Kenya’s Monetary Policy Committee retained its benchmark lending rate at 7.00 per cent, an accommodative stance necessary to revive growth and come out of the Covid-19 induced stress. This is the 11th time the MPC has retained the interest rates. Being the last meeting of the year, it was held against a backdrop of the global COVID-19  pandemic, the continued rollout of vaccination programmes, other measures taken by authorities around the world to contain its spread and impact, and the emerging developments regarding a new COVID-19 variant. The committee further said the country’s inflation rate is expected to remain within…

NCBA Group PLC  says it’s quarter three results ending September 30th 2021 recorded a Ksh 6.5 billion in Profit After Tax (PAT), a 159 per cent increase compared to Ksh 2.5 billion the same period in 2020. Growth in profitability was attributed to an increase in operating income to Ksh 36 billion (up Ksh 3.2 billion), driven by higher customer activity and a decline in loan impairment charges of Ksh 4.2 billion year over year. Key Summary Highlights   Asset base rose to Ksh 563 billion, 8% up year on year  Customer deposits closed at Ksh 447 billion, 11% up year…

Spotify Ad Studio is now in Kenya after being launched also in Nigeria, Ghana, Tanzania, Uganda and Jamaica.  Ad Studio is a self-serve platform that allows advertisers to connect with Spotify listeners by easily making audio ads from scratch in a budget-friendly manner. “Reaching audiences with Spotify Ad Studio is efficient and easy,” said Christopher Li, Director of Digital Planning & Products APAC at Live Nation and Spotify Ad Studio user.  “You can decide to target listeners by genre preferences, interests, and context, etc. It only takes us a few minutes to create a campaign, and the free voiceover service…

Credit Bank PLC, an SME based Bank in Kenya, has introduced a women-based product dubbed ElevateHer. This is a  transformative program designed to unlock the potential of women entrepreneurs in Kenya.  The program aims to equip women with business skills, offer them mentoring, expose them to networks, provide them with access to capital and equip them with the tools they need to succeed.  Betty Korir the CEO of Credit Bank,  affirmed that Women entrepreneurs through the ElevateHER proposition will boost their businesses, mitigate against business and household risks, have access to information both for their business and overall welfare. “….one…

Absa Bank Kenya reported strong growth in profit after tax to Ksh 8.2 billion shillings for the period ending 30 September 2021 as provision for bad debt declined sharply. The bank said the reduction in provision for bad debt reflects “the strengthening macro-economic environment, quality of credit, and resilience in customer operations”. Total income increased by 7 per cent to Ksh 27.3 billion, primarily due to higher interest income, which increased by 9 per cent year on year due to increased lending. Net customer loans increased by 9 per cent to Ksh 229 billion, owing to robust year-on-year growth in…

Kenya’s Minister of Health Mutahi Kagwe on Sunday asserted that strict measures will be enforced from Dec 21 to enhance the uptake of the vaccines. In the directives, Kenyans who are not fully vaccinated will likely be denied access to in-person government services.  They include services offered by the Kenya Revenue Authority, National Transport and Safety Authority, hospital and prison visitations as well as education, port and immigration services.  “Drivers, conductors, bodaboda riders, pilots, air hostesses and all other workers in the sector should be fully vaccinated and carry proof of vaccination at all times,” Kagwe said.  To access the…