Author: Muindi

Kenyans will need to belt up as alcohol, bottled water, juices and cigarettes prices are set to go up following the adjustment of excise duty for inflation by the Kenya Revenue Authority. The tax collector reviewed the prices upwards using the average inflation rate for the 2020/2021 financial year which is averaged at 4.97 per cent which came into effect November 2. As a result,  manufacturers and importers of excisable goods may be forced to adjust the prices upwards to the detriment of the consumers. This means that the rate of excise duty for fruit juices has risen to Ksh…

Borrowers defaulting on loans of less than KSh5 million will not be blacklisted at the credit reference bureaus (CRBs) the Central Bank of Kenya (CBK) announced Monday. This is part of President Uhuru Kenyatta’s stimulus package announced to provide relief to struggling Micro, Small, and Medium Enterprises (MSMEs). The moratorium applies to loans below Ksh.5 million that fall in arrears from October 1, 2021, to September 30, 2020. The regulator further said during the period, CRBs will not include in any credit report, any negative credit information for loans of a customer less than Ksh.5 million submitted to the CRB…

MTN Uganda is offering bonus shares to Kenyan Investors keen to buy into buying a 20%  in its  Initial Public Offer (IPO) worth Ksh 27.6 billion ( $250 Million) which opened 11 th October. It closes on November 22. This is after the Capital Markets Authority (CMA) granted the telco permission for its IPO to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors. “Kenya’s Capital Markets Authority (CMA) has provided its ‘no objection’ for the MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares…

Telecom service provider Safaricom has unveiled a new campaign ‘Mwelekeo Ni Internet’ to launch a range of affordable 4G smartphones under its Lipa Mdogo Mdogo financing plan and showcase the transformative power of the internet. Through the Mwelekeo Ni Internet campaign, Safaricom aims to bring more Kenyans into the digital sphere by educating them on the power of the internet and showcasing how it can transform their lives. “With more Kenyans going online for everything, from studying to business to social networking, we see an opportunity to narrow the access gap and connect even more people to the internet. As…

Kenya’s Capital Markets Authority (CMA) has issued full licences to Kipkelion Brokerage Company Limited and Murang’a County Coffee Dealers Company. The capital markets regulator has also extended provisional licences to United Eastern Kenya Coffee Marketing Company Limited and Mt. Elgon Coffee Marketing Agency Limited by six months to April 30, 2022. In June, the CMA had granted conditional licences in June 2021 to the four companies Kipkelion Brokerage Company Limited, Murang’a County Coffee Dealers Company, Mt. Elgon Coffee Marketing Agency Limited and United Eastern Kenya Coffee Marketing Company Limited granted.  Meru Cooperative Union was granted a full license. The Nairobi…

Sidian Bank has secured KSh1.1 billion from Triodos Investment Management for onward lending to Micro, Small and Medium Enterprises (MSMEs) in Kenya. The credit facility will be used for the expansion of Sidian Bank’s loan portfolio to Micro, Small and Medium-Sized Enterprises.  “As Sidian Bank, we are passionate about supporting the growth of Micro and SME customers in line with our goal to be the preferred bank for provision of financial solutions to entrepreneurs,” said Sidian chief executive officer Chege Thumbi in a statement in late October. “Our partnership with Triodos Investment Management comes at an ideal time when the…