Author: Muindi

The Central Bank of Kenya (CBK) has announced the release of new KSh50, KSh100, KSh200, and KSh500 banknotes, following the earlier release of the KSh1000 banknotes. In a statement on Wednesday, November 20, 2023, the CBK highlighted the key features of the new banknotes: Signatures: The banknotes will bear the signatures of Central Bank Governor Dr. Kamau Thugge and National Treasury Principal Secretary Dr. Chris Kiptoo. Year of Print: The year of print is 2024. Security Features: The banknotes will incorporate new security threads with color-changing effects specific to each denomination. “We wish to update the public that the release…

OPPO has unveiled its latest flagship smartphone series, the Find X8, for the global market. The company is planning to introduce this series to the Kenyan market soon. A Focus on Photography The Find X8 series is primarily a camera-centric lineup. The base model boasts a triple-camera setup on the rear, featuring: A 50MP main camera with OIS and 2x optical zoom A 50MP 73mm periscope telephoto camera with OIS, dual-prism technology, and 3x optical zoom (6x digital zoom) A 50MP 15mm ultrawide camera with a 120-degree field of view and AI super-resolution up to 120x zoom Both the rear…

Sanlam is set to conclude the acquisition of a 60% stake in MultiChoice’s insurance business, NMSIS. This strategic move aims to enhance insurance access across Africa, leveraging both companies’ strong market presence and technological capabilities. Key Highlights The acquisition is now finalized, with the transaction effective from November 30, 2024. Subsequently, MultiChoice will receive an upfront payment of R1.2 billion, with a potential performance-based earn-out of up to R1.5 billion. As a result, Sanlam will expand its insurance and financial services offerings to MultiChoice’s extensive subscriber base. Both companies will collaborate to leverage their strengths and maximize synergies. MultiChoice’s Financial…

Kenya’s position in Africa’s trade index, as measured by Stanbic Bank, has slipped one place to sixth, following a challenging first half of the year marked by high interest rates. The latest Stanbic Bank Africa Trade Barometer places Kenya behind South Africa, Namibia, Mozambique, Tanzania, and Nigeria. However, Kenya outperformed Ghana, Zambia, Uganda, and Angola in the index, which surveys 10 key sub-Saharan African economies. The survey assesses trade openness, access to finance, macroeconomic stability, infrastructure, foreign trade, governance, economy, and traders’ financial behaviour. Kenya experienced declines in macroeconomic stability, governance, infrastructure quality, and credit access. High interest rates, with…

Kenya’s inflation rate dipped to a 14-year low of 2.7% in October, down from 3.6% in September, driven by a decline in food, electricity, and fuel prices, the statistics office announced on Thursday. Key contributors to the deflationary trend include price reductions in essential commodities such as sugar, maize flour, wheat flour, kerosene, and petrol. While electricity prices saw modest increases, their impact on overall inflation was minimal. “During the same period, however, prices of 50 kWh of electricity and 200 kWh of electricity increased by 0.3% and 0.2% respectively,” KNBS stated in its monthly inflation report. However, the cost…

Access Bank, a leading Nigerian financial institution, has received regulatory approval from the Kenya Competition Authority to acquire the National Bank of Kenya (NBK) from KCB Group. Consequently, Access Bank has to retain 80% of NBK’s employees for at least a year. “The transaction has been approved on condition that Access Bank Plc retains, for a period of one (1) year following completion of the transaction, at least of 80% of the target’s current workforce and all Access Bank (Kenya) Plc employees, its local subsidiary,” CAK said in a statement. National Bank currently has 1,384 employees, while Access Bank’s Kenyan…