Author: Muindi

VisionPlus Kenya, a leading home appliance and consumer electronics manufacturer, has announced plans to establish the country’s first-ever local plant for smart televisions and audio entertainment systems. The investment of Kshs 125 million is part of the company’s strategy to expand its product range and shift from importing to manufacturing locally designed appliances. Targeting underserved and emerging populations, VisionPlus aims to cater to the growing demand for quality, stylish, and convenient home appliances. Managing Director Umesh Bhojwani highlighted the significant growth potential in the Kenyan home appliance market, driven by population growth, urbanization, and changing lifestyles. “We want to serve…

President William Ruto witnessed the signing of a gazette notice that will raise the minimum wage by 6% for employees across various sectors in Kenya. The new rates will take effect on November 1, 2024, benefiting thousands of workers. The decision follows months of negotiations involving the government, trade unions, and employers. The government established the National Wages Council to oversee the wage increase process and ensure a structured approach. Under the new wage schedule, unskilled employees will earn a minimum of Sh7,997 per month, while skilled and semi-skilled workers will see significant increases. House servants and cooks will now…

The Central Bank of Kenya is buying dollars to increase foreign exchange reserves and stabilize the exchange rate. The move aims to protect the economy from potential shocks. The Central Bank of Kenya (CBK) has been actively purchasing dollars in the foreign exchange market to build up its reserves and mitigate exchange rate volatility. Dr Kamau Thugge Governor of the CBK and also the chairman of the Monetary Policy Committee announced this during the post-MPC briefing on Wednesday. “We have had a significant increase in foreign exchange, both from banks, but also remittances. So, in order to moderate the fluctuations…

Airtel Networks Kenya has announced discontinuing its Airtel TV service effective September 30, 2024. In a public notice, the telco apologized for any inconvenience caused by the service’s termination. “Access to Airtel TV channels and content will no longer be available. We apologize for any inconvenience caused,” the telco said in a public notice. Airtel TV was launched in August 2020 and offered a wide range of entertainment content, including movies, dramas, documentaries, music, and cartoons. Airtel TV subscribers could enjoy premium content from renowned studios like Universal, Nickelodeon, and the BBC without a subscription. The service was accessible to…

Kenya’s balance of payments surplus narrowed to KShs 84.1 billion in Q2 2024 from KShs 152.9 billion in Q2 2023, a significant improvement in the country’s trade position. This positive trend was primarily driven by a narrower current account deficit, which decreased by 34.5% to KShs 104.1 billion, the Kenya National Bureau of Statistics (KNBS) has released the Q2 2024 Balance of Payments report. Current Account Balance Item Q2’2023 Q2’2024 Y/Y % Change Merchandise Trade Balance (354.3) (341.2) 3.7% Services Trade Balance 27.4 43.6 59.1% Primary Income Balance (69.8) (45.6) 34.6% Secondary Income (transfer) Balance 237.7 239.2 0.6% Current Account…

Absa Bank Kenya PLC has established the Absa Kenya Foundation (AKF) to accelerate its social impact and sustainability initiatives. The Foundation will focus on four key areas: entrepreneurship, education and skills, natural resource management, and health and humanitarian relief. “This Foundation is yet another step forward in our journey to lead and innovate within the financial sector, acting as a catalyst for positive, lasting change. This presents us with an important opportunity to build upon our past experiences to strengthen our ability to create lasting shared value and scalable impact for our communities in a sustainable manner,” Absa Bank Kenya…