Author: Muindi

Stanbic Holdings Plc registered a slight increase in net profit for the first half of 2024, reaching KES 7.2 billion from KES 7.1 billion in the same period last year. This growth was primarily driven by a combination of increased net interest income and reduced operating expenses. However, a decline in non-interest income tempered the overall profit increase. The company’s customer base expanded by 18% reaching 284,555 customers. While customer loans decreased slightly by 2.4%, deposits grew by a substantial 39%. “Despite a broadly positive economic outlook in Kenya and the region, the first half of 2024 was a mixed…

Kenyan car manufacturer Mobius Motors Ltd has announced its closure through liquidation. In a shareholder meeting on August 5, 2024, the company decided to voluntarily wind down its operations. KVSK Sastry has been appointed as a liquidator to oversee the process. A creditors’ meeting will be held on August 15, 2024, at the Mobius Factory in Nairobi to approve the liquidator’s appointment. Creditor information will be available for inspection at the company’s offices on August 9, 2024. Government to Rescue Struggling Mobius Motors The Kenyan government is exploring options to save struggling car manufacturer Mobius Motors from liquidation. Principal Secretary…

The Central Bank of Kenya (CBK) reduced its benchmark lending rate by 0.25% to 12.75% on Tuesday. This marks the first rate cut since March 2020, signalling a shift in monetary policy. The decision comes as inflation eases and the Kenyan shilling strengthens. The move aims to stimulate economic growth by making borrowing more affordable for businesses and individuals. “The MPC concluded that there was scope for a gradual easing of the monetary policy stance while ensuring continued exchange rate stability. Therefore, the Committee decided to lower the Central Bank Rate (CBR) to 12.75%,” CBK Governor Kamau Thugge said in…

The Central Bank of Kenya (CBK) has made significant changes to all Kenyan banknotes. Effective immediately, all denominations will feature the signatures of Governor Kamau Thugge and National Treasury Principal Secretary Chris Kiptoo. Additionally, the banknotes will display a new print year of 2024 and incorporate enhanced security features, including colour-shifting threads. The redesign affects all Kenyan banknotes, from the KSh50 to the KSh1,000 notes. However, the CBK has clarified that existing banknotes remain legal tender and will continue to circulate alongside the new designs. “The rest of the features remain the same as those of the series issued in…

Kenya’s inflation rate eased to 4.3% in July, down from 4.6% in June, according to data from the Kenya National Bureau of Statistics (KNBS). On a monthly basis, inflation was -0.2% from 0.4% in June. The decline was primarily driven by falling prices for food and fuel. Key food items such as tomatoes, wheat flour, onions, and maize flour saw significant price reductions. Additionally, a drop in electricity and kerosene prices contributed to a lower Housing, Water, Electricity, Gas, and Other Fuels index. However, a slight increase in gas prices tempered the overall decline. The transport sector also experienced a…

Kenya and Uganda have initiated formal discussions to extend the petroleum products pipeline from Eldoret to Kampala. This project is anticipated to significantly reduce the cost of overland fuel transportation to Uganda and beyond, thereby transforming the region’s fuel import landscape. The talks were commenced between Uganda’s Minister of Energy and Mineral Development, Ruth Ssentamu, with Kenya’s Ministry of Energy officials, led by the State Department for Petroleum PS. Mohammed Liban, and toured Kenya Pipeline Company (KPC) headquarters. The infrastructure initiative involves Kenya constructing a multi-product oil pipeline from Eldoret to the Malaba border, while Uganda will build a connecting…