Author: Muindi

Frank Mwiti has been appointed the new Chief Executive Officer of the Nairobi Securities Exchange, replacing Geoffrey Odundo, who retires after nine years. Kiprono Kittony, the Chairman of the NSE Board, disclosed the appointment in a public notice dated February 19. Mwiti is expected to assume his new role on May 2, pending regulatory approvals by the Capital Markets Authority. “The appointment follows a comprehensive and rigorous recruitment process,” Kittony said Monday. He described Frank Mwiti as a dynamic and accomplished business leader with over two decades of diverse international professional experience in strategy, governance, business development, risk management, corporate finance,…

Remittances sent home by Kenyans living abroad jumped significantly in January 2024, reaching $412.4 million. This is an impressive 5.3% increase compared to the same period in 2023 and 18% higher than December 2023. According to the Central Bank of Kenya (CBK), Kenyans living abroad sent Sh53.9 billion ($372 million) in December last year, 18% higher than in January 2023. The United States remains the largest source of Kenyan remittances, accounting for 54% of all inflows last month. The cumulative inflow for the 12 months to January 2024 totalled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in…

Fuel prices in Kenya have dropped by one shilling, according to the latest Energy and Petroleum Regulatory Authority (EPRA) review. In Nairobi, super petrol, diesel, and kerosene will sell at KSh 206.36, KSh 195.47 and KSh 193.23, respectively, for the next 30 days – 15th February to 14th March. The fuel prices include a 16% value-added tax (VAT). According to EPRA, the average landed cost of imported super petrol decreased by 1.71% from US$ 677.78 per cubic metre in December 2023 to US$ 666.16 per cubic metre in January 2024. Diesel cost decreased by 3.08% from US$ 751.15 per cubic…

Cash-strapped Uchumi Supermarket Plc is set to host a creditors and members meeting virtually on Thursday, 29th February 2024. This meeting follows a similar virtual gathering held on 30th May 2022. Uchumi has called for a creditors meeting Feb 29. How is Langata branch doing? https://t.co/AW3R940iCm pic.twitter.com/EOdQ3SroMQ — David Indeje 🇰🇪 ( He/Him/His) (@David_Indeje) February 8, 2024 Uchumi closed down, was placed in receivership in June 2006 after 30 years of business, and was de-listed from the Nairobi Securities Exchange. According to People Daily, Uchumi Supermarket Plc has embarked on a recovery program. The company aims to make a breakthrough…

The Kenyan Cabinet has given the green light to privatise six state-owned corporations, including five hotels and one bank.  Development Bank of Kenya (DBK): The government plans to divest from DBK, which has fully transitioned into a deposit-taking commercial bank regulated by the Central Bank of Kenya. DBK started as a non-banking financial institution in 1963, focusing on promoting and developing commercially viable projects. “The decision by our nation’s apex policy-making organ was informed by the fact the Bank had fully transitioned into a fully-fledged deposit-taking commercial bank regulated by the Central Bank of Kenya (CBK),” read part of a…

Kenya Breweries Limited (KBL) is scaling up the rollout of Diageo One, an online platform that enables retailers to place orders online. This is after piloting it for a year.  Mark Ocitti, the Managing Director of KBL, says Diageo One will revolutionize how liquor manufacturers interact with trade partners, particularly distributors and retailers.  “From what we have seen during the trial stage, Diageo One will revolutionise the way we engage with our trade partners—distributors and retailers—at the point of purchase,” Ocitti stated The COVID-19 pandemic has accelerated the adoption of digital solutions in the consumer goods industry. With increased access…