Author: Muindi

Kenya and the European Union (EU) have concluded negotiations on an Economic Partnership Agreement (EPA), which will boost trade and investment between the two partners. “This agreement brings us closer to Kenya, and it brings Kenya closer to us. Kenya is considered the economic hub of East Africa, and the opening of new areas of cooperation will translate into mutual benefits for our workers, businesses, and traders. The agreement includes a shared commitment to sustainable development, including labour rights, the environment, and climate action,” José Manuel Albares, Spanish Minister of Foreign Affairs, European Union, and Cooperation, said in a joint…

Kenyan motorists will enjoy the largest drop in fuel prices in over two years as the global market for crude oil continues to decline. The Energy and Petroleum Regulatory Authority (EPRA) announced that a litre of super petrol will cost Ksh212.36 ($1.39) in Nairobi, down from Ksh217 ($1.42) in the previous month.  Diesel prices will also decrease from Ksh203.47 ($1.33) to Ksh201.47 ($1.31) per litre.  The new prices will be effective between December 15 this year and January 14, 2023.  “The price of diesel has been cross-subsidized with that of super-petrol and in order to further cushion the economy, the…

Raisin Capital, a leading African capital-raising advisory firm, has successfully facilitated the closure of a new share purchase agreement between SMEP Microfinance Bank and HOPE International, a global investor in microfinance. The transaction grants HOPE International a 51% controlling stake in SMEP. This achievement underscores Raisin’s commitment to supporting African economic growth by helping African businesses access capital. According to Symon Kamore, the CEO of SMEP Microfinance Bank, “With HOPE International’s experience in the microfinance sector, we are strengthening SMEP’s current position as a competitive and growing institution. Furthermore, because of HOPE’s Christ-centered values, this investment allows us to deliver well…

Rwanda will go to the polls in July 2024 for its presidential and parliamentary elections. Incumbent President Paul Kagame aims to extend his nearly three-decade grip on power. The Presidential Order relating to elections of the President of the Republic and Deputies has been published in the Official Gazette. Find it here:https://t.co/6Bocfb7v3p — National Electoral Commission | Rwanda (@RwandaElections) December 12, 2023 Key Dates and Details: Voting Day: July 15, 2024 (President & 53 lower house deputies) Remaining Deputies: July 16, 2024 (27 seats) Kagame’s Bid: Seeking re-election for another five-year term Eligibility: The 2015 constitutional amendment allows Kagame to remain in office…

The Kenyan Insurance Regulatory Authority (IRA) has taken decisive action against two insurance companies, placing Xplico Insurance Company Limited under statutory management and cancelling the operating license of Invesco Assurance Company Limited. Existing Xplico policyholders are urged to immediately find new insurance coverage with licensed insurers to avoid any gaps in protection. “Its existing policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure. The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, CAP 487 Laws of Kenya,” IRA said. Invesco License Cancelled…

Carrefour Kenya opened its 22nd store in the country, bringing its signature convenience and extensive product range to the vibrant coastal region of Mombasa. The new store, located at Promenade Mall in Nyali, spans over 1,500 square meters and offers a diverse selection of products, from everyday essentials to fresh groceries, catering to the needs of the local community. “The launch of our Promenade Mall store underlines our dedication to delivering quality, variety, and convenience to our customers,” said Christophe Orcet, Regional Director, East Africa, Majid Al Futtaim.  “Additionally, at Majid Al Futtaim, we are and will remain committed to…