Author: Muindi

The International Monetary Fund (IMF) has reached a staff-level agreement with Kenya to expand its financing to the country by $938 million (Sh142.6 billion) to support its economic reform programs. If approved, Kenya will have access to a total of $3.88 billion, which would bring its total funding under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, the IMF said. “The agreement is subject to IMF management approval and consideration by the Executive Board, which is expected in January 2024. Upon completion of the sixth reviews by the IMF Executive Board, Kenya would have immediate…

P&L Consulting, a Nairobi-based C-Suite advisory firm, has officially launched its operations in Tanzania, a vibrant and growing market in East Africa. This move marks a significant milestone in the firm’s 10-year journey of providing strategic communication and advisory services to clients across various sectors. The firm’s expansion to Tanzania is driven by the country’s promising economic outlook, which is projected to reach a GDP growth rate of around 6 per cent by 2025, according to the World Bank. Tanzania’s private sector is leading the way in creating jobs, innovating, paying taxes, and promoting fair competition. The country also boasts…

Co-operative Bank of Kenya recorded a net profit of Sh18.4 billion in the nine months ended September, a 7.5 per cent increase from Sh17 billion in the same period last year. The profit growth was driven by higher interest income from loans to customers and the government, as well as lower operating costs. The bank’s total interest income rose by 12.8 per cent to Sh49.3 billion as it expanded its loan book by Sh42.9 billion to Sh378 billion and increased its investments in government securities by Sh16.2 billion to Sh138.6 billion. “The strong performance by the bank is in line with the group’s strategic focus on sustainable growth, resilience, and agility,”…

Two of Kenya’s leading marketing communication firms, Redhouse Group and Media Edge Interactive, have been placed under administration due to financial challenges. Mark Kaguru has been appointed as administrator to oversee the winding up of the companies and the sale of their assets. Redhouse Group was formed in 2012 by former Ogilvy Kenya executives Koome Mwambia and Okoth Obado, who joined forces with Media Edge Interactive founder Esther Ngomeli. The group acquired a majority stake in Media Edge Group, which comprised Media Edge Interactive and Media Edge PR, and also launched its own subsidiaries, Redhouse Advertising, Redhouse Media, and Real…

The Nairobi Securities Exchange PLC (NSE) has approved the listing of Linzi Sukuk, the first Shari’ah-compliant product to be admitted on its Unquoted Securities Platform (USP).  The USP is an automated solution for the issuance and trading of securities of unquoted companies. The Linzi Sukuk is a KSh 3 billion Islamic secured residential-based security issued by the Linzi FinCo Trust, a common law unincorporated trust. The bond has a maturity period of 15 years and offers an internal rate of return of 11.13%. Sukuk, also known as Islamic bonds, are financial instruments that comply with Shari’ah principles, which prohibit interest…

Airbnb Ireland UC (Airbnb) has announced that the Kenya Revenue Authority (KRA) has asked the firm for information about transactions done by the homestays in Kenya. Airbnb Ireland is the data controller of the personal data of all users of Airbnb in Kenya. According to a statement by the Irish company, KRA wants them to share a limited amount of data about historical transactions that happened on the Airbnb platform from January 1, 2021, to December 31, 2022. “KRA has issued an exchange of information request to the Irish Tax Authority (Irish Revenue) seeking certain information on Kenya hosts, and…