Author: Muindi

Safaricom has achieved a significant milestone in its 5G network expansion, surpassing 1,000 sites and reaching all 47 counties in Kenya. The network now covers 102 towns and 14% of the population. This rapid growth positions Safaricom as a leader in 5G deployment in the country. The expanded network caters to a growing demand for high-speed internet. Safaricom currently serves over 11,000 enterprise customers and 780,000 active 5G smartphone users on its 5G network. “Safaricom remains committed to leading Kenya’s digital transformation,” said Peter Ndegwa, CEO of Safaricom PLC. “We believe 5G will be a key catalyst for innovation across…

The Energy and Petroleum Regulatory Authority (EPRA) has maintained fuel prices for the period August 15 to September 14, 2024. Super petrol will continue to retail at Ksh188.84, diesel at Ksh171.60, and kerosene at Ksh161.75 per litre in Nairobi. These prices will vary slightly across different regions. While the overall inflation rate has eased to 4.3% in July from 4.6% in June due to lower fuel and electricity costs, EPRA opted to keep fuel prices unchanged. Despite a slight decrease in the landed cost of super petrol, increases in diesel and kerosene prices did not warrant a price adjustment. “In…

MultiChoice Talent Factory (MTF) seeks talented individuals to join its 2025 academy. Aspiring filmmakers, scriptwriters, producers, and storytellers across Africa are encouraged to apply for this fully funded program. The application deadline is September 15, 2024. MTF is committed to nurturing and developing the next generation of African storytellers. The program offers a comprehensive curriculum, mentorship from industry experts, and opportunities for practical experience. Upon graduation, top-performing students will receive further training, internships, and the chance to showcase their work on MultiChoice platforms. Through MTF, MultiChoice aims to discover and support African talent, telling authentic stories that resonate with global…

The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company under statutory management with immediate effect due to financial distress. The insurer is barred from entering into new contracts and PCF is appointed as the Statutory Manager. Policyholders are advised to seek alternative coverage and PCF will compensate affected claimants as per the Insurance Act. “The insurer’s existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” said IRA Commissioner of Insurance Godfrey Kiptum. in a statement. Invesco Assurance Company is grappling with a backlog of unpaid claims and…

The African Export-Import Bank (Afreximbank) has announced plans to significantly increase its financing for intra-African trade from $20 billion in 2021 to $40 billion by 2026. As a result, the Pan-African multilateral financial institution has committed $1 billion to support African nations in adapting to new trading conditions under the African Continental Free Trade Area (AfCFTA). Afreximbank is partnering with the AfCFTA Secretariat and the African Union Commission to ensure the successful implementation of this system. In addition, the lender will establish and operationalize this platform for facilitating intra-African trade. To enhance the effectiveness of African multilateral financial institutions, Afreximbank…

Morgan Stanley Capital International (MSCI) has upgraded the Co-operative Bank of Kenya to the MSCI Frontier Market Index (FM) and added four other Kenyan stocks to the MSCI Frontier Markets Small Cap Indexes. This move will enhance the visibility of these companies to global investors. Co-operative Bank joins Safaricom, KCB Group, Equity Group, and East African Breweries in the Frontier Market Index. The changes will take effect on August 30, 2024, and will also apply to the MSCI All-Country World Index. The four Kenyan companies added to the MSCI Frontier Markets Small Cap Indexes are British American Tobacco, Diamond Trust…