Diaspora remittances rose 17.22% in January this year compared to a similar period in 2018 according to the Central Bank of Kenya (CBK) data. “The inflows improved from KSh20.94 billion in January 2018 to KSh24.55 billion in January 2019, an increase of 17%. The 12-month cumulative inflows to January increased to USD 2,733 million from USD 2,013 million in the 12 months to January 2018, reflecting a 36% growth.” North America, Europe and the rest of the world accounted for 44 %, 34%, and 22%, respectively, of the total remittances in January 2019. In 2018, Kenyans in the diaspora remitted…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The last 20 years of real estate boom in East Africa has changed our building landscape and inventory, as it quite rightly should have done. Our starting point was a region that was short of every kind of building, from housing, to shops, through offices, warehouses, hotels, and even student hostels. In all, we faced a real estate landscape that was cripplingly underinvested. And we invested. Choosing which type of investment barely mattered. Every type of property sold fast. Developments got snatched up even before the building bricks were laid, simply because the market had little to offer. We are…
Applications for the inaugural Africa Netpreneur Prize Initiative (ANPI) for African entrepreneurs open on March 27 and close on 30 June. The top 50 regional finalists of the Africa Netpreneur Prize will be announced in August, while the competition’s 10 finalists are set to be announced in October. The prize is an initiative of the Jack Ma Foundation. Each year for the next ten years, the Prize will host a pitch competition in Africa where ten finalists from across the continent will compete for US$1 million in total prize money. The Prize, which is supported by its continental partner Nailab,…
Cytonn Asset Managers has received a license from the Capital Markets Authority to operate as a REITs (Real Estate Investment Trusts) Manager. The asset management subsidiary of Cytonn Investments Plc becomes the ninth Kenyan fund manager to be granted a REIT Manager License by CMA. REITS are regulated investment vehicles that allow collective investment in real estate where both retail and corporate investors pool their funds and then engage in real estate projects. “Financing structures such as REIT’s and real estate backed funds such as high yield fund, offer a capital markets based solution to raising funds towards real estate…
Struggling fashion retailer Deacons East Africa (East Africa) PLC (Under Administration) has called for an extraordinary meeting of shareholders in March to raise Kshs 450 Million required to settle the Company’s outstanding creditors and secured lenders. Through an order from the Joint Administrators (PKF) the meeting will be held on Tuesday, 05 March 2019. J.L.G Maonga, Company Secretary Deacons, said one of the key agenda items will be “To consider and, if thought fit, to pass the following Ordinary Resolution: “That in order for the Company to raise the amount of up to Kenya Shillings Four Hundred and Fifty Million…
NIC Bank and Toyota Kenya have entered into an assets deal that will see enterprises access 80% financing on the total cost of a Toyota HINO truck, payable within 60 months, in an effort to grow the uptake of commercial motor vehicles in the country. The trucks available for financing include three tonne (300 series), four and six tonne trucks (500 FC series) with KSh3.3 million, KSh3.45 and KSh4.5 million bodies, respectively. Toyota Kenya Managing Director, Arvinder Reel said the company is well cognisant of the big role financing plays in the total cost of ownership of a motor vehicle.…