The Central Bank of Kenya (CBK) will go ahead and penalise Standard Chartered Kenya, Equity, Diamond Trust, Co-operative Bank and KCB Group for failing to report suspicious transactions in connection with the theft of funds at the National Youth Service (NYS). Read: CBK Fines 5 Kenya Banks for transacting illegally with the National Youth Service “CBK has reviewed each bank’s response to the penalty assessment and has concluded that the submissions were not sufficient to alter the findings of the investigations and the penalties assessed. Consequently, CBK has levied the penalties as assessed.” the regulator said on Friday in a statement.…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Safaricom has upgraded its Lipa na M-Pesa system to enable customers to make faster and private cashless payments at more than 2,500 sales points by issuing each cashier with distinct till number. This is a change from the previous situation where each shop had a single till. As part of the process, Safaricom and the merchants also re-integrated the till numbers under the new Daraja M-PESA Application Programming Interfaces, which allow for deeper integration. “Millions of customers and thousands of merchants increasingly prefer Lipa Na M-PESA when it comes to payments. Our enhanced integration of Lipa Na M-PESA for the…
Twiga Foods has raised Ksh1 billion investment from the World Bank’s International Finance Corporation (IFC) and the Global Agriculture and Food Security Programme. The investment was co-led by TLcom, a pan-African venture capital (VC) firm with participation from previous investors DOB Equity, 1776, Adolph H.Lundin and Wamda Capital. Twiga Foods is a Kenya-based startup that connects smallholder farmers in rural areas to informal retail vendors in cities. Twiga’s mobile commerce platform enables vendors to order fresh produce for a fair price from farmers across Kenya as and when required. Read : Twiga Food Becomes Kenya’s First Domestic Company to Test Farmers’…
The Energy Regulatory Commission (ERC) raised the prices of a litre of super petrol up by KSh2.38 per litre and will for the next 30 days retail at KSh118.11 in Nairobi and KSh115.48 in Mombasa. Diesel also increased by KSh3.11 and Kerosene by KSh2.99 per litre. ERC Director General Robert Oimeke said the increase in fuel prices is a reflection of higher costs of the imported fuel bill which increased by 4% for petrol in October from $729.04 per ton in September to $758.34 per ton in October 2018. “Over the same period, the mean monthly US Dollar to Kenya…
Developer launches Five Senses public gardens at heart of Nairobi lifestyle oasis Enaki HassConsult Limited’s sensory KSh10 billion botanical garden development has been touted as Kenya’s and Africa’s first experience-driven township designed by award-winning Spanish architects iGreen filled with cascading waterfalls and community facilities. “Enaki is an investor-buyers’ project located along Redhill Road near UN Habitat, diplomatic mission, non-governmental organisations and affluent homes. This is a premium location that neighbours Nyari, Runda, Gigiri, Ridgeways, Spring Valley, Kitisuru and Muthaiga residential areas where an acre goes for about KSh80 million to KSh100 million,” said project director Ms. Sakinah Hassanali. Yet, while…
When it comes to entertainment, home internet as an essential utility for most Kenyans who prefer speed, reliability, and service. This is according to poa! Internet survey conducted in August this year which found out that Kenyan consumers shy away from funding grand HQs and big entertainment budgets for Internet providers. According to the survey, internet consumers would rather get high-quality technical services from providers than pay extra for large marketing, entertainment and headquarter budgets, prior to the new round of subscription price rises from the country’s leading providers. Related: Safaricom increases cost for voice calls and data by 30…