Kenya’s Capital Markets Authority (CMA) has warned against online foreign exchange trading through unlicensed entities as they risk losing their investments and may not be protected by the law. CMA Chief Executive, Mr. Paul Muthaura, observes that several individuals and entities are carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without the relevant license by the Authority. “The Capital Markets Authority (CMA) has issued only one license to EGM Securities Limited (formerly Execution Point Limited) to operate as a Non – Dealing Online Foreign Exchange Broker,” Paul Muthaura, CMA…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Taaleri Group has acquired the option to subscribe for up to 20 percent of Cytonn a transaction that enhances the two firms relationship beyond project finance to shareholding. Speaking at the signing of the agreement, Edwin H. Dande, CEO of Cytonn Investments, noted that the transaction affirms market confidence in the Cytonn brand and unique business model, and provides a strong anchor investor as they prepare for IPO which they hope to complete in 2019. “We have already engaged with two sets of transaction advisors, in Nairobi and London, to explore a local listing either at the Nairobi Securities Exchange,…
The manufacturing sector plays a pivotal role in economic growth and wealth generation in the world. This economic growth is generated from highly productive jobs resulting in an increase in the purchasing power of citizens and an increase in export market achieved through value addition and diversification. Vision 2030 has placed emphasis on the manufacturing sector as one of the vehicles to deliver economic sustainability by increasing Kenya’s competitiveness in the global market. One of the objectives highlighted therein is that the Country should aim to strengthen the capacity and local content of domestically manufactured goods. Kenya’s manufacturing sector contribution…
Safaricom has increased the cost for voice calls and data by 30 cents and SMS by 10 cent as a result of the increased taxes passed in the Finance Act 2018, particularly the Excise Duty tax applicable on Voice, SMS and Data services was increased from 10% to 15%. This is in addition to the prevailing Value Added Tax applicable to mobile services at the rate of 16%. Bob Collymore, Safaricom CEO in a statement said, “Therefore, as a result of the increased taxes passed in the Finance Act 2018, we wish to notify our customers that from midnight tonight,…
Britam, Jubilee Insurance, Liberty Kenya and Kenya Re-Insurance are the best stocks to invest in Kenya’s insurance sector according to analysts at Genghis Capital. However, they recommend a hold on CIC Group. “CIC depicts potential for growth due to improving underwriting profits as the company focuses on claims management. Britam, on the other hand, will benefit from its wide regional expansion, cost containment and sturdy premium from the life business,” said the analysts in their Kenya Insurance Sector report themed ‘Out of the Woods’. They project premiums to grow at an average of 8.7 percent in 2018 with non-life business…
Liquid Telecom has appointed Adil Youssefi and Wellington Makamure as the new Regional CEO of East Africa and regional CEO, Southern Africa region. Respectively. In his new role, Adil will be directly responsible for the leadership, strategic and operational management of Liquid Telecom’s wholesale, enterprise and retail businesses throughout Kenya, Rwanda, Uganda, Tanzania and Ethiopia. Adil has served as CEO of Liquid Telecom Kenya since April 2017, helping to further strengthen the company’s strong position in the local market. During his time as CEO, Adil oversaw a groundbreaking 10-year partnership with Kenya Electricity Transmission Company Limited (KETRACO), which will enable…