BY SILAS APOLLO Close to 39 banks in the country made a total tax contribution (TTC) of Sh181.27 billion in 2022, a study by the Pricewaterhousecoopers shows The study, done in partnership with the Kenya Bankers Association, shows that the new figures is a 39.94% increase from the total tax contribution of Sh129.52 billion made in 2021. The TTC study further indicates that the 2022 contribution by the 39 banks – which cumulatively represents 97.65% of the market share from a net asset perspective – is 8.93% of the total tax collections in Kenya compared to 6.8% in 2021. The PwC study says that…
Author: NBM CORRESPONDENT
The Central Bank of Kenya’s Monetary Policy Committee has introduced an interbank interest rate around the Central Bank Rate (CBR) at over and below 2.5%, in line with the reforms outlined in the White Paper on modernisation of the monetary policy framework and operations The new rates, adjusted to inflation, was approved by the bank’s Monetary Policy Committee (MPC) on Wednesday, and aims at ensuring that the interbank rate, as an operating target, closely tracks the CBR. MPC noted in a statement that the framework allows the CBK’s open market operations to be conducted on the basis of a flexible…
The move underlines the firm’s commitment to business diversification Listed company, Kakuzi has successfully completed the inaugural export delivery of 181 breeding Boran heifers to a Uganda-based rancher for breeding. The heifers valued at more than Sh13.5 million left Kakuzi’s Makuyu, Murang’a County, livestock paddocks late last week and have now been received at Mpala Farm, in Kawempe Division, Central Uganda. Speaking when he confirmed the successful delivery, company’s livestock manager Dr. Karatina Ole Nchoki said the 181 heifers aged between 30 and 36 months will be used for breeding at Mpala Farm, which is introducing a Boran herd. The…
By Samuel Ochieng, ACSI Interest rates in the country continue to remain high, mainly on account of the elevated inflation rates that have been experienced in the past year. As a result, lenders attach a higher rate of return to their investments to ensure they do not lose out on purchasing power due to the rising costs of goods and services. In the 13 months leading up to June 2023, the country’s inflation rate remained above the Central Bank of Kenya’s (CBK) target range of 2.5%–7.5%, even rising to a five-year high of 9.6% in October last year. The elevated…
By Michael Mutava Mulei To the keen observer, interest rates by the local banks have been creeping upwards stealthily. Sometimes, it has been difficult for some people to take note, not for lack of being keen, but because the shoe is not on their leg. The reaction is starkly different if the same question is put to an entrepreneur, a car buyer, or a new homeowner, especially if their financing model is credit-related. Interest-rate increments portend higher costs for asset financing and mean that borrowers have to make do with a closer financial haircut in loan repayments. These are challenging…
BY VICTOR ADAR Growing up a firstborn in a family of three, in Ngutu Village Muranga County, Patrick Njoroge never dreamed of one day working in the hospitality industry. Looking back now, he attributes his career trajectory today to the kind of upbringing he had. His parents were intentional in instilling the value of hard work. His parents also signed Patrick and his siblings up for a number of training programs in the church. The programs, he points out, have played an important role in the man he has become today. Being a firstborn also forced him to put the…
By Perminus Wainaina This year has been tough on businesses. Just when companies were about to recover from the effects of COVID, the economy slowed down. It is time to make tough decisions to continue thriving, and this is by managing staff costs. To avoid making mistakes, here are some of the things a company can do to manage staff costs. Review your staffing levels and pay Look at your current workforce and assess whether you have the correct number of employees to meet your business needs. If you have more than you need, consider reducing your workforce. In…
Listed flour miller and animal feed company, Unga Group Limited has welcomed the cabinet approval to operationalise the recently promulgated Strategic Food Reserve Regulations, 2023, terming it as a step in the right direction. The firm’s managing director, Joseph Choge said the regulations will provide a strategic avenue to enhance national food security ideals while strengthening the local food commodity market. The Operationalisation of the National Cereals and Produce Board (NCPB) – National Strategic Reserve – Regulations, 2023, with a base stock greater than 90,000 metric tons, or three months’ national food requirement of scheduled agricultural produce, Choge said, will help…
Maisha Membership will eliminate the need for third-party intermediaries, allowing customers to access the services directly when in need Pan African Bank Ecobank Kenya Limited has partnered with AMREF Flying Doctors to offer Maisha Membership, an air and ground ambulance scheme to the lender’s clientele. Under the partnership, Maisha membership will provide the bank’s customers with access to fast, affordable, and quality air and ground evacuation services in the event of a medical emergency in East Africa. Members of AMREF Flying Doctors’ Maisha plan including customers will have access to unlimited evacuation flights per year for medical emergencies, unlimited ground…
The broadcaster plans to invest approximately Sh148 million in the first season, with a 10% annual increment Tanzanian pay tv station Azam TV has inked a deal with the Football Kenya Federation (FKF) handing it exclusive pay TV rights for the 2023/24 FKF Premier League (FKF-PL) season. The station’s chief operations officer Yahya Mohammed, said the company will air four matches in every round on its “pay TV and digital” platforms. “Through this partnership, we are not just broadcasting matches, we are sharing stories of dedication and belief in Kenyan football,” Mohammed said. FKF President, Nick Mwendwa on his part, expressed gratitude…