The Nairobi Securities Exchange (NSE) has announced the addition of three Kenyan companies in the Morgan Stanley Capital International (MSCI) Frontier Markets Small Cap Index, a move that is expected to boost the visibility of Kenyan stocks to international investors and potentially drive substantial capital inflows to the NSE. Kenya Power and Lighting Company PLC, Carbacid Investments PLC, and Bamburi Cement PLC will be the three to join the MSCI small cap index. The index already includes Kenya’s BAT Kenya PLC, Diamond Trust Bank Kenya, KenGen, and Kenya Re. With the number of Kenyan firms listed on index now at…
Author: Antony Mutunga
Antony Mutunga
Antony Mutunga holds a Bachelors degree in Commerce, Finance from Jomo Kenyatta University of Agriculture and Technology. He previously worked for Altic Investment & Consultancy before he joined NBM team in 2015. His interest in writing ranges from business, economics and technology. He is also our lead researcher in matters business.
The series of tax measures that the government has been proposing are set to increase as a response to the mounting economic pressures it has been facing including the recent default on the loan borrowed from China to build the Standard Gauge Railway (SGR). Already making progress with the Tax Laws (Amendment) Bill, 2024 and Tax Procedures (Amendment) (No.2) Bill, 2024, that are meant to boost the government’s coffers, the administration is now in need of more revenue following it’s growing expenses. For instance, the recent default of the Sh167.5 billion loan by the Kenya Railways Corporation. The loan which…
Softlink Global, a global leader in innovative transportation management solutions (TMS), has entered into a partnership with Escrow Africa, a prominent Kenyan-based fintech and business solutions company, promising to boost efficiency and competitiveness for businesses across Kenya and Africa as a whole. The move will see Escrow Africa serve as the official representative for Softlink Global in Kenya. It will spearhead the marketing, sales, and support of the entire Softlink product line, including the highly acclaimed Logi-Sys TMS application, a cloud-based integrated platform tailored specifically for the logistics and freight forwarding sector. According to Kunal Maheswari, CGO of Softlink Global,…
Safaricom group has announced a decrease in its profit after tax despite increasing its total revenue in the six-month period ending 30th September 2024. The group recorded a fall in its profit after tax which stood at Sh10.01 billion as compared to Sh27.19 billion in the same period last year. This decline is largely attributed to the depreciation of the Ethiopian currency, the Birr. According to Dilip Pal, Safaricom PLC CFO, as of 30 September 2024, the Birr’s value against the US Dollar was 118.99, a depreciation of 106% from the 57.69 value in June 2024. This was due to…
The government, through the State Department for Public Service, has announced plans to establish a new fund, aimed at enhancing healthcare coverage for civil servants and other public officers. This initiative, comes as part of ongoing efforts to improve the welfare of government employees and streamline the provision of medical benefits. The proposed new fund dubbed ‘the Public Officers Medical Scheme Fund’ is designed to work in conjunction with the Social Health Insurance Fund (SHIF) provided under the Social Health Insurance Act. It will be financed through the recovery of medical benefits from public officers’ contractual remunerations, ensuring a sustainable…
The United Kingdom has announced a significant financial initiative aimed at supporting Micro, Small, and Medium Enterprises (SMEs) in Kenya. A move that is part of the country’s long-term commitment to providing investment solutions that foster growth and job creation in East African nation. The British High Commission in Nairobi unveiled a fund, sponsored by FSD Africa, of Sh670.80 million ($5.2 million) that aims to bolster small businesses. The impact of this initiative, dubbed as the ‘Listed SME Debt Fund’,is expected to be far-reaching. It is projected to support at least 10,000 MSMEs, benefit 50,000 households, create or protect over…
The Kenya Revenue Authority (KRA) has issued an important notice regarding the declaration of mobile devices and their IMEI numbers during importation. This directive is part of the KRA’s efforts to collect revenue on behalf of the Kenyan government and to administer the East African Community Customs Management Act (EACCMA). In respect to the Second Schedule of the EACCMA, the KRA will require all importers of mobile devices to submit detailed import entries, including accurate quantities, model descriptions/specifications, and the respective IMEI numbers of the devices in the customs system. Passengers entering Kenya will also be required to declare the…
VistaJet, the world’s premier global business aviation company, is embarking on an ambitious expansion in East and South Africa. The company is set to launch its first-ever East and South Africa Static Display Roadshow, featuring its flagship aircraft, the Bombardier Global 7500. This strategic initiative will kick off in Nairobi, before moving on to South Africa’s key business hubs of Johannesburg and Cape Town. The choice of these locations is no coincidence. As Nairobi has continued to establish itself as East Africa’s technology and business epicenter, Johannesburg and Cape Town represent the mature aviation market in South Africa. The East…
Kenya’s biggest celebration of the local industry, the Changamka Kenya Shopping Festival is set to open its doors at the Kenyatta International Convention Centre (KICC) in Nairobi. This highly anticipated event, running from November 5th to 9th, 2024, is a collaborative effort between the Kenya Association of Manufacturers (KAM) and the Ministry of Investments, Trade, and Industry. Under the theme “Celebrating the Ingenuity of Kenya’s Manufacturing Sector,” the 7th edition of the festival is set to showcase the country’s industrial prowess. With over 200 exhibitors, including more than 100 manufacturing Small and Medium Enterprises (SMEs),there will be much opportunity to…
The International Monetary Fund (IMF), after recently concluding the seventh and eighth reviews of Kenya’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, as well as the review under the Resilience and Sustainability Facility (RSF) arrangement, has given the green light for Kenya to access finance in support of its ongoing efforts to strengthen its fiscal and external buffers including enhancing resilience to climate shocks. This decision by the IMF’s executive board allows for the immediate disbursement of Sh78.03 billion ($606.1 million) to the country. The EFF/ECF arrangements would be providing Sh62.54 billion ($485.8…