By Antony Mutunga T wo decades ago, most Kenyans were locked out of the credit market. As service providers, primarily digital lenders, entered the unexploited space, a high appetite for credit followed as financial inclusion grew. It resulted in high-interest rates and low access to credit, thereby attracting the attention of investors and stakeholders, with the Kenyan parliament passing a bill that imposed a cap on interest rates in September 2016. True, but the cap did not last, as authorities came to terms with the fact that it reduced the chances of private sector players accessing credit, leading to an…
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.
By Antony Mutunga For years, Kenya has retained her position as the leading country in East Africa. The economy has been attracting investors and international organizations to her shores, making her the favourite destination in Eastern Africa. No wonder, the United Nations Office at Nairobi (UNON) is the UN’s headquarters in Africa and one of four main UN secretariat duty stations. This shows how important Kenya’s position is to rest of world not only in the East Africa region, but Africa as a whole. With about 80% of East African regional trade passing through Kenya’s Mombasa Port, the country’s dominance…
BY SILAS APOLLO County Public Investments and Special Funds Committee is worried about Sh71 million debt choking the Muranga County-owned water companies, warning they risk crippling their operations. In particular, the committee singled out Murang’a Water and Sanitation Company (Muwasco) whose debt has grown exponentially in the last three years – from Sh60 million in December 2020, the company’s debt had jumped to Sh71 million as of January 2023, surging by an additional Sh5 million to stand at Sh76 million by July 2023. When Governor Irungu Kangata appeared before the committee last week, he was given seven days to submit…
The training, done jointly with the USAID Tumikia Mtoto Programme and the World Vision Kenya, seeks to empower young and vulnerable women by providing them with skills in areas such as electrical, paintwork and plumbing works BY SILAS APOLLO Over 2000 young people are set to benefit from technical and vocational training in construction through a Sh60 million investment by the Family Bank’s arm, the Family Group Foundation. The training, done jointly with the USAID Tumikia Mtoto Programme and the World Vision Kenya, seeks to empower young and vulnerable women by providing them with skills in areas such as electrical,…
Need to empower women drivers inspires a partnership between Isuzu and Bamburi cement By Mumbi Mutoko Isuzu East Africa and Bamburi Cement join forces in an effort to uplift women in the trucking industry. Dubbed “Women on Wheels”, the program aims at fostering driving expertise, expand job opportunities, and fortify road safety across the country. In her address at a recent Isuzu Drivers Academy’s fifth graduation ceremony, Rita Kavashe, the managing director of Isuzu EA, highlighted the advantage of skills, and why the ripples of their collaboration extend beyond certification, and signifies a firm step towards gender equality, industry advancement,…
The Parliament of Kenya in conjunction with the African Network of Parliamentary Budget Offices (AN-PBO) will host the Sixth Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Mombasa this month BY SILAS APOLLO The forum focuses on experience sharing and is expected to help lift Africa’s economic development. It also seeks to debate the future of Parliamentary Budget Offices (PBOs), and will be coordinated by the Parliamentary Budget Office. The event is scheduled to run from August 27 to September 1, 2023, and is set to be opened and presided over by the Speaker of the National Assembly,…
Kenyan businesses suffered a marked fall in demand at the start of the third quarter of the year, latest Stanbic bank Purchasing Managers Index (PMI) data shows BY SILAS APOLLO The PMI data, released by Stanbic Bank Kenya, shows that the demands fell for most businesses as customers continued to reduce their spending amidst steep inflation. Political protests also accelerated the downturn, according to surveyed firms, leading to a sharp contraction in output that was the fastest since August last year. Meanwhile, a deterioration in the exchange rate and reports of rising fuel prices and taxes culminated in another substantial…
BY SILAS APOLLO Safaricom’s founding chief executive officer Michael Joseph quits from the board of the company after serving in different capacities for 23 years The Safaricom board, in a statement issued today, said that Joseph had resigned to pursue and focus on other ventures in his life including continuing his current role as chairman of the Kenya Airways. Joseph, who served as the director at the board of Safaricom Plc, resigned effective August 1, 2023, according to the statement released by Safaricom company secretary Kathryne Maundu. “The board announces the resignation of Michael Joseph as a director in the…
James Mwangi was awarded at the All-Africa Business Leaders Awards held at Sun City, South Africa by the owners of CNBC Africa and Forbes Africa Equity Group chief executive officer and managing director James Mwangi has been awarded the ‘Lifetime Achievement Award’ by the Africa Business News. The award, which is given to individuals who have made remarkable impact on their industry, country and the continent over a period of a lifetime, was presented to him by the Deputy President of South Africa, Paul Mashatile and Rakesh Wahi, Co-Founder and Chairman of Africa Business News Group. In his acceptance speech,…
There’s need to enhance Africa’s leadership in the green energy sector and unlock regional economic prosperity Energy company, Fortescue Future Industries (FFI) and Strathmore University have signed a Memorandum of Understanding at the 25th Africa Energy Forum in Nairobi, with an aim to create programs that will nurture talent, promote research and empower individuals and institutions while supporting the transition away from fossil fuels in Africa and actively contributing to the region’s sustainable development. FFI Africa President, Bruh Ayele Terfie, says the collaboration will not only enhance Africa’s green energy transition and green hydrogen production, but also ensure that Kenyans…