Absa Bank Kenya has posted a 4 per cent growth in net profit to Sh6.17 billion in the first quarter of 2025, compared to Sh5.94 billion during the same period last year, despite a challenging macroeconomic environment. The bank’s net interest income declined from Sh11.39 billion to Sh11.26 billion. Total interest income reduced to Sh15.05 billion due to a reduction in loans and advances to customers, while total non-interest income fell to Sh4.51 billion, attributed to reduced fees and commissions on loans and advances. During the period, loans and advances to customers decreased to Sh308.38 billion from Sh326.84 billion last…
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.
For years now, a clear message has been emerging in Africa: the world’s power structures need an urgent rewrite. In fact, according to the latest Afrobarometer survey, this need for continent-wide consensus is growing, as seven in ten Africans demand greater influence for their nations in global decision-making bodies like the United Nations. This growing call among African countries is for equity, as they grow tired of the continent being sidelined in major discussions that shape the future of the world. While Africans generally feel their voices are heard within continental bodies like the African Union and regional economic communities,…
The government has announced a temporary freeze on the registration of new Savings and Credit Cooperative Organizations (SACCOs) for at least the next three months. The decision, which took immediate effect, was confirmed by the Ministry of Cooperatives and Micro, Small, and Medium Enterprises (MSMEs), signalling a period of internal restructuring and policy realignment. This move follows the discovery of fraudulent activities at the Kenya Union of Savings and Credit Cooperatives (KUSCCO), where deposits amounting to billions of shillings have been lost. This was announced by Wycliffe Oparanya, Cabinet Secretary for Cooperatives and MSMEs, during the inauguration of the Committee…
The Capital Markets Authority (CMA) has given the green light for Standard Group PLC’s proposed rights issue, clearing the path for the company to raise billions in support of its strategic expansion. The rights issue, which was approved by shareholders during the group’s annual general meeting on 2 September 2024, aims to raise Sh1.5 billion through the issuance of 283.66 million new shares priced at Sh5.29 each. Shareholders will be offered 11 new ordinary shares for every 3 shares they currently hold, presenting an opportunity to bolster their investment while supporting the company’s ambitious growth plans. This injection of fresh…
NCBA Group has announced the appointment of Mr James M. Gossip as the new Managing Director (Executive) of NCBA Bank Kenya PLC. This decision, which follows the necessary regulatory approvals, reflects the group’s ongoing efforts to realign its composition, an initiative initially unveiled in 2024. He takes over from Mr John Gacharo, who will continue in his dual role as Group Managing Director and Chief Executive Officer of NCBA Group PLC. Mr Gossip brings a wealth of international banking expertise to his new role, with over three decades of experience in high-level leadership positions across Europe, Asia, and North America.…
The livestock sector, which contributes 12–14% of GDP, remains a cornerstone of the national economy, yet its full potential is largely untapped. Despite its critical role in livelihoods and food security, challenges such as underfunded rangelands, inadequate veterinary services, and fragmented market access continue to hinder growth. However, a transformative shift is underway as Public-Private Partnerships (PPPs) emerge as a game-changer, offering innovative solutions to modernise the sector, enhance commercialisation, and drive sustainable economic transformation. Recognising this opportunity, the African Pastoral Markets Development (APMD) Platform — under the African Union-Interafrican Bureau for Animal Resources (AU-IBAR) — recently conducted a comprehensive…
Recently, Kenya joined the world in celebrating Girls in ICT Day, a day dedicated to inspiring and empowering young women to embrace technology as a tool for inclusive digital transformation. Through a webinar last month, organised by the Digital Platforms Kenya (DigiKen) programme—funded by the Joint SDG Fund and led by UN Women in collaboration with Pwani Technogalz and the Northern Innovation and Empowerment Hub (NieHub)—there was a rallying cry to dismantle barriers and create opportunities for girls and women in this digital era. Despite progress in education and technology, the gender gap in STEM fields remains stark. Globally, women…
The West African Economic and Monetary Union (WAEMU) is expected to continue leading the pack in the Sub-Saharan African region in terms of projected growth. According to the latest economic survey by the Kenya National Bureau of Statistics (KNBS), WAEMU’s real GDP is projected to grow at 6.6 per cent, as East Africa’s EAC-5 follows close behind with a projected growth of 5.9 per cent. Both regions are also expected to see an increase compared to their growths in 2024, whereby WAEMU saw its real GDP grow by 6.2 per cent while EAC-5, which is comprised of Kenya, Uganda, Tanzania,…
The Scottish government is actively encouraging its businesses to explore the vast opportunities presented by African markets, recognising the continent’s potential as a hub for growth and innovation. Through an upcoming initiative organized by the Scottish Africa Business Association (SABA) in partnership with Scottish Development International (SDI), the government is providing Scottish companies with the tools and knowledge needed to expand into Africa. The online event dubbed SABA Briefing: Unlocking Global Opportunities with SDI is scheduled for 29th May 2025 and aims to demystify market entry, showcase success stories, and facilitate connections between Scottish firms and African partners. This briefing…
Cassava Technologies, a global technology leader with African roots, has taken a bold step toward advancing artificial intelligence (AI) innovation across the continent by signing a Memorandum of Understanding (MOU) with Zindi, Africa’s largest professional network for data scientists. This strategic partnership aims to leverage Cassava’s cutting-edge GPU-as-a-Service (GPUaaS) infrastructure and Zindi’s dynamic data science platform to accelerate the development of AI solutions tailored to Africa’s unique challenges. Together, the two organizations will collaborate on initiatives that empower local developers, startups, and enterprises to harness AI for meaningful impact. According to Hardy Pemhiwa, President and Group CEO of Cassava Technologies,…