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…
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 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…
Absa Group, one of the leading financial services providers in Africa, has secured a trade financing facility from the United Kingdom’s development finance institution to boost small enterprises across the African continent. The Sh19.31 billion ($150 million) deal with British International Investment looks to ease the trade financing gap in Africa, which has been intensified by COVID-19, the Ukraine conflict, and regional supply chain disruptions. With the gap estimated to be at between Sh12.87 trillion ($100 billion) and Sh15.45 trillion ($120 billion), the partnership looks to provide liquidity to small- and medium-sized businesses in Africa, which are mostly led by…
The Kenya Power and Lighting Company Plc (KPLC) has registered an increase in its profit FY 23/24, after a year of loss in the previous period. According to its latest audited financial statements, KPLC recorded a Sh30.08 billion profit after tax for the year ended 30 June 2024 as compared to a loss of Sh3.19 billion in the previous period. This performance was primarily driven by an increase in revenue and reduced finance costs due to the strengthening of the Kenyan shilling. The utility recorded a 21% increase in its electricity sales, standing at Sh231.12 billion FY 23/24 as compared…
Jubilee Holdings and Diamond Trust Bank (DTB) have entered into a partnership to introduce a groundbreaking new product, that aims to address a critical challenge faced by many insurance customers – the ability to manage their premium payments in a manner that aligns with their budgets and cash flow. This innovative digital payment solution, dubbed Lipa Polepole, will alllow customers to pay their premiums in flexible installments. This digital system looks to move away from traditional options. By providing the flexibility to pay premiums in manageable increments, the Lipa Polepole option empowers policyholders to better manage their finances and maintain…
The African Development Bank (AfDB) and Asian Development Bank (ADB) have forged a new partnership to boost development lending in Africa. The agreement is aimed at strengthening the former’s capital position and lending capacity across the continent. The Sh129 billion ($1 billion) exchange exposure agreement (EEA) is part of AfDB’s ongoing balance sheet optimization strategy. It will enable AfDB to redistribute its sovereign exposures, reducing portfolio concentration risks and providing a crucial buffer against potential credit migrations of its member countries. By mitigating these risks and maintaining a diversified profile, AfDB will be better positioned to offer increased support to…
The African Union – Inter-African Bureau for Animal Resources (AU-IBAR) has officially launched the African Pastoral Markets Development (APMD) Platform Technical Pillar Planning and Stakeholder Engagement Workshop in Naivasha,Kenya. The workshop is set to address the challenges faced by Africa’s pastoral communities and to create a collaborative ecosystem that empowers these communities, strengthens their market access, and fosters sustainable development across the continent. The event which will run from October 21 to 24, 2024, brings together a diverse array of stakeholders, including policymakers, development agencies, and pastoral communities themselves. By providing a unified platform for dialogue and action, the initiative…