KCB Group in Kenya and Bank of Kigali in Rwanda have become the first banks in their respective countries to integrate the Pan-African Payment and Settlement System (PAPSS) into their operations, following their launch events, held in Kigali on 26th February and Nairobi on 27th February. The move to integrate PAPSS, an initiative launched by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, marks a pivotal moment in Africa’s journey towards financial integration and economic prosperity. With PAPSS now fully operational, customers of KCB and Bank…
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.
It has been nearly two years since the tax amnesty programme was introduced, and not only was it extended until June 2025 earlier this year, but it has also managed to benefit around 2 million taxpayers and collect billions in tax revenue. According to the Kenya Revenue Authority (KRA), since the relaunch of the tax amnesty programme, the authority has collected Sh4 billion in principal tax payments. Under the programme, KRA has also waived Sh140 billion in penalties, interest, and fines. The tax amnesty programme is designed to provide a fresh start for taxpayers by waiving penalties and interest on…
The African Export-Import Bank (Afreximbank), Africa’s leading trade development bank, has made a major move to bolster Kenya’s industrialization and export-led growth agenda. During a signing ceremony held in Mombasa, Kenya, Afreximbank formalized a series of initiatives aimed at financing the development and operationalization of industrial parks (IPs) and special economic zones (SEZs) across the country. The agreements were signed by Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, for the Dongo Kundu Special Economic Zone. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic…
Marriott International has announced an exciting expansion of its luxury safari portfolio in Kenya with the signing of two new tented safari camps: The Ritz-Carlton, Masai Mara Safari Camp and the JW Marriott Mount Kenya Rhino Reserve Safari Camp. These projects, developed in partnership with the Lazizi Group of Companies, highlight Marriott’s commitment to delivering unique, high-end travel experiences while setting new standards for luxury hospitality in Africa’s most iconic safari destinations. According to Shivan Patel, Director of Lazizi Group of Companies, these projects are set to redefine Kenya’s luxury safari segment while promoting conservation and community development. “Our continued…
Kenya has maintained its credit rating from Standard & Poor global rating or as is it commonly known S&P, with the agency affirming the country’s long-term and short-term sovereign credit ratings. According to the latest rating report, Kenya has retained a rating of B- with a stable outlook. S&P maintained Kenya’s Local and Foreign Currency Long-Term (LT) ratings at B-, while its Local and Foreign Currency Short-Term (ST) ratings remain at B. This stable outlook indicates confidence in Kenya’s ability to manage its fiscal and debt obligations despite economic hurdles. It provides an essential benchmark in evaluating Kenya’s economic stability.…
British American Tobacco Kenya plc has posted a 1% increase in revenue from Sh25.56 billion in 2023 to Sh25.72 billion in 2024, driven by strategic pricing benefits. However, this growth was partially offset by foreign exchange losses on export sales, reflecting the appreciation of the Kenyan shilling against the US dollar. The company’s operating profit declined by 9% to Sh7.31 billion, primarily due to cost inflation and lower consumer purchasing power in the domestic market. These factors led to a shift towards lower-priced brands and supply disruptions of modern oral nicotine pouches. Additionally, the export markets faced challenges such as…
After a sharp rise from Sh3.16 trillion in 2016 to a peak of Sh11.14 trillion in 2023, Kenya’s debt has recorded a notable decline in 2024. According to data from the National Treasury, as of December 2024, the total public debt decreased by 2% to Sh10.93 trillion. This is largely attributed to the appreciation of the Kenyan shilling against major foreign currencies. In 2024, the Kenyan shilling made a remarkable recovery, transforming from one of the worst-performing currencies at the beginning of the year to one of the strongest. This impressive turnaround played a crucial role in the country’s financial…
Kenya is ramping up efforts to unlock the immense potential of the Australian travel market as part of a broader strategy to boost international tourism. According to Rebecca Miano, Cabinet Secretary for Tourism and Wildlife, during a high-level engagement with tourism stakeholders and media in Melbourne, the Australian market offers significant growth opportunities for Kenya due to their deep historical ties. “Australia has always been a valued tourism partner for Kenya, and we are eager to re-engage with Australian travelers, making up for lost time during the Covid-19 pandemic,” said CS Miano. With Australians spending over Sh5.16 trillion ($40 billion)…
Kenya and most African countries are currently at a critical juncture as they grapple with a mounting debt crisis that threatens to undermine their economic stability and development prospects. As a result, the Catholic Church, through the Association of Member Episcopal Conferences in Eastern Africa (AMECEA), has entered into a partnership with the Jesuit Justice and Ecology Network Africa (JENA), Caritas Africa, and the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM), to launch the Jubilee 2025 Debt Cancellation Campaign in Nairobi. This initiative, which is inspired by Pope Francis’s call for a Jubilee Year, seeks to mobilize action…
For years, in Africa, gaming was mainly considered as a source of entertainment or tackling boredom. However, in recent years, the industry has seen a shift, with a growing number relying on it as a source of income. Initially dominated by physical casinos and betting shops, the early gaming scene in many African countries was quite different from what we see today. However, as technology progressed, so did the gaming industry. As a result, the industry has been on an increasing trend, with revenues expected to surpass Sh129 billion ($1 billion) by the end of the year. The video game…