Kenya News 🇰🇪

NCBA Bank Projects 4.8% GDP Growth for Kenya in 2024, Highlighting Resilience Amid Economic Challenges.

Nairobi Securities Exchange Sees KSh 419.5 Billion Gains, Boosted by Strong Local Investor Confidence.

Kenya’s Trade Ranking Slips Amid Fiscal Changes, Social Unrest, and Shifting Trade Financing Trends.

Kenya’s business confidence index holds steady at 55, driven by Eurobond buybacks, GDP growth, and controlled inflation.

Budget Gaps Disrupt Kenya’s Public Services: Passport, ID Issuance, and Key Projects on Hold.

Julius Kipngetich, Regional CEO of Jubilee Holdings, noted that Kenya’s FATF greylisting has heightened the country's risk profile, deterring vital foreign direct investment (FDI) essential for economic growth and job creation. With FDI needing to contribute around 40% of GDP to support Kenya’s expanding workforce, the greylisting threatens to reduce investor interest, potentially slowing job growth and economic advancement.

KRA and CA Implement Tracking System for Mobile Phones to Ensure Tax Compliance Amid Privacy Concerns.

IMF Forecasts Slower Economic Growth for Kenya, Projecting GDP Decline to 5.0% in 2024 and 2025.

Kenya Leads Africa in Startup Funding, Attracting Global Investors with $437 Million Raised.

New Offerings Enable Kenyan Investors to Diversify Globally with Accessible Foreign Currency Options.

New Fast Payment System to Enable Instant Transfers, Cut Costs, and Enhance Financial Inclusion in Kenya.

Kenyan Government's Proposal to Increase Taxes on Essentials Could Drive Up Consumer Prices, Affecting Maize Flour, Bread, and Milk

Over the past five weeks, CBK’s reserves have surged by US$837 million, bringing the total to US$8.2 billion, which covers approximately 4.2 months of imports.

CBK Purchases US Dollars Amid Surge in Forex Inflows to Stabilize Kenyan Shilling.

CBK Cuts Interest Rates Significantly to Stimulate Economic Growth and Encourage Investment.

Foreign Investment in Kenya Reaches Sh6.4 billion, Marking a 121% Increase Amid Rising Investor Confidence

Kenya’s economic growth slowed to 4.6% in Q2 2024, down from 5.6% in the same period last year, according to the Kenya National Bureau of Statistics (KNBS). Key growth sectors included agriculture, manufacturing, and finance, while mining and construction experienced contractions.

Kenya’s inflation rate decreased to 3.6% in September, down from 4.4% in August, according to the Kenya National Bureau of Statistics. This marks a continued decline in Kenya’s inflation, which remains below the government’s target range of 2.5% to 7.5%.

With M-PESA Ratiba, users can now automate recurring payments such as rent, school fees, and utility bills on a daily, weekly, monthly, or yearly basis. This feature simplifies money management by ensuring automated and hassle-free transactions, giving users peace of mind with their financial obligations.

Bitget, a leading global cryptocurrency exchange, has officially entered the Kenyan market as part of its ongoing expansion across Africa. This move offers Kenyan investors a valuable opportunity to diversify their investment portfolios into the rapidly growing global cryptocurrency markets.

The partnership will provide firms with the opportunity to engage in the growing Article 6 carbon markets and voluntary carbon markets, a critical step in helping Kenya achieve its goal of reducing carbon emissions by 32% by 2030. Ehud Gachugu, KEPSA’s Global Director, highlighted that carbon finance can play a pivotal role in advancing clean energy solutions and climate-smart agricultural practices.

Commercial banks’ weighted average lending rates have dropped following the Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) decision to reduce the base rate to 12.75% from 13% in August 2024. This move has led tier 1 banks to lower their lending rates, benefiting consumers, especially those seeking personal loans.

Aligned with the Greening Financial Systems Programme, a global initiative led by the European Union, The Central Bank of Kenya (CBK) has unveiled its Climate Risk Disclosure Framework, inviting the public to participate in shaping the future of sustainable banking..

The Kenyan Shilling closed at 129.18 last week, showing a modest 0.01% gain against the US dollar, driven by increased dollar inflows and a 0.5% interest rate cut by the US Federal Reserve.

Kenya’s National Assembly has raised the road maintenance levy by Ksh10, bringing it to Ksh28 per liter for petrol and diesel, sparking widespread concerns over increased living costs

Last week alone, reserves increased by $737 million to $9.323 billion, boosted by the IMF’s $606 million disbursement.

Kenya remains hopeful about its trade relationship with the US despite the return of former President Donald Trump.

Equity Bank Kenya has reduced interest rates on Kenya Shilling loans, effective November 18, 2024, after the Central Bank of Kenya lowered the Central Bank Rate (CBR) from 12.75% to 12.0%.

The bank’s Reference Rate (EBRR) dropped from 17.83% to 17.39%, with lending rates capped at an 8.5% margin. This reduction aims to make credit more affordable

The officers will join a multinational force tasked with disarming gangs and protecting civilians, highlighting Kenya’s expanding role in global peacekeeping efforts.

Energy CS Opiyo Wandayi defended the agreements as having undergone due diligence but confirmed plans to seek alternative partners.

This move follows social media rumors of a cash crunch, which the CBK and banking leaders dismissed, pointing to an industry liquidity average of 51% in 2023.

Popular products now include health, personal accident, last expense, and agriculture insurance, with health policies expanding to cover maternity and specialist care.

The MPC plays a key role in maintaining price stability by aligning the money supply with Kenya’s economic goals.