21st January 2022 Trade & Financial Services Round Up

KENYA Banks risk Sh27bn as mortgage, matatu loan defaults jump 60pc Car and homeowners defaulted on loans totalling Sh27.8 billion in the 12 months to September last year, giving a

Trade Secretary: UK is Africa’s investment partner of choice for green transition

SUMMARY UK hosted the second Africa Investment Conference with focus on sustainable investment to support continent’s transition to clean growth Government launched Growth Gateway tool to strengthen UK and African

Scrap metal ban and the need to crack the whip on critical infrastructure vandalism

President Uhuru Kenyatta has banned any exports or dealings in scrap metal. The Head of State cited increased vandalism of government infrastructure which he described as economic sabotage. He added

Lifting the veil of ambiguity around transfers of personal data outside Kenya – the 2022 version of the draft Data Protection (General) Regulations

In an increasingly globalised world, consequential and integral to international trade is the flow of data. More than ever, for-profit organizations are expanding the scope of their operations across the

14th January 2022 Trade & Financial Services Round Up

KENYA Disquiet as State fails to pay oil subsidy billionsThe government has defaulted on fuel subsidy billions that continue to be paid under a cloud of secrecy, sparking disquiet among

7th January 2022 Trade & Financial Services Round Up

KENYA Bond transactions rise to record Sh956 billion The flight to fixed-income investments in the Covid-19 pandemic period swelled transactions in bonds at the Nairobi Securities Exchange (NSE) to a

17th December 2021 Trade & Financial Services Round Up

KENYA  Oil companies to get Sh8bn for unchanged fuel prices The State will pay oil marketers an estimated Sh8.12 billion ($71.8m) for keeping fuel prices unchanged in the monthly review

What to look out for in 2022

As 2021 draws to a climax, numerous developments on both the national and international sphere will have spillover effects into the new year.  Below is a summary of 2022’s highly

10th December 2021 Trade & Financial Services Round Up

KENYA Kenya paid China Sh29bn to ease debt repayment standoff Kenya wired Sh29.86 billion ($264.4 million) to China in the quarter to September 2021 to ease a standoff over debt

3rd December 2021 Financial and Trade Services Round Up

KENYA Shilling hits all-time low of 112.5 to dollar The shilling has declined to a new all-time low of 112.5 against the dollar as importers increase demand for the greenback

26th November 2021 Financial & Trade Services Round Up

KENYA Shilling weakens further on rising dollar demand  The shilling ceded further ground to the dollar Wednesday, November 24, trading at a new low of 112.38 units amid the end

19th November 2021 Trade and Financial Services Round Up

KENYA CBK Takes Baby Steps Towards Launch of Digital Currency (Source: Business today) Kenya is exploring the possibility of developing and launching a central bank digital currency (CBDC) to settle cross-border

12th November 2021 Trade and Financial Services Round Up

KENYA Kenya’s economy rebounds 10.1%, first double-digit growth in 4 decades (Source: Business Daily) Kenya’s economy expanded 10.1 percent in the second quarter of the year on the back of

5th November 2021 Trade and Financial Services Round Up

KENYA Equity Bank signals plan to buy stake in local rival (Source: Business Daily) Equity Group is ready to acquire a local rival if acquisition targets emerge, marking a shift

29th October 2021 Trade and Financial Services Round Up 

KENYA Kenya slides in credit default rules enforcement survey (Source: Business Daily) Kenya’s failure to enforce rules to reduce credit default risks locking out local and foreign investors in the

22nd October 2021 Trade and Financial Services Round Up

KENYA Auditor queries CBK law breach over board members (Source: Business Daily) Auditor-General Nancy Gathungu has once again raised concerns over Central Bank of Kenya’s (CBK) legal breach operating with

15th October 2021: Trade and Financial Services Round Up

KENYA Economy on path to recovery as banks record 53pc profit increase (Source: Business Daily) Pre-tax profits for banks in the seven months from January to July jumped 53.2 percent

Kenya – Somalia Maritime Dispute : Traders and economic relations left hanging in the balance

This week, the International Court of Justice( ICJ)  ruled on the maritime dispute between Kenya and Somalia . The bone of contention was in which direction each of the country’s

8th October 2021: Trade and Financial Services Round Up

KENYA Controller of Budget Releases Implementation Report for June 2020 – June 2021 (Source: Office of the Controller of Budget) As required by the Constitution of Kenya and the Controller

20th August 2021 Trade & Financial Services Round Up

ETHIOPIA Ethiopia Attracts $3.9 billion FDI in 2020/21 Fiscal Year Foreign Direct Investment (FDI) inflow into Ethiopia reached 3.9 billion US dollars in the recently concluded 2020/21 fiscal year, says

14th August 2021 Trade & Financial Services Round Up

KENYA State to take all public tenders to online platform Kenya has started the search for an online platform that will process all public tenders and linked to the Kenya

6th August 2021 Trade & Financial Services Round Up

KENYA Ethiopia clears hurdle for M-Pesa expansion Ethiopian authorities told Business Daily on Thursday that the Safaricom licence will be upgraded to include mobile financial service. A consortium led by

31st July 2021 Trade & Financial Services Round Up

KENYA  THE FISCAL BUDGET FOR THE FINANCIAL YEAR 2022/2023 In pursuit of openness and accountability in financial matters as spelt out in Article 201 of the Constitution, the National Treasury

23rd July 2021 Trade & Financial Services Round Up

KENYA StanChart slashes interest rate on fresh mortgages Standard Chartered Bank of Kenya  has cut the interest rate on new mortgages and waived legal and valuation fees for customers moving

16th July 2021 Trade & Financial Services Round Up

KENYA Treasury exceeds July bond uptake target by Sh20bn The Treasury took up an extra Sh19.9 billion above the target of Sh60 billion in the first bond sale of the

10th July 2021 Trade & Financial Services Round Up

KENYA CMA blames courts for Cytonn funds debacle The Capital Markets Authority (CMA) has blamed the courts for issuing orders baring the regulator from pursuing Cytonn Group for defaulted investments

25th June 2021 Trade & Financial Services Round Up

KENYA Safaricom’s Kenya staff to help set up Ethiopia unit Safaricom will second its staff to run Ethiopia operations for products and network development that will help it gain market

18th June 2021 Trade & Financial Services Round Up

KENYA CMA cautions investors against investing in unregulated products offered or promoted by unlicensed firms or unapproved entities The Capital Markets Authority (CMA) has cautioned investors against investing through unlicensed

11th June 2021 Trade & Financial Services Round Up

KENYA Shifting of Internet cable from Sh160bn highway path starts The government has been forced to relocate a crucial fibre optic cable to avoid internet outages when work on the

4th June 2021 Trade & Financial Services Round Up

KENYA Digital lenders call for laws that will spur sector growth Digital lenders have asked legislators and the Central Bank of Kenya (CBK) to enact non-restrictive laws that will spur

21st May 2021 Trade & Financial Services Round Up

KENYA Justice Martha Koome sworn in as Kenya’s first female Chief Justice Justice Martha Koome made history on Friday, 21st May, 2021 when she was sworn in as Kenya’s first

14th May 2021 Trade & Financial Services Round Up

KENYA Public debt relief helps cut Kenya payments by Sh78bn Kenya projects savings of up to Sh78.17 billion after it signed debt repayment moratoriums with several rich countries, lifting pressure

7th May 2021 Trade & Financial Services Round Up

KENYA NSE hits 34-month high on Safaricom, banks The value of investor wealth on the Nairobi Securities Exchange (NSE) hit a 34-month high of Sh2.62 trillion Thursday, lifted by a

30th April 2021 Trade & Financial Services Round Up

KENYA Ajua acquires rival in drive for Africa small enterprises Kenya-based customer experience intermediary Ajua has acquired WayaWaya, a local artificial intelligence and machine learning firm. The financial details of

23rd April 2021 Trade & Financial Services Round Up

KENYA Foreign investors pull Sh2 billion from NSE Foreign investors have withdrawn Sh1.98 billion from the Nairobi Securities Exchange (NSE) since January, with more than half of the takeaways coming

16th April 2021 Trade & Financial Services Round Up

KENYA A majority of company chief executives in Kenya believe the high cost of doing business and taxation posed the biggest threat to their operations over the next 12 months.

9th April 2021 Trade & Financial Services Round Up

KENYA Call for Comments: Draft National Insurance Policy The National Treasury is in the process of developing a National Insurance Policy which aims at strengthening the policy, legal and regulatory

2nd April 2021 Trade & Financial Services Round Up

KENYA Resumption of charges for transactions through Bank Specific (In House) Mobile Money Wallets The Central Bank of Kenya (CBK) today announced the resumption of charges for transactions above Ksh.100

19th March 2021 Trade & Financial Services Round Up

ETHIOPIA Deputy Prime Minister and Foreign Minister, Demeke Mekonnen told Ambassador of Saudi Arabia to Ethiopia Sami Jamil Abdullahi that Ethiopia is keen to resume the negotiation under the leadership

12th March 2021 Trade & Financial Services Round Up

KENYA Payment of external debt nearly doubles in 6 months to Dec Repayment of principal sums owed to external lenders for six months through December 2020 nearly doubled in the

5th March 2021 Trade & Financial Services Round Up

KENYA City Hall seeks new terms for Sh4.5 billion KCB loan City Hall has revealed plans to restructure a Sh4.45 billion KCB Group loan in a bid to end a

26th February 2021 Trade & Financial Services Round Up

KENYA Tech firm to set up regional data hub in Nairobi Kenya’s data centre market has a new suitor after Europe-based IXAfrica launched plans to build its ‘Africa Campus’ in

19th February 2021 Trade & Financial Services Round Up

The World Bank has named Senegalese national Makhtar Diop as the new managing director of its private sector arm, the International Finance Corporation effective March 1 2021. He becomes the first African to head the institution. Mr Diop, a former Minister of Economy and Finance in the West African country, is currently
serving as World Bank’s vice president for infrastructure, overseeing the lender’s work across energy, transport, and digital
development sectors.

BPS and Trade sector – General Economic and Commercial Affairs(GECA)

In the MTEF period 2017/18-2019/20, the total approved budget for the sector’s programmes and sub programmes was 78.9 Billion Ksh, while the actual expenditure was 66.47 Billion Ksh.
This represented 84.6% absorption level.

12th February 2021 Trade & Financial Services Round Up

KENYA Safaricom biggest winner in Sh1.6bn network upgrade Giant telecommunications firm, Safaricom is among five firms that have been awarded a Sh1.57 billion deal to build base transceiver stations to

5th February 2021 Trade & Financial Services Round Up

KENYA Jambo Pay obtains licence to operate MVNO service Online payments company Jambo Pay, owned by Web Tribe, has obtained a licence to operate an MVNO service, and says that

29th January 2021 Trade & Financial Services Round Up

KENYA Monetary Policy Committee (MPC) retain the Central Bank Rate (CBR) at 7 %  The Monetary Policy Committee (MPC) met on January 27, 2021and assessed the outcomes of its policy

22nd January 2021 Trade & Financial Services Round Up

KENYA Banks sucked into Sh24.5bn State stipends row The State Department for Social Protection has failed to account for Sh24.5billion stipends disbursed to the elderly, the disabled and orphans across

Private Sector Engagement in the Africa Continental Free Trade Area (AfCFTA)

The World’s largest Free Trade Area is finally here with us covering a market of 1.27bn people with a combined GDP of 3.4 trillion US dollars. The region does enter

15th January 2021 Trade & Financial Services Round Up

KENYA Anne Mwenda sworn-in as Nairobi deputy governor Anne Mwenda was on Friday sworn-in as Nairobi County’s third deputy governor following a swift confirmation process by ward representatives earlier in

18th December 2020 Trade & Financial Services Round Up

KENYA Expiry of Emergency Measures to Facilitate Mobile Money Transactions and the Introduction of Principles to Guide Pricing On December 17, 2020 the Central Bank of Kenya (CBK) after consulting

11th December 2020 Trade & Financial Services Round Up

KENYA Treasury bonds trade falls as CBK mops up shilling The value of bonds traded in the secondary market at the Nairobi Securities Exchange fell by a fifth in November

FTA SERIES – PART 6 : Kenya concludes its negotiations with the UK

With the United Kingdom (UK) set to conclude its exit from the European Union (EU) at the end of December, 2020 it has decided to enter into a bilateral agreement

4th December 2020 Trade & Financial Services Round Up

KENYA The return of Pre-COVID taxes on VAT and Income Tax  The Office of the Cabinet Secretary for Treasury and Planning has released a press statement today stating that the

27th November 2020 Trade & Financial Services Round Up

KENYA KCB Group PLC and Atlas Mara Limited Sign Acquisition Deal for Rwanda, Tanzania Banking Businesses.The Proposed transaction will see KCB acquire Banque Populaire du Rwanda Plc (BPR) and African

20th November 2020 Trade & Financial Services Round Up

KENYA The Public Sector Hearings for FY 2021/22 and Medium -Term period The National Treasury and Planning has organized the Public Sector Hearings for FY 2021/22 and Medium-Term period on

13th November 2020 Trade & Financial Services Round Up

KENYA Kenya set to shift to e-visa services in 2021 The Kenyan government on Tuesday, 3 November announced a shift to e-visa services effective 1 January 2021. The Department of