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Business

Central Bank of Kenya Limits Sale of Dollars by Money Remittance Companies

The Central Bank of Kenya has placed a restriction on the sale of dollars to individuals through money transfer companies. Reuters reports that recent directives have limited money remittance companies from selling su…

Sep 14, 2023

Business

Dollar Zooms Past Sh150 as Pressure Piles on Kenyan Shilling

Kenyan banks are currently charging retail dollar buyers up to Sh154 per unit due to the high demand for the currency. The margin between the official exchange rate quoted by the Central Bank of Kenya for the US dolla…

Sep 11, 2023

Business

Tuskys Supermarket on the Verge of Sh6 Billion Assets Loss

Tuskys Supermarket is facing the risk of losing around Sh6 billion worth of assets after the High Court appointed a liquidator. Barely three months ago, the court ordered the liquidation of Tusker Mattresses Limited…

Sep 5, 2023

Business

Banks Oppose Cabinet Move to Increase Cash Deals

The Cabinet had proposed to increase the threshold for cash transactions in Kenya to over Sh2 million, but commercial banks have rejected the idea. Banks are concerned that this will create more opportunities for mon…

Aug 21, 2023

Business

US Ambassador Meg Whitman: Why Finance Act Will Attract American Investors

United States Ambassador to Kenya Meg Whitman on Monday, June 3, lauded the Finance Act 2023 during a celebration to commemorate the 247th anniversary of the United States' independence at her residence along Kyuna Ro…

Jul 4, 2023

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Business

Good News for Farmers as Kenya, Israel Remove Trade Barriers

President William Ruto has struck a deal to export tea, coffee, avocado and pineapple to Israel starting June this year. This development comes after the head of state concluded a two-day official visit to Israel on…

May 12, 2023

Business

Ethiopia Grants Safaricom's Mpesa Mobile Money License

Ethiopia has licenced Safaricom's Mpesa to operate in the diverse and unbanked nation. Safaricom anticipates outstretching Mpesa services in the region before 2024 in a bid to boost the service profile across the con…

May 11, 2023

Business

Ethiopia Outperforms Tanzania, Uganda as the Leading Destination for Kenya's Investment Abroad

Ethiopia has surpassed Tanzania and Uganda as the leading destination for Kenya's investment abroad, propelled by growth in the neighbouring market. Kenya's direct investments in Ethiopia stood at Sh60.2 billion in 2…

May 9, 2023

Business

Kenya Seeks New Financing From IMF

Kenya is seeking yet another financing from the International Monetary Fund as the International lender is embarking on its mission in the country this week. Kenya seeks to foster economic resilience and solve balanc…

May 8, 2023

Business

New List of Kenya's Little-Known Firms Earning Billions Revealed

Little-known Kenyan firms providing digital services in trade facilitation, agriculture and healthcare have emerged as the fastest-growing businesses in Africa, according to a new report that ranks Nairobi as the thir…

May 3, 2023

Business

Kenya Airways, China Southern Airlines Renew Suspended Interline Deal

Kenya Airways (KQ) and China Southern Airlines (CZ) have renewed their interline agreement which was suspended following the Covid-19 outbreak in 2020. The deal will restore connectivity for KQ and CZ passengers to po…

Apr 28, 2023

Business

Kenya Gov’t Urged to Suspend ‘Dangerous’ Trade Negotiations with the US

Econews Africa and the Kenya Small Scale Farmers Forum have called for the suspension of the ongoing trade negotiations between Kenya and the US, terming them dangerous. Econews Executive Director Edgar Odari demande…

Apr 13, 2023

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Business

Kenya Airways Reports Worst Ever Full Year Loss of Sh38.2 Billion

Kenya Airways (KQ) has posted a Sh38.2 billion net loss for the full year ending December 31st, 2022, the worst-ever loss in the airline’s history. The loss grew 58.2 percent from Sh16 billion in a similar period in 2…

Mar 27, 2023

Business

Kenya's Equity Group Ranked Fourth Strongest Banking Brand Globally

Kenya’s Equity Group has been ranked among the strongest banking brands globally. Equity jumped one place to fourth position in the World’s Top 10 Strongest Banking Brands, according to the 2023 Brand Finance’s Brand…

Mar 21, 2023

Business

Boost for Kenya as Pakistan Declares Tea an Essential Import Commodity

Kenyan tea farmers are set to earn more from the export of tea to Pakistan after the South Asian nation declared the commodity an essential import. The country exports about 50% of its tea to Pakistan, making it the w…

Mar 18, 2023

Business

Kenya to Receive $1 Billion Loan from the World Bank

The World Bank has approved a Sh32 billion increase in Kenya’s loan request, with the country now set to receive $1 billion (Sh129 billion) in budgetary support by June 30th. The disbursement, under the Development Po…

Mar 15, 2023

Business

Five Kenyan Startups Selected for Inaugural Google Accelerator Program

Women Founders Africa Program has selected five Kenyan startups for the inaugural Google for Startups Accelerator program. The 12-week program is aimed at empowering and supporting women founders across the continent…

Mar 14, 2023

Business

Kenya Inks a Deal to Import Fuel from Saudi Arabia, UAE on Credit

Kenya has inked a deal with Saudi Arabia and the United Arab Emirates (UAE) to import oil products on credit terms for six months. Nation reports that the deal was sealed on Friday after the government floated a tende…

Mar 13, 2023

Business

20 Kenyan-Based Fashion Start-Ups Selected for British Council Incubator

20 Kenyan-based fashion start-ups have been selected for the third class of the British Council’s Creative DNA Program. Launched in 2020, the program is funded by the Foreign Commonwealth Office to develop skills, kno…

Mar 8, 2023

Business

Gov’t Seeks World Bank Support to Fund Kenya Digital Superhighway Project

The government is seeking the World Bank’s support to fund the Kenya Digital Superhighway Project. On Monday, ICT Cabinet Secretary Eliud Owalo held consultations with World Bank officials led by Isabel Neto, Eastern…

Mar 6, 2023