The Central Bank of Kenya (CBK) Weekly Treasury Bills Auction underperformed for the first time in 8 months. This is after the state fiscal agent accepted bids worth KSh 23.3 billion against an advertised amount of KSh 24 billion offered at the spot market. In August 2023, CBK received bids totaling KSh 23 billion against an advertised amount of KSh 24 billion, representing a performance of 95.8%. The CBK accepted KSh 20.4 billion at this auction, the last such underperformance recorded last year. Bids received by the fiscal agent at this week’s auction amounted to KSh 23.6 billion, a perfo ..read more

It’s a big week here in Nairobi with the American Chamber of Commerce (AmCham) Business Summit welcoming hundreds of US companies and investors to the ‘Green City in the Sun.’  The Two Rivers International Finance & Innovation Centre (TRIFIC) is one of the newest gazetted Special Economic Zones (SEZ) in Kenya. Designed to work closely with foreign companies and investors opening offices in the East African region, TRIFIC SEZ is attracting substantial interest from organizations across the globe and particularly from American companies and investors.  Companies looking to be dom ..read more

Real People Kenya, a micro-lending financial solutions provider, widened its losses to KSh 93 million in 2023, from a net loss of KSh 85.3 million in 2022. Revenues declined to KSh 80.1 million in 2023 from KSh 82.9 million in 2022. The lender’s balance sheet size shrunk to KSh 465.8 million in 2023 from KSh 514.7 million in 2022. Operating expenses decreased further by KSh 2 million as the firm executed cost-cutting measures and process change in 2023. According to the firm’s directors, revenue growth was curtailed due to a decline in the loan book as a result of liquidity constraints to su ..read more

Kenya’s National Treasury and Economic Planning Ministry and ADQ, the largest Sovereign Fund in the United Arab Emirates (UAE) have signed a deal that will see the Fund pump up to US$ 500 million in various key projects. This deal seeks to establish a finance and investment framework to explore potential investments in priority sectors of Kenya’s diverse economy. Kenya was among the first African countries to engage in bilateral trade negotiations with the UAE in 2022. Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said this latest deal builds on the already strong economic ties ..read more

Proximity to a green power generation plant and its access by both rail and road networks is setting Naivasha as the next big industrial hub in Kenya. Pro-sustainability companies are not only eyeing the town to benefit from Menengai and Olkaria geothermal plants energy but are also looking to benefit from SGR line now connecting Naivasha and the Mombasa port. Microsoft, Eco-Cloud, and G42 investment group announced they will begin construction of a one-Gigawatt (IGW) Data Center in Naivasha that will serve Africa, powered by green energy. The first Japanese car auction in Africa also, on We ..read more

The upcoming 4th AmCham Business Summit, slated for April 24th and 25th in Nairobi aims to bolster trade and investment ties between the U.S. and East Africa. Structured around six key thematic areas including trade and investment, climate action, digital transformation, health and life sciences, sustainable finance, and opportunity and inclusion, the summit will host keynotes and panels led by business leaders and policymakers. Among expected attendees are high-ranking government officials from Kenya and neighboring countries, alongside representatives from the U.S. government and private s ..read more

Kenya’s largest media house, Nation Media Group, has announced a loss of KSh 205.7 million in the full year 2023, from KSh 318.5 million profit in 2022. The listed media house posted a net profit to just KSh 2.9 million for the half-year period ended 30th June 2023, a major decline from KSh 247.8 mn in the half-year of 2022. The Group says performance was adversely impacted by a challenging macro-economic environment with weakened consumer spending, rising prices of basic commodities, higher fuel prices and rising interest rates. In addition, the depreciation of the Kenya shilling again ..read more

2024 has kicked off all-time highs for Gold (XAUUSD), Nasdaq100, Bitcoin and other cryptocurrencies.  The different asset classes have previously experienced significant selling pressure, especially  from November 2021 to December 2022, for example, Bitcoin traded at a low of circa US$ 15,480. Several factors were at play against the respective asset classes sell-off, chief among them being the record high interest rate environment globally.  These asset classes have since made a dramatic comeback. It is important to note that these instruments experienced some of their pr ..read more

Africa Tech Summit (ATS) London, the leading tech conference that drives business and investment opportunities across the continent, will host its eighth edition on June 7th, 2024, at the London Stock Exchange. The previously sold-out summit gathers over 300 African and international tech leaders, policymakers, investors, entrepreneurs, and corporates to discuss the future of African technology and innovation. African tech ventures seeking partnerships or investment opportunities are invited to apply for the Investment Showcase, taking place on June 7th, 2024. The showcase aims ..read more

African startups transitioning from Series A to Series B funding rounds will have an opportunity to attract investment this year after VC-firm Verod-Kepple Africa Ventures (VKAV) closed its first fund at US$60 million. The Pan-African VC firm has retained investment from key Japanese companies such as SBI Holdings, Toyota Tsusho Company, Sumitomo Mitsui Trust Bank, Japan International Corporation Agency, and the Japan ICT fund. This year’s funding has seen fresh investment from the Nigerian company SCM Capital, as well as Taiyo Holdings, and C2C Global Education Japan. In March last year, Ve ..read more