Unlocking Investment Opportunities: Standard Chartered Bank Kenya’s Offshore Unit Trust Funds
Standard Chartered Bank Kenya has introduced an exciting opportunity for Kenyan investors to explore offshore…
Chamas in Kenya: Driving Grassroots Economic Empowerment
A chama, derived from the Kiswahili word for “group,” is a self-help initiative that operates on the principles of collective saving and investment. These informal cooperatives have become a powerful financial tool, empowering individuals and communities across Kenya. With origins tracing back to the 1960s, chamas have evolved significantly, transitioning from simple savings groups into…
The Chama Revolution: Kenyan Banks Targeting Investment Clubs
In Kenya’s vibrant financial ecosystem, chamas, or informal investment clubs, have emerged as powerful tools for wealth creation. These groups, traditionally formed by friends, families, or colleagues, pool resources for collective investment. While chamas started as simple savings initiatives, their growing influence has now captured the attention of major banks and financial institutions. From Informal…
BIT Mining Invests $14.3M in Ethiopia to Expand Bitcoin Mining Operations
BIT Mining, a technology-driven cryptocurrency mining company, announced plans to acquire a substantial mining operation in Ethiopia. The deal, worth $14.3 million, involves the purchase of 51 megawatts (MW) of Bitcoin mining capacity and 17,869 mining machines. This strategic investment comes at a time when BIT Mining is navigating declining revenue and shifting its focus…
E-Commerce Sales Surge by 83% During Black Friday Across Africa
Nairobi—This year’s Black Friday marked a significant milestone for e-commerce across Africa, with platforms in Kenya, Nigeria, and South Africa recording an 83% surge in sales compared to the previous year. Industry insiders credit extended promotional periods and attractive discounts for the exceptional growth. Shoppers Embrace Extended DealsUnlike traditional one-day sales, many e-commerce platforms adopted…
Kenya Aligns SEZ Act with EAC and AU Frameworks to Boost Regional Trade
Kenya is taking a strategic step to align its Special Economic Zones (SEZ) Act of 2015 with broader frameworks set by the East African Community (EAC) and the African Union (AU). This move seeks to bolster regional economic integration and attract more investment into the country. The SEZ program was initially designed to create hubs…
KenGen Signs KSh 250M Geothermal Deal to Boost Eswatini’s Energy Independence
Kenya Electricity Generating Company (KenGen) has secured a consultancy contract worth KSh 250 million with the Eswatini Electricity Company (EEC). This agreement underscores KenGen’s expanding influence as a regional leader in renewable energy, particularly in geothermal power, a sector in which Kenya boasts significant expertise. The deal will see KenGen provide geothermal drilling and advisory…
Kenya Advocates for Digital Service Tax Across East Africa to Boost Revenue from Growing Online Economy
Kenya is pushing for its neighbors in the East African Community (EAC) to adopt a harmonized Digital Service Tax (DST) to enhance regional revenue collection in the growing digital economy. This move aligns with global trends where governments are targeting digital services to ensure fair taxation from multinational tech companies. The DST, first introduced in…
Mobile Money transactions Dip by 14.5% as Government Plans to Trace Transactions
Mobile money, a cornerstone of Kenya’s financial landscape, has seen a sharp decline in transactions, dropping by 14.5%. This marks a significant shift in a sector that has long been heralded as a driver of financial inclusion and economic growth. The downturn, coupled with government plans to trace transactions, signals both challenges and opportunities for…
