The Central Bank of Kenya (CBK) decided not to raise loan costs, keeping them steady after the Monetary Policy Committee (MPC) meeting on Wednesday3rd April 2024. This move aims to help borrowers manage their finances better. CBK mentioned that their current approach to monetary policy has helped control inflation caused by excess money circulation. However,…
Curious about the top money market funds in Kenya for December 2023? Here they are! First off, the average daily rate for money market funds in December went up to 12.51% per year, compared to November’s 12.06%. This spike is due to the rising interest rates in government securities, which are a big deal for…
Money Market Funds (MMFs) have become incredibly popular investment options in Kenya. They’re attractive because they invest in safe and highly liquid assets like cash equivalents, government securities, and high-quality debt instruments, offering better returns than traditional savings accounts. Let’s dive into what you need to know about MMFs. Understanding Money Market Funds Imagine a…
The main port in Kenya, serving multiple countries in the area, experienced an 11.9% increase in container traffic in 2023. This growth reflects a rebound in trade and economic activities, according to the Kenya Ports Authority (KPA). The traffic at Mombasa Port serves as a barometer for economic activity in neighboring countries such as Uganda,…
The world’s largest asset management firm, BlackRock, has made a significant investment in the Nairobi Securities Exchange (NSE) after a four-year hiatus, marking a win for the Kenyan bourse as it emerges from its toughest year yet. Kamau Thugge, the Central Bank of Kenya (CBK) governor, shared in a recent meeting with bankers that he…
Moove, a mobility fintech company founded in 2020 by Ladi Delano and Jide Odunsi, has recently secured a significant investment of $100 million in its Series B funding round. This investment is led by Uber and includes participation from other notable financiers. About Moove Since its inception, Moove has expanded its operations into nine markets,…
KCB Group is set to sell its struggling subsidiary, National Bank of Kenya (NBK), to Nigerian lender Access Bank, as confirmed by KCB Group CEO Paul Russo. The sale will be at 1.25 times NBK’s book value, reflecting KCB’s successful turnaround strategy over the past four years. Access Bank, which already has a presence in…
In Kenya, banks are vital institutions that provide a wide range of financial services to individuals and businesses. A bank essentially acts as a financial intermediary, accepting deposits from customers and providing loans while offering various other services like currency exchange, safe deposit boxes, and investment opportunities. There are different types of banks. Here are…
