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…
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…
Nairobi, Kenya: Kenya Commercial Bank (KCB) Group, East Africa’s banking giant, has announced a net profit of KSh 45.8 billion for the first nine months of 2024, reflecting a 21.4% year-on-year increase. This growth comes amid economic headwinds, highlighting the resilience of KCB’s diversified business model and its strategic focus on digital transformation and regional…
Zanzibar has taken a bold step in technology by launching a National Blockchain Network Sandbox. This initiative aims to position the island as a hub for global innovation, fostering collaboration among innovators, corporates, and governments worldwide. The project is set to revolutionize how blockchain technology is utilized across various sectors, cementing Zanzibar’s place on the…
In a surprising move, the Energy and Petroleum Regulatory Authority (EPRA) has announced that fuel prices will remain unchanged for November. This decision comes at a time when global oil markets have been experiencing significant fluctuations, leaving many Kenyans relieved but curious about what it means for the economy and their daily lives. In its…
Mombasa Port, a cornerstone of East Africa’s economy, has recorded a remarkable 14% jump in cargo volumes, reflecting its critical role in regional trade. The Kenya Ports Authority (KPA) reported that this surge underscores the port’s capacity to handle increasing trade demands while strengthening its position as a logistical hub for landlocked countries such as…
Kenya’s Capital Markets Authority (CMA) has approved six new unit trust funds, underscoring its efforts to expand the diversity of investment opportunities in the country. This move is part of a broader strategy to deepen capital markets and encourage greater public participation in financial investments. Overview The newly approved funds include offerings from several prominent…
Kenya’s Parliament is setting its sights on tougher measures for foreign companies aiming to do business within the country. Lawmakers argue that existing standards are too lenient, potentially harming local industries and diminishing growth opportunities for Kenyan businesses. As debate intensifies, policymakers weigh the benefits and potential drawbacks of raising the bar for foreign firms,…
