As with all things regarding one’s hard earned money, extra care and the utmost due diligence must be carried out at all times with regards to investments and ensuring that said investments are legitimate and proven and tested. This will put you on game and open your mind and eyes to the best investment firms operating in Kenya, which could potentially provide you with passive income and also increase your spending or purchasing power. What Exactly Is An Investment Firm? First let’s get into what an investment firm is. An investment firm, is a financial institution that is engaged in…
Author: Tobey
One of the world’s most popular and earliest peer to peer bitcoin exchange platform; LocalBitcoins has announced that it will be shutting down its business after over ten (10) years of operations. The peer to peer exchange platform which is based in Helsinki, Finland made it known via a statement that it is, “proud of what we have achieved together with all of you, our loyal community.” It however, added that it can no longer continue to provide its service as a result of “challenges during the ongoing very cold crypto-winter.” Read Also: Government Set To End HELB LocalBitcoins also…
Telecommunications giant; Safaricom and its biggest competitor in Kenya; Airtel, now charge significantly more for large monetary transfers from mobile money wallets to bank accounts. Safaricom’s mobile money platform; M-Pesa and Airtel’s Airtel Money both have transaction charges that range from 0 Kenyan Shillings to as much as 105 Kenyan Shillings. This is quite high especially when compared to the fees charged by Banks which range from 0 Kenyan Shillings to 150,000 Kenyan Shillings. Telecommunications companies are only the only ones in Kenya that charge users for moving money from their mobile money wallets to bank accounts. As it stands,…
The President of the Republic of Kenya; William Ruto has made it known that the Higher Education Loans Board (HELB) will be dissolved. In its place will come the National Skill and Funding Council (NSFC) in a move that is expected to result in the improvement of the education system in the country. The National Skill and Funding Council (NSFC) will take in the funding for the Technical and Vocational Education and Training (TVET) while also increasing funding by 45 percent when compared to the Higher Education Loans Board (HELB). In the words of President Ruto, “Instead of different funding…
According to reports the High Court of Kenya has ordered that the projects owned by Cytonn Real Estate should be liquidated. With the news it is believed that the liquidation of said properties will aid in the recovery of the more than 14 billion Kenyan Shillings that the Real Estate company owes its 4,000 investors. Justice Alfred Mabeya added that Cytonn Real Estate’s housing projects and assets which are identified as Taraji, Ridge, Riverrun, Miotoni/Applewood, and the Alma should be preserved until the liquidation has been concluded. The High Court stated that over 3,000 individuals invested more than 11 billion…
The value of the trade deficit between Kenya’s imports and exports has now grown to more than 1.3 trillion Kenyan Shillings. This is occurring even after a number of policies were implemented in a bid to reverse or at least curb said deficit. For January to October of 2022 the costs of importing food, industrial raw materials, and fuel increased the goods trade gap for Kenya by almost a quarter while also having a significantly negative effect on the nation’s official currency; the Kenyan Shilling and on the job possibilities for young people in Kenya. The importation and exportation trade…
After its successful acquisition of a 26.32 percent stake in popular supermarket and Grocery Delivery company; Naivas for a 100 million United States Dollars (USD) which is around 12.3 billion Kenyan Shillings, IBL Group is now looking to increase its investments in the East African region. The multinational conglomerate: IBL Group, is now looking to purchase majority stakes in a pharmaceutical distributor and a solar company. Both companies have operations in East Africa. IBL Group did not however reveal the identities or names of the companies in questions, making it known that the final negotiations with the shareholders of said…
According to reports, the Court of Appeal has refused Baseline Architects Limited’s bid to go after 1.4 billion Kenyan Shillings from the National Health Insurance Fund (NHIF) over a failed agreement to build a medical center of excellence. The three (3) presiding judges stated that the appeal by Baseline Architects Limited did not meet the necessary requirements needed to go on. Justice Hannah Okwengu, Justice Kathurima M’Inoti and Sankale ole Kantai revealed that, “In our view, it would not be proper to grant leave to appeal to the applicant under section 39(3)(b) of the Arbitration Act on the ground that…
The Central Bank of Kenya (CBK) has revealed that it will be putting back the charges on monetary transactions between mobile money wallets and bank accounts. It is believed that the decision was made in a bid to provide some form of succour for and to commercial banks who have in recent times, expressed their displeasure of the Central Bank of Kenya (CBK)’s disinclination to bring back said fees. On the 16th of March of 2020, the Central Bank of Kenya (CBK) removed the fees as one of the emergency strategies put in place to further encourage the mass adoption…
Peer to peer payment platform; Cashlink, is now available on the world’s largest cryptocurrency exchange platform; Binance. Cashlink provides cryptocurrency users with stress free cash in and cash out services on Web3 applications. The platform also permits the seamless integration with cryptocurrency and non cryptocurrency related platforms looking to make it easier for the users to carry out successful cash transactions. The company has with the help of its Pilot run on Bundle Africa, been able to process a total of 1.7 million transactions during its very first year. As a payment platform one of Cashlink’s most successful features, is…
Telecommunications giant; Safaricom has now slashed the rates for its monthly bundle packages for mobile data, Short Message Services (SMS), and minutes by almost as much as five (5) percent. The move is believed to have been done as a way to further increase its dominance as the rivalry with its competitor; Airtel, continues to increase. Safaricom made it known that it will be reducing the cost of the bundle which comes with 1,000 minutes, 15 Gigabytes (GB) of internet data and 2,000 Short Message Services (SMS) by as much as 4.7 percent to 2,000 Kenyan Shillings. This will make…
The greatly anticipated construction of the Mombasa Special Economic Zone is to begin as the Kenyan Government has now begun to invite bidders to carry out the implementation of the project. The Kenya Ports Authority was responsible for floating the international tender which is worth 32.4 billion Kenyan Shillings. Said tender will be financed through a loan from the Japan International Cooperation Agency (JICA). The Kenya Ports Authority made it known that the Kenyan Government had signed the loan on the 27th of February 2020. Read Also: Overstayed Cargoes At Mombasa Port Set To Be Auctioned By KRA Based on…
The world’s wealthiest man; Elon Musk has revealed that his neurotechnology company; Neuralink is set to start clinical human trials for the brain chips it developed as early as six (6) months from now. The announcement is coming after Neuralink which develops brain-computer interfaces that are implantable. According to the company its brain chip interfaces are able to help disable patients communicate and move. Its Co-Founder; Elon Musk stated that the brain chips can also help bring back eyesight. Neuralink which was Co-Founded by Elon Musk, Max Hodak and Paul Merolla and currently based in San Francisco has in the…
According to recent reports, the Kenyan Government is looking to allow the importation of duty-free Genetically Modified Organism (GMO) Maize as well as non-Genetically Modified Organism (GMO) Maize into the country in a bid to tackle the current food shortage issue. The Investments, Trade and Industry Cabinet Secretary (CS); Moses Kuria made it known through his official Twitter account that the Kenyan Government will be signing the documents necessary for permitting the importation of said produce in the coming six (6) months. The news is coming after the government back in October of 2022, moved to repeal the prohibition on…
