Independent Power Producers (IPPs) in Kenya have requested that the Kenyan government should move to electricity auctions so as to reduce the costs of electricity as opposed to canceling the contracts that already exist. The Chairperson of the Electricity Sector Association of Kenya (ESAK); George Aluru stated that the Kenyan government should move to an open auction tenders system instead of the present system of Feed In Tariff which has resulted in a drop in competition among participants from the private sector, as well as the cost electricity in Kenya, getting high. As it stands right now, Kenya uses a…
Author: Tobey
One of Kenya’s top banks; KCB Bank, has been labeled as the Best Bank in Sustainable Finance in Kenya 2022. The award is in recognition of KCB Bank’s efforts with regards to building a more sustainable business via socioeconomic interventions that have been deliberate. The Best Bank in Sustainable Finance in Kenya 2022 was announced by Global Finance which carries out funding for enterprises that have been created to lessen the severe effects of climate change while helping to set up a future for humanity that is more sustainable, and creating resilience. It is also known of its recognition of local leadership, regional leadership, and of course global leadership in sustainable finance. Read Also:…
According to recent reports, the Kenya Power And Lighting Company (KPLC) will now be a beneficiary of an 86.95 billion Kenyan Shilling government loan. The loan has been sourced from two (2) international lenders in a bid to help achieve a change in fortunes for the company. Documents from the National Treasury which have been brought before the Kenyan Parliament revealed that on the 18th of March 2022 the East African nation of Kenya, received 230 million United States Dollars (which is around 26.667 billion Kenyan Shillings) from the International Bank for Reconstruction and Development (IBRD) and 520 million United…
Inflation in Kenya has hit a twenty seven (27) month high. This occurred in the just concluded month of May 2022 due to increases in the prices of essential items like Soaps, Cooking Oil, Fuel, and foodstuff, resulting in severe strains on the spending power of households as well as on their demand for services and goods. The Kenya National Bureau of Statistics (KNBS) made it known on Tuesday the 31st of May 2022 that the cost of living in Kenya increased to 7.1 percent in May of 2022 from the 6.5 percent which was the case the month before.…
The Governor of the Central Bank of Kenya (CBK) has challenged the claims that the continued United States Dollars shortages are leading to the appearance of a parallel exchange rate where the foreign currency is being purchased at figures that are significantly higher than the official rate. Dr. Patrick Njoroge refuted the claims made by the Kenya Association of Manufacturers (KAM) that the scarcity in the supply of United States Dollars has resulted in its members having to buy the foreign currency at the rate of over 120 Kenyan Shillings per United States Dollar as opposed to the official Central…
According to the Kenya Association of Manufacturers (KAM) the shortage of United States Dollars in Kenya has resulted in the appearance of a parallel exchange rate where lenders are now selling and buying significantly above the official rates. The Kenya Association of Manufacturers (KAM) which is the lobby for manufacturers made it known on Monday the 30th of May 2022 that its members which also include some of the largest importers of goods in Kenya, have had to buy the United States Dollar at rates of over 120 Kenyan Shillings per United States Dollar even though the official exchange rate…
According to reports, manufacturing companies in Kenya are putting pressure on the Central Bank of Kenya (CBK) to release United States Dollars into the Kenyan market in order to reduce and or put a stop to the consistent shortages which have led to many importers placing advance orders. The Kenya Association of Manufacturers (KAM) has stated that the Central Bank of Kenya (CBK) should provide the excess United States Dollars above the ordered levels of the equivalent of (4) months worth of import coverage into the Kenyan market. The Kenya Association of Manufacturers (KAM) made it known that, “We call…
The Central Bank of Kenya (CBK) has increased its policy lending rate by half a percentage point in a bid to combat the current inflation situation and stabilize the Kenyan Shilling. The decision which was implemented on Monday the 30th of May 2022 has seen the Central Bank Rate (CBR) rise to 7.50 percent which accurately meets the expectations of a number of analysts who believed that the policy rate would increase further in the next couple of months as the country continues to battle the inflation pressures brought on as a result of the increasing prices of Oil, as…
According to new data revealed by the National Treasury the public debt stock in Kenya has now hit 8.4 trillion Kenyan Shillings from the 8.2 trillion Kenyan Shillings that was the case in December of 2021. Data from the 2021 to 2022 Quarterly Economic and Budget Review (QEBR) report has revealed that the split stock has now been evenly as 4.2 trillion Kenyan Shillings covers domestic debt and the other 4.2 trillion Kenyan Shillings covers external debt. A weekly bulletin by the Central Bank of Kenya (CBK) revealed that the Public Debt for Kenya hit exactly 8.206.74 billion Kenyan Shillings…
In the first quarter of 2022 the mobile money transactions in Kenya reached a new high of 1.82 trillion Kenyan Shillings. This is according to the Central Bank of Kenya (CBK). The milestone is being attributed to businesses in the country recovering from the effects of the still ongoing Coronavirus pandemic. The 1.82 trillion Kenyan Shillings increase is significantly higher than the 1.6 trillion Kenyan Shillings total mobile money transactions that was achieved during the same period in 2021. Read Also: Mobile Lenders Will Now Reveal Charges Before Loan Offers The Central Bank of Kenya (CBK) revealed that in March,…
The Betting Control and Licensing Board (BCLB) has issued an order stating that all gaming companies in Kenya must provide audits of all community investments and sponsorship deals for review. The Chief Executive Officer (CEO) of the Betting Control and Licensing Board (BCLB); Peter Mbugi wrote to all gaming or betting operators in Kenya to reveal their activities, the amounts spent, as well as the beneficiaries of their Corporate Social Responsibility (CSR) expenditure. According to the Chief Executive Officer (CEO); Peter Mbugi although the betting companies are not compelled to spend any specific amounts on their Corporate Social Responsibility (CSR)…
Recent reports have revealed that the call data taxes and the airtime taxes collected by the Kenya Revenue Authority (KRA) dropped by 19.8 percent. This translates to a loss of 7.4 billion Kenyan Shillings. The 19.8 percent drop is coming as a result of the increase in excise duty to 20 percent from the previous percentage of 15. Data from the Kenya National Bureau of Statistics (KNBS) showed that the Kenya Revenue Authority (KRA) collected a total of 29.8 billion Kenyan Shillings in 2021 which was significantly lower than the 37.2 billion Kenyan Shillings which it collected in 2020. In…
Kenya Power and Lighting Company, which is more commonly known as Kenya Power or KPLC has revealed that it has the capacity to provide the electricity required to charge electric motorcycles and electric vehicles during the hours that are off peak. It stated that that the growing clean transport industry is a chance for it to increase its revenue. The Kenya Power and Lighting Company (KPLC) which is the Electricity Distributor in Kenya has been facing the challenge of making sure that electricity remains available and constant even with the outages which have been experienced across Kenya in recent times.…
A charging station specifically for electric cars has now been launched in Naivasha by real estate company; Dowgate Properties making it the first electric car charging station to be set up outside Nairobi and another indicator of the steadily growing electric car market. The newly launched electric car charging station is situated at Naivasha Safari Centre which is the new shopping mall by Dowgate Properties and located along the Nairobi – Nakuru highway. The Naivasha Safari Centre’s largest tenant, is Naivas Supermarket. The real estate company; Dowgate Properties will now be joining the ranks of other electric car thinking companies…
