Kenya’s banking sector has announced an unprecedented financial commitment of KSh 450 billion to support Micro, Small, and Medium Enterprises (MSMEs). This move reflects the sector’s dedication to bolstering the backbone of the economy—MSMEs—which account for over 80% of Kenya’s employment. With this significant capital injection, the banks aim to uplift small businesses, empowering them…
In today’s digital age, cyberattacks have become a persistent threat for businesses of all sizes. A single breach can not only tarnish a company’s reputation but also lead to severe financial losses and operational disruptions. While it might seem like something that only happens to large corporations, small and medium-sized enterprises (SMEs) are increasingly falling…
In April, the cost of living, also known as inflation, went down from 5.7% in March to 5.0%, according to new data from the Kenya National Bureau of Statistics (KNBS). The food and non-alcoholic beverages index, which has the most impact, went down by 0.1% from March to April. Prices for sugar, loose maize grain,…
Despite a projected surge in demand for short-term loans, high lending rates are poised to put a brake on credit growth within the private sector, according to a recent survey conducted by the Central Bank of Kenya (CBK). In a nutshell, the growth rate of commercial bank lending to the private sector eased to 10.3%…
Many nations are preparing for Africa Tech Summit (ATS) eighth edition that will be held in London on June 7th, 2024, at the London Stock Exchange. This event brings together over 300 tech leaders, investors, entrepreneurs, and policymakers from Africa and around the world to talk about the future of tech and innovation on the…
Its hard to believe there was a time before everyone had smartphones in Africa? Back then, if you weren’t using cash or trading goods, you were probably relying on postal services for transactions. But now, with the rise of mobile technology, things have changed dramatically, especially in finance. Artificial Intelligence (AI) is the new player…
Great news for Kenyan flower farmer as The United Kingdom has decided to suspend export tariffs for cut flowers, giving a big boost to Kenya’s flower sub-sector. This move aims to make trade easier and cheaper for growers in East Africa and beyond. As of today April 2024, unlimited quantities of flowers can be exported…
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…
