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PigiaMe brings Kenya’s ‘Gikomba’ market online

PigiaMe, a leading online classifieds site has launched ‘Gikomba’ market online, a portal that provides an avenue for locals to sell and buy affordable household items from each other. Speaking about the new product, PigiaMe’s Head of Business Development and Operations, Charles Sabula, said that the move follows the...

Facebook-backed firm Andela to lay off 170 junior Kenyan engineers

Facebook-backed incubation firm Andela has announced its intent to end its young developer fellowship in Kenya, Uganda and Nigeria. The termination of the junior innovator program is expected to take down with it an approximated 420 developers with Kenya being set to lose a total of 170 developers. Andela...

KQ pilots call off planned strike as board insists on contract hires

Kenya Airways pilots have shelved their planned strike which was set for this Friday even as the airline’s board maintains on the need for contractual pilot hires. Insiders close to the Kenya Airline Pilots Association’s (KALPA) afternoon-long closed-door meeting on Tuesday attributed the cancellation of the strike to the...

Kenyans using Whatsapp, social media more than ever, cite addiction – report

Instant messaging and social networks use in Kenya has almost doubled as Kenyans register a virtual addiction to mobile phones. A survey from global consultancy firm Deloitte shows use of instant messaging platforms such as WhatsApp rose to 73 percent up from 43 percent. “Mobile phones are the first...

10 things to avoid when writing a cover letter

The job market is extremely competitive and one of the things that can give you an edge is how you write your cover letter. According to CNBC, a cover letter gives you the opportunity to exhibit your writing skills. Linda Spencer, the associate director and coordinator of career advising...

CBK out to close sale of treasury bonds worth Ksh.50 billion

The Central Bank of Kenya (CBK) is expected to close out its sale of Ksh.50 billion worth of treasury bonds on Tuesday. While the previous tapping of Ksh.50 billion in August came under flowing taps of investor funds represented in excess market liquidity, September’s re-opening of the pair of...

Buying electricity tokens most expensive form of digital lending for Kenyans

A report has revealed that buying electricity tokens is the most expensive form of digital lending. Consumers pay up to 43.4 percent on the loan dubbed Okoa Stima. “Okoa Stima allows you to borrow any amount based on your pre-determined credit limit. This limit is based on your historical...

Petrol price up to Ksh.112.8 per litre in Nairobi

September’s review of maximum pump prices on petroleum products will see petrol price and that of diesel prices rise. The Energy and Petroleum Regulatory Authority (EPRA) has raised petrol and diesel prices by 28 cents and Ksh.2.44 respectively. The scheduled mid-month review will see the price of petrol jump...

Kenya Power says estimation of electricity bills to reduce with new meter reading plan

Kenya Power is seeking to improve its meter reading coverage to 90 percent to minimize complaints related to the estimation of bills. The move sits within a wider service review scheme underpinned on additional infrastructure. “This new structure allows us to monitor electricity sales to our smallest business units...

‘Cucu still has old Ksh.1K bundles from last Christmas’, Mwalimu Churchill on CBK deadline

The Central Bank of Kenya is advising Kenyans to check on their cucu and advise her to exchange her old Ksh.1000 notes before the deadline date. Governor Patrick Njoroge noted that CBK is aware that grandmothers are ‘epic savers’ and may not be aware that the old currency will...

How to check your Fuliza limit on Safaricom

Fuliza is a service offered by Safaricom that enables users to complete their financial transactions even when they do not have enough money in their MPesa. According to the Safaricom website, the service is available to all MPesa users but caries depending on one’s credit ranking on the mobile...

Treasury warns of painful cuts to Ministry budgets

The National Treasury has urged Ministries and State Departments (MDAs) to brace for painful budget cuts as the budget making process for the 2020/21 financial year begins. According to the planning Ministry, the government remains keen on staying within its committed fiscal consolidation plan by slashing recurrent expenditure even...

M-Akiba bond returns Ksh.263M against Ksh.500M target

The mobile-traded government bond, M-Akiba, has once again failed to meet its target after raising Ksh.263 million against an expected return of Ksh.500 million in its third re-opening. The falling uptake is against a recent revision of targets by the bonds retailer — the Nairobi Securities Exchange (NSE) —...

Banking staff to get 6% pay raise in new CBA

Bank employees are set to receive a six percent raise on their salaries following a new agreement between the Banking, Insurance and Finance Union (BIFU) and the Kenya Bankers Association (KBA). The new pay rise contained in a revised Collective Bargain Agreement (CBA) between the union and the banking...

MPs take hard line stand as interest rate capping debate returns

Members of Parliament have turned a deaf ear to the proposed repeal of interest rate caps on commercial bank lending. While banks have recently joined forces with the Central Bank of Kenya (CBK) and the National Treasury in a resurgent push for a lift of interest caps, the majority...

New iPhone 11 Pro draws hysterical comments

Apple on Tuesday unveiled its latest product: the iPhone 11 with three new models. iPhone 11 Pro will cost Ksh.103,646 ($999) while iPhone 11 Pro Max will cost Ksh. 114,021. However, the third model, iPhone 11, with a dual-camera system, is considered the cheapest since iPhone 8. It will cost...

KQ flight cancellations: Pilots deny role as bosses threaten tough measures

Kenya Airways pilots have dismissed claims that they are the largest contributors to the airline’s woes. This, even as it emerged that they had been threatened with route reorganization to save face over growing delays and cancellations. Speaking to journalists in Nairobi on Tuesday morning, the Kenya Airline Pilots...

New iPhone 11 likely to cost Ksh.128,000 – reports

Apple will be releasing its new iPhone with three new models on Tuesday. The new models are iPhone 11, iPhone 11 pro and iPhone 11 Pro Max. According to the Telegraph, a British  newspaper, the price of the iPhone 11 is unknown but is likely to cost £999 (Ksh....

Banks holding more money than ever before as Kenyans suffer empty wallets

Combined, commercial banks are now holding more cash reserves than ever before even as the private sector languishes in a cash-crunch strangle hold. The banking sector liquidity which informs of lenders cash and near cash stocks peaked at an all-time average high of 50.3 percent in the half year...

Equity Group doubles presence in DRC with new acquisition

Equity Group has moved to strengthen its Democratic Republic of Congo (DRC) banking business with a new proposed purchase of a controlling stake in the Commercial Bank of Congo (BCDC). Upon the deal’s completion which remains the subject of both shareholder and regulatory approval, Equity Group will move to...

Loose cash flows wipe off Shilling recent gains

The Kenyan shilling closed at Ksh.103.85 against the US dollar in the week to September 6 to edge back closer to a five average low 104.30 reached at the end of July. The dip in valuation has tentatively wiped off gains made by the shilling across the month of...

Fate of National Bank of Kenya sealed as KCB gets takeover nod

Kenya Commercial Bank has obtained approval from the Capital Markets Authority to take up National Bank of Kenya. This ends the lacklustre operations of NBK in Kenya’s financial services sector. “We are thankful and excited for the goodwill and support we have received from the shareholders, our regulators and...

Rivals Quickmart, Tumaini Supermarkets set to merge

Retail rivals Quickmart and Tumaini have commenced merger deliberations which will effectively lead to joint operations by the close of 2020. The unprecedented move by the respective supermarkets was triggered by the capture of a controlling stake in Quickmart by Sokoni Retail Kenya Limited which is incidentally the majority...

Consolidated Bank bond holders agree to revised payment date

Consolidated Bank bond holders have voted to side with the lender’s pushed repayment of their Ksh.1.6 billion, seven-year held maturing notes plus interest to October 22. The resolution by the creditors who held a consensus meeting on the matter on Tuesday serves as a vote of confidence for the...

Housing Finance is 2nd African company to set up WhatsApp banking

Housing Finance has launched a WhatsApp banking solution that offers customised mobile services to its customers. It becomes the second company in Africa to set up such a service after First Bank in Nigeria. “Banks are becoming a place where people don’t go anymore and what we are offering...

Troubled Nakumatt postpones date with creditors for second time

Nakumatt has put off the meeting with creditors for a second time pending the completion of an accounts audit. The firm has sought for the interjection of High Court in rescheduling its long awaited meeting with creditors. “This is an inadvertent last minute development, as we had expected the...

Are mobile loan apps a liability or necessity?

Mobile loan apps in Kenya have opened up a pandora’s box even as digital lenders continue to entice users with easy access. Linda Bonyo, founder of Lawyers Hub Kenya, says mobile loan apps should prioritise protection of consumers data when the apps are created. Also Read: The digital lending...

Experts warn of inflation risks despite price cool down

Experts have warned of downward risks from inflation in spite of a significant cool down in the growth of consumer prices in recent months. Food-fuel costs, which carry the significant load in impacting inflation, have fallen most recently, offsetting notable upheavals at the start of the year. Stability in...

Gov’t order on payment of pending bills yet to impact businesses – Survey

Local firms are yet to register gains from the recent order by President Uhuru Kenyatta on the clearance of pending bills, a new survey shows. According to the survey conducted in August by Stanbic Bank and IHS Markit, the firms have failed to honor client orders for the fourth...

Kenya Airways withdraws plan to take over JKIA

Kenya Airways (KQ) has formally withdrawn the privately-initiated investment proposal from consideration of the Kenya Airports Authority (KAA). In a statement issued on Wednesday, Kenya Airways said the decision was occasioned by the National Assembly’s move to adopt a report recommending nationalization of the carrier — a move they...
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