Business – Kenyan Enterprise

Higher Loan Costs Loom for Kenyans as CBK Raises Base Lending Rate to 12.5%”

Kimani Patrick — Wed, 06 Dec 2023 11:57:40 +0000

Borrowers in the country faced a significant setback as the Central Bank of Kenya (CBK) raised the benchmark lending rate to 12.5%, marking a 2-percentage-point increase from the previous rate of 10.5%. The decision, attributed to exchange rate depreciation and mounting external debt service in the public sector, is seen as a response to upward […]

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Korean Tech Firms Target Kenya’s Entry

Enterprise Team — Thu, 09 Nov 2023 13:30:54 +0000

Korean firms are eyeing Kenya’s entry into the smart technology market as the country ramps up its smart city ambitions. Korea Trade Development Agency (KOTRA) Eom Ikhyun stated during the unveiling of the Korean Pavilion at the 2023 BIG 5 Construction Roadshow in Kenya that three Korean companies have signed a Memorandum of Understanding (MoU) […]

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Safaricom Half-Year Net Profit Grows to Sh34.2B

Enterprise Team — Thu, 09 Nov 2023 06:56:59 +0000

Safaricom’s net profit for the six months ended September increased to Sh34.2 billion due to increased customer spending and growth in the Ethiopian unit. This is an improvement over a 10% drop in profit after tax to Sh33.5 billion during the same period last year. Customers increased their spending after the telco cut prices earlier […]

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KBL Urges Govt to Review Excise Taxes to Combat Illicit Alcohol

Enterprise Team — Wed, 08 Nov 2023 08:49:40 +0000

Kenya Breweries Limited (KBL) is urging the government to lower excise taxes on alcoholic products in order to reduce the country’s illicit brews. High taxes have made genuine alcohol prohibitively expensive, forcing ordinary Kenyans to purchase cheap, substandard liquor. “A recent industry report from Euromonitor indicates that nearly two-thirds of alcohol being consumed in Kenya […]

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APA Insurance, IFC Partner to Support Women Financially

Enterprise Team — Tue, 07 Nov 2023 09:01:16 +0000

APA Insurance and the International Finance Corporation (IFC) have partnered to provide financial literacy training for Kenyan women. The program, known as “APA SHEild,” will increase women’s access to reasonably priced financial products. In addition, workshops and webinars will be offered to them, giving women the information and resources they need to support their own […]

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Kenya Tourism Board Eyes 5 Million Tourist Arrivals by 2028

Enterprise Team — Sat, 04 Nov 2023 07:24:15 +0000

Kenya Tourism Board, the country’s marketing agency, has set a goal of 5.5 million international tourist arrivals over the next five years in its strategic plan, which was unveiled on Wednesday. According to KTB chairperson Francis Gichaba, the strategic plan for 2023-2028 aims to increase the tourism sector’s contribution to Kenya’s economy to 1 trillion […]

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Bolt Restates Expansion Plans in Kenya

Enterprise Team — Fri, 03 Nov 2023 08:52:03 +0000

Bolt, the ride-hailing platform, has restated its plans to expand its services across the country in order to bring online taxis and food delivery services closer to Kenyans. The Estonian company revealed yesterday that it is looking into unserved towns. Bolt services are already available in major towns and cities around Kenya, including Nairobi and […]

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Little Cab Unveils Contactless Payment Solution

Enterprise Team — Thu, 02 Nov 2023 09:29:13 +0000

As the transition to digital payments accelerates, ride-hailing platform Little Cab has introduced a new cashless payment solution. The system includes a Near Field Communication (NFC) payment feature and is a collaboration between Absa Bank Kenya and Visa. NFC simplifies and expedites the app’s payment process by allowing drivers to accept card-based payments with their […]

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Top 10 Profitable Businesses to Start in Kenya

Lesile Selelo — Thu, 02 Nov 2023 07:42:07 +0000

Kenya offers exciting business opportunities with its robust economic growth and rising consumer demand. Local entrepreneurs and investors can tap into highly lucrative sectors by starting these profitable businesses Agribusiness Agriculture is a mainstay of Kenya’s economy. Opportunities exist in areas like commercial farming, contract farming, food processing, and distribution. Retail Kenya has a rapidly […]

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Car & General Issues Profit Warning on High Costs

Enterprise Team — Wed, 01 Nov 2023 08:04:35 +0000

Car & General (C&G), a diversified trading firm, has issued a profit warning for the 15 months ending December, preparing investors for a 25% drop in earnings. Due to higher costs, the publicly traded company’s profit dropped significantly in the half-year to March. C&G changed its fiscal year end from September to December, which means […]

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