Kenya | - Part 35

WorldRemit Marks Africa for Share of $36 Billion Cash Transfers

LAGOS, Nigeria, Capital Markets in Africa: WorldRemit is seeking transactions in every African country by October as the company seeks a bigger share of the continent’s money transfers which are forecast to reach $36 billion this year. WorldRemit is currently operating in 34 of Africa’s 54 states and is using partnerships with cellular operators such as MTN Group Ltd. and Vodafone Group Plc to grow the number of money transfers through mobile technology, the London-based, closely held…

Tech Innovation Will Catalyse Productivity and Growth in Africa Says PWC Report

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JOHANNESBURG, South Africa, Capital Markets in Africa: Agriculture is currently standing on the edge of a second green revolution. This revolution will entail fundamental shifts in how the agricultural sector utilises and implements innovative technology to improve output in a sustainable manner and address the need for greater food security globally. These are some of the highlights of PwC’s latest Africa Agribusinesses Insights Survey 2016. “Currently, there is a second green revolution underway. There is…

Kenya to Switch KenGen Debt in Region’s Biggest Rights Offer

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NAIROBI, Kenya, Capital Markets in Africa: The Kenyan government will convert 20.2 billion shillings ($200.4 million) of debt owed by the East African nation’s biggest electricity producer into equity as part of a rights offer that’s the largest in the region. The Kenya Electricity Generating Co. Ltd., known as KenGen, is asking investors for 28.8 billion shillings to help finance 720 megawatts of new production capacity over the next four years. Other shareholders apart from the…

Central Bank of Kenya to hold rates on Monday, cut next quarter

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JOHANNESBURG, South Africa, Capital Markets in Africa: Kenya’s central bank will wait a few more months before cutting its benchmark interest rate as inflation, while slowing, is still above target and so allows it room to wait, a Reuters poll found on Friday. Eight of 12 analysts polled this week said rates would be left on hold on Monday at 11.5 percent while two said they expect a 50 basis point cut. The other two…

We Were Sleeping, Says Kenya Central Banker After Lenders Fail

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank said that it should have stepped in sooner to halt the collapse of three lenders in the past nine months and that a culture of leniency by the regulator contributed to a build-up of misconduct in the industry. “The watchdog should have barked sooner and louder,” Njoroge told lawmakers in Nairobi, the Kenyan capital. “We have been asleep at the switches in terms of us failing to…

Kenya Cuts Rates for First Time Since 2013 on Slow Inflation in May

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank cut its key rate by 100 basis points to 10.5 percent, the first reduction in three years, as the rate of inflation decelerates to within the government’s target corridor. Only two of nine economists and analysts polled by Bloomberg expected the decision. Central bank Governor Patrick Njoroge said in an interview in Kigali, Rwanda, earlier this month falling consumer prices, which are now within the government’s 2.5 percent…

Investment | Nedbank Group Hunting for Kenyan Acquisition as Parent Mulls Exit Plan

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Johannesburg, South Africa, Capital Markets in Africa: Nedbank Group Limited, the South African lender being spun off from parent Old Mutual Plc, said it’s in talks that may lead to the acquisition of a Kenyan bank as it seeks to benefit from an economic growth rate that’s double the average for the rest of the continent. “Within the next 12 months we’ll certainly be looking to do a deal,” Mfundo Nkuhlu, chief operating officer of Johannesburg-based Nedbank,…

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