Author: Newsroom

Absa Bank
Corporate
Newsroom

Absa raises daily transaction cap on Timiza to Sh500,000

Absa Bank Kenya has announced an increase in transaction limits on its Timiza wallet, offering customers the chance to transact up to Kes500,000 per day. The move is aimed at offering customers more flexibility and convenience in managing their finances. With these new changes, the maximum amount one can transact in a single transaction on Timiza has been raised to Kes250,000 from Kes150,000. Additionally, the daily transaction limit has been increased to Kes500,000 from Kes300,000. Steve Omamo, Head of Digital Channels at Absa Bank Kenya, notes that this move aligns with recent adjustments in mobile money transaction limits and changing consumer preferences “Our key priority

Read More
Safricom
Technology
Newsroom

Safaricom paves the way to a tech-driven future for Kenya’s youth

Software developers in Kenya can now come up with secure and better-quality applications by tapping into various resources in the newly launched Safaricom Developer Portal. The web-based platform serves as a central hub for software developers, offering essential resources and tools to streamline the development process while improving their efficiency and productivity. Safaricom Developer Portal According to the telco giant, Safaricom Developer Portal provides a user-friendly and responsive interface that helps enhance the overall developer experience. Safaricom Developer Portal is one of the three latest offerings from the company unveiled during the second annual engineering summit dubbed Decode 2.0. The other new platforms are Entertainment

Read More
KCB Rugby
Sports
Newsroom

KCB RFC ready to defend floodlit title

KCB RFC Head Coach Curtis Olago is exhuding confidence ahead of the Floodlit Rugby Tournament set to kick off on October 14, 2023, at the Impala Club. The bankers, who are the defending champions, will be out to defend their title as they take on Kenya Harlequin on Saturday evening in the opening round. The team has been bolstered with the additions of props Wilhite Mususi and Nick Okullo who joined the Thika-road side from Kenya Harlequin and Blak Blad respectively. “I am thrilled with the boys’ training so far as we gear up for the Floodlit tournament this weekend. We have been working so

Read More
Kitui County
In Brief
Newsroom

Kitui to digitize services using myCounty App

Kitui has become the second county in the Eastern region after Makueni to launch the digitisation of its services through Safaricom-backed myCounty App platform. The platform will provide a range of services, including payment options for county services, revenue management systems, a citizen reporting and engagement tool, as well as solutions pertaining to agriculture, health, utility bills, and SME programs. Presently, myCounty app has seen over 400,000 users actively accessing county services across 11 onboarded counties. These counties include Nairobi, Makueni, Kitui, Busia, Samburu, Bomet, Narok, Kilifi, Uasin Gishu, Kajiado, and Elgeyo Marakwet. “Our vision is to enable counties to offer one-stop shop for their services and more

Read More
Kenya Coffee
Economy
Newsroom

From crop to cup: Logistics is key to revitalising Kenya’s coffee industry

Climate change and deforestation mean your morning cup of coffee may face extinction by 2050 according to reports from the Fairtrade Foundation, this comes at a time when the world’s demand for coffee is already outstripping supply. Logistics support for a booming Kenyan coffee industry has never been more critical to ensure the world’s demands for its morning cuppa are met, but also to grow the Kenyan economy. “Moving a coffee bean efficiently from a farm in rural Kenya to a coffee shop in central London is critical for the revival of the Kenyan coffee industry,” says Zaid Khammash, Managing Director, Operations, Kenya, at FedEx.

Read More
Interior Cabinet Secretary Prof Kithure Kindiki.
In Brief
Newsroom

Six Immigration employees arrested over passport fraud

Six Department of Immigration Services employees, including an intern, as well as nine suspected brokers around the city centre have been arrested for their involvement in the corruption scandal surrounding passport issuance at Nyayo House, Nairobi. According to the DCI, the public and foreigners seeking passports and work permits were coerced into paying hefty bribes to access essential services. The rogue employees were exploiting a temporary system glitch at Nyayo House to line their pockets. They even deployed brokers around Nyayo House to lure desperate applicants and those with influence into securing special treatment. After investigation and profiling of suspects, detectives raided the Department of

Read More
Fahari
Markets
Newsroom

The final call: ILAM Fahari I-REIT redemption offer nears end

The ongoing redemption offer for the listed real estate investment trust, ILAM Fahari Real Estate Investment Trust (I-REIT), is set to conclude tomorrow, October 6th. Addressing the redemption offer period, which paves the way for the conversion process, Einstein Kihanda, CEO of ICEA LION Asset Management (ILAM), noted that following the closure, trading of the ILAM Fahari I-REIT will be temporarily suspended at the Nairobi Securities Exchange (NSE). This suspension will run from close of trading on Friday, October 6th, until Wednesday, October 25th, in line with the timetable outlined in the Conversion Offering Memorandum and the Public Notice dated August 29th, 2023. Premium offer

Read More
KCB Golf Series
Sports
Newsroom

KCB Golf Series heads to Machakos

The 14th leg of the KCB East Africa Golf Tour will be held at the 9-hole Machakos Golf Club this coming weekend. The morning action is expected to tee off at 7:00 am as 140 golfers brave the fairways to fight for the top two positions in a bid to qualify for the grand finale of the tour scheduled for next month at the Karen Country Club. The series has so far seen 12 teams book a spot in the Pro-Am event with the latest entries comprising Phylis Kisuna, J. Jesang, J. Cheruiyot, J. Kisuna, Phylis Kisuna, J. Jesang, J. Cheruiyot, and J. Kisuna joining the

Read More
In Brief
Newsroom

Tuesday’s NSE Equity market up 263 percent to Sh228 million

Equity market activity at the Nairobi Securities Exchange (NSE) saw a 263.16 percent surge in Tuesday trading closing at Kes227.59 million from Kes62.67 million on Monday, indicative of renewed investor interest in the NSE. However, despite the boost in trading activity, the benchmark indices experienced a downward trajectory. The NASI dipped by 0.16 percent, the NSE 10 declined by 0.70 percent, and the NSE 20 slipped by 0.41 percent, concluding at Kes95.39, Kes946.95, and Kes1505.47, respectively. These figures contributed to a year-to-date performance of (25.17) percent for NASI and (10.18) percent for NSE 20. Additionally, foreign investors registered net outflows of Kes76.62 million, an increase

Read More
NSE
In Brief
Newsroom

Foreign investors net sellers at NSE

Foreign investors were net sellers at the start of this week’s trading, recording net outflows of Kes3.71 million on Monday. This marked a significant contrast compared to close of trading last week when they recorded net outflows of Kes32.99 million. The change in foreign investment patterns could be indicative of their response to evolving market conditions and economic factors both locally and globally. The Nairobi Securities Exchange (NSE) saw the equities market turnover suffer significant decline of 26.13 percent. The turnover fell from Kes84.85 million to Kes62.67 million, signifying a substantial reduction in trading activity. This downturn in turnover could be attributed to various factors,

Read More