Electric mobility in Kenya registered a 41 percent growth last year, data from the Energy and Petroleum Regulatory Authority (EPRA) shows. In its biannual statistic report released in Nairobi, the authority says electric vehicles including two and three wheelers registered stood at 5,294. This is up from 3,753 units registered in 2023. “This growth can be attributed to the government initiatives such as the introduction of the special electric mobility tariff, a reduction in excise duty on electric vehicles from 20 per cent to 10 percent as well as the exemption of fully electric cars from Value Added Tax” reads…
Author: MSN Reporter
Kenya’s public debt remains stable but with a high risk of debt distress. This is according to the National Treasury, which says its external debt sustainability analysis debt to GDP ratio is below the 40 percent sustainability threshold. “The debt to revenue ratio breaches the threshold of 18 percent from 2024 to 2028 due to heavy maturities during the period,” The National Treasury says in its 2025 Medium Term Debt Management Strategy document. In the document, the Kenyan government also acknowledges that the present value of public and publicly guaranteed external debt-to-exports remains above the sustainability threshold of 180 percent…
Oil marketing firm Vivo Energy continues with its hold on Kenya’s oil marketing industry. According to a report released by the Petroleum Institute of East Africa (PIEA), Vivo Energy commanded 21.36 percent of all petroleum sales in 2024. Rubis Energy and Total Energies follow closely, at 16% and 15%, respectively. Ola Energy comes in a distant fourth place, with 4.8% of the overall market share. “The top 15 companies had a combined overall market share of 71.86 percent compared to 73.1 percent in 2023,” reads a section of the report. Other oil marketing firms that shared the spoils BE Energy,…
Kenya’s National Treasury and Economic Planning Cabinet Secretary John Mbadi says funding squeeze from the USA has exposed the country. Speaking at national anti-corruption forum in the capital of Nairobi, Mbadi said the East African nations fiscal space had no ‘legroom left’. “We will be left to look inward and this is the worst period for Kenya” said Mbadi. The minister once again took issues to with the nation’s debt burden that he said was occasioned by a borrowing spree between 2014 and 2019. “Some time back we made a decision to take loans as a country and these loans…
The strategy, the government says will catapult the country to a leading AI innovation landscape in the continent. State Department of ICT and Digital Economy Principal Secretary John Tanui notes that the strategy was developed in consultation with key AI players both in Kenya and globally. “We are building on our reputation as the ‘Silicon Savannah’ by creating a robust framework that prioritizes innovation, ethical governance, and collaboration,” says Tanui Kenya will be integrating AI and digital skills into the education curriculum as part of the strategy. Additionally, Tanui says the document has been aligned with the African Union’s Digital…
NCBA Group has posted Ksh22B in profits after tax for the financial year ended December 31st, 2024. The lender in a statement says the earning were largely attributed to digital loans disbursement that has crossed the Ksh1 Trillion mark. The earnings translate to a 2 per cent growth compared to the same period in 2023. NCBA Group’s operating income however dropped by 1.5 per cent to Ksh62.7B in the period under review. Operating expenses however went up by 10.6 per cent year on year, while it cut its loan losses by 40 per cent to Ksh5.5B during the year. “The…
Kenya plans to install 495 domestic masonry biogas plants across the country as part of boosting renewable energy. In a tender notice, the ministry of energy and petroleum says the projects will be carried out in 18 counties. These include Nandi, Kilifi, Kwale, Migori, Kiambu. Nairobi, Busia, Siaya, Meru, Tharaka Nithi, Baringo, West Pokot and Nyeri among others. The plants, the government says will use cow dung as feedstock and the scope of work will involve construction, installation and commissioning of the 10m cube plants. Over the last two years, Kenya has been promoting the use of biogas with projects…
Listed Lender KCB Group has initiated an acquisition process for Kenyan Fintech Riverbank. In a notice to shareholders, KCB Group say it has entered an agreement to acquire 75 per cent of Riverbank Solutions Ltd shares. “Riverbank Solutions is financial services technology company that primarily deploys payment solutions.” Notes Company Secretary Bonnie Okumu in the announcement. The lender further says it has worked with the firm for over 12 years and is ‘an excellent fit’ in their strategy to enhance payment solutions for its customers. Riverbank Solution list agency banking, revenue collection and social payments as some of the services…
By MSN Reporter Somalia has formally joined the African Export-Import Bank, making it the 53rd nation in Africa to become a member state of the lender. The accession of the East African nation was signed by Hirsi Jama Ganim, State Minister in the Office of the Prime Minister. “This is a significant milestone as it widens the opportunity for the Somali public and private sectors to access financing and other related interventions that addresses their real needs,” says Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Somalia says the move is part of its wider plan…
By MSN Reporter Pan African lender Ecobank has shored up its Kenyan arm working capital. In a statement to newsrooms, the lender says it injected Ksh3.5B more to bring its total capital to Ksh8.5B. The bank says the additional capital will be critical in upping its role in supporting regional trade as well as promote financial inclusion. At the core of this plan will be lending to FinTechs, women-led enterprises and a choice of SMEs. “This capital reinforcement supports Ecobank Kenya’s ability to seize new business opportunities and deliver long-term value for stakeholders—all in alignment with our Growth, Transformation, and…