By Brian Ambani Business Reporter Nation Media Group Pan-Africa electric vehicles (EV) company Spiro, which has operations in Kenya, has tapped a $50 million (Sh6.5 billion) loan from the African Export-Import Bank (Afreximbank) to expand its operations on the continent. The agreement was signed in Kigali, Rwanda this week during the Africa CEO Forum, said the firm in a statement. Spiro...
Kenya will start construction of a multi-million-shilling vaccine manufacturing plant before the end of this year, following approval of funding from the World Bank. Kenya BioVax Institute —the agency tasked with setting up the facility– disclosed that the World Bank has approved the funding, estimated at $120 million (Sh15.7 billion). Some of the vaccines set for production once the plant becomes...
By Mohammed Doyo Development and Public Policy Specialist The Finance Bill 2024, recently tabled in Parliament, presents an opportunity for Kenya to align its fiscal policy with global best practices in taxation. The Bill aims to expand the tax base by bringing more economic activities into the tax net and removing certain tax exemptions. While broadening the tax base is essential for...
IFRS 19 is the latest IFRS accounting standard issued in May 2024. It is a disclosure-only standard that will significantly benefit many organisations and increase the pace of the adoption of global financial reporting standards such as IFRS accounting standards. IFRS 19 results from feedback on permitting certain subsidiaries that meet specific eligibility criteria to have reduced disclosure...
By Stephen Mutie Literature lecturer Kenyatta University Every day, 750 million people around the world engage with TikTok – the short-video sharing app. Kenyans are among its top users. According to a Reuters Institute Digital News Report 2023, 54 percent of Kenyans sampled used TikTok for general purposes, the highest proportion among the countries in the survey. They also use TikTok to...
By Kabui Mwangi Business and Tech Reporter Nation Media Group Suspected digital fraud attempts in Kenya were highest within the gaming sector during the 12-month period to last December as spending within the segment recorded significant growth, a new report shows. The TransUnion 2024 State of Omnichannel Fraud Report however indicates that the most rapid growth in digital fraud attempts...
By Kabui Mwangi Business and Tech Reporter Nation Media Group When Kenyan authorities mooted a scheme to position the country as a first among equals in technological inventions more than a decade and a half ago and coined the phrase ‘Silicon Savannah’, the grand plan offered the promise of a new dawn that could have highly impactful economic upshots. If all went according to plan,...
By James Agin Managing Executive, Corporate and Investment Banking Absa Bank Kenyan businesses, like those in many other parts of the world, have faced numerous challenges over the last year. Disruption of the global supply chain and the recent spike in the dollar exchange rate, are just a few examples of global issues that have hurt businesses. Most business owners would understandably...
Back in the 1980s, at the height of the Cold War era, a communist party meeting was taking place at a local village town hall. The chairman concluded his speech and asked if there were any questions. No one said anything until Dimitri raised his hand. “I have three questions, Comrade Chairman. First, where have all our cattle gone? Second, where has all the meat from the cattle gone? Third,...
By Bonface Otieno Nation Media Group Business Reporter Copia, a Kenyan e-commerce platform serving low to middle-income customers through a network of agents, has warned that it could fire up to 1,060 workers due to lack of new capital needed to sustain its operations. The startup is the latest to fall in trouble, joining others like Twiga Foods and Kune Food that laid off all or a...