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Tag: Kenya

Business

Kenyan consumer group seeks details of $500m Dangote Refinery stake

The Consumers Federation of Kenya, a consumer rights organisation, is demanding details of Kenya’s proposed $500 million stake in the Dangote East Africa Oil Refinery and Petrochemical Complex in Lamu. According to Kenya’s Capital FM Africa, COFEK made the demand through a petition to the Public Private Partnerships Petition Committee. The group is seeking information […]

Business

Land dispute casts shadow over Dangote’s Kenyan refinery groundbreaking

Dangote Group has pressed ahead with the groundbreaking of its planned 700,000-barrel-per-day oil refinery in Lamu, Kenya, despite a court order to maintain the “status quo prevailing” on land that 133 local residents claim as their ancestral heritage. The Lamu project is one of the biggest industrial investments planned in East Africa. Dangote has said […]

Investment

Dangote breaks ground on $16bn Lamu refinery in Kenya

Africa’s richest man, Aliko Dangote, was set to break ground on a new $16-billion mega-refinery in Kenya on Wednesday, saying it marked a “new chapter in Africa’s industrial journey”. Dangote built Africa’s biggest oil refinery in his native Nigeria. The east African version at the port of Lamu will have a capacity of 700,000 barrels […]

Economy

Africa loses billions to corruption, recovers little, Kenyan envoy warns

African countries are losing billions of dollars annually to corruption while recovering only a small fraction of stolen assets, Kenyan High Commissioner to Nigeria, Ambassador Isaac Keen Parashina, has said, calling for stronger continental cooperation in tracking and recovering illicit funds. According to Vanguard he made the remark on Tuesday in Abuja during the maiden […]

Zenith Bank's Q3 earnings hit N620.6bn
Banking

Zenith Bank completes acquisition of Kenya’s Paramount Bank

Zenith Bank has completed its acquisition of Paramount Bank in Kenya, marking a major step in its expansion strategy across Africa. The Nigerian lender confirmed the deal’s closure in a statement signed by Company Secretary, Michael Osilama Otu, on Tuesday, with the value of the deal left undisclosed. With this acquisition, Zenith Bank becomes the […]

Banking

Kenya banks smash MSME lending target in 2025

Kenya’s banking sector more than doubled its MSME lending target in 2025, disbursing KES326.5 billion ($2.53 billion) in new loans to small and medium-sized businesses, far exceeding the annual target of KES150 billion ($1.16 billion). The performance signals a growing shift by lenders to position the MSME segment as a core growth frontier. Data published […]

Trans-Niger pipeline resumes operations after blast
Oil and Gas

Kenya launches historic $824m pipeline company IPO sale

Kenya has launched the sale of a 65 per cent stake in its state-owned oil pipeline operator, seeking to raise KSh106.3 billion ($824 million) in what could become East Africa’s largest initial public offering in local currency terms. The listing, which took place on Monday, is expected to surpass the landmark 2008 Safaricom Initial Public […]

Business featured

Vodacom acquires Kenya’s Safaricom with $2.1bn

Vodacom Group Ltd. is set to take control of Safaricom Plc after striking a $2.1 billion deal to acquire additional shares from the Kenyan government and Vodafone International Holdings BV. This significant move deepens Vodacom’s bet on East Africa’s most profitable telecom market. In a stock-exchange filing, the South African operator said it will buy […]

Aviation

12 feared dead as tourist plane crashes in Kenya

A small aircraft en route to the Maasai Mara crashed Tuesday in Kenya’s coastal Kwale region, with all 12 people on board feared dead, officials said. The plane went down in a remote, forested area roughly 40 kilometers from Diani airstrip. Kwale County Commissioner Stephen Orinde said that the passengers were foreign tourists, though their […]

Kenyan fintech HoneyCoin raises $4.9m to expand African stablecoin payments
News

Kenyan fintech HoneyCoin raises $4.9m to expand African stablecoin payments

Kenyan fintech startup HoneyCoin has secured $4.9 million in seed funding to accelerate its expansion into African, Latin American, and Asian markets. The round was led by Flourish Ventures, with participation from TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures, Antler, and Visa Ventures. Founded in 2020, the Nairobi-based company operates stablecoin-powered payment […]

Safaricom cuts fibre prices as Starlink faces decline in Kenya
News

Safaricom cuts fibre prices as Starlink faces decline in Kenya

Safaricom has slashed the cost of new business fibre connections by 25% for the next two months, targeting firms in fibre-ready buildings as satellite rival Starlink grapples with a shrinking user base. The price cut, announced at a Nairobi business forum on Monday, lowers the entry-level 15 Mbps plan to KES 2,249 ($17.44) a month […]

News

Sun King secures $156m to expand solar access in Kenya

One of Africa’s largest off-grid solar companies, Sun King, has raised $156 million to deepen its footprint in Kenya’s energy sector. The funding will enable the company to deliver up to 1.4 million solar products and smartphones to homes and small businesses, many of which remain off-grid. The financing comes from a coalition of international […]

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