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Tag: Kenya

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 […]

Kenyan logistics startup Leta expands into Ghana
News

Kenyan logistics startup Leta expands into Ghana

Kenyan software startup Leta has announced its expansion into Ghana, marking its seventh market across Africa. The move comes just months after it secured a $5 million seed funding round in March, a rare feat amid a sharp decline in logistics tech funding across the continent. Founded in 2021 by Nick Joshi, Leta develops AI-powered […]

Roqqu acquires Kenyan crypto exchange Flitaa
News

Roqqu acquires Kenyan crypto exchange Flitaa

Nigerian crypto startup Roqqu has announced the acquisition of Flitaa, a smaller crypto exchange with operations in Nigeria and Kenya, in a move that marks its entry into East Africa’s fast-growing digital asset market. Although the exact value of the all-cash deal was not disclosed, sources estimate it to be between $85,000 and $350,000. The […]

Safaricom CEO Peter Ndegwa becomes highest-paid executive on Nairobi
News

Safaricom CEO Peter Ndegwa becomes highest-paid executive on Nairobi

Safaricom Chief Executive Peter Ndegwa earned a record KES 294.2 million ($2.2 million) in total compensation for the year ending March 2025, making him the highest-paid CEO on the Nairobi Securities Exchange. The payout marks a 17% increase from the previous year, as the telecoms giant returned to growth and raised executive pay. According to […]

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