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Kenyan BNPL startup Lipa Later has been placed under administration due to an inability to secure necessary funding, following a series of financial challenges. Founded in 2018, the company raised $12 million in 2022 and $3.4 million in September 2023 but faced creditor issues, including a lawsuit for unpaid fees. The appointed administrator, Joy Vipinchandra Bhatt, is working with stakeholders to explore options for financial restructuring, with creditors given until April 23 to submit claims.
KCB Group PLC is set to acquire a 75% stake in Riverbank Solutions Limited, a leading fintech firm, to enhance its digital financial services across East Africa. This strategic move follows a significant profit increase for KCB, aiming to leverage Riverbank's technology for improved payment solutions and operational efficiency for SMEs. The acquisition, pending regulatory approvals, positions KCB as a key player in the evolving fintech landscape, potentially unlocking new revenue streams and enhancing customer experiences.
The global debt crisis is intensifying, with developing nations facing unprecedented challenges as their external debt reached $11.4 trillion in 2023, consuming more than their export earnings. Countries like Sri Lanka and Pakistan exemplify the dire consequences of unsustainable borrowing, leading to defaults and economic turmoil. Urgent reforms and innovative solutions, such as debt-for-climate swaps, are essential for fostering sustainable development and financial stability amidst rising global trade uncertainties.
In September 2013, the Kenya Bankers Association and the Banking Insurance and Finance Union reached a Collective Bargaining Agreement for 2013-2015, which addressed various work-related issues, including salary increases for employees in the banking sector. This agreement marks a significant victory for Barclays Bank employees following recent layoffs.
Huawei is driving digital transformation in Kenya's banking sector by promoting its 'Everything-as-a-Service' model, which includes tailored cloud solutions. With over 70% of Kenyan banks exploring cloud options, the focus is on enhancing operational efficiency while addressing challenges like regulatory compliance and cybersecurity. Experts emphasized the importance of localized services and robust data protection to build trust with customers.
Kenya's central bank has reduced its benchmark interest rate to 11.25% from 12%, exceeding economists' expectations of a 50 basis point cut. This marks the third consecutive reduction, driven by muted inflation, as the bank aims to support the East African economy.
Kenya plans to implement a 1% levy on entry fees to parks, reserves, and conservancies to support wildlife conservation efforts. The funds will be allocated to a Wildlife Conservation Trust Fund aimed at managing and restoring protected areas and safeguarding endangered species.
Roam is expanding its electric motorcycle charging network in Nairobi with 10 new solar-powered hubs, supported by ENERGICA. This initiative aims to accelerate the transition to electric motorcycles, potentially reducing fossil fuel imports and generating additional revenue for Kenya's utility company. The Roam Air motorcycle recently completed a historic 6,000-kilometer solar-powered journey from Nairobi to Stellenbosch, showcasing the viability of clean energy for long-distance travel in Africa.
Kenya’s Supreme Court upheld key tax measures from the 2023 budget, providing relief to President William Ruto’s administration amid financial challenges. The Finance Act 2023 included a rise in value-added tax on fuel to 16% and an increase in the top salary-tax band from 30% to 35%, aiming to generate 214 billion shillings ($1.66 billion) for the fiscal year ending in June.
Kenya Power and Lighting Co. reported a record profit, driven by a 21% appreciation of the local currency, which reduced its foreign debt burden. This resulted in unrealized foreign-exchange gains of 7.88 billion shillings ($61 million) for the year ending June 30, propelling the stock to a record high.
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