Safaricom leads stocks higher

Kenyan shares rose on Friday led by telecoms firm Safaricom. The Nairobi Securities Exchange’s main NSE-20 Share Index added 14.26 points to close at 5,093.00 points, driven higher by Safaricom, which added 2.7 percent to Sh17.20. Analysts said Safaricom’s shares were buoyed by a favorable outlook for its annual performance and anticipation of solid results due to be announced in early May. The firm’s M-Pesa money transfer service and its data business were expected to help increase earnings [...]

Pension sector grows as assets hit Sh750b

Pension industry assets increased to Sh750.02 billion in the first half of last year compared to Sh696.68 registered in December, 2013. This represents a 7.7 per cent increase. The growth of the industry can be attributed to the good performance of the quoted securities, revaluation of property assets and a stable performance of the bond market. Fund managers are supposed to adhere to the investment guidelines in all segments they invest in, for example, government securities, property market, guaranteed funds, fixed income, offshore, and quoted equities [...]

No M-Pesa services this weekend

Mobile phone subscribers on Kenya’s largest phone network Safaricom will not use the mobile money transfer service M-Pesa from 11pm tonight for at least 12 hours. Safaricom is upgrading its M-Pesa platform and relocating its servers from Germany where they were previously hosted to Kenya. Safaricom’s new M-Pesa platform is expected to go live by the end of this month raising the stakes in the battle to dominate Kenya’s lucrative mobile money industry. The new system will allow Safaricom grow its financial product offering through new upgrades and better functionality [...]

Power distributor to install smart meters to curb fraud

Kenya Power has announced plans to install smart electricity metres in a race to cap soaring meter-reading costs and curtail fraud. The firm has also said it will be offering temporary employment to about 500 college students that would be contracted as metre readers. Managing Director Dr Ben Chumo yesterday made the announcements, which the company hopes will also address customer complaints related to the use of estimated power consumption for billing [...]

Kenyan shilling weaker on dollar demand

Kenya’s shilling was flat at three-year lows yesterday but traders were anticipating a weakening bias for the local currency with energy companies seeking to buy dollars. Oil dealers buy dollars in the local market, which are used to pay for petroleum products like petrol. The strength of the US dollar globally has put pressure on the currency, while tourism and horticulture, Kenya’s main foreign currency earners, have been floundering. Poor rains have hit the agriculture sector hard, leading to depressed tea and coffee earnings [...]

How to turn Kenya into regional manufacturing hub

Industrialization and Enterprise Development Cabinet Secretary Adan Mohamed is right has stated that the country is creating an enabling environment for the growth of the manufacturing sector. The minister is backed by the growing number of multinationals seeking to make Kenya their manufacturing hub for the African continent. The latest companies planning to set up a base in the country are Chewing gum and confections maker, Wrigley Company and German food and hospitality company — Metro Group, This has been largely attributed to Kenya’s rapid advancement in mobile technology, internet connectivity, the country’s level of trade and connectivity to the global economy [...]