KenolKobil exits Congo, Tanzania with sale of units Oil marketer KenolKobil has sold its subsidiaries in Tanzania and the Democratic Republic of Congo, marking an exit from the two countries. The company said in a statement Wednesday it has disposed of all its interests in Kobil…

Ex-KRA boss bets big on KQ with 1.1m share deal Michael Waweru is now the seventh-largest local individual shareholder of Kenya Airways, holding a stake valued at about Sh5.1 million at current market price. He joins billionaire investor Chris Kirubi who acquired 2.1 million shares of…

Vodafone launches M-Pesa Ghana in Africa expansion bid UK telecommunications company Vodafone, which holds a 40 per cent stake in Safaricom, has launched M-Pesa services in Ghana —completing the spread of mobile money in all African countries where the British firm has a presence.

KPMG set to replace Ernst & Young as Uchumi auditors KPMG is set to take over from Ernst & Young the auditing of troubled retailer Uchumi Supermarkets, which has accused its former top management of manipulating its last year’s financial statements. The consultancy, classified as one…

Safaricom M-Pesa transfers across borders hit Sh17bn The value of cross-border M-Pesa transactions has hit Sh17 billion four years since the service was introduced, indicating a high growth potential for mobile money transfers in facilitating international remittances and business transactions. Safaricom says the uptake of M-Pesa…

Treasury behind borrowing targets on high finance costs As the current financial year started it emerged the government was experiencing unprecedented difficulties in raising cash, partly because the Sh2.2 trillion Budget was an increase of 25 per cent while domestic borrowing and tax revenues were short…

M-Pesa now enters Uganda in Safaricom, MTN pact M-Pesa users will now send and receive money from one of Kenya’s biggest trade partners Uganda after Safaricom partnered with MTN, a mobile phone service provider in the neighbouring country. Uganda is one of Kenya’s top trading partners…

Bidco acquires 78 acres of Tatu City land for expansion Consumer goods manufacturer Bidco has acquired a 78-acre piece of land at Tatu City — where it expects to set up some of its factories and a warehouse. The Thika-based company is owned by the…

KQ needs Sh100bn bailout, says Standard Investment Bank analysts National carrier Kenya Airways requires up to Sh100 billion new funding to stay afloat, Standard Investment Bank analysts have estimated. The amount is required in the form of fresh capital injection to reduce the carrier’s debt burden. KQ may also need…

KRA stopped from closing Keroche as excise tax licence renewal dispute rages Keroche Breweries has obtained court orders temporarily stopping the Kenya Revenue Authority (KRA) from shutting down its business following its refusal to renew it excise tax licence for the current financial year.The taxman had…