President William Ruto and other African Heads of State and Government during the 37th ordinary session of the Assembly of the Heads of State at the AU headquarters in Addis Ababa, Ethiopia, on February 17, 2024. [File, Standard] With global protectionism surging, Kenya and other African countries are increasingly looking towards intra-continental trade as a bulwark against this tide. Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters Already a subscriber? Log in President William Ruto and other African Heads of…
Author: By Brian Ngugi
CS Finance John Mbadi on May 4, 2025, at Kadika primary during President William Ruto’s Migori County tour (Caleb Kingwara, standard) National Treasury Cabinet Secretary John Mbadi has turned to the public for fresh ideas for his inaugural budget, seeking input for economic policy and tax measures as the government grapples with high living costs and simmering social tensions. Mbadi, who joined the broadly reorganised government of President William Ruto following widespread protests by Gen Z youth across the country last June faces an immediate acid test for his inaugural full budget. His proposed budget for the 2025-26 financial year…
The Group Chairman, United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, Mr Tony Elumelu. [Courtesy] Kenya and other African countries are increasingly looking to intra-continental trade through the African Continental Free Trade Area (AfCFTA) as a vital bulwark against a surging tide of global protectionism. The swift implementation and deepening of the pan-African trade pact, encompassing 54 of the 55 African Union (AU) member states, is seen by many proponents as the continent’s essential path forward for economic resilience and future growth. This is being seen as a crucial panacea against escalating tariffs and disrupted…
Chinese Foreign Minister Wang Yi, is scheduled to attend the signing ceremony in Hong Kong on May 30. [Brian Ngugi, Standard] Kenya and other African nations are closely watching the imminent establishment of a new international organisation dedicated to mediating disputes, a development significantly championed by China. This new body aims to offer a flexible alternative for resolving international disagreements amid rising global tensions and challenges to traditional dispute resolution systems. The International Organisation for Mediation (IOMed), whose founding convention is set to be signed in Hong Kong on May 30, emerges at a time when existing mechanisms, such as…
NCBA Bank headquarters, Upper Hill, Nairobi. [File, Standard] Tier one lender NCBA Group has appointed international banking executive James Gossip as the new managing director of its Kenyan unit. This move will see long-serving Group CEO John Gachora shift his focus to broader group-level strategic initiatives. The appointment comes as major financial institutions across the region increasingly focus on carefully managed leadership transitions to ensure continuity and strengthen corporate governance. The appointment of Gossip to head NCBA Kenya, effective May 12, 2025, follows the receipt of all requisite regulatory approvals, said the lender’s board in a statement. “The appointment marks…
President William Ruto, accompanied by his Chinese counterpart Xi Jinping acknowledge grreetings from school children at the Great Hall of the People in Beijing, China. [PCS] China’s influential ruling Communist Party (CPC), which has led the People’s Republic of China (PRC) since its founding in 1949, is addressing significant challenges concerning youth employment and persistent systemic graft, a senior party official stated. Gong Weibin, Vice President of the Party School of the CPC Central Committee (National Academy of Governance), told The Standard at a press conference, these issues pose critical tests for the party’s continued social stability and sustained development. The CPC,…
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank during a previous event. [File, Standard] The African Export-Import Bank (Afreximbank) is pushing for a significant boost in trade and investment between Africa and the Caribbean, with its chief highlighting the urgent need to strengthen ties in a turbulent global economic environment. The Pan-African Bank announced Thursday that the fourth AfriCaribbean Trade and Investment Forum (ACTIF2025) will take place in Grenada in July 2025, aiming to unlock billions in untapped potential. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the urgency,…
Paul Russo KCB Group CEO speaking during 2024 full year financial results on March 12, 2025. [Wilberforce Okwiri, Standard] Kenya’s largest lender by assets, KCB Group, posted an after-tax profit of Sh16.53 billion in the first quarter of the year ending March, riding on higher income. The lender had recorded Sh16.48 billion during a similar period last year. The 0.3 per cent rise net earnings came as KCB Group total revenues grew 2 per cent to Sh49.4 billion in the three months period. This came as the lender’s balance sheet closed the period at Sh2.03 trillion, from Sh1.99 trillion. KCB Group Chief Executive Paul Russo said quarter…
Co-operative Bank of Kenya (Co-op Bank) has reported a by 5.3 per cent growth in profit after tax for the first quarter of 2025, driven by income growth, as the tier one lender expands its footprint across Kenya and South Sudan. In results released Thursday, the bank said its net earnings reached Sh6.9 billion for the three months, compared to Sh6.6 billion in the same period last year. This came as Co-op Bank was named one of Africas fastest growing companies in 2025 by FT of London. FT said it based the ranking on the growth in key performance metrics between 2020…
Co-op Bank first quarter profit up 5.3pc to Sh6.9b amid expansion push Published Date: 2025-05-15 13:33:17 Author: By Brian Ngugi Source: The Standard
CBK Governor Dr Kamau Thugge before the National Assembly’s Committee on Finance and National Planning on March 25, 2025. [Elvis Ogina, Standard] The Central Bank of Kenya (CBK) has dismissed commercial lenders’ claims that its proposed loan pricing reforms amount to a return to “interest rate capping,” escalating a deepening rift over President William Ruto’s push for cheaper credit. Governor Kamau Thugge, in a robust response to the Kenya Bankers Association (KBA), reiterated the regulator’s commitment to a “transparent and efficient credit market,” while rejecting the banks’ concerns as unfounded. Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started…
A flower vendor at Dounan Flower Market in Kunming, southwest China’s Yunnan Province on May 11, 2025. [Brian Ngugi, Standard] In the sprawling, bustling heart of Kunming, the capital of Southwest China’s Yunnan province, lies the Dounan Flower Market – a behemoth of blossoms and a barometer of Asia’s floral appetite. As the second-largest fresh-cut flower trading centre globally and the undisputed king of Asia’s vibrant flower trade, Dounan moves a staggering 10 million stems daily. Its auction halls are a constant flurry of bids and blooms destined for vases across the continent and beyond. Now, this colossal market…
CBK Governor Kamau Thugge. [File, Standard] A showdown is brewing between commercial banks and the Central Bank of Kenya (CBK) over the State-backed proposals aimed at providing cash-strapped Kenyan borrowers with cheaper loans. CBK Governor Kamau Thugge. [File, Standard] Published Date: 2025-05-02 00:00:00 Author: By Brian Ngugi Source: The Standard
From left: KCB Group CEO, Paul Russo, Trade Cabinet Secretary Lee Kinyanjui and PAPSS CEO, Mike Ogbalu III, during the launch of the Pan-African Payment & Settlement System in Nairobi, on February 27, 2025. [Wilberforce Okwiri,Standard] Kenya’s leading lenders KCB Group and Equity Group, are strategically aligning with the Pan-African Payment and Settlement System (PAPSS) to capitalise on burgeoning intra-African trade. They view the platform as a key to unlocking growth as regional integration efforts gain momentum and global trade dynamics shift. KCB Group, the largest lender by asset size, and Equity Group, boasting the largest customer base, have both…
President William Ruto during bilateral talks with Prime Minister Li Qiang at the Great Hall of the People in Beijing, China where they agreed to accelerate trade and investment relations between Kenya and China, on April 23, 2025. [PCS] President William Ruto has wrapped up his state visit to China, during which he secured a series of agreements spanning infrastructure, healthcare, security, and trade. The visit marks a new phase in the growing ties between Kenya and China, especially in light of ongoing global trade tensions. The agreements, signed with Chinese President Xi Jinping, aim to further strengthen Kenya-China relations,…
The shilling, fresh from a sustained rally against the US dollar, is anticipated to face renewed downward pressure as the annual dividend payout season for listed firms approaches, traders said yesterday. Demand for the greenback from companies with foreign shareholders seeking to repatriate dividends is expected to intensify in the coming weeks, adding to existing dollar demand from energy and manufacturing importers. A slew of prominent Kenyan companies, as indicated by announcements from the Central Depository and Settlement Corporation (CDSC), have declared their dividend payouts and set crucial book closure dates for 2025. This mid-year surge in dollar demand by…
The shilling, fresh from a sustained rally against the US dollar, is anticipated to face renewed downward pressure as the annual dividend payout season for listed firms approaches, traders said yesterday. Demand for the greenback from companies with foreign shareholders seeking to repatriate dividends is expected to intensify in the coming weeks, adding to existing dollar demand from energy and manufacturing importers. A slew of prominent Kenyan companies, as indicated by announcements from the Central Depository and Settlement Corporation (CDSC), have declared their dividend payouts and set crucial book closure dates for 2025. This mid-year surge in dollar demand by…
President William Ruto hold bilateral talks with Chinese President Xi Jinping at the Great Hall. [PCS] Analysts suggest President Ruto’s visit presents a unique opportunity for Nairobi to leverage the US-China fallout to Kenya’s advantage. Talks with President Xi Jinping also expected to centre around debt and financing for major infrastructure projects. President William Ruto is set to embark on a crucial five-day state visit to Beijing, China, commencing Tuesday. The visit comes as Kenya grapples with mounting economic pressures and as the cash-strapped Kenya Kwanza administration seeks to navigate local economic headwinds but also the turbulent waters of the ongoing US-China…
President William Ruto sahkes hands with Prof Benedict Oramah, the president of AfriExim Bank after the signing of the Sh400 billion financing program between Kenya and AfriExim Bank at State House Nairobi on Tuesday May 2, 2023. [PCS] The African Export-Import Bank (Afreximbank) is urging African nations to aggressively pursue internal trade integration through the African Continental Free Trade Area (AfCFTA) as a critical buffer against a rising tide of global protectionism. The multilateral lender views the swift operationalisation and deepening of the pan-African trade bloc, encompassing 54 of the 55 African Union member states, as essential to shield the continent’s…
US President Donald Trump during the National Prayer Breakfast at the US Capitol in Washington, DC, on February 6, 2025. [AFP] The Trump administration is now prioritising Kenya for food and agriculture agreements despite having imposed tariffs that have strained the trade partnership between Nairobi and Washington. Under the new initiative, the United States Department of Agriculture (USDA) will provide support to Kenya, alongside Ethiopia and Ghana, through its “Food for Progress Programme.” The decision comes despite the recent 10 per cent reciprocal import tariff slapped on Kenyan goods by Washington, a move that has sparked alarm among Kenyan manufacturers and…
Central Bank of Kenya Governor Kamau Thugge says Trump’s tariff could reduce Kenya’s exports to the US by approximately Sh12.9 billion ($100 million). [File, Standard] Kenya has refuted allegations of currency manipulation leveled by the Trump administration. This is even as Nairobi acknowledges a potential $100 million (Sh12.9 billion ) hit to the country’s export earnings from newly imposed US tariffs. Central Bank of Kenya (CBK) Governor Kamau Thugge, while speaking at a virtual press briefing on Wednesday following the Monetary Policy Committee (MPC) meeting, asserted that the CBK’s interventions in the foreign exchange market were solely aimed at smoothing out volatility,…
Customers of KCB Bank Kenya, the country’s largest lender by assets, are set to benefit from lower borrowing costs following the lender’s announcement on Wednesday that it would reduce its base lending rate. The move comes swiftly after the Central Bank of Kenya (CBK) announced a cut to its benchmark lending rate (CBR) on Tuesday. In a public notice, KCB stated it would lower its base lending rate from 14.6 per cent to 13.85 per cent per annum. The new rate will take effect for new loan facilities from April 11, 2025, and for existing facilities from May 11, 2025.…
Aurelien Glay, Caetano Kenya, Managing Director and Dr. Sylvia AganiCaetano Kenya Commercial & Marketing Director in the newly launched Vigus Pro Single Cab. [Courtesy] Caetano Kenya, in partnership with Chinese manufacturer Jiangling Motors Corporation (JMC), has launched the JMC brand in Kenya, introducing the Vigus line of locally assembled vehicles aimed at Kenyan professionals. Caetano will sell the locally assembled JMC Vigus pickups, utilizing Chinese-made Completely Knocked Down (CKD) kits. The deal is expected to create jobs, facilitate skill development, and contribute to the growth of the local automotive industry. The Vigus lineup includes the Vigus Pro Single Cab,…
From Left: KCB Group CEO Paul Russo, KCB Group Chairman Joseph Kinyua and KCB Group Director Finance Lawrence Kimathi during the release of the 2024 full year financials in Nairobi today. The Group reported a 65% rise in net profit to KSH 61.8 Billion and also announced a Ksh9.6 billion dividend payout to shareholders. [Wilberforce Okwiri,Standard] Kenya’s largest bank by assets, KCB Group, has announced a strategic move to bolster its digital capabilities by acquiring a 75 per cent stake in Riverbank Solutions Ltd, a homegrown financial technology (fintech) firm. The lender said the acquisition, subject to regulatory approvals, aims to expand…