Kenya News 🇰🇪

Kenya’s economic growth slowed to 4.6% in Q2 2024, down from 5.6% in the same period last year, according to the Kenya National Bureau of Statistics (KNBS). Key growth sectors included agriculture, manufacturing, and finance, while mining and construction experienced contractions.

Kenya’s inflation rate decreased to 3.6% in September, down from 4.4% in August, according to the Kenya National Bureau of Statistics. This marks a continued decline in Kenya’s inflation, which remains below the government’s target range of 2.5% to 7.5%.

With M-PESA Ratiba, users can now automate recurring payments such as rent, school fees, and utility bills on a daily, weekly, monthly, or yearly basis. This feature simplifies money management by ensuring automated and hassle-free transactions, giving users peace of mind with their financial obligations.

Bitget, a leading global cryptocurrency exchange, has officially entered the Kenyan market as part of its ongoing expansion across Africa. This move offers Kenyan investors a valuable opportunity to diversify their investment portfolios into the rapidly growing global cryptocurrency markets.

The partnership will provide firms with the opportunity to engage in the growing Article 6 carbon markets and voluntary carbon markets, a critical step in helping Kenya achieve its goal of reducing carbon emissions by 32% by 2030. Ehud Gachugu, KEPSA’s Global Director, highlighted that carbon finance can play a pivotal role in advancing clean energy solutions and climate-smart agricultural practices.

Commercial banks’ weighted average lending rates have dropped following the Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) decision to reduce the base rate to 12.75% from 13% in August 2024. This move has led tier 1 banks to lower their lending rates, benefiting consumers, especially those seeking personal loans.

Aligned with the Greening Financial Systems Programme, a global initiative led by the European Union, The Central Bank of Kenya (CBK) has unveiled its Climate Risk Disclosure Framework, inviting the public to participate in shaping the future of sustainable banking..

The US Federal Reserve’s decisions on interest rates have a significant impact on global financial markets. On September 18, the Federal Reserve cut interest rates by 50 basis points (bps) in its ongoing fight against inflation

The Kenyan Shilling closed at 129.18 last week, showing a modest 0.01% gain against the US dollar, driven by increased dollar inflows and a 0.5% interest rate cut by the US Federal Reserve.