BimaLab Innovation Accelerator opens applications to support Kenyan InsurTech startups

KENYA – BimaLab, an initiative of FSD Africa, the Insurance Regulatory Authority of Kenya, and Tellistic Technology Services has opened applications for its second cohort into its KES 5.3 million (approximately US$50,000) InsurTech accelerator program. The BimaLab  2 accelerator program is open to 12 innovators who will benefit from a ten-week program that will provide them with expertise, resources, and support to develop and scale market-ready solutions following BimaLab I, a  successful pilot ran in collaboration with the Insurance Regulatory Authority of Kenya (IRA Kenya), the UK-Kenya Tech Hub, the UK…

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Eni and Kenyan government sign MoU to promote biofuels

KENYA – Oil and gas company Eni and Kenya’s Ministry of Petroleum and Mining have signed a Memorandum of Understanding (MoU) to promote the decarbonization process. The MoU will tackle climate change through new industrial models of a fully integrated circular economy along the whole biofuel production value chain. They will jointly conduct feasibility studies to develop waste and residue collection as well as agricultural projects, with the purpose of establishing a wide range of feedstock sources that do not compete with food cycles, to be transformed into biofuels and…

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BAT Kenya maintains US$3.2m interim dividend on slight profit rise

KENYA – Cigarette manufacturer BAT Kenya has maintained Sh350 million (US$3.2 million) interim dividend after net profit for the six months to June rose by 0.71 percent, partly slowed by increased operating cost. The company’s half-year net profit increased by Sh19 million (US$175,519) to hit Sh2.69 billion (US$24.8 million) as sales volumes grew in the Covid-19 environment.  The board has approved an interim dividend of Sh3.50 (US$0.032) per share amounting to Sh350 million (US$3.2 million), being the same as what was paid in the preceding similar period. The payout is…

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Standard Chartered Bank Kenya adds two new directors to its board

KENYA – Standard Chartered Bank Kenya has appointed two new directors to replace Eng. Patrick Obath and Ian Bryden who left the board one month ago. The new directors are technology and innovation expert Nivedita Sharma and banking professional Birju Sanghrajka. Nivedita will serve as a non-executive director on the board chaired by Kellen Eileen Kariuki. She is a tech expert and currently serves as the Chief Operating Officer at BRCK, a software company that provides free public Wi-Fi to low-income neighborhoods in Nairobi. Nivedita Co-founded eLimu, a company credited for digitizing…

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Kenya Airways increases flights to European routes as summer demand surges

KENYA – National carrier Kenya Airways has increased frequencies to Europe following high demand from passengers seeking air travel for summer holidays. The carrier has increased weekly flights to Paris from three to four starting Saturday, July 17, 2021, London will get an additional flight from one to two starting July 27 while Amsterdam will get two frequencies beginning August 2, 2021. The rise in demand is the product of increased travel to Kenya and other East Africa countries by western tourists seeking safari visits and a view of the wildebeest migration in…

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Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched in October 2019 for KSh5 billion (US$46.2 million), becoming the first of its kind in Kenya. In the process, the first tranche of the issue raised KSh4.262 billion (US$39.4 million)…

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Power producer Kengen to invest US$2b in new geothermal power plants in Kenya

KENYA – Electricity producer Kenya Electricity Generating Company (Kengen), has disclosed plans to invest as much as KSh216 billion (US$2 billion) in four new power plants in Kenya over the next five years, Bloomberg reports. The leading power generator is shifting focus from sources like hydroelectric power and thermal power to geothermal power. Kengen is the largest energy generating company in East Africa and has also drilled over 310 geothermal wells since its establishment and supplied 1,818 Megawatts to the national grid. Geothermal energy is becoming a major source of…

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Medical Credit Fund unveils new financing for health SMEs

KENYA – Medical Credit Fund has made the first disbursement of loans under the second phase of its loan guarantee facility that targets small and medium-sized healthcare companies in Africa. The loan amounting to Sh45.2 million (US$ 417,744) has been given to Sori Lakeside Hospital based in Homabay County in Kenya. According to the company, this new phase of funding is expected to increase investments in African health infrastructure and improve access to quality primary healthcare services. Arjan Poels, Managing Director, Medical Credit Fund said that many health SMEs have…

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Startup Ada Animation secures pre-seed funding from Unicorn Group to enable growth & expansion

KENYA – Ada Animation, an entertainment tech company, has announced a pre-seed capital raise from Nigerian venture capital firm Platform Capital through its technology firm Unicorn Group. The investment is set to elevate entertainment companies in Africa as potential partners in the VC investments realm. Founded in 2020, Ada Animation was born out of the desire to build capacity in the animation industry, tell animated African stories and catalyze the animation industry for growth. The company produces content in 2D and 3D animation, motion graphics, whiteboard animation, VFX, content creation, character design, voiceovers,…

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UK’s Linkham Group completes Resolution Insurance Kenya acquisition

KENYA – A specialist global insurance services firm Linkham Group, has confirmed the completion of a deal to acquire a majority stake in Resolution Insurance Kenya. The acquisition undertaken at an undisclosed consideration will see the Linkham Group invest significant resources to revamp and fuel Resolution Insurance Kenya growth plans. This will involve focusing on quality customer service delivery, adopting cutting-edge technologies, and risk management practices. As part of the growth plans, Linkham Group has also confirmed the appointment of Peter Nduati as the new Resolution Insurance Kenya Chief Executive…

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