The Central Bank’s Monetary Policy Committee has lowered the Central Bank Rate (CBR) by 50 basis points to 10 per cent, amid confusion in the banking sector over the newly introduced interest rate caps.
Global payments firm, Visa, has launched a mobile payment solution in a move set to stir competition in the lucrative cash transfer industry currently dominated by Safaricom's M-Pesa.
Britain’s tumbling currency has cost developing countries including Kenya millions of dollars because remittances are now worth less, while post-Brexit trade has already suffered to the tune of over Sh50 billion ($500 million).
Volkswagen is expanding its commitment in Africa with local production of the Polo Vivo in the Kenyan city of Thika near Nairobi. The project which will be jointly realised with the importer DT Dobie, will be Volkswagen’s third production facility in Africa – alongside the South African factory and a local production facility in Nigeria. It is planned to build up to 5,000 units of the Polo Vivo per year at the plant operated by Kenya Vehicle Manufacturers (KVM) from 2017.
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