Business News Highlights

Cytonn urges Monetary Policy Committee to maintain benchmark lending rate at 10 per cent

Financial services group, Cytonn Investments has urged the Monetary Policy Committee (MPC) to maintain the Central Bank’s benchmark lending rate at 10 per cent as the industry regulator holds its latest meeting today. Cytonn says retaining the CBR at 10 per cent in the last quarter of 2016 might increase lending to the private sector, which slowed for the 14th consecutive month in September

At its last meeting in September, the CBK cut its lending rate to 10 per cent from 10.5 per cent, in a bid to spur credit growth. The MPC is scheduled to reveal the new rates within the next few hours.

Mauritian investors inject Sh5 billion into Kenya’s economy

Mauritian investors have injected more than Sh5 billion into Kenya’s economy over the past year indicating a strengthening of bilateral ties between the two countries. Mauritius’s move to invest in Kenyan companies follows the signing of a double taxation agreement signed between the two nations in 2014 aimed at spurring trade across both regions.

Axis, a Mauritius-based financial services company, acquired Kenyan-based trading company, ApexAfrica in 2015 for Sh470 million while other Mauritius firms, including Xterra Capital Advisors, are in the process of acquiring local firms and setting up rea estate development projects in the country.

Growing middle-class boosts retail sector as 37 per cent of Kenyans confess to having disposable income

Kenya’s growing middle-class population is supporting the growth of the country’s retail sector with 37 per cent of consumers confirming that they have extra money to spend. This is according to the latest study by global research group, Nielsen. The latest edition of the Nielsen Consumer Confidence Index has found that consumer sentiment in Kenya is on the rise.

The survey has reported an uptick in spending that has led to the development of malls and mixed-use complexes. The report comes at a time when Kenya’s household income to GDP ratio had grown by 77 per cent by the beginning of 2015 as compared to Sub-Saharan Africa’s, which stood at 68 per cent.

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