Co-operative Bank of Kenya has achieved a notable seven percent increase in net profit, reaching Sh12.99 billion for the half-year ended June 2024. This growth, up from Sh12.14 billion in the same period last year, is attributed to a substantial rise in both interest and non-interest income. Net interest income surged by 10.7 percent to Sh23.9 billion, while non-interest income climbed 11.2 percent to Sh15.4 billion.
The U.S. and Mogo, a prominent asset financier, have partnered to advance electric mobility in Kenya. U.S. Ambassador to Kenya Meg Whitman, during a visit to Mogo’s electric vehicle showroom in Nairobi, commended Kenya’s strides towards decarbonizing its transport sector. Mogo, along with two other e-mobility companies, has secured approximately Sh3.9 billion ($30 million) from the U.S. International Development Finance Corporation (DFC) to support green transportation initiatives.
Zambia has announced a significant investment of K22 million (US$839,000) to support innovators and inventors in bringing their prototypes to life. This funding is targeted at addressing pressing national challenges, with a particular focus on projects related to energy deficits, climate change, and drought. The government aims to harness creativity and expertise to develop solutions that can effectively tackle these critical issues.
Kenya is set to revolutionize its digital infrastructure with an ambitious project connecting over 180 national institutions through its electricity power lines. This innovative approach, leveraging existing infrastructure from Kenya Power, aims to accelerate the rollout of its fibre optic network, bypassing the traditional and laborious method of laying fibre in trenches. The initial focus will be on the southwestern counties of Kisii and Nyamira, significantly enhancing connectivity in these regions.
Eldoret, Uasin Gishu County, has officially been granted city status, marking a significant milestone in its history. President William Ruto presided over the momentous event at the Eldoret Sports Club, where he awarded the city charter, making Eldoret the fifth city in Kenya after Nairobi, Kisumu, Mombasa, and Nakuru. The ceremony was a vibrant celebration of the new city’s rich heritage, featuring cultural exhibitions and traditional dances.
Equity Group, Kenya’s largest bank by market capitalization, has reported a strong 12.5% growth in net profit for H1 2024, achieving a Profit after Tax of Kshs.29.6 billion. This solid performance comes despite challenging macroeconomic conditions, including high interest rates and volatile exchange rates across the regions where the Group operates.
One year after the launch of Uber Electric Boda in Africa, Uber has seen remarkable growth, with an 81% increase in active driver sign-ups. This surge reflects the affordability and appeal of the electric mobility product for Nairobi residents, leading to a 94% increase in trips since its introduction in August 2023. Uber Electric Boda, managed by Greenwheels Africa, represents a significant step towards Uber’s global goal of becoming a zero-emissions platform by 2040.
Safaricom has achieved a significant milestone with the expansion of its 5G network, now reaching 1,114 sites across Kenya. This ambitious growth is part of the company’s broader strategy to provide ultra-speed internet to Kenyans, positioning the country at the forefront of digital transformation. The 5G network, which covers 14% of Kenya’s population, spans 102 towns, connecting more than 780,000 active smartphones.
