Between 2022 and 2023, eight Kenyan banks have significantly expanded their footprint across the East African Community (EAC) Partner States and the Democratic Republic of Congo (DRC). A report from the Central Bank of Kenya (CBK) shows that the number of branches for these banks increased from 552 to 654, marking an 11.7 percent growth over the period.
The adoption of Artificial Intelligence (AI) in Kenya is predominantly focused on the agricultural sector, with machine learning technologies being utilized to provide data-driven insights that enhance productivity for local farmers. The ‘AI for Africa’ report by the Global System for Mobile Communications Association (GSMA) reveals that agriculture and food security account for 49 percent of all AI applications in Kenya, followed by climate action and energy use cases at 26 percent and 24 percent, respectively.
Investment by Kenyan firms in foreign technology research and development experts has surged to nearly Sh21 billion, reflecting a significant shift towards global IT advancements. According to the Kenya National Bureau of Statistics (KNBS), local businesses increased their expenditure on non-resident research services to Sh20.9 billion in 2022, a dramatic rise from Sh575.3 million the previous year. This sector now represents 12.1 percent of all services expenditure by Kenyans, up from just 0.3 percent in 2021.
KCB and Absa Bank are currently in a contentious battle for control of Savannah Cement, a company that entered administration after defaulting on loans exceeding Sh14 billion. The dispute is now before the High Court, where Absa is seeking to remove the two receiver managers appointed by KCB, PVR Rao and PS Rao, from overseeing the administration process.
The Democratic Republic of Congo (DRC) has surpassed Rwanda as the most profitable market for Kenyan bank subsidiaries in the East African Community bloc, underscoring the significant opportunities in the mineral-rich Central African nation. Recent data from the Central Bank of Kenya (CBK) reveals that pre-tax profits for regional subsidiaries of Kenyan banks more than doubled to Sh66.13 billion in 2023 from Sh32.51 billion in 2022, with the DRC contributing the largest share of 45.52 percent (Sh30 billion).
Sama, a leading provider of data annotation and model validation solutions, has announced an exciting partnership with The University of Nairobi (UoN) to advance the Generative AI (GenAI) industry in Kenya. This collaboration aims to provide UoN students and faculty with invaluable exposure to the rapidly evolving GenAI field through part-time employment opportunities with Sama.
This week, major political news emerged as US President Joe Biden announced he will not seek reelection, endorsing Vice President Kamala Harris for the Democratic Party nomination. This decision comes amid rising concerns within the Democratic Party about Biden’s health following numerous public incidents where he appeared confused.
David Mathu, CEO of the National Housing Corporation (NHC), has been honored with the Young African Business Leader of the Year Award at the 14th African Business Leadership Awards (ABLA). This prestigious accolade recognizes exceptional leaders under 40 who exemplify transformative leadership and impact in their respective fields.
