- The Central Bank of Kenya (CBK) reported that there was 963.7 BN KES (9.5 BN USD) worth of outstanding Treasury bills by May 24, representing 34.7% of total domestic debt, down from the record high of 1.003 TR KES (9.9 BN USD) on May 3 that represented 36.7% of total domestic debt.
- Kenya remains the global leader in mobile banking, noting that 72% of the banking population use their mobile phones to access their accounts, nearly three times the global average that stands at 25%.
- The Central Bank of Kenya (CBK) unveiled the rules that will guide the replacement of the 1,000 Shilling notes, which accounts for 83% of the 540 BN KES (5.3 BN USD).
- The Bank of Tanzania has frozen exchange of Kenyan bank notes with immediate effect which means, anyone with old Kenyan notes in the two countries will have to carry them to Kenya to replace them for new ones subject to CBK's guidelines.
- The prices of prime residential properties in Nairobi declined by 6.5% in the 12 months to March 2019 which is the fastest reduction in values in a 12-month period that Nairobi has ever recorded.
- Uganda will invest 205 MM USD (about 768 BN KES) in restoring an old railway line linking Kampala to Malaba on the Kenyan border following delays in securing funding for the standard gauge railway.
- The Zambian Minister of Commerce and Industry stated that the Zambian government will not rush into signing the African Continental Free Trade (AfCTA) until stakeholder consultation was complete.
- The mining industry reporting from 2017 to 2019 indicates a trend of increasing paid-out political risk insurance claims in Africa. Risk is partially driven by high exposure to commodity prices, as in Zambia, which has altered mining royalty laws five times since 2014 following copper price fluctuations.
- U.S.-Africa Business Summit will be held in Mozambique by hosting more than 1,000 U.S. and African private sector executives, international investors, senior government officials and multilateral stakeholders. The Summit's theme is "Advancing a Resilient and Sustainable U.S.-Africa Partnership".
- Nairobi Securities Exchange (NSE) bond turnover NSE declined by 18% last month to 54.6 BN KES (539.19 MM USD), cutting brokers' income. Rising debt maturities are, however, expected to feed into the market this month and raise trading activity.
- Billionaire businessman Chris Kirubi's payout from the release of his BIC franchise to French conglomerate Société BIC is set to hit 1.8 BN KES (15.7 MM EUR) after the multinational company indicated that it will make further payments to him over the next 3 years.
- The International Finance Corporation will invest 202 MM KES (2 MM USD) in Kenya Mortgage Refinance Company (KMRC), a public-private company that will provide long term funding to banks to enable the institutions to expand their mortgage loans.
- Barclays Bank of Kenya reported that banking services possibly becoming more costly soon due to increased regulations in the sector.
- The Kenyan government will raise its stake in KCB recording 27.92% once its ownership in National Bank of Kenya (NBK) are converted into shares of the country's biggest bank.
- The State currently holds a combined 93.23% interest in NBK through the National Treasury and National Social Security Fund (NSSF).
- Athens-based EPC firm Metka EGN has built a private 10 MW solar PV project at Bufulbi in Uganda for developer and financier Tryba Energy. Metka designed and implemented the solar plant and Overhead Line (OHL) infrastructure in order to inject power directly into the local grid.
- Suraya Property Group has secured 1.6 BN KES (15.8 MM USD) financing from four banks to complete mega housing projects, whose construction had fallen behind schedule due to the liquidity crisis that has hit the property sector as a result of interest rate capping.
- Payment service provider DPO Group has launched a business-to-business payment card that holders can use to settle transactions in 10,000 business outlets in Kenya and Tanzania.
- National carrier Kenya Airways (KQ) is set to launch its Geneva and Rome flights this week as it seeks to grow its earnings by tapping business and leisure travelers visiting Europe.