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- Diaspora 'Black Tax' hits record highs.
Diaspora 'Black Tax' hits record highs.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
September 24, 2024
🗺️💸Foreign remittances to Kenya hits record highs
$427.2M USD (KSh55.2 B). That’s how much money diaspora Kenyans sent back home in August 2024. The figure raised over 20% to hit an all time high from this time last year where remittances were only $354.3M USD. Despite us just making you think this was a big increase, the actual YTD comparison comes to only KSh51.5 B (don’t forget that USDKES has appreciated nearly 11% from Aug 30, 2023 to the same date in 2024), meaning that the increase is only ~7% in dollar terms… That barely keeps up with inflation. Learn more about the “record high” remittances.
🔎👀CMA gets green light to investigate Kakuzi PLC
Kakuzi PLC (a listed company on the NSE) has been fighting the Capital Markets Authority (CMA) in the Capital Markets Tribunal but they just lost big! The CMA, which oversees listed companies, wants to investigate the financials of KUKZ in a case involving eight directors and former employees… This is where the story gets good. In 2021, the directors of Kakuzi were allegedly involved in financial impropriety against the firm, and conflict of interest, that might have cost investors a significant sum. Why are they investigating a listed company?
🥛☕Nigeria to start importing essentials from Uganda
Africa’s most populous country will soon start importing its milk and coffee from Uganda, Nigeria’s former president Olesegun Obasanjo said after a visit to Uganda’s president. Nigeria’s high and rapidly growing population means that it is struggling to meet its resultant milk, and generally food, demand. This presents a great opportunity for Uganda and other countries with a food surplus. Ugandan exporters typically prefer Kenya due to the currency change typically benefitting them, but exporters may be seeing greener pastures in Nigeria. Why is Uganda sending its stuff to Nigeria?
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