- The Daily Brief, by The Kenyan Wall Street
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- Out with the old, in with the new.
Out with the old, in with the new.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
October 18, 2024
⚖️ Prof. Kindiki nominated to be next Deputy President after Gachagua’s ousting
Not even 12 hours after DP Riggy G was impeached by the Senate, President Ruto submitted his nominated impeachment, current CS of Interior and a close friend (and ICC lawyer) for the President, Prof. Kithure Kindiki. The nominated DP will now need to be approved in Parliament before moving into the office however it appears that the only thing that could stop his swearing in are the litany of legal challenges the former DP’s team is mounting. What does the ousting of a DP mean for Kenya?
🏛️ CBK unveils new payments system
The Central Bank of Kenya is following its mandate and setting up the Fast-Payments System (FPS), a system that will allow customers to send and receive money more efficiently across financial institutions. This system will better establish interoperability, an industry jargon meaning institutions will be more integrated between one another. Kenya will become the 58th country to implement FPS, centralizing a switching mechanism and saving banks and fintechs the cost of bilateral agreements. How will this change the lives of ordinary Kenyans?
📈 Treasury bill rates decline as demand surges
As expected, t-bill rates have been on the downward march in response to the CBK’s recent decisions to lower interest rates by 100 basis points. As rates are expected to continue to be lowered, investor demand for t-bills is high with this week seeing the steepest oversubscription in over four years. Yields on the longer dated 364-day paper fell slower than yields on the 91-day paper mirroring a yield curve normalization in the medium term. Will the trend continue?
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