- The Daily Brief, by The Kenyan Wall Street
- Posts
- It's all about money.
It's all about money.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
September 17, 2024
👀 World awaits US Federal Reserve’s rate decision
The US Federal Reserve (Fed) is meeting tomorrow to decide what the interest rate should be set at in the US. If the Fed decides to cut rates, which would be the first time since 2020 that rates had been cut. Policymakers and politicians in the US have been encouraging the Fed to make cuts with some asking for up to a 0.75% (“75 basis points” for all the complicated finance people). If Washington cuts rates, basis points notwithstanding, the global community can expect a potential boost in their currencies, increased capital inflows, and rallying of stock prices.
đź’¸ Another fintech acquisition in Kenya looms
In August 2023, news broke that Moniepoint, a prominent fintech startup from Nigeria, had plans to acquire Kenya’s Kopo Kopo - the company that helped bring Lipa Na M-Pesa to small traders. If you have never been involved in an acquisition, you should know that they take some time (sometimes YEARS) to complete. This week, the company announced massive change in leadership including the CEO being moved to the role of CFO. While the acquisition is still pending completion, the change in leadership and appointment of Dennis Ondeng as CEO is a sign that the acquisition may likely come to completion soon. Find out more.
🤨 New university funding model under review
Public outcry over the new university funding model in Kenya must have worked because GOK has just gazetted the appointment of more than 120 people across 4 different sub-committees. The National Committee established will operate for 8 months and is supposed to measure the viability of the model, the efficacy of its implementation, and determine whether appeals mechanisms are satisfactory. Dive deeper into this story.
❌ China bans PwC and slaps $62M penalty
Big Four accounting & audit firm, Pricewaterhousecoopers International (PwC) has been suspended for 6-months in China and handed a $62M USD fine for the collapse of Evergrande - at the time a Fortune 500 real estate developer. China’s securities regulator found that PwC “turned a blind eye” to and “even condoned” Evergrande’s fraud which included the firm inflating its revenues. Following the collapse of Evergrande, Reuters has reported that PwC has lost more than 50 Chinese clients including the likes of the Bank of China, one of its biggest clients in the region. There is more to the story.
Issue virtual USD cards for you and your customers - Do you want to issue virtual USD cards for your customers and business expenses? Use Kora’s APIs to issue cards, customize your card program, and set your customers' funding limit to your risk level. Get started here.
