Thread by @MwangoCapital

𝐓𝐡𝐢𝐬 𝐰𝐞𝐞𝐤'𝐬 𝐭𝐨𝐩 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐰𝐬 𝐢𝐧 𝐦𝐞𝐦𝐞𝐬 𝐚𝐫𝐞 𝐩𝐨𝐰𝐞𝐫𝐞𝐝 𝐛𝐲 𝐃𝐓𝐁 [@DTBKenya].

1. Let's start with Kenya’s inflation which hit a 27-month high in May as prices of essential items like cooking oil, food, soap & fuel skyrocketed.

#MwangoMemes

2. We started the week with the Kenya Association of Manufacturers [@KAM_Kenya] saying that there were persistent dollar shortages that gave rise to a parallel exchange rate market.

On Tuesday, the CBK governor @njorogep responded by rubbishing these claims.

#MwangoMemes

3. It's been a rough time at the NSE [@NSE_PLC] this year driven by a mass exit of foreign investors.

Foreign investor outflows hit KES 4.2B in May 2022 which was 2.4X what they sold in April 2022.

#MwangoMemes

4. One of the stocks affected by the exit of foreign investors is Safaricom [@SafaricomPLC].

Its share price was down 22.4% in May to close the month at KES 26.

#MwangoMemes

5. At least there was good news at the Cooperative Bank [@Coopbankenya] AGM where the CEO indicated that the bank will be paying a higher dividend for this financial year. Yay!

#MwangoMemes

6. Short #Ad break for a word from @DTBKenya.

Just so you know that DTB does offer free financial literacy training for SMEs which you can find here: dtbk.dtbafrica.com/DTB-Financial-…

#MwangoMemes #BankWithUsBankOnUs

7. Back to the NSE where despite the overall stock market being down, NBV was the best performer, coming up of nowhere to be up 37% this week:

#MwangoMemes

8. This week, KRA [@KRACare] announced it has extended the operating hours of its offices and contact centers ahead of the June 30 deadline for the filing of 2021 income tax returns:

#MwangoMemes

9. The state of planning in Kenya is such that the Nairobi Expressway, which opened on 14th May, is now set for a re-design to accommodate CBD exits:

"I’m going to approve the new design then construction works will just start" - Infrastructure PS Prof Maringa

#MwangoMemes

10. This week, the Daily Nation had details of the sad story of how Farah Bashir who lost KES 2.6M to fraudsters in a matter of hours via his Safaricom sim card and Absa Bank App. Stay safe.

#MwangoMemes

11. This week also, SWVL Kenya announced it's pausing two of the services, SWVL daily and SWVL travel, that it offers in the Kenyan market.

Kenyans were very sad that they will be missing out on the wonderful travel discounts and ease of travel it offers:

#MwangoMemes

12. Traders at the Mombasa Auction were noted to be sidelining the expensive Kenyan tea while opting for cheaper ones from Uganda, Tanzania and Burundi:

The tea is expensive because of the the reserve price of $2.43 (Sh283) per kg set by the government.

#MwangoMemes

13. Sticking to farming, the government has successfully negotiated a deal for avocado exports to China and India.

FYI: Kenya exported 85M KG of the produce in 2021 worth KES 14.4B.

#MwangoMemes

14. More on farming, we learned that small-scale flower farms are throwing away a fifth of their daily produce meant for export.

This is because of a shortfall in freight capacity with big players locking small farmers out through advance bookings on airlines.

#MwangoMemes

15. The East African Community was not at peace this week.

Tension has been building up between DR C and Rwanda as they accuse each other of supporting rebels.

Hopefully this gets resolved soon.

#MwangoMemes

16. KCB [@KCBGroup] is keen on recovering its debts.

This week, the bank seized Mombasa’s luxury property English Point Marina & placed Pearl Beach Hotels, the real estate firm that owns it, under statutory management over a KES 5.2B debt.

#MwangoMemes

17. M-Pesa has partnered with Visa to launch a virtual payment card.

The product is aimed at easing the way M-Pesa users make digital payments globally, send money internationally & make payments on e-commerce sites.

#MwangoMemes

18. That's all we had this wek as we sign off from the #MwangoMemes desk.

🙏Our request: RT and share widely our thread.

🤝 Our special thanks: To our Chief Memes Officer
@Wanjiku_Njuguna.

💪 Our partner this week: @DTBKenya.

#BankWithUsBankOnUs

19/19. If you enjoyed this week's #MwangoMemes thread, here is a link to the Memes thread from last week for you to enjoy.

Enjoy the rest of your weekend!

https://twitter.com/MwangoCapital/status/1530522560500224000?s=20&t=QRmOlErLpgvBv9wFgG-f8g

@jamessmat we memed you 😅

CC: @johnallannamu @AmbokoJH