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Jul 9, 2022 โ€ข 20 tweets โ€ข 14 min read โ€ข Read on X
๐„๐ง๐ฃ๐จ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ฐ๐ž๐ž๐ค'๐ฌ ๐ญ๐จ๐ฉ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐ง๐ž๐ฐ๐ฌ ๐ข๐ง ๐ฆ๐ž๐ฆ๐ž๐ฌ ๐š๐ฌ ๐ฉ๐จ๐ฐ๐ž๐ซ๐ž๐ ๐›๐ฒ @MwangoCapital:

1. Kenyan banks are not a happy lot as the M-Pesa Global Pay Visa Card from @SafaricomPLC is undercutting them by offering better FX rates.

#MwangoMemes
2. Sticking to Safaricom, Vodacom has some ambitious targets for it in Ethiopia.

It projects @SafaricomET to reach EBITDA break-even in 4 years & hit an EBITDA margin of 40% in 10 years.

FYI: Ethio Telecom had average EBITDA margins of ~66% in FY 18 to FY 20

#MwangoMemes
3. Not all companies are staring at bright futures.

Sportspesa is among 97 other companies that risk closure after the government failed to renew their licences for the financial year ending June 2023.

We got footage of their efforts to get back in business:

#MwangoMemes
4. Speaking of not doing well, Unga prices are hitting mwananchi hard as they reach news highs with a 2kg pack is now selling for KES 250 in some places.

Please remember to carry gifts of unga ugali when visiting people:

#MwangoMemes
5. Animals too havenโ€™t been spared.

Prices for animal feeds have shot up to historic levels as attempts to ship in yellow maize flopped with millers citing a shorter import window:

#MwangoMemes
6. #Ad Break.

Subscribe to our weekly newsletter to keep yourself informed on the best business news in East Africa.

The author is @562tmo with the help of @kmainaeric, @Blackdot_____ and @ekmokaya.

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7. One thing that is not helping tame rising costs is the weakening KES.

The KES is down 4.31% YTD against the USD & touched a new historical low of 118 this week.

Just when we thought it canโ€™t sink any lower, the Kenya shilling responded:

#MwangoMemes
8. There have been claims that China is overburdening Kenya with debts that might be a challenge to repay.

Chinaโ€™s ambassador to Kenya responded to this saying Chinese loans to Kenya are to spur development and have no hidden agenda.

#MwangoMemes
9. Speaking of accusations, the High Court this week froze KES 8B held in 52 bank accounts owned by Flutterwave & Nigerian & Kenyan businessmen following suspicions of crime and online fraud.

@theflutterwave has denied these claims.

#MwangoMemes
10. It has been quite some turbulent times in the Kenyan tech space but there is also some encouraging news.

Kenyan startup Duhqa, a B2B platform for retail distribution of FMCG consumer goods, has closed a $2M seed round to scale its offering.

#MwangoMemes
11. Some good news from KPLC!

@KenyaPower is working on a system to allow sharing of tokens. This will help tenants keep tokens when they shift houses or allow them to share with friends and relatives.

#MwangoMemes
12. You know whoโ€™s not smiling? Twitter shareholders.

Elon Musk is terminating the deal to buy Twitter saying that the companyโ€™s misrepresentation of the number of spam accounts might be a โ€œmaterial adverse effect (MAE)โ€ that would allow him to walk away.

#MwangoMemes
13. We also learnt that KRA [@KRACare] has for the first time in Kenyaโ€™s history surpassed the KES 2T mark in tax collections in a fiscal year:

#MwangoMemes
14. Meanwhile, dealers in LPG are yet to pass on to Kenyans the benefit of having VAT on gas reduced from 16% to 8%:

#MwangoMemes
15. In other tax-related news, taxpayers will spend over Sh5 billion to move Kenyaโ€™s only referral public psychiatric hospital from Mathare to Ngong, where a modern facility is set to be established.

#MwangoMemes
16. Modern infrastructure is a wonderful thing and this week our neighbors in Tanzania tested their first electric train. Kenyans are happy for them.

#MwangoMemes
17. Turning west, our other fellow EAC members, DRC and Rwanda who have been bickering have agreed to de-escalate tensions on the security situation in the eastern part of DRC following a summit hosted in Angolaโ€™s capital, Luanda.

Hope that peace lasts.

#MwangoMemes
18. On to some other good news, Bolt [@bolt] has selected Nairobi as its headquarters for Africa.

The office at Riverside Drive will host top managers overseeing operations across the continent.

#MwangoMemes
19. Do note that the prices of used cars in Kenya have jumped by up to 30% over the past 3 months.

This has been attributed to the weak shilling, scarcity of vehicles and rising shipping costs, pushing low-range types such as Vitz above the KES 1.2M mark.

#MwangoMemes
20. That's all from the #MwangoMemes desk.

๐Ÿค Special thanks to our shawry for memes
@Wanjiku_Njuguna.

๐Ÿ“ฉ Reach us on hello@mwangocapital.com if you want to sponsor our memes thread.

๐Ÿ‘‡Here is a link to the Memes thread from last week.

โ€ข โ€ข โ€ข

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More from @MwangoCapital

Oct 15
KETRACO [@KETRACO1] has taken 3 pages in the Star Newspaper to give more details on the Adani Energy deal.

Here is a thread with a few key points we noted from the statement. Image
@MativoMJohn @arnoldi254 @kinjeketile @Jasiri_MAR @DollyOgutu @lindahoguttu @RichardOnyonka_ 1. Background:

โ€”The Transmission Master Plan (TMP) projects the need for an additional 9,600 km of transmission lines and a $5.2B investment by 2042 to support industrial growth and electrification.
โ€”KETRACO is exploring Public-Private Partnerships to bridge the funding gap Image
2. Why PPPs?

โ€”KETRACO projects have historically been financed through loans from development partners like the World Bank, AfDB, JICA, and Exim banks.
โ€”The next set of funding from these partners is estimated to be available after the financial year 2028/2029. Image
Read 12 tweets
May 11
The latest Finance Bill proposes several key changes to Kenya's tax laws.

Here is a thread of a few things we picked:๐Ÿงต

[Corrections welcome] Image
@Nikhil_Hira @mwaniki_joseph @wakili_dennis @ill_dduor @coldtusker @Brianmbunde @janetmachuka_ @arnoldi254 @mmnjug @Theo_mwangi 1๏ธโƒฃ Finance Bill 2024 introduces the Motor Vehicle Tax:

๐Ÿ’ฐ The tax rate is set at 2.5% of the vehicle's value

๐Ÿ”ด Minimum tax: KES 5k. Maximum tax: KES 100k

โœ๏ธCalculation based on make, model, engine capacity, and year of manufacture.

Image
Image
Image
2๏ธโƒฃ Withholding Tax:

The bill introduces withholding tax on goods supplied to public entities at 3% for resident persons and 5% for non-residents.
Image
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Read 21 tweets
Apr 16
We compiled a thread on SACCO's FY 23 Results that we have received so far.

Here is the thread: Image
@cheruiyotkb @the_acemt @moneyacademyKE @nderi_j @RonnyChokaa @xysist @wiseshilling @StellarSwakei @tyrus_ 1. Nation DT Sacco[@NationDTSacco]:

โ€”Total Assets: +17.7% to 3.5B
โ€”Net Income: +8.5% to 235M
โ€”PAT: +3.8% to 116M
โ€”Dividend rate on deposits: 20%
โ€”Interest rate on member deposits: 11% Image
2. Magereza DT Sacco:

โ€”Total Assets: +12.7% to 7.9B
โ€”Net Income: +33.4% to 606M
โ€”PAT: +53.9% to 129M
โ€”Dividend rate on share capital: 10%
โ€”Interest rate on member deposits: 6% Image
Read 21 tweets
Apr 5
10 Key Takeaways from the CBK Post-MPC Briefing by the Governor.

1. CBK is keen on the separation of Safaricom & M-Pesa:

"One of the factors that has been delaying this..is the tax liability which is fairly significant in the order of at least KES 75B & what to do with it"
2. There has been a sharp rise in remittances to Kenya this year:

"If one were to compare the first two months of 2024 (Jan & Feb 2024), we see remittances for those two months compared to the two months in 2023 have increased by more than 20%"
3. There was a slowdown in growth in credit to the private sector in Feb 2024 from 13.8% to 10.3%

"A certain amount of private sector loans is denominated in dollars & therefore, when the exchange rate appreciated the level of credit to the private sector did decline"
Read 10 tweets
Jan 7
We selected the top #MwangoMemes from 2023 for you to enjoy!

1. The Kenya shilling closed 2023 at KES ~157 against the dollar.

Earlier in the year the President had promised that it would be trading at around 115 to 120 in a few months.

#MwangoMemes Image
@coldtusker @OchiengJasper @Brianmbunde @Bebi_16 @swabrah @KenyansNoContxt @Dicksonmagecha @MugambiNandi @alexmwanzo @InvAnalystKe 2. Kenya Power [ @KenyaPower] sought to enter the internet business.

It identified some 93 hotspots in Nairobi & Mombasa where it will connect with high-speed internet through 1,331.68 km of overhead fiber optic cables in phase 1 of its data business.

#MwangoMemes Image
3. There was a proposal to make Kenyans working abroad make mandatory contributions to a new Fund.

Every migrant worker would have to register as a member of the fund before departing the country.

#MwangoMemes Image
Read 25 tweets
Dec 24, 2023
๐“๐ก๐ข๐ฌ ๐–๐ž๐ž๐ค'๐ฌ ๐“๐จ๐ฉ ๐๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐๐ž๐ฐ๐ฌ ๐ข๐ง ๐Œ๐ž๐ฆ๐ž๐ฌ:

1. Kenya's backlog of incomplete projects reaches KES 1.3 T, sparking calls for a halt on new government projects until existing ones are completed

#MwangoMemes Image
@MihrThakar @KenyansNoContxt @PesaWall @alexmwanzo @swabrah @NguliMT @MwangiMaina_ @Brianmbunde @arnoldi254 @DollyOgutu 2. Taxpayers are facing a new burden as President Ruto's administration plans to secure an additional KES 362B to fund his second full-year budget, set to surpass the KES 4T mark for the first time.

More debt on the way:

#MwangoMemes Image
3. Emergency loans the Treasury has tapped directly from CBK [ @CBKKenya] have hit a historical record KES 91.13 B.

According to CBK data, GoKโ€™s overdraft has grown from KES 61.12 B at the end of July to KES 88.33B on December 1.
#MwangoMemes Image
Read 20 tweets

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