Drumroll, please! It’s time for some fantastic news, my fellow Kenyans. Brace yourselves, for this month, we will witness a remarkable reduction in our power bills. The Energy and Petroleum Regulatory Authority (EPRA) has come to our rescue, announcing a decrease in charges that will bring some relief to our wallets. Get ready to bid farewell to those sky-high bills that have been causing us headaches. Let’s delve into the details and celebrate this positive development.

A Decrease in Charges: A Beacon of Hope

EPRA has pulled out all the stops to alleviate the burden on hardworking Kenyans. The reduction in power bills can be attributed to two main factors: a decrease in the fuel energy charge and an adjustment for foreign exchange rate fluctuation. These changes have set the stage for a sigh of relief for all those who have been struggling to make ends meet.

Previously, the fuel energy charge stood at Kes4.49 per unit. However, EPRA has decided to slash it to Kes4.02, bringing us some much-needed respite. Additionally, the foreign exchange rate fluctuation adjustment has decreased from Kes2.06 to Kes1.75 per unit. It’s like a breath of fresh air for our wallets!

Lower Bills, Lighter Hearts

The impact of these adjustments means that ordinary domestic customers, who were paying Kes28 per kilowatt-hour (KWh), will now enjoy a reduced rate of Kes27 per unit. It may seem like a small reduction, but every shilling counts, especially when it comes to paying those monthly bills.

It’s important to note that the fuel energy charge collected by Kenya Power is later reimbursed to power producers involved in thermal electricity generation. The reduction in charges signifies a positive step towards transitioning from expensive thermal power sources to more cost-effective alternatives, such as hydropower imports and geothermal power.

Embracing Renewable Energy for a Brighter Future

Kenya is making significant strides towards a more sustainable energy landscape. The retirement of multiple thermal power plants across the country, whose contracts are set to expire soon, is a testament to this commitment. Plants like Kipevu I and Muhoroni Gas Turbine will no longer have their contracts renewed, making way for increased reliance on renewable energy sources.

This shift to renewable energy is not only environmentally friendly but also translates to lower prices for consumers like us. It’s a win-win situation where we can enjoy the benefits of cleaner energy while simultaneously enjoying reduced power bills. Let’s give a round of applause to the forward-thinking initiatives that are paving the way for a brighter and greener future.

Embracing a Brighter Energy Landscape

As we revel in the news of lower power bills, let’s take a moment to appreciate the efforts of EPRA and the ongoing transition towards renewable energy in Kenya. The decrease in charges is a testament to the collective commitment to finding sustainable solutions for our energy needs.

So, my fellow Kenyans, let’s celebrate this positive development and the financial relief it brings. Take a moment to reflect on the progress we are making as a nation towards a more affordable and sustainable energy future. With lower power bills and a greener energy landscape, we can look forward to a brighter tomorrow.

The United Kingdom’s trade body, the Institute of Export & International Trade (IOE&IT), has made its grand entrance into Nairobi! Yep, they’ve opened their very first office in the bustling city, and boy, are they excited about it!

Now, why Nairobi, you ask? Well, it’s because this office is not only going to focus on trade and training, but it’s also going to act as a springboard for IOE&IT’s expansion into the rest of Africa. Talk about thinking big!

This move comes hot on the heels of the UK and Kenya signing the Economic Partnership Agreement. It’s like a match made in trade heaven! IOE&IT has been a busy bee, providing top-notch training, education, and consulting services all across the continent. Kenya, Ghana, Nigeria—you name it, they’ve been there, spreading their knowledge far and wide.

Marco Forgione, the Director General of IOE&IT, couldn’t contain his excitement. He said, “This new office, our first in Africa, is an exciting development of our growing partnership. I look forward to using all our knowledge, expertise, and experience to support Africa’s entrepreneurs in growing their intra-Africa and international trade.”

The official launch of the office was held at the Deputy British High Commissioner’s Residence, with Josephine Gauld, the Deputy British High Commissioner to Kenya and Permanent Representative to the UNEP and UN Habitat, gracing the occasion. It was quite the happening event!

Now, here’s the cherry on top: IOE&IT has been teaming up with some big players, like the International Trade Centre and various export promotion authorities, to make waves in the industry. They’ve even partnered with TradeMark Africa and the IOTA Foundation to create something truly revolutionary—an interoperable digital supply chain infrastructure called the Trade and Information Pipeline (TLIP). Fancy name, huh? TLIP aims to streamline the end-to-end supply chain processes in international trade, with Kenya and Africa as a whole taking center stage.

In fact, they’ve already tested TLIP with shipments of cut flowers, coffee, and tea from Kenya to the UK. It was part of the UK Government’s Ecosystem of Trust Pilot. The goal? To not only deliver successful pilots but also use the lessons learned to make policy, legislative, technological, and process changes at the border. They want to scale up those successful models, baby!

And you know what? They’ve got some ambitious targets. They aim to reduce logistics time wastage by 40 percent, cut compliance costs by 20 percent, and slash process duplications by 50 percent. That’s a whole lot of streamlining and simplifying!

So, when will we get to see the results of these pilot programs, you wonder? Well, fear not! The UK government plans to publish the findings in the coming months. We’ll be eagerly waiting for that.

Oh, and here’s a little fun fact for you: UK exports to Kenya in 2021 were worth a whopping £530 million! Meanwhile, imports from Kenya to the UK stood at £579 million. That’s quite the trade dance they’ve got going on.

Ultimately, this new office in Kenya symbolizes the unwavering commitment of both the UK and Kenya to unlocking economic benefits for their countries and people. It’s a partnership that aims to upskill workforces and boost economies. Josephine Gauld sums it up perfectly, saying, “The opening of this office in Kenya is another example of the UK and Kenya’s continued commitment to unlocking mutual economic benefits for our countries and our people, which will upskill our workforces and grow our economies.”

So there you have it! IOE&IT has set its sights on Kenya, with dreams of expanding throughout Africa. Who knows what exciting trade adventures lie ahead? One thing’s for sure—it’s going to be one heck of a journey.

We’ve got some exciting news for small and medium-sized enterprises (SMEs) in Kenya. Pesapal, the leading payment gateway in the country, has teamed up with Sokohela, a licensed digital credit provider, to launch a brand new credit product specifically designed for SMEs. It’s all about providing fast and flexible financing options to help these businesses thrive.

Mr. Agosta Liko, the founder of Pesapal, expressed his enthusiasm about the launch of Pesapal Credit. He believes that innovative and inclusive payment solutions are the key to empowering businesses and consumers in Kenya. He understands the struggles that SMEs face when it comes to accessing credit from traditional sources. High-interest rates, stringent collateral requirements, and lengthy procedures can be real roadblocks. That’s why Pesapal has partnered with Sokohela to tackle these challenges head-on.

According to Mr. Agosta, SMEs are the backbone of our economy. They deserve the support they need to succeed, regardless of their size. With Pesapal Credit, they can confidently make financial decisions and focus on becoming world-class in their respective industries. The platform is designed to provide transparent and manageable financing terms, ensuring comfortable repayment options. No more sleepless nights over complicated loans!

Let’s talk about the benefits that Pesapal Sokohela Loan offers to SMEs. First and foremost, the digital scoring, approval, and disbursement of loans make the process faster and more efficient. And guess what? The interest rates are competitive, making it a win-win situation. Plus, SMEs can enjoy flexible repayment terms of up to 12 months. That’s plenty of time to get back on track and flourish.

The best part? No collateral or guarantor is required. Gone are the days of stressing over putting your assets on the line. Pesapal and Sokohela have got your back. They value transparency and ensure that there are no hidden fees or charges involved. The pricing of the loan is crystal clear, so you know exactly what you’re getting into.

Thanks to the Pesapal platform, the online application and management of loans are a breeze. No need to jump through hoops or waste time with endless paperwork. It’s all about convenience and efficiency.

Mr. Nickson Onyango, the CEO of Sokohela, emphasized the power of collaboration in driving innovation and growth in Africa’s digital economy. This partnership with Pesapal opens up new capital streams for SMEs, allowing them to scale efficiently. By leveraging Pesapal’s extensive network of merchants and customers across various sectors, Sokohela aims to reach more SMEs and provide them with convenient and affordable credit solutions. It’s a win for businesses and a win for Kenya’s social and economic development.

The Merchant Credit solution offered by Pesapal utilizes their proprietary credit scoring algorithm. It analyzes transaction data from various sources like mobile money, e-commerce platforms, and POS systems. This allows them to tailor customized and affordable loans based on SMEs’ cash flow and business performance. It’s like having a personalized financial advisor by your side.

Pesapal is a heavyweight in the payment gateway realm, serving thousands of merchants and consumers across East Africa. They offer a wide range of payment products and services, making transactions seamless and hassle-free. From online payments to mobile payments, they’ve got you covered.

Meanwhile, Sokohela specializes in providing tailor-made loan products to Kenyan SMEs. With the help of artificial intelligence and data analytics, they assess the creditworthiness of SMEs and provide instant loans via mobile money platforms. It’s all about leveraging technology to empower businesses and drive economic growth.