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t.dataset)&&!(t.hash&&t.pathname+t.search==location.pathname+location.search||"noInstant"in t.dataset))return!0}function v(t){if(n.has(t))return;const e=document.createElement("link");e.rel="prefetch",e.href=t,document.head.appendChild(e),n.add(t)}</script> <title>Top Stories that Caught the Attention of Our Readers in 2023 - Kenyan Wall Street - Business, Markets & Finance Insights</title><meta name="description" content="Revisit the top stories that captivated our readers in 2023, covering major financial events, market trends, and developments in Kenya" /><link rel="canonical" href="https://kenyanwallstreet.com/top-stories-that-captured-our-readers-in-2023/" /><meta property="og:locale" content="en_US" /><meta property="og:type" content="article" /><meta property="og:title" content="Top Stories that Caught the Attention of Our Readers in 2023" /><meta property="og:description" content="Revisit the top stories that captivated our readers in 2023, covering major financial events, market trends, and developments in Kenya" /><meta property="og:url" content="https://kenyanwallstreet.com/top-stories-that-captured-our-readers-in-2023/" /><meta property="og:site_name" content="Kenyan Wall Street - Business, Markets & Finance Insights" /><meta property="article:publisher" content="https://www.facebook.com/kenyanwalstreet/" /><meta property="article:published_time" content="2023-12-27T06:26:26+00:00" /><meta property="article:modified_time" content="2023-12-27T10:51:00+00:00" /><meta property="og:image" content="https://kenyanwallstreet.com/wp-content/uploads/2023/12/kenyanwallstreet_cover.jpeg" /><meta property="og:image:width" content="1280" /><meta property="og:image:height" content="640" /><meta property="og:image:type" content="image/jpeg" /><meta name="author" content="Jackson Okoth, Morris Kiruga" /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:creator" content="@jackson_okoth" /><meta name="twitter:site" content="@kenyanwalstreet" /><meta name="twitter:label1" content="Written by" /><meta name="twitter:data1" content="Jackson Okoth" /><meta name="twitter:label2" content="Est. reading time" /><meta name="twitter:data2" content="7 minutes" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"Article","@id":"https://kenyanwallstreet.com/top-stories-that-captured-our-readers-in-2023/#article","isPartOf":{"@id":"https://kenyanwallstreet.com/top-stories-that-captured-our-readers-in-2023/"},"author":[{"@id":"https://kenyanwallstreet.com/#/schema/person/c585111dc71d35e7145845d91e3fc699"},{"@id":"https://kenyanwallstreet.com/#/schema/person/2c4da211ad1c34995940d92add4b79bc"}],"headline":"Top Stories that Caught the Attention of Our Readers in 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Insights"data-light-src="https://kenyanwallstreet.com/wp-content/uploads/2018/04/The-Kenyan-Wall-Street-01-3.png" data-light-srcset="https://kenyanwallstreet.com/wp-content/uploads/2018/04/The-Kenyan-Wall-Street-01-3.png 1x, https://kenyanwallstreet.com/wp-content/uploads/2018/04/The-Kenyan-Wall-Street-01-3.png 2x" data-dark-src="https://kenyanwallstreet.com/wp-content/themes/jnews/assets/img/logo_darkmode.png" data-dark-srcset="https://kenyanwallstreet.com/wp-content/themes/jnews/assets/img/logo_darkmode.png 1x, https://kenyanwallstreet.com/wp-content/themes/jnews/assets/img/logo_darkmode@2x.png 2x"> </a></div></div></div></div><div class="jeg_nav_col jeg_nav_right jeg_nav_normal"><div class="item_wrap jeg_nav_alignright"><div class="jeg_nav_item jeg_search_wrapper jeg_search_popup_expand"> <a href="#" class="jeg_search_toggle"><i class="fa fa-search"></i></a><form action="https://kenyanwallstreet.com/" method="get" class="jeg_search_form" target="_top"> <input name="s" class="jeg_search_input" placeholder="Search..." type="text" value="" autocomplete="off"> <button aria-label="Search Button" type="submit" class="jeg_search_button btn"><i class="fa fa-search"></i></button></form><div class="jeg_search_result jeg_search_hide with_result"><div class="search-result-wrapper"></div><div class="search-link search-noresult"> No Result</div><div class="search-link search-all-button"> <i class="fa fa-search"></i> View All Result</div></div></div></div></div></div></div></div></div><div class="sticky_blankspace" style="height: 60px;"></div></div><div class="jeg_ad jeg_ad_top jnews_header_bottom_ads"><div class='ads-wrapper '><div class='ads_code'></div></div></div><div class="post-wrapper"><div class="post-wrap" ><div class="jeg_main "><div class="jeg_container"><div class="jeg_content jeg_singlepage"><div class="container"><div class="jeg_ad jeg_article_top jnews_article_top_ads"><div class='ads-wrapper '></div></div><div class="entry-header"><h1 class="jeg_post_title">Top Stories that Caught the Attention of Our Readers in 2023</h1><div class="jeg_meta_container"><div class="jeg_post_meta jeg_post_meta_2"><div class="meta_left"><div class="jeg_meta_author coauthor"> <img data-del="avatar" alt="Jackson Okoth" src='https://kenyanwallstreet.com/wp-content/uploads/2021/04/b0f9bb8f-840f-4af1-9743-280d2960fdb6-100x100.jpg' class='avatar pp-user-avatar avatar-80 photo jnews_multiple_author' height='80' width='80'/><img data-del="avatar" alt="Morris Kiruga" src='https://kenyanwallstreet.com/wp-content/uploads/2020/10/logo-1-100x100.jpg' class='avatar pp-user-avatar avatar-80 photo jnews_multiple_author' height='80' width='80'/><span class="meta_text ">by</span><a href="https://kenyanwallstreet.com/author/okoth/">Jackson Okoth</a><span class="meta_text separators-and">and</span><a href="https://kenyanwallstreet.com/author/morris-kiruga/">Morris Kiruga</a></div><div class="jeg_meta_date"> <a href="https://kenyanwallstreet.com/top-stories-that-captured-our-readers-in-2023/">December 27, 2023</a></div><div class="jeg_meta_category"> <span><span class="meta_text">in</span> <a href="https://kenyanwallstreet.com/category/editorial/" rel="category tag">Editorial</a><span class="category-separator">, </span><a href="https://kenyanwallstreet.com/category/kenyan-news/" rel="category tag">Kenyan News</a> </span></div><div class="jeg_meta_reading_time"> <span> Reading Time: 11 mins read </span></div></div><div class="meta_right"></div></div></div></div><div class="row"><div class="jeg_main_content col-md-8"><div class="jeg_inner_content"><div class="jeg_featured featured_image "><a href="https://kenyanwallstreet.com/wp-content/uploads/2023/12/kenyanwallstreet_cover.jpeg"><div class="thumbnail-container" style="padding-bottom:50%"><img width="750" height="375" src="https://kenyanwallstreet.com/wp-content/uploads/2023/12/kenyanwallstreet_cover-750x375.jpeg" 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1.012-.51l2.43-2.363 5.056 3.734c.93.514 1.602.25 1.834-.863l3.32-15.638c.338-1.363-.52-1.98-1.41-1.577z"></path></svg></span></a></div><div class="heateorSssClear"></div></div><div class='heateorSssClear'></div><br/><p><em>Revisit the top stories that captivated our readers in 2023, covering major financial events, market trends, and developments in Kenya</em></p><hr class="wp-block-separator has-alpha-channel-opacity"/><p>Top sector highlights of events that captured the attention of readers in Kenya’s business landscape, as covered by <em>The Kenyan Wallstreet’s</em> newsroom, provide unparalleled insight into the key trends and challenges that shaped the business and financial markets in Kenya in 2023.</p><div class="jeg_ad jeg_ad_article jnews_content_inline_ads "><div class='ads-wrapper align-center '><div class='ads_code'><SCRIPT language='JavaScript1.1' SRC="https://ad.doubleclick.net/ddm/trackimpj/N1741099.5084810ADVERTISINGOPS/B32246848.400359255;dc_trk_aid=592686366;dc_trk_cid=219727396;ord[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?"attributionsrc ></script></div></div></div><p>Here are some of our top stories that attracted the most attention from our readers in 2023.</p><div id="ez-toc-container" class="ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction"><p class="ez-toc-title">In this article</p> <label for="ez-toc-cssicon-toggle-item-67b2ff06a8879"><span class=""><span style="display:none;">Toggle</span><span class="ez-toc-icon-toggle-span"><svg style="fill: #999;color:#999" xmlns="http://www.w3.org/2000/svg" class="list-377408" width="20px" height="20px" viewBox="0 0 24 24" fill="none"><path d="M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z" fill="currentColor"></path></svg><svg style="fill: #999;color:#999" class="arrow-unsorted-368013" xmlns="http://www.w3.org/2000/svg" width="10px" height="10px" viewBox="0 0 24 24" version="1.2" baseProfile="tiny"><path d="M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z"/></svg></span></span></label><input type="checkbox" id="ez-toc-cssicon-toggle-item-67b2ff06a8879" aria-label="Toggle" /><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-1" href="#Why_the_Government_is_Selling_KICC_10_others" title="Why the Government is Selling KICC, 10 others">Why the Government is Selling KICC, 10 others</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-2" href="#Weakening_Kenya_Shilling_Exchange_Rate" title="Weakening Kenya Shilling Exchange Rate">Weakening Kenya Shilling Exchange Rate</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-3" href="#Kenya_seals_a_trade_deal_with_the_European_Union" title="Kenya seals a trade deal with the European Union">Kenya seals a trade deal with the European Union</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-4" href="#Kenya%E2%80%99s_Inefficient_Sugar_Sector_Gets_Another_Two-Year_Import_Safeguard" title="Kenya’s Inefficient Sugar Sector Gets Another Two-Year Import Safeguard">Kenya’s Inefficient Sugar Sector Gets Another Two-Year Import Safeguard</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-5" href="#More_Kenyan_Firms_Issue_Profit_Alerts_as_2023_Business_Environment_Toughens" title="More Kenyan Firms Issue Profit Alerts as 2023 Business Environment Toughens">More Kenyan Firms Issue Profit Alerts as 2023 Business Environment Toughens</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-6" href="#CAK_Slaps_Retailer_with_the_Biggest_fine_Yet" title="CAK Slaps Retailer with the Biggest fine Yet">CAK Slaps Retailer with the Biggest fine Yet</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-7" href="#Change_at_the_C-suite_of_Family_Bank" title="Change at the C-suite of Family Bank">Change at the C-suite of Family Bank</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-8" href="#New_broom_takes_over_at_the_CA" title="New broom takes over at the CA">New broom takes over at the CA</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-9" href="#Kenya%E2%80%99s_Slow_Journey_to_Digital_IDs_Begins_Again" title="Kenya’s Slow Journey to Digital IDs Begins (Again)">Kenya’s Slow Journey to Digital IDs Begins (Again)</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-10" href="#The_Curtain_Comes_Down_on_State-run_NHIF" title="The Curtain Comes Down on State-run NHIF">The Curtain Comes Down on State-run NHIF</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-11" href="#Britania_Biscuits_Bites_the_Dust" title="Britania Biscuits Bites the Dust">Britania Biscuits Bites the Dust</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-12" href="#Court_Dismisses_Petition_Challenging_Lifting_of_GMO_Ban_in_Kenya" title="Court Dismisses Petition Challenging Lifting of GMO Ban in Kenya">Court Dismisses Petition Challenging Lifting of GMO Ban in Kenya</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-13" href="#Pezesha_Files_Liquidation_Petition_Against_Marketforce" title="Pezesha Files Liquidation Petition Against Marketforce">Pezesha Files Liquidation Petition Against Marketforce</a></li></ul></nav></div><h2 class="wp-block-heading" id="h-why-the-government-is-selling-kicc-10-others"><span class="ez-toc-section" id="Why_the_Government_is_Selling_KICC_10_others"></span><strong>Why the Government is Selling KICC, 10 others</strong><span class="ez-toc-section-end"></span></h2><p>In 2023, the government finally pushed through a new privatisation law that kickstarts the process of privatising some state owned enterprises, including the iconic KICC complex.</p><div class="jeg_ad jeg_ad_article jnews_content_inline_2_ads "><div class='ads-wrapper align-center '><div class='ads_code'></div><div class='ads-text'>ADVERTISEMENT</div></div></div><ul><li>Big names in the programme include<strong> </strong>Kenya Pipeline Company, New Kenya Cooperative Creameries (NKCC), Kenyatta International Convention Center (KICC), National Oil Cooperation, Kenya Seed Company<strong> </strong>and<strong> </strong>the Kenya Literature Bureau (KLB).</li><li>In justifying privatization of the enterprises, the government argued that the move will unlock working and investment capital for the entities following dwindling state resources.</li><li>The move will also address limited expertise in government on business and commercial operations.</li></ul><p></p><h2 class="wp-block-heading" id="h-weakening-kenya-shilling-exchange-rate"><span class="ez-toc-section" id="Weakening_Kenya_Shilling_Exchange_Rate"></span><strong>Weakening Kenya Shilling Exchange Rate</strong><span class="ez-toc-section-end"></span></h2><p>In 2023, the Central Bank of Kenya(CBK) and policy mandarins at the National Treasury struggled to deal with the issue of the Kenya Shilling depreciation against the US dollar and other major currencies.</p><ul><li>Kenya’s Central Bank Governor, Dr Kamau Thugge, has disclosed that the Kenya Shilling exchange rate against the US dollar and other hard currencies has been artificial and overvalued, exerting extreme pressure on the country’s forex reserves.</li><li> “For several years, the Kenyan economy has had an overvalued exchange rate. Some 5 or 6 years ago, the IMF and the World Bank argued that the Kenya Shilling exchange rate was overvalued by anything between 20.0% and 25.%., “said Governor Dr Kamau Thugge. [The IMF put it at 17.5% in its 2018 Article IV Report]</li></ul><ol><li></li></ol><h2 class="wp-block-heading" id="h-kenya-seals-a-trade-deal-with-the-european-union"><span class="ez-toc-section" id="Kenya_seals_a_trade_deal_with_the_European_Union"></span><strong>Kenya seals a trade deal with the European Union</strong><span class="ez-toc-section-end"></span></h2><p>Kenya and the European Union (EU) have signed an Economic Partnership Agreement (EPA) to boost bilateral trade in goods, increase investment flows, and contribute to sustainable economic growth.</p><ul><li>The deal provides a platform to support job creation in Kenya and the EU, along with targeted cooperation to enhance Kenya’s economic development.</li><li>This agreement is considered the most ambitious trade deal yet ever signed by the EU with a developing country with provisions such as climate and environmental protection, labor rights, and gender equality.</li></ul><p></p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="4fPLIj3RKo"><a href="https://kenyanwallstreet.com/kenyas-new-retail-giants-grow-but-risks-persist/">Kenya’s New Retail Giants Grow, But Risks Persist</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Kenya’s New Retail Giants Grow, But Risks Persist” — Kenyan Wall Street - Business, Markets & Finance Insights" src="https://kenyanwallstreet.com/kenyas-new-retail-giants-grow-but-risks-persist/embed/#?secret=RqoVrFmq5n#?secret=4fPLIj3RKo" data-secret="4fPLIj3RKo" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></div></figure><h2 class="wp-block-heading" id="h-kenya-s-inefficient-sugar-sector-gets-another-two-year-import-safeguard"><span class="ez-toc-section" id="Kenya%E2%80%99s_Inefficient_Sugar_Sector_Gets_Another_Two-Year_Import_Safeguard"></span><strong>Kenya’s Inefficient Sugar Sector Gets Another Two-Year Import Safeguard</strong><span class="ez-toc-section-end"></span></h2><p>Kenya has secured yet another 2-year extension of the sugar of safeguard measures by COMESA’s Council of Ministers This is the 7th such extension of the Common Market for Eastern and Southern Africa (COMESA) safeguard measures.</p><p>Kenya has been granted this two–year extension of the sugar safeguards measures meant to protect the sugar industry from the adverse effects of liberalization. Kenya secured a sixth extension in December 2022, which ran from March and expired in November 2023.</p><p>Following consultations between the Government of Kenya and the COMESA Secretariat, the Government of Kenya applied for protection for the sector by way of a safeguard under Article 61 of the COMESA Treaty so that sugar exports from COMESA to Kenya are subject to customs duties. At present, Kenya’s sugar market is protected by safeguards against any duty-free imports from COMESA.</p><h2 class="wp-block-heading" id="h-more-kenyan-firms-issue-profit-alerts-as-2023-business-environment-toughens"><span class="ez-toc-section" id="More_Kenyan_Firms_Issue_Profit_Alerts_as_2023_Business_Environment_Toughens"></span><strong>More Kenyan Firms Issue Profit Alerts as 2023 Business Environment Toughens</strong><span class="ez-toc-section-end"></span></h2><p>The year 2023 has seen profit warnings issued by some of the listed blue chip firms in Kenya, signaling a tough business environment that has hit their operations hard.</p><ul><li>On the list of firms that will see a dip in profits or run into loss territories include Crown Paints Kenya, WPP ScanGroup, Nation Media Group, Sasini, and Car &General among others.</li><li>The media industry has been struggling with Media Edge Interactive Limited and Redhouse Group Limited, leading public relations and marketing communications firms, being the latest casualties after being placed under receivership due to financial problems.</li><li>Figures from Kenya’s Purchasing Managers Index(PMI) show a decline in business condition in 2023, with the averaging 48.70 in H1’23 from 49.25 in H1’22.  The PMI is expected to remain below the 50-point threshold in the short term on the back of high input costs and depreciation of the shilling, but gradually improve in the long term.</li></ul><h2 class="wp-block-heading" id="h-cak-slaps-retailer-with-the-biggest-fine-yet"><span class="ez-toc-section" id="CAK_Slaps_Retailer_with_the_Biggest_fine_Yet"></span><strong>CAK Slaps Retailer with the Biggest fine Yet</strong><span class="ez-toc-section-end"></span></h2><p>The Competition Authority of Kenya (CAK) has fined Carrefour KSh. 1.1bn for “separately abusing its superior bargaining power over two of its suppliers.”</p><ul><li>The Carrefour franchise in Kenya is operated by Majid Al Futtaim Hypermarkets Ltd.</li><li>The two suppliers in question are Pwani Oil Products Limited, an FMCG company, and Woodlands Company Limited, a refined natural bee honey maker.</li><li>Carrefour has also been ordered to refund the two companies KSh. 16.76mn in rebates, and KSh. 500, 000 “that was billed as marketing support (Store opening/listing fees).</li></ul><p></p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="iideqMwDfF"><a href="https://kenyanwallstreet.com/analysis-kenyas-supplementary-budget-signals-radical-transition/">Analysis: Kenya’s Supplementary Budget Signals Radical Transition</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Analysis: Kenya’s Supplementary Budget Signals Radical Transition” — Kenyan Wall Street - Business, Markets & Finance Insights" src="https://kenyanwallstreet.com/analysis-kenyas-supplementary-budget-signals-radical-transition/embed/#?secret=o7WiStVaM2#?secret=iideqMwDfF" data-secret="iideqMwDfF" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></div></figure><p></p><h2 class="wp-block-heading" id="h-change-at-the-c-suite-of-family-bank"><span class="ez-toc-section" id="Change_at_the_C-suite_of_Family_Bank"></span><strong>Change at the C-suite of Family Bank</strong><span class="ez-toc-section-end"></span></h2><p>Family Bank of Kenya has seen the exit of its illustrious and successful CEO Rebecca Mbithi, who steered the lender through a turbulent season that included the COVID-19 pandemic</p><ul><li>She leaves the lender after a five-year term at the helm to pursue other personal interests.</li><li>She served as the Managing Director and CEO since 2019. She previously served the bank as the Company Secretary and Chief Legal Officer.</li></ul><h2 class="wp-block-heading" id="h-new-broom-takes-over-at-the-ca"><span class="ez-toc-section" id="New_broom_takes_over_at_the_CA"></span><strong>New broom takes over at the CA</strong><span class="ez-toc-section-end"></span></h2><p>David Mugonyi has taken over as new Director General of the Communications Authority of Kenya (CA).</p><ul><li>Mugonyi’s appointment was formalized by Felix Kosgei, Chief of Staff and Head of the Public Service, and Eliud Owalo, Minister of ICT & Digital Economy following interviews conducted by the CA Board of Directors.</li></ul><h2 class="wp-block-heading" id="h-kenya-s-slow-journey-to-digital-ids-begins-again"><span class="ez-toc-section" id="Kenya%E2%80%99s_Slow_Journey_to_Digital_IDs_Begins_Again"></span><strong>Kenya’s Slow Journey to Digital IDs Begins (Again</strong>)<span class="ez-toc-section-end"></span></h2><p>First-time ID applicants in Kenya have begun receiving the Maisha Card this year in a pilot scheme that will introduce digital registration of persons in the country.</p><ul><li>Also set to receive the new card with enhanced security are applicants seeking replacements for defaced or lost cards as the government tests the country’s preparedness for a full rollout of digital IDs.</li><li>Under a proposed plan, the government will gradually phase out the 2nd generation IDs in favour of the Maisha Card with the current ID number translating to Maisha Namba.</li></ul><p></p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="6VGB36mLeL"><a href="https://kenyanwallstreet.com/africa-must-set-the-timing-for-its-energy-transition/">Africa Must Set the Timing for its Energy Transition</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Africa Must Set the Timing for its Energy Transition” — Kenyan Wall Street - Business, Markets & Finance Insights" src="https://kenyanwallstreet.com/africa-must-set-the-timing-for-its-energy-transition/embed/#?secret=yakmwkpLvH#?secret=6VGB36mLeL" data-secret="6VGB36mLeL" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></div></figure><p></p><h2 class="wp-block-heading" id="h-the-curtain-comes-down-on-state-run-nhif"><span class="ez-toc-section" id="The_Curtain_Comes_Down_on_State-run_NHIF"></span><strong>The Curtain Comes Down on State-run NHIF</strong><span class="ez-toc-section-end"></span></h2><p>The Cabinet has considered and approved 4 crucial Bills that promote healthcare, for transmission to Parliament.</p><ul><li>This is in line with the Kenya Kwanza administration’s pledge to accelerate Kenya’s attainment of Universal Health Coverage (UHC) as set out under the Government’s Bottom Up Economic Transformation Agenda (BETA).</li><li>The Cabinet, while meeting in Kakamega approved the Primary Health Care Bill, 2023; The Digital Health Bill, 2023; The Facility Improvement Financing Bill, 2023; and The Social Health Insurance Bill, 2023.</li><li>These bills usher in a paradigm in the legal and institutional framework for healthcare in Kenya by repealing the current National Health Insurance Fund and establishing in its place the following funds: Primary Healthcare Fund; Social Health Insurance Fund; and Emergency, Chronic and Critical Illness Fund.</li></ul><h2 class="wp-block-heading" id="h-britania-biscuits-bites-the-dust"><span class="ez-toc-section" id="Britania_Biscuits_Bites_the_Dust"></span><strong>Britania Biscuits Bites the Dust</strong><span class="ez-toc-section-end"></span></h2><p>Britania Foods Limited, a household name that has been operating in Kenya for three decades and is known for its popular biscuits brand, has crumbled and is up for liquidation, 5 years after its factory shut down. </p><ul><li>According to a notice appearing in the Kenya Gazette Vol. CXXV—No. 157 dated 7th July, 2023, the firm transitioned into liquidation with its former Administrator, Peter Kahi of PKF Consulting (K) Limited, as the Liquidator of the Biscuit maker. This follows the successful completion of the administration sale of the business and assets of Britania Foods Limited.</li></ul><h2 class="wp-block-heading" id="h-court-dismisses-petition-challenging-lifting-of-gmo-ban-in-kenya"><span class="ez-toc-section" id="Court_Dismisses_Petition_Challenging_Lifting_of_GMO_Ban_in_Kenya"></span><strong>Court Dismisses Petition Challenging Lifting of GMO Ban in Kenya</strong><span class="ez-toc-section-end"></span></h2><p>A Nairobi court in October this year dismissed a petition filed by the Law Society of Kenya (LSK) seeking to quash a decision by the Cabinet to lift the ban on Genetically Modified Organisms (GMOs).</p><ul><li>During a meeting in early October 2022, the Cabinet lifted the ban on Genetically Modified Crops (GMO). The ban had been in place for 10 years. The decision allowed farmers to cultivate and import food crops and animal feeds produced through biotechnology.</li></ul><p></p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="AP1Mirqfft"><a href="https://kenyanwallstreet.com/how-banks-can-best-respond-to-the-rise-of-the-mass-affluent-in-africa/">How Banks Can Best Respond to the Rise of the Mass Affluent in Africa</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“How Banks Can Best Respond to the Rise of the Mass Affluent in Africa” — Kenyan Wall Street - Business, Markets & Finance Insights" src="https://kenyanwallstreet.com/how-banks-can-best-respond-to-the-rise-of-the-mass-affluent-in-africa/embed/#?secret=DiXpkCUdVQ#?secret=AP1Mirqfft" data-secret="AP1Mirqfft" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></div></figure><p></p><h2 class="wp-block-heading" id="h-pezesha-files-liquidation-petition-against-marketforce"><span class="ez-toc-section" id="Pezesha_Files_Liquidation_Petition_Against_Marketforce"></span><strong>Pezesha Files Liquidation Petition Against Marketforce</strong><span class="ez-toc-section-end"></span></h2><p>Kenyan fintech firm Pezesha Africa Limited has filed a petition for the liquidation of Marketforce Technologies Limited, a B2B e-commerce platform, citing unpaid debts.</p><ul><li>The insolvency petition, registered as E058 of 2023 in the High Court of Kenya at Nairobi Milimani Commercial and Tax Division, invokes the provisions of the Insolvency Act, 2015.</li><li>The court documents reveal that <a href="https://pezesha.com/" target="_blank" rel="noreferrer noopener">Pezesha</a> Africa Limited, headquartered in Nairobi, is seeking a liquidation order against Marketforce Technologies Limited.</li><li>The petition alleges that Marketforce Technologies Limited owes a substantial amount to Pezesha Africa Limited, prompting the latter to pursue legal action to recover the outstanding debt.</li></ul><p></p><p></p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="9eVoFX8hJk"><a href="https://kenyanwallstreet.com/in-defense-of-local-startups-lets-give-them-a-break/">In Defense of Local Startups: Let’s Give Them A Break</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: 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