POST BANKS
Kenya Post Office Savings Bank (Postbank), PostBank Uganda Ltd and Tanzania Postal Bank have teamed up to set up a converged ATM service for their customers, which is expected to result into greater financial inclusion. Under the umbrella of the Association of Savings Banks of East Africa (ASBEA), these banks have initiated an ATM service that will enable customers of member banks’ access their accounts whether in Kenya, Uganda or Tanzania using their respective bank’s debit cards.The initiative comes at a period when research indicates that most of the nearly 150 Million people in the region do not have access to formal financial services. The ASBEA ATM service is also being launched at a time when the East African region is moving towards the formation of a regional economic federation which will result in free movement of goods and services across its various borders.
Finance Market
AlHuda Centre of Islamic Banking and Economics (CIBE) has launched an assault on the African to promote Islamic banking and finance through consultancy, research, education and capacity building. Dubbed “6 months road map for the strategy of Islamic Banking and Finance in Africa”, AlHuda CIBE will begin different initiatives in 15 African countries from June 2014 to December 2014. Muhammad Zubair Mughal, Chief Executive Officer, said it will establish Islamic microfinance institutions; offer Takaful consultancy services, technical and Shariah support, and help giving education and capacity building to the relevant personnel. AlHuda also plans to organize “African Islamic Banking and Finance Road Show 2014” eyeing South Africa, Tunisia, Kenya, Mauritius, Tanzania and Nigeria aimed at creating awareness and remove the capacity constraint from the mentioned countries.
Summit
Mount Kenya University has donated Sh10 million towards the National Water Summit. Board of Trustees Chairman Simon N. Gicharu said the money will supplement the efforts of other sponsors namely the Ministry of Water, Environment and Natural Resources, County Government of Turkana, UNESCO, Institute of Capacity Building, and the Nation Media Group.
The National Water Summit will be held at Kristine’s Camp, Lake Turkana, Kenya from 9th-10th October 2014, and is expected to bring together foremost water experts from around the world who will discuss how groundwater can be put into better economic use for the benefit of the country. The outcome of the Summit will be a policy document, which will complement government efforts and existing policy on arid and semi-arid lands, and overall food security for the country. The outcomes of the Summit will also go a long way in bringing cohesion among communities in neighbouring counties. Last year, it was reported that Turkana has an estimated 250 billion cubic metres of ground water, enough to last the country 70 years. Mount Kenya University has a Campus in Lodwar. The university is constructing a Ksh200million Research Centre in the outskirts of Lodwar town, which will be integral in generating knowledge to harness the vast resources in Turkana County and beyond. “We are committed to generating more knowledge to help us utilize existing resources in a more sustainable way,” said MKU Vice Chancellor Professor Stanley Waudo.
Wine Launch
A specialist importer of wines for the East and Central African market, Brown Biashara Limited, recently hosted a special wine and cheese evening at The Hilton Nairobi in June 18. This event served as the official unveiling of BBL’s other unique offering, the Kenya Wine Club, which has recently been promoted across social media sites. The club will provide East Africa’s most discerning wine lovers with monthly access to rare and exclusive wines.
BBL currently has 18 world class suppliers representing 36 of South Africa’s finest vineyards under its umbrella and over 120 boutique and award winning wines. The great and the good of Kenyan society were in attendance at the launch, including embassy ambassadors and officials, hotel directors from the Mara and Kisumu as well as Nairobi and Naivasha and the heads of Kenya’s leading supermarkets.
