BY JAMES MULIRO Commercial and microfinance banks should brace themselves for increased scrutiny and supervision by the Central Bank of Kenya (CBK). This follows a decision by the sector regulator to hire a team of professionals to ramp up its oversight role in the industry, which developed deep cracks in 2015. The Central Bank’s actions follow the laxity in the supervision of banks and financial entities it regulates during the tenure of former governor, Professor Njuguna Ndung’u. Soon after Prof Ndung’u retired from the CBK, two banks were put under statutory management for flouting regulatory rules and for unsafe and…
Author: Editor
BY JAMES MULIRO Many of those who have been permanently ‘disabled’ by tragic road accidents live with the fond memories of the past when they would engage in productive socio-economic activities supporting their families. Many still bear the scars that remind them of their lucky escape as they hope that not again will they fall victim of a road accident. Globally, at least 1.24 million people die each year in road accidents. Developing countries such as Kenya are the most affected as they have the highest death rates arising from road accidents. This is despite the low levels of vehicle…
An estimated 3000 deaths and 5.6% of the GDP, translating to about Sh300 billion, is Kenya’s annual cost of road traffic crashes, according to the National Transport Safety Authority (NTSA) Road Safety Status Report 2015 released mid last month. The pain is, however, not in the statistics. It is in the real injuries occasioned by this menace, the health burden, disabilities and long term psychological effects and loss of breadwinners, often resulting in destitution. All these take toll on both the victim’s family and the government. Why, however, has the response to the carnage that affects mankind more than even…
BY KISEMEI MUTISYA Africa suffered years of European colonialism with the result that she lost her pride, identity, dignity and self-esteem. But it is not unusual for nations once colonized to rise to the occasion and reclaim its powerful position in world politics. Such is the narrative of china that Africa needs to ponder and learn from. Although China did not suffer from European colonialism the way Africa did, China preserved its language, identity and culture regardless of foreign intrusion. Africa on the other hand lost its cultural heritage hook, line and sinker to the Europeans and never reclaimed it.…
The vision of democratic inclusive rule of law is fully entrenched in the progressive Constitution of Kenya 2010. It is a vision for sustainable pursuit of human freedom, liberty and human dignity for all Kenyans. This vision is also about structural transformation of the country to achieve shared national identity and citizenship. A consensus subsist that effective democratic devolved system of development and governance is fulcrum towards realizing the vision. Democratic devolved system of development and governance is about human economic freedom, empowerment, shared prosperity and inclusivity. Effective democratic devolution is only the avenue for the millions of Kenyans historically…
Tell us about yourself, your background and how you ended up in Control Risks. I have been with Control Risks for 12 years and have been fortunate enough to live and work throughout Africa and the Middle East during this time. I moved full time to Kenya in April 2015 and am thoroughly enjoying the culture and warm Kenyan welcome – although this is not always the case whilst playing rugby for the Nondies on a Saturday! Since my early days with the company I have been fortunate enough to be involved in a number of large-scale projects where the…
BY JAMES MULIRO Increased investment in East Africa’s cement industry is expected to accelerate in the next three years, with Tanzania’s total capacity surpassing Kenya’s by 2018. Accelerated investment in Tanzania’s cement sector, led by Dangote Cement, which is owned by Africa’s richest man Aliko Dangote and Kenya’s Athi River Mining would push up Tanzania’s installed cement capacity to 9.4 million tonnes per annum in 2018. This would surpass Kenya’s installed cement capacity by 2018, which would be at 8.1 million tonnes per annum at the time. This is according to analysts at the Standard Investment Bank (SIB), who made…
BY ANTONY MUTUNGA With the introduction of the 4g Internet in Kenya, finally comes a great way to utilize it in streaming entertainment for those using the video streaming service provider known as Netflix. Marc Randolph and Reed Hastings founded the California-based company in 1997, then operating as a DVD rental company though it started its video internet-based streaming services in early 2007. Netflix announced the rolling out of its services globally to 130 countries; Kenya included, during the consumer electronics show held in Las Vegas, USA on January 6 2016. Co-founder Reed Hastings said during the announcement, “Today you…
BY CPM Technology advancement and innovation: iTax, E-auditing and data analytics One of the greatest innovations that has happened in the tax space and which has affected tax practitioners, venue authorities and taxpayers is the introduction of iTax. This has been revolutionary. iTax is the online platform through which the Kenya Revenue Authority (KRA) is engaging tax payers and tax practitioners in terms of receiving information and tax documentation. The nature of its instructiveness will soon make it very difficult for taxpayers to escape the tax net. With this, KRA can quickly process tax returns; determine who is not paying…
Techy smart watches are getting all the attention these days that the analogue lot might be forced to get one or die trying. Smart digital watches allow users to choose from a wide range of notifications such as incoming calls, email, texts, event reminders, weather, and many more – to be pushed from your paired device to your gear, giving you the chance to react to them without checking your smartphone thanks to companion apps. Smart gear, or “wearables” as many would say, are used with an app that is available for iOS as well as Android devices. You scan…