Author: Nairobi Business Monthly Reporter

By RAPHAEL KIOKO Lyimmo Magani is one smart entrepreneur. After starting L’s Food Lab in 2019, he ran into difficulty and could not expand his business. Mr Magani approached several investors and financiers, but nothing positive came out of it besides negative feedback. Others never responded to his fundraising proposals. At this point he had to out think.  For a man whose dream was to acquire a 15% market share, create more jobs, and impact society through charitable programs, it was not time to throw in the towel. He embarked on a journey that would sooner than later make his…

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CIC Insurance Group said Tuesday, April 23, that customers will flawlessly purchase or renew motor insurance cover remotely thanks to its new digital monthly product dubbed “EasyBima”. The cover, which will allow customers to spread their comprehensive car insurance payments over 12 months, comes at a time when there’s increased interest in technology, with 2023, for example, seeing 17.86 million internet users registered in the country resulting to 32.7 percent internet penetration. Kenya is also home to 10.55 million social media users as at January 2023, equating to 19.3 per cent of the total population. “Digitisation is one of the…

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By Perminus Wainaina Businesses continue to recover from financial challenges they took especially due to the effects of COVID-19 pandemic, with most private sector players being forced to make tough decisions to continue thriving. The most common issue has been how to effectively manage staff costs during tough times. To avoid making mistakes, here are some of the things a company can do to manage staff costs.   Review your staffing levels and pay Look at your current workforce and assess whether you have the correct number of employees to meet your business needs. If you have more than you…

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Tourism and wildlife cabinet secretary Dr. Alfred Mutua has warned that the apparent stagnation of standards and quality of service in the hospitality sector will not augur well for tourism if ignored. The CS on Thursday, April 18, also embarked on a journey that would uncover the stark reality of neglect within the country’s premier hospitality training institution, Utalii College. He toured the college and hotel facilities, witnessing firsthand the state of disrepair and neglect that had befallen them. Leaking roofs adorned the once vibrant restaurants, toilets stood silent in their dysfunction, and an overall air of neglect hung heavily…

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The Kenya Private Sector Alliance (KEPSA) has partnered with World Bank to launch a Carbon Market Guidebook amid efforts to provide step-by-step guidance for Kenyan enterprises in various industries including; agriculture, waste environment, forestry, trade, banking, insurance, manufacturing, energy, transportation, construction, and hospitality. According to Dr. John Wandaka, vice-chair of KEPSA environment, water and natural resources sector board, a guide to help navigate the complex and fast-evolving landscape of carbon markets is needed. “Carbon markets offer an alternative financing avenue that can empower enterprises struggling to access traditional climate finance,” he said. He added that funding constraints hindered the ability…

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International Creators Day acknowledges contribution of “career digital creators” and their ability to inspire, entertain, and educate communities worldwide. Content monetization and career opportunities will be high on the agenda as Kenyan social media influencers, and public and private institutions join the global community to celebrate the International Creators Day on April 23. According to the International Creator Day Kenya Coordinator and the Kenya Social Media Awards (SOMA) Director, Mr. Martin Muli, the event will give creators, brands and industry service providers a platform to meet and interact through exhibitions and conference. The day will bring together the creator ecosystem…

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Mastercard and Equity Bank have partnered to enable Equity Bank customers to send money safely and securely to 30 countries. This collaboration marks a significant milestone for cross-border financial transactions in Kenya. Remittances are a key economic driver in Sub-Saharan Africa with a reported $53 billion (Ksh.6.89 trillion) flowing into the region in 2022. Cross-border remittances unlock financial inclusion by empowering individuals to access formal financial services, ultimately fostering economic growth and stability in the region. Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya. This platform offers a…

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By Lily Jiaying As the cold wave and rainy weather persists in the Linxia Hui autonomous prefecture, Gansu province, local growers are embracing all kinds of facilities to provide the required temperatures for seedlings. “We have introduced automatic constant-temperature electric heating fans, capable of automatically measuring and adjusting the temperature inside the seedling shed, ensuring optimal conditions for healthy seedling growth,” said an employee at Gansu Kanghui Modern Agriculture and Animal Husbandry Industry Co Ltd. As a provincial-level key company that integrates vegetable planting, processing, cold storage and sales, Kanghui holds a planting area of over 3800 mu and 246…

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Absa Bank Kenya, which is a part of pan-African lender Absa Group, has committed a Sh40 million investment to go towards this year’s KipKeino Classic Continental tour. The lender said Sh30 million will be a direct sponsorship as title sponsors of the 5th edition as the remaining Sh10 million will be used as leverage amounts as well as in supporting other events in the Kenya athletics calendar, including the under 20 youth trials engagement, national trials series events and Sirikwa Classic which happened in February 2024. According to Absa Bank Kenya Consumer Banking Director Moses Muthui, investing in sports, including…

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Selected small and medium-sized enterprises (SMEs) in the agricultural sector will receive support from the fund, including grants ranging from $500,000 to $2,500,000, disbursed over a 3-year period. Mastercard Foundation Fund for Resilience and Prosperity, a new fund established after the success of the foundation’s “rural prosperity” fund, has launched an agribusiness challenge to support SMEs in the agriculture sector. With a focus on creating job opportunities for young women and men, young persons with disabilities, and refugee youth, the selected SMEs will benefit from tailored technical assistance and grants ranging from $500,000 to $2,500,000, disbursed over a 3-year period.…

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