Kenya Revenue Authority (KRA) Commissioner, Dr Fred Mugambi has urged policymakers to embrace research and utilize the findings for public decision making to enable Africa realize its fiscal policy goals. Dr Mugambi, who heads the KRA training school, Kenya School of Revenue Administration (KESRA), said that using well done research and findings to transform policies might act as the baseline for making public decisions. “Researches are used to explain situations like trends in economic growth and GDP (Growth Domestic Products) ratios, prove theories and find solutions to problems like illicit financial flows,” said Mugambi. Arguing that findings should not end…
Author: NBM CORRESPONDENT
Scope Markets, a global online trading platform, has launched its trading operations in the country. The company looks to provide an online platform where investors can trade global shares, indices, forex, and commodities. Under the entity, SCFM Ltd, the Capital Markets Authority (CMA) has licensed the non-dealing online foreign exchange broker. Already the company boasts to have opened over 1,000 accounts showing the country’s thirst to invest in online trading. According to Jacob Plattner, the CEO of Scope Markets, the strategy of the company has always been to take its institutional heritage to the retail markets. “In order to do…
The end of the tax-year is looming in Kenya and Tanzania, challenging businesses across the region to accelerate their efforts to comply with the laws and regulations around the collection of pay-as-you-earn (PAYE) tax and the submission of tax returns. “Companies have only a few short weeks to get their houses in order. With tax authorities across the region taking a strict line on tax compliance, businesses of all sizes must ensure that they declare correct earnings for all employees and that they include the right statutory deductions in payroll calculations. Those that do not meet their obligations could face substantial…
Cytonn Investments Management PLC has opened CySuites Apartment Hotel, the latest offering under its Private Equity arm. Cysuites is a serviced apartment complex with 32 two- bedroom apartments, 6 one- bedroom apartments and two penthouses that offer contemporary living and working spaces. “Our foray into serviced apartment hotels is backed by thorough market research. Demand for serviced apartments continues to grow, evidenced by occupancy rates of up to 88%, according to our latest research data,” said Edwin H. Dande, CEO Cytton. Serviced apartments, he said, command very strong rental yields of about 12%, compared to residential yields, which stand at…
IFC, a member of the World Bank Group, and IFHA-II Coöperatief U.A, a private equity fund focused on health care in Sub-Saharan Africa, have launched a $115m (Sh11.7b) holding company to acquire and integrate targeted health care service businesses in East and Southern Africa. The project will boost access to quality health care services to help improve lives and achieve universal health coverage across the region. IFC is investing $22m (Sh2.25b) in the Hospital Holdings Investment (HHI) holding company, an investment platform set up by IFHA-II, which is also supported by the European development finance organizations Swedfund, Proparco, Finnfund and…
Little Cab, Kenya’s ride-hailing company, has launched its Boda Boda and Car products in Nakuru. The launch comes only three weeks after a successful launch of LittleBODA product in Mombasa.It is in line with Little’s bigger plans of expanding its operations across the country in the short term and across the continent in the long term, thereby cementing it’s vision of being the Pan African mobility company. The company already has a presence in Uganda, Tanzania, and Zambia as well.Nakuru residents will be spoilt for choice with the introduction of two products simultaneously which gives them an opportunity to choose…
China Aerospace Construction Group (CACG) is partnering up with Kenya’s Ministry of Energy to construct the 40-km 400kV Isinya-Konza power transmission line, which will not only power Konza City but Kajiado, Makueni, and Machakos counties as well. The power project, which is to be completed within 30 months, will include the construction of four 250km high voltage power transmission and distribution lines. The project will also include the expansion of eight power transformation stations and will be funded by the China Exim Bank. According to Li Naihong, China Aerospace’s deputy general manager, the project is in line with their goals.…
The Central Bank of Kenya (CBK) through its Monetary Policy Committee (MPC) has reduced the Central Bank Rate (CBR) to 8.5% from 9% for the first time in 17 months. According to the CBK, the reduction is due to the economy operating below potential. With the recent repeal of the interest rate cap, the CBK decided to lower the rate with the aim of compelling commercial banks to reduce their lending rates. The economy has been struggling as job layoffs increase as well as more businesses continue closing down due to high operating costs. In lowering the CBR rate, access…
Kenyans, Nigerians and South Africans have an overwhelmingly positive view on how their household situation would change over the next year. They consider themselves to be prosperous, even though their incomes are less than what is seen to be the average. This is according to PayU’s global survey on financial prosperity, the world’s first financial prosperity barometer. The survery investigated the concept of prosperity across multiple markets and global regions, focusing on the relationship between financial services and prosperity in high-growth markets. The report, which target Kenya, Nigeria and South Africa gathered insights from these high-growth African markets and established…
BY JULIEN FOURIOT Even though economic growth is slowing globally, technology innovation is unlocking unparalleled opportunities for countries all over the world. Nowhere is this more evident than in Africa where developing economies are in a prime position to harness the potential of the Fourth Industrial Revolution (4IR) and leapfrog other more advanced nations. Thanks to the availability of sophisticated technology solutions at affordable rates, Africa can more effectively address some of the key challenges that have proven to be both its biggest bugbear and greatest opportunity. Things like infrastructure development, better education, improved healthcare, the list goes on. All…