Automation of processes for efficiency, voice driven commands, face recognition and reallocation of human capital costs, are key drivers for adoption of artificial intelligence Focus Softnet has launched its Artificial Intelligence (AI) platform, AIFA (Artificially Intelligent Futuristic Applications). AIFA is an advanced, automated platform meant to enhance business, increase productivity, and reduce investment in human training. “Businesses in the region are now ready to leverage digital technologies to improve efficiencies. Focus Softnet has developed AIFA that can be used by organizations to automate all types of functions. These could be from the front office, top executive, managerial, and back office.…
Author: NBM CORRESPONDENT
BY ANTONY MUTUNGA Since the birth of decentralized cryptocurrencies through Bitcoin, the number of digital currencies has been rising. However, with time, their popularity has dipped due to their volatile nature. As a result, a new class of cryptocurrencies was born, Stablecoins, which have price stability characteristics. Unlike bitcoin and most other cryptocurrencies, this new class is designed for applications that deal with a low threshold of volatility. This has seen several organizations look to invest in the new class. One such example is Facebook, which in June announced its Stablecoin, Libra, as well as made available its whitepaper. According…
BY C. M. RUBIN “We are confident that the graduates that leave us are well placed to enter into highly paid, highly skilled jobs that employers are looking to fill.” – Audrey Cheng Audrey Cheng, the co-founder and CEO of Moringa School, was working for a venture capital firm investing in local tech funds in Kenya when she observed a significant skills gap between jobs available to young people and talent qualified to fill them. Youth unemployment and the lack of employable youth remains one of the biggest challenges facing the African continent. “In 2019, only 13% of secondary school…
How a couple is thriving on catering BY VICTOR ADAR In 2012, Graham and Lulu Roy started Specialised Chef Consultants limited as a high end medium sized food and beverage service-provider, a company behind Lime Inc., Lime Catering, and Lime Bar. The couple felt that there was a gap in the Kenyan market for a bespoke approach to the food and beverage industry. Comforting is how they approached the financing of the company. It was based on a needs basis whereby an inventory would be acquired as the need for equipment for specific functions came up. The firm has gradually…
BY DAVID WANJALA The recommendation by President Kenyatta to repeal the interest rate cap in a memorandum to Parliament in which he declined to assent to the Finance Bill, 2019 into law is the strongest directive thus far by the Government on the repeal of the interest law and could mark the abolishment of the current regulated loan-pricing framework. The interest rate cap, according to Cytonn Investment, an investment management firm based in Nairobi, has had adverse effect on the economy. Popular but unwise Cytonn Investment had called the move to control rates on loans, right from its inception in…
BY DR PATRICK NJOROGE On September 30, 2019, the withdrawal of the old series Sh1, 000 notes was successfully concluded. This demonetisation commenced on June 1, 2019, following the launch of Kenya’s new generation notes. The new notes symbolize green energy, agriculture, social services, tourism and governance, that are the drivers of a newly reborn and prosperous Kenya. In deciding to withdraw the older series Sh1, 000 notes, the Central Bank of Kenya assessed the grave concern that these notes were being used for illicit transactions and financial flows in Kenya and in the region. More recently, there has also…
BY NICOLE BEARDSWORTH Although Zimbabwe’s President Mnangagwa is four years away from an election, his position appears insecure and his administration nervous. The economic reforms that his administration appears to be implementing are fomenting a broad popular backlash as the economic crisis deepens and a drought threatens to push millions to the brink of starvation.The country’s economy is rapidly shrinking – with the IMF’s latest forecast suggesting that the economy will contract by 7.1% in 2019. The government has stopped publishing inflation data, but the last announcement by the Zimbabwe Statistical Agency put inflation at 176% in June. The IMF’s assessment suggests that…
BY DENNIS NDIRITU The recent years have witnessed a big slump in the economic sector in the local scene. Despite various reports pointing at the improved ease of doing business, there are still numerous challenges facing the private sector. The government is seen to be hell bent on stifling growth of the private sector instead of creating an enabling environment for entrepreneurship to thrive. Instead of proposing increased taxes in the Income Tax Bill, for example, the Government should focus on helping companies to compete in an environment of practicable and predictable legislation to allow them to grow their earnings.…
Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce. Revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalisation of trade in services, as this often results in countries being unable to determine when, how and where taxes on digital transactions should be collected. Ministers have therefore agreed that the Commonwealth should bring its powerful collective voice to discussions at the Organisation for Economic Co-operation and Development (OECD), particularly on behalf of smaller…
BY DENNIS NDIRITU The adoption of a new constitution characterized by devolution of resources and responsibilities to autonomous multi-level governments has been credited as one of the key transformative tenets of the 2010 Constitution geared towards addressing previous, real and perceived, exclusions to bring about equity in development. Among the normative features of the new transformative dispensation is the provision of Devolution engrained under Article 10 of the Constitution and which is a common thread pervading the whole order. A mere glance at Article 6(2) provides the conclusion that in establishing Devolution, as a common thread cutting through the Constitution,…
