BY DENNIS NDIRITU Kenyans were recently treated to shocking news in the local media of Chinese traders engaging in small-scale trade that has been the preserve of locals for a long time. The Chinese are said to have taken over the supply and retail of mitumba clothing and other small scale businesses in Gikomba market among other local markets. An interview with a section of the aggrieved traders at Gikomba market elicited the pain of a workforce agitated by the proliferation of Chinese business in Kenya at a great cost to the local traders. The traders say that the Chinese…
Author: NBM CORRESPONDENT
BY VICTOR ADAR Everyone reaches a point in their profession where the best thing to do is to branch out. It is seemingly not easy to see it coming but one Peter Ndiang’ui made the most out of a similar transition. Arguing that you don’t need to step back from an idea whose time has come, his was a big gamble. He started off as a tech and strategy consultant in Australia mainly focussed on media, financial services, telcoms and energy. At the tail end of his consulting career Mr Ndiang’ui got more involved in formulating growth strategies for organizations…
BY DAVID ONJILI The common denominator with most of the country’s state corporations is their inability to adapt to fast changing technological advances the world has experienced. This has left most of them obsolete as the world moved forward at a faster pace to keep up with technological innovations and the ever-changing needs of the citizens. That aside, a number of corporations have been victims of poor management as funds are misappropriated and the infrastructures that they stood on vandalized. All this has denied Kenyans the needed services and rendered many industrious citizens unemployed. Postal Corporation of Kenya (PCK), however,…
BY FUAD ABDIRAHMAN The annual remittance across the globe was $529 billion in 2018, an inspiring increase of around 9.6% from the year before which was $483 billion. This being from the officially recorded statistics, the figures could be even higher. One issue, however, remains a major concern; a huge chunk of the money remitted goes into fee charges. Globally the average cost of sending money stands at 7.1% of the amount sent, according to a report by the World Bank. It is higher, however, for African nations. The same report says the sub-Saharan countries are the most expensive to…
Banking finance solutions provider DTB has picked Linus Gitahi as its chairperson to spearhead growth plans leveraged on the firm’s digital transformation strategy. The value of this promotion is that it will provide further impetus to the realization of the bank’s Vision 2020 strategy and hence, seeks to position DTB Group banks as the leading players in the banking finance industry in sub-Saharan Africa. It will also provide corporate governance leadership for DTB, which is banking on technological transformation programmes to transform its subsidiaries into premier digital banking and payments solution providers for an increasingly discerning and technology-driven customer base.…
China Southern Airlines has given Chinese citizens looking to travel to Nairobi a major advantage after it launched two-time weekly direct flights between Nairobi and Changsha, the capital city of central China’s Hunan Province. The flights are meant to boost business and tourism between the two countries. According to the airline, in the first month of the route launch, the cheapest ticket from Nairobi to Changsha we will go for around Sh51, 485 while a return ticket between the two destinations will go at Sh69, 616. Prior to this direct flight, the airline only offered two weekly flights linking travelers…
AfricInvest Group, a Tunisian investment and financial services company has acquired a further stake in insurance group, Britam. The Tunisian group has spent Sh273 million to acquire an extra 32.5 million shares in the insurance firm. As a result, AfricInvest has increased its stake in the Nairobi Securities Exchange-listed firm to 17.55%. This started in May 2018 with the Tunisian group acquiring a 14.3% stake worth Sh5.7 billion. In addition, the company bought an additional 49.3 million unit of shares worth Sh450 billion during the open market in October 2018. According to George Odo, senior partner and MD of AfricInvest…
BY DAVID ONJILI He is a proud family man, something he speaks of fondly and proudly. The core principles that guide his business ventures as he admits, is his Islamic faith. A business must be Halal (permissible). Behind this laid-back mien and infectious smile is a successful entrepreneur. He is 37 and pursuing his post-doctorate studies in Strategic Management at Jomo Kenyatta University of Agriculture and Technology, Mombasa. He speaks happily at his 5th floor Ambalal Plaza office overlooking the coastal city. Tough beginnings, tough lessons but a determined and visionary mind is what has Mr Saeed Sheikh Abdirahman sitting…
Being able to verify people’s identities is critical for a nation’s growth and prosperity, yet nearly half of all African citizens can’t prove who they are to vote, travel freely and receive government benefits and services. HID Global®, a leader in trusted identity solutions, is launching an initiative to help close this identity gap. HID Global brings to its initiative a broad solution portfolio, close working partnerships with leading integrators serving African governments, and strategic investments in its business operations dedicated to building a better future for citizens. The initiative builds on HID’s proven track record of enabling effortless and…
Cigna, a renowned international health insurance service company, has officially opened a new office in the One Africa Place building in Nairobi, Kenya. This office will serve as headquarters for its operations in Africa, which is a key strategic region for Cigna in its global approach. Cigna has already invested heavily in Africa and will continue to do so. The move to Cigna’s new African headquarters marks another milestone in its operations. The 8,300 sq ft premises is a fully-fledged office space, accommodating more than 80 Cigna employees across the company’s group health solutions. The expanded team puts Cigna in…