BY ANTONY MUTUNGA In this digital era, technology is at the centre of everything, changing about every aspect of our lives. However, despite all the good that comes with the digital age, it has brought about some new risks in terms of cyber security. Unlike before when organizations were mostly worried about their physical stores and warehouses being broken into and robbed, the primary fear now is that they can be hacked into and their data stolen or worse off, be completely wiped out. Cyber-crime has become common that organizations have shifted from asking if they will be the next…
Author: NBM CORRESPONDENT
BY Victor Adar Open banking, in which banks share certain data via secure application programming interfaces (APIs), allows for the development of a range of digital financial services that can be used by customers to more easily transact, manage their finances and have full access to all their data. Since financial service providers are authorised to use this data without having to build new data stores of their own, open banking paves the way for improved customer experience and greater transparency in banking. It sounds good but one question on peoples’ lips is whether open Banking will drive transformation in…
According to Mercer’s 2019 Global Talent Trends study, over three-quarters (78%) of executives in South Africa predict significant disruption in the next three years, compared to 28% in 2018. As executives focus on making their organizations “future-fit”, significant human capital risks – including the ability to close the skills gap and overcome employee change fatigue – can impede transformation progress. Addressing these concerns is paramount, given that only one-quarter of executives rate their company’s ability to mitigate human capital risks as very effective. “In recent years, organizations have shifted towards actively laying the groundwork for the future of their businesses. However, they…
By Antony Mutunga The number of cybercriminals is on the rise as more and more people are joining up to use different cyber-attacks as a service where they monetize their networks. This is the reason why cyber-attacks such as cryptojacking and ransomware are expected to be on the increase as 2019 wares out. Emotet, for instance, is a malware originally engineered as a banking Trojan designed to steal sensitive information by eavesdropping on network traffic, which was detected in Kenya. During the start of the year, the information and communication technology (ICT) watchdog, Communications Authority of Kenya (CA) announced the…
BY DAVID ONJILI A dashboard that incorporates both digital learning and analytics through the capture of data, Zeraki Analytics is one of the products by Litemore Limited. “Data itself is not useful, but when organized and presented in an easy to use and understandable manner then it becomes integral,” quips Isaac Nyangolo, Litemore company co-founder and CEO. Mr Nyangolo credits his time on the project management department of Equity Bank’s Wings to fly program as the catalyst to this digital tool. While at the foundation from the year 2010, he had overseen how to assemble and mentor bright students from across…
BY BOSIRE NYAMORI A High Court decision delivered on November 29 2018 has highlighted the complexity in determining the VAT payable on land and property transactions and the consequences that can follow where the parties disagree on the tax liability. In David Mwangi Ndegwa v Kenya Revenue Authority, Civil Suit No. 541 of 2015, the High Court held that, “sale or purchase of land, together with residential premises and commercial premises erected on the land’, is VAT-free. Further, it ordered Kenya Revenue Authority (KRA) to refund the plaintiff, David Mwangi Ndegwa Sh11.2m, which he had paid as VAT when he bought…
BY KOSTA KIOLEOGLOU People tend to believe that real estate investments operate under a safety net and have extremely low to zero risk. This is not quite right. In reality, this is a very bad belief that can lead to bad decisions and big losses. Investors have made it in real estate investments and many others have lost everything. Real estate investments are an easy way to add diversity to your portfolio with a risk profile that best suits your needs. High, medium or low-risk property investments all have their pros and cons. Understanding the benefits and challenges of real…
BY MULEI MUTAVA MICHAEL Insider trading is just but one way through which conflict of interest manifests, but there sure are other ways, some more subtle than others. A person with vested interests, such as money, status, reputation or knowledge, which casts doubt on their ability to discharge fiduciary duties is said to have a conflict of interest. Is this familiar; a board member of a company who insists on powering the organization with solar but actually runs a solar company privately? Or a CEO who insists that all employees flying abroad on official business must sail to the airport…
BY BOSIRE NYAMORI The High Court of Kenya, in a judgment delivered on December 21 2018, has held that the test for determining whether a service has been “exported out of Kenya” is the location where that service is to be finally used or consumed. It was pronouncing itself on an eagerly awaited case of Commissioner of Domestic Taxes v Total Touch Cargo Holland, Income Tax Appeal No. 17 of 2013. Background Item I of Part A in the Fifth Schedule to the Value Added Tax, chapter 476, Laws of Kenya (“VATA1990”) treated “exportation of goods and taxable services” as…
BY JEREMY OPAR Kenya’s Constitution has been hailed as being transformative. It is a value-oriented. Its interpretation and application must therefore not be mechanical. It must be guided by the spirit and the soul of the Constitution itself as ingrained in the national values and principles of governance espoused in the preamble and, inter alia, Article 10 of the Constitution. For 50 years, Kenyans were excluded from participation in political, economic and cultural systems that shape their lives. Exclusion meant policies failed to address their needs and favored those with power and resources. Devolution has however, empowered them and also…