Agribusinesses in East African Community (EAC) countries are to benefit from greater business opportunities in both East African and European markets thanks to a new initiative funded by the European Union. Unveiled last month in Arusha, Tanzania, the Market Access Upgrade Programme (MARKUP) will provide support to small and medium-sized enterprises (SMEs) across the region to improve access to EU markets and increase interregional trade. MARKUP sets out to support East African SMEs specialized in a variety of sectors, including avocado, cocoa, coffee, horticulture, spices and tea. Interventions will focus on the identification and elimination of barriers to trade; improving…
Author: NBM CORRESPONDENT
Over the years there has been a steady drop in the usage of commonly used words despite 81% of Kenyan households having dictionaries. Students, especially in the counties, have difficulty in spelling, according to a research conducted by OUPEA. Speaking during the regional Book Fair held in Kericho County, OUPEA general manager, Mr John Mwazemba called for key players in the industry to develop strategies to aid with transition of students by improving their vocabulary. He said that there is a massive word gap with research showing that kids today spell 5,000 words less than their counterparts. In May 2016,…
Accelerating digital transformation strategies, investing in new wireless and fixed network infrastructure, and embracing emerging technologies such as AI and IoT are among the top priorities for African telecom operators for the year ahead. This is according to global telecom, media and technology news and events company, TMT Finance. “Like many telecom operators globally, the major African operators are having to juggle several pressing priorities. It is well documented that traditional voice and messaging service revenues are decreasing, while pressure to plough big capex spend into new network infrastructure is weighing on balance sheets,” said Ben Nice, managing editor and…
The Central Bank of Kenya (CBK) recently confirmed that Kenya is contemplating adopting the Chinese Yuan as a reserve currency. Dr Patrick Njoroge, the governor of the CBK confirmed this during the Guangzhou-Foshan Nairobi Business forum. This puts Kenya among the growing number of African nations that have been considering including the renminbi as part of their foreign exchange reserves. According to Dr Njoroge, this was inevitable as China has played a major role in the world economy making the Yuan a suitable currency of foreign trade. “It is inevitable that Kenya will include the Chinese yuan as a reserve…
Commercial Bank of Africa (CBA) has entered into a partnership with Ennovative Capital (ECap), a financial technology firm, to launch an online platform to facilitate the immediate payment of goods and services delivered by suppliers. The platform, referred to as Supply Chain Financing (Reverse Factoring), will allow corporate buyers to approve and submit their invoices to the CBA, which in turn will pay the suppliers with recourse to the corporate buyers. This way, the suppliers will have access to early payment against their invoices. According to Jeremy Ngunze, chief executive of CBA Kenya, the platform will assist by ensuring the…
Car and General has launched a new carriage style Piaggio three wheeler (tuk tuk) called the Romanza, which comes with a two-year warranty. It is a four-stroke 200cc petrol engine with an average fuel consumption of 30km per litre. “There is a growing need for urban transport which is driven by the rapid expansion of cities and towns in the 47 counties. Three wheelers are gaining popularity as they are perceived to be safer than motorcycles,” said Joshua Maithya, a Car and General sales executive for Piaggio. “The Piaggio Romanza features a drop top hood and coordinated half doors and…
Quantum power East Africa GT Menengai Ltd has received funds worth Sh5 billion ($49.5million) from the Climate Investment Funds (CIF) and the Clean Technology Fund (CTF) after the African Development Bank (AfDB) approved a senior loan of Sh3 billion ($29.5 million) and a concessional loan of Sh2 billion ($20 million). The funds are to be used on the development of a geothermal plant that is located at the Menengai geothermal field in Nakuru County. The funds will be going to a 35W geothermal power plant, which is part of a set of three other plants, which have a combined capacity…
In our last Issue’s Cover Story, we narrowed on the impact of thriving contraband trade on our manufacturing sector. The lid has since been blown off the can of the counterfeit business, revealing the other side of it that our story did not delve in – safety and health. The ensuing debate on the possibility that the sugar in our living rooms is not fit for human consumption is as chilling as it is shocking. It goes to reveal the extent to which the country is exposed in the trending trade. Isn’t it absurd that in the case of sugar,…
BY GILBERT NG’ANG’A When Kenya announced late May that it would not sign a free trade agreement that China has been negotiating with the East African Community (EAC) partner States, it marked the beginning of a new era for Nairobi’s economic architecture. After two years of intense lobbying by Beijing to have the East African states—Kenya, Uganda, Rwanda, Burundi and Tanzania—agree to the trade deal, Nairobi, unexpectedly, pulled the trigger. With that, Kenya’s trade relations with China will never be the same. Disregarding the expected diplomatic brouhaha that such an action would bring between two nations, Kenya said the decision…
BY DOMINIC WABALA In May 2018 Kenya rejected a free trade area agreement between East African Community (EAC) and China in a bid to protect its manufacturing industries. There has been concern that cheap Chinese imports are flooding the Kenyan market at the expense of local manufacturing industries that are also struggling with high power tariffs and idle workforce. During his State of the nation speech in early May, President Uhuru Kenyatta revealed that the Anti Counterfeit Agency in 2017 seized goods worth over Sh1.7 billion and destroyed others worth over Sh700 million. Kenya, he said, has been loosing over…