The days of walking around with large sums of cash as one heads to deposit in the bank are over after Standard Chartered Kenya, one of the oldest banks in the country, unveiled Electronic Cash Deposit Machines for Corporate Clients. The electronic cash deposit machines will assist corporate clients by ensuring reliable and secure cash management. The machines are available for either purchase or leasing to organizations that handle huge cash flows. The machines will enable organizations to have a miniature version of their bank branch right in their offices, which allows them to deposit their cash, which in turn…
Author: NBM CORRESPONDENT
Betty Korir may be the latest lady to join the league of corporate leaders in the banking sector after she was appointed the chief executive of Credit bank. Prior to this, she was the acting CEO for a month after the previous man at the helm, Mr Chege Thumbi, left the company for Sidian bank in July. Having been in banking for 20 years, she will be looking forward to emulate her past success to help sustain the growth of Credit Bank. Apart from being a veteran boasting of the full support of her fellow employees – she has worked…
After being in the media for the wrong reasons recently, the Kenyan police service is yet again on the spotlight after being ranked the third worst in the entire world according to the World Internal Security and Police Index (WISPI) report. The report, a product of both the International Police Science Association (IPSA) and the Institute for Economics and Peace (IEP), measures the ability of the police service and other security providers to handle internal security issues. The report covers only 127 countries with nations protracted with civil conflicts not being included in the index. Among the 127 countries, Singapore…
BY JAMES CHAPPELL News that the darling of the disruptive digital age, taxi app company Uber, was hacked in 2016 with statements confirming that 57 million customers and 600,000 drivers’ personal details were compromised and potentially stolen should not really come as a surprise. While you could be surprised at such an effective architect of the digital world would not be fully prepared for such an event, it does show that even the most tech savvy businesses are open to the menace of data breaches and cyberattacks. We don’t yet know the full picture of what happened at Uber, but their…
By Victor Adar If you think that successful people only started off from loans, salaries or profits from businesses, which is always the case, think again. There’s a group of people who are simply lucky, depending largely on gambling in order to get money that they would finally use in setting up various businesses. Success tales are told of friends, nephews and cousins whose dreams came true after winning jackpots. Lots of people actually live better lives thereafter, even end up building their start ups out of money won after betting. To those who gamble big time, it is a…
The grace period for the Solar Water Heating Regulations 2012 lapsed last month. Under the new law, all premises within the jurisdiction of a local authority with hot water requirements of a capacity exceeding one hundred litres per day are required to install and use solar heating systems within a period of five years from May, 2012, which is when the regulations came into force. “Those who will not have complied risk being slapped with a fine of up to Sh1 million or an imprisonment term of up to one year or both,’’ said Jacqueline Wangui, Partner at MMC Africa…
Funguo Investments Limited (‘FIL’) is planning to raise fresh capital to expand and diversify its investment portfolio. FIL chief executive officer Kenneth Muchina has said the company is also exploring managed funds and co-investment programs as additional means of mobilizing capital to fund its investment programs. Funguo targets the mid-market with a ‘sweet spot’ in investment of Sh100 million, but will consider larger or smaller investment amounts. The investment firm invests in a mix of early stage and established but growing businesses. “Expect Funguo to come to the market with announcements of new investments in exciting businesses in diverse sectors.…
Huawei technologies, one of the leading global information and communications technology (ICT) solutions provider, has recently entered the internet market by introducing its own cost effective broadband solution with the aim of providing affordable internet to areas without access to fibre optic. The new broadband solution, which is referred to as WTTx (Wireless to the X) is based on the 4.5G wireless broadband technology that allows speeds of up to one gigabyte per second (1GB/s). This will not only improve spectrum efficiency but it will also enable the user to have an experience similar to one experienced when using fibre.…
Traders now stand to benefit from increased efficiency following launch of the Information for Trade in Kenya web portal which has consolidated more than 120 documents and procedures required for import and export business on one online platform. The portal is estimated to serve at least 1.5 million users per month and consolidates 73 documents under exports, 52 under imports and one under transits (cross border trade) thus ensuring a shorter period in the export and import processes. Completion and launch of the information portal makes Kenya the first country in the East Africa Community (EAC) to fulfil Article 1…
Kenya Power Limited recently launched a new integrated customer management that aims at improving customer convenience. In a statement, the power company states that the system is state of the art, versatile with robust web-based applications aimed at enhancing customer service and experience, by improving service delivery. As a result of upgrading the customer management system, the company has started changing account numbers of all its customers in order for them to enjoy the services of the new system. Customers in four counties; Nairobi, Kajiado, Machakos and Makueni have already had their account numbers changed. In the rest of the…