Once a wealthy person’s toy with utilities, the mobile phone has become the most ubiquitous gadget in history. It has evolved to become a tool of economic empowerment among developing countries in the world. Mobile phones have allowed information to become readily available, which in turn has made markets more efficient thus helping nurture entrepreneurship in the emerging generation. The evolution of mobile phones led to the growth of the mobile money industry, which has enjoyed a decade of great achievements. Ever since the launch of M-Pesa 10 years ago, the mobile money sector has enabled people to transact and…
Author: NBM CORRESPONDENT
BY DAVID ONJILI One man’s meat is another one’s poison; this is so evident with the recent move by the Kenyan Government to pass the interest capping rates on bank loans in September 2016. What this has led to is a number of unregulated microfinance institutions to prey on cash starved Kenyans especially those that are employed. With banks now raising the minimal requirements for ordinary working class Kenyans before they can acquire loans so as to hedge themselves against the risk of default in repayments, a number of employees are now falling prey to the microfinance institutions that seem…
A recently released study; Assessing the changing habits and tactics of organized credit card fraud gangs by Digital Shadows, a digital risk management industry player, points to increased sophistication of a professional ecosystem as fraudsters seek to up-skill themselves and novice would-be cyber criminals. By analyzing hundreds of criminal forums, Digital Shadows discovered a new trend in the form of remote learning ‘schools’. Available to Russian speakers only, these six-week courses comprise 20 lectures with five expert instructors. The course includes webinars, detailed notes and course material. In exchange for RUB 45,000 ($745) (plus $200 for course fees), aspiring cyber…
By Antony Mutunga From being used in impossible missions by the military to being used to deliver medical supplies, drones have been one of the best innovations of this digital era. It all started with the Austrians back in 1849 when they used unpiloted balloons to attack Italy, making it the first ever use of unmanned aerial vehicles (UAVs) and giving birth to the idea of drones. Flash forward to the present and a lot has changed; now drones are available and more advanced, able to do more than the Austrian balloons that were used strictly for military purposes. However,…
By Shadrack Muyesu In “The Age of Rights” Louis Henkin argues that Human rights enjoy a prima facie presumptive inviolability and will often trump other public goods. Francis Fukuyama similarly elevates rights when, in his acclaimed treatise The End of History and The Last Man, he argues that liberal democracy is made perfect by nothing beyond its ability to guarantee basic freedoms. For him, rights stem from recognition, which as German philosopher William Hegel observes in The Phenomenology of Spirit, is man’s ultimate goal. What Henkin et al seems to say is that although citizens desire economic development, it must…
BY NEW AFRICAN MAGAZINE The past decade has been the most successful in the history of the Tanzanian economy. Growth has averaged 7% a year, following on from slower but still strong growth over the previous 10 years. As a result, per capita GDP, or the amount of economic activity per person, has increased six-fold over the past 20 years. All this has been achieved from a very low base but the outlook is very positive, providing the government keeps the economy under control as it awaits the injection of bumper gas revenues. The government’s Development Vision 2025 has set…
By Isaac Swila Since its launch slightly over two months ago, the standard gauge railway (SGR) has inspired pomp, oomph and excitement to new decibels. A monumental project, the SGR will not only be talked about for ages but will also form a case study for the future. But when the excitement dies down and the dust finally settles, Kenyans will be keen to quantify the potential economic benefits of such a humongous project, which is supposed to propel the economic situation in the country, transform lives, and most importantly, set the foundation of a major economic take-off. The idea…
Andrew Skipper is Partner and Head of Africa at global law firm Hogan Lovells. With presence in 50 countries and headquartered in London and Washington D.C, the firm offers extensive experience and insights gained from working in some of the world’s most complex legal environments and markets for corporations, financial institutions, and governments. Some of the areas they specialise in include infrastructure and transport, banking, technology and telecommunications, energy, among others. In an interview with the Nairobi Business Monthly, Andrew gives perspective to the macro economic climate in Africa, with a bias for energy, and how the Continent can consolidate…
There is an aura of optimism that greets anyone visiting the Postal Corporation of Kenya (PCK) offices for the first time. And why shouldn’t there be? Only recently the Corporation secured a multi-million Independent Electoral and Boundaries Commission tender to transfer election materials countrywide. The Corporation is also fresh from launching a new transfer product – Mpost – that allows users to transform their mobile phone number into a formal postal address, making them able to receive letters and parcels wherever they are in Kenya. In June this year, Mpost won the top award for innovation during the Africa Public…
BY VICTOR ADAR Board cultures, especially during the 1990’s was too much for the ladies. Recently, however, most companies have believed that they were safer by expanding the role and participation of women at both the board and management level. The argument is that if there is professional mix, which encompasses age diversity, gender balance, technical skills and related experience, a company will perform better. Standard Chartered Bank is one financial institution thriving on what has been for a long time a secret plot known only by a few firms, emerging the overall winner in the Nairobi Securities Exchange’s board diversity…