SBM Bank (Kenya) Limited board has picked Bhartesh Shah as its new Chief Executive Officer (CEO), effective May 9, 2024, after the departure of Moezz Mir who has served in that position for six years, exits. During the transition period, Mr. Mir will be on hand to provide support and ensure a seamless handover. “He is a well-suited candidate for the position and will lead the Bank in achieving its growth goals to become the predominant leader in the Kenyan market. His strategic vision will drive essential business transformation to enhance the impact on economies and communities in our vicinity,”…
Author: NBM CORRESPONDENT
Kenya’s largely informal motorbike industry remains the elephant in the transport room By Kwame Sipul Otiende In July 2023, Uganda’s transport minister, Fred Byabakama attracted the ire of motorcycle riders in Kampala after he was quoted by media saying that 95% of boda boda riders in the country’s capital are “mad”. While the senior government official’s characterization could be viewed as hyperbolic, and even offensive, it is not short of people who would agree with him, including in Kenya where many have blamed ‘bodas’, as they’re colloquially known, for breaking traffic rules, being responsible for a rise in crime and…
The Cabinet Secretary for Investments, Trade and Industry Rebecca Miano, said on May 10, that stronger linkages between training institutions and the industry, and collaboration on innovation matters can have positive effects on academia, innovators, start-ups as well as student community. “I have a target to double foreign direct investments as well as domestic investments, increase exports and reduce imports of products that we can produce in the country and grow our manufacturing industry from 7.6% to 15% to drive a double-digit economy by 2027. This can only be possible through the acceleration of innovation in this country which is…
A tier-one banking franchise, Diamond Trust Bank (DTB) is expected to strengthen its group executive and leadership structure by appointing a Kenya Country Chief Executive Officer (CEO) to enhance business growth in Kenya, Uganda, Tanzania, and Burundi. Mrs Nasim Devji, who holds the dual position of Group CEO as well as the CEO of DTB Kenya, said the strategic reorganisation, as approved by the Board, will strengthen the management structure and enhance the group’s plans to build a strong franchise in the region under her leadership. It is also part of the bank’s plan to acquire some 10 million customers across…
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The wealthiest in town looking to expand their private investment portfolios are splashing their cash on art, cars, watches, whisky, and furniture. According to Knight Frank real estate company backed “Wealth Report 2024”, a huge chunk of rich Kenyans with greater interest in art hit a substantial 70%, a significant increase compared to the previous year when the majority (50%) showed a penchant for purchasing classic cars. Art was also highlighted by the same report as the best-performing luxury asset class in 2023, experiencing an impressive 11 percent price increase. Besides art, some 57.14 percent of wealthy people focus on…
For nearly 20 years, Athanas Tuiyot was happy with his job as journalist and the bureau chief of a daily newspaper in Eldoret until his bosses decided to transfer him to Nairobi in 2006. He opted to quit. The new position would have allowed him only two days off, and he felt he could not effectively balance his family needs in Eldoret and professional obligations working in Nairobi, about 300 kilometres away. “My employer had only a provident fund, which was not adequate to take care of me in retirement,” he says. For 17 years in service, he received a…
By Ma Si, China Daily In 2014, a group of experts in smart manufacturing, each of them boasting around 15 years of work experience, gathered in a three-bedroom apartment in Beijing and decided to start up with Beijing Roborock Technology Co Ltd. What was extraordinary was their clear and simple ambition: to develop the world’s best robotic vacuum cleaner. Ten years on, their dream has come true. Roborock is a leading player in its sector and, in terms of global sales in 2023, the top-selling brand among smart vacuum cleaners worldwide, according to Euromonitor International, a market research firm. Its…
By RAPHAEL KIOKO Lyimmo Magani is one smart entrepreneur. After starting L’s Food Lab in 2019, he ran into difficulty and could not expand his business. Mr Magani approached several investors and financiers, but nothing positive came out of it besides negative feedback. Others never responded to his fundraising proposals. At this point he had to out think. For a man whose dream was to acquire a 15% market share, create more jobs, and impact society through charitable programs, it was not time to throw in the towel. He embarked on a journey that would sooner than later make his…
CIC Insurance Group said Tuesday, April 23, that customers will flawlessly purchase or renew motor insurance cover remotely thanks to its new digital monthly product dubbed “EasyBima”. The cover, which will allow customers to spread their comprehensive car insurance payments over 12 months, comes at a time when there’s increased interest in technology, with 2023, for example, seeing 17.86 million internet users registered in the country resulting to 32.7 percent internet penetration. Kenya is also home to 10.55 million social media users as at January 2023, equating to 19.3 per cent of the total population. “Digitisation is one of the…