Micro, Small and Medium Enterprises (MSMES) owed at least Sh10 million by the government will be given the first priority in a fresh bid to clear Sh 206 billion debts owed to vendors, Treasury Cabinet Secretary (CS) John Mbadi said on Monday, January 3. “Analysis shows that over 90 per cent of the verified pending bills are between Sh1-Sh10 million, only 5 per cent are above Sh10 million,” CS Mbadi said in response to suspicions that nearly half of the current verified pending bills are not real. But even as CS Mbadi assures tiny suppliers that about Sh 10 million…
Author: NBM CORRESPONDENT
Kenyans are increasingly turning to the “Lipa pole pole” alternative, also known as the hire purchase plan, to afford smartphones amid high costs and limited credit access, according to a recent survey by the Kenya National Bureau of Statistics (KNBS). The 2024 FinAccess Household Survey found that 9.9% of Kenyan adults are using this payment plan because they cannot afford expensive mobile phones. Youth from rural areas make up 45.5% of this group. Additionally, 53.7% of Kenyans own a mobile phone, with the majority in urban areas (64.6%) compared to rural areas (48.6%). In this financial gap, more Kenyans, especially…
Presidents William Ruto and Abdel Fattah El-Sisi have signed a partnership to elevate the relations between Kenya and Egypt and strengthen their ties to boost engagements in various fields. The two governments also signed 12 agreements that expand their cooperation into various sectors. These memoranda of understanding will strengthen trade, investment, education and research, and technological exchanges, among others, unlocking immense opportunities for the two nations and their citizens. The agreements include political consultations, diplomatic training in capacity building in foreign service, and investment cooperation between the Kenya Investment Authority and General Authority for Investment and Free Zones of Egypt.…
Excessive borrowing is making tutors poorer, raising need for better, sustainable alternatives.
Mr Willy Kimani — the man who built the Naivas brand when he was its Chief Operating Officer for 13 years — left the supermarket chain in December to make his foray into the digital retail market through a new brand, Jaza Home, in which he is one of the founding directors. Having worked for dominant supermarket chains, among them Uchumi and Naivas, Mr Kimani took the risk of branching out into a new retail format based on low cost rather than variety of goods, taking competition to traditional supermarkets for which he was a business leader since he left…
Views on the current Chinese economy vary, and here are three perspectives. China’s economy maintains stable, positive growth momentum. Recently, the positive signs of China’s economy were particularly evident as many indicators showed marginal improvement. Many economists believe that the Chinese economy has posted stable performance based on a firm footing. On the demand side: The year-on-year growth rate of the total retail sales of consumer goods in September was 1.1 percentage points higher than the previous month. Fixed-asset investment rose 3.4 percent in the first three quarters of this year, spurred by vibrant capital influx into high-tech industries. Exports…
Can you identify someone in your circle who disrupts conformity and completely disregards it? These are the kind to keep close to you, lest you die before living. By Brenda Viola Many people keep preaching about how good it is to be predictable. In most cases, society’s perception of what is deemed acceptable, beautiful, creative, and godly among many societal standards, squeezed the life out of my soul. One day, I wondered why mother and her friends would relentlessly remind me of my inevitable path towards marriage. My friends on the other hand, had no objections to this fate. In…
Contrary to widespread concerns that it may replace human jobs, artificial intelligence will create opportunities for new businesses, fostering innovation and skill development of workers both in China and other parts of the world, according to a renowned economist. This process is not intentionally designed to impact the labor market. It is a natural progression, said Thomas Sargent, the 2011 Nobel laureate for economics and professor of economics at New York University. Arguing that software and AI are just tools, Sargent said technological changes will continuously bring forth many new ideas. “For example, before AI emerged, no one knew it…
By Perminus Wainaina Businesses continue to recover from financial challenges they took especially due to the effects of COVID-19 pandemic, with most private sector players being forced to make tough decisions to continue thriving. The most common issue has been how to effectively manage staff costs during tough times. To avoid making mistakes, here are some of the things a company can do to manage staff costs. Review your staffing levels and pay Look at your current workforce and assess whether you have the correct number of employees to meet your business needs. If you have more than you…
Startups offering battery swapping services in Africa are increasing in number, with pioneers leveraging funding for climate-related ventures — and the impact is being felt most in the two-wheeler sector, according to an industry expert. Ghanaian startup Kofa which specialises in battery network solutions including a robust battery swapping business is one of the latest startups making big moves. According to Disrupt Africa, Kofa which is about to reach 100,000 battery swaps annually, plans to take its battery-swapping solution to Kenya and Togo. “Kofa’s core innovation lies in providing high-performance power through its batteries, which are not only cost-effective –…