A Parliamentary committee has been informed that a foreign company, Worldcoin started collecting personal data of Kenyans in May 2021 BY SILAS APOLLO The National Assembly departmental committee on communication, information and innovation chaired by Dagoretti South MP John Kiarie learnt of the matter during a meeting it had convened with Data Protection Commissioner Immaculate Kassait, to discuss the activities of the company. “Is the office of the Data Protection Commissioner aware of when Worldcoin started collecting data from the citizens and the purpose of the information so gathered? On what legal framework is the company operating under, who authorized the…
Author: NBM CORRESPONDENT
The lender has registered a funding growth of 23% in the first six months of 2023, pushing its assets to about Sh1.645 trillion By Silas Apollo Equity Bank group, in its 2023 half year results, says that most of its business operations showed resilience, despite a tough operating global macro environment characterized by growing inflation and interest rates, volatile exchange rates and devaluation of currencies of emerging economies. The growth, the bank adds, was largely driven by a 21% growth in customer deposits and 29% growth in shareholders’ funds, both resulting from a recovery of mark-to-market losses on Eurobonds. Equally,…
The regulatory approval solidifies the company’s position as a reliable pension provider Kenya Orient Life Assurance has received approval from the Retirement Benefits Authority (RBA) to manage National Social Security Fund’s (NSSF) tier II contributions through its individual pension plan and umbrella pension scheme. This comes following the amendment of the NSSF Act No. 45 of 2013 where tier I contributions from both the employee and the employer capped at Sh720 go to NSSF while the rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as tier II are now being managed by authorized private schemes. “This milestone marks a significant step towards our continued commitment to providing…
The CBK expects these measures to enhance monetary policy transmission and support the key objectives of price and financial system stability BY SILAS APOLLO The Central Bank of Kenya’s Monetary Policy Committee has introduced an interbank interest rate around the Central Bank Rate (CBR) at over and below 2.5%, in line with the reforms outlined in the White Paper on modernisation of the monetary policy framework and operations The new rates, adjusted to inflation, was approved by the bank’s Monetary Policy Committee (MPC) on Wednesday, and aims at ensuring that the interbank rate, as an operating target, closely tracks the…
The firm recently commissioned a macadamia oil extraction plant that will unlock the demand for value-added products within its food portfolio BY SILAS APOLLO Listed company, Kakuzi has formally adopted a new corporate identity that seeks to highlight its commitment to agricultural development for the domestic and export markets. The fresh brand, the company says, is its first defined brand visual system and strategy in 95 years, and is aligned with its agricultural transformation agenda, which emphasizes sustainability and climate-smart agriculture at its core. It also signifies a transition to the contemporary world of ‘superfoods’ growing for both the domestic…
By Joe Mungai T he increasing rate of road carnage in Kenya poses significant challenges to the transportation and logistics industry. The safety of life and the protection of goods and vehicle should be the core business of every driver. Fleet owners need to employ measures that can be implemented to mitigate risk. Before commencing a journey, truck drivers should ensure cargo is properly secured on the trailer. Use appropriate restraints such as straps, chains, or load bars to prevent shifting, or falling during transit. When driving an empty truck, ensure that any loose equipment such as tarps, straps, or…
By Dr Gilbert Mwaka Pain is a common phenomenon that is experienced by almost everyone – it is estimated that about 20% or more of a population may suffer from chronic pain and the prevalence can go up depending on different circumstances. Although pain acts as a warning system that prepares us to work on or prevent any harmful occurrence, I will focus on the kind which hinders functionality and, many times can debilitate a person. It is ‘that pain’ that requires pain management for a person to get back to their life or redesign a new life and be…
Worldcoin, which was launched on July 24, is an international cryptocurrency agency awarding its users with “free tokens” referred to as WLD once they verify their humanity by scanning their eyeballs. To get the money, users transfer their tokens to official crypto exchanges where they can buy other cryptocurrencies, which can be cashed out through liquidity agents on those platforms or sold to other users. By scanning the iris, Worldcoin creates personal identification codes called ‘World ID’ which is saved on a decentralized blockchain. This will be used digitally to ascertain whether online activities are from humans or Artificial Intelligence…
By Antony Mutunga The demand to be ahead in the Artificial Intelligence (AI) technology space has seen the technology advance quite fast in a span of a few years. But despite the advantages that AI brings to the world, it is better to be smart in terms of privacy and security. A number of tech players have agreed to regulate their development in artificial technology. Google, Microsoft, OpenAI, Meta, Amazon, Inflection and Anthropic have agreed to new safeguards for the fast-moving technology that will ensure safe, secure and transparent development of the technology. How do they do that without losing…
Millions of small, independent shops in East Africa will need to look at diversifying, digitizing, and even partnering for growth in response to a challenging and rapidly evolving landscape. These cornerstones of neighbourhoods undeniably form an integral part of a countries socioeconomic system. A retail solutions company that represents some of the top fast-moving consumer goods (FMCG) and commerce brands, Smollan, gives a glimpse into the dynamics of this growing sector and the challenges and opportunities that arise. Seen within the context of small-scale retail tied to history, traditions, and trading preferences of consumers in a particular region. As defined…