The Kenya Pension Funds Investment Consortium (KEPFIC) and the Fund Managers Association (FMA) have signed an agreement to share expertise in pursuing diversified investment opportunities for local pension schemes. The MoU, signed during the recent KEPFIC 2023 Investment Conference, formalizes collaborative efforts between KEPFIC and FMA, and is expected to promote pension investments in infrastructure and alternative assets aimed at achieving diversification together with higher returns for a sustainable future for pension beneficiaries. KEPFIC is a pension industry initiative, supported by USAID and the World Bank Group, formed to support Kenyan retirement funds to make long-term infrastructure and alternative asset investments to diversify…
Author: NBM CORRESPONDENT
Telecommunications service provider Safaricom has adjusted prices for its services following the lifting of the suspension of the Finance Act 2023. Through a notice, the company indicated that the new adjustment would reflect the increase in excise duty on mobile money transfer services from 12 to 15%, with mobile money transfer charges to go up by 3% as the charges on SMS, data, home fibre and calls to reduce by 5%. “Following the enactment into law of the Finance Act 2023 and the Court of Appeal ruling on 28th July 2023, effective 29th July 2023, we will be reviewing our…
Cases of kidnappings, mugging and sexual harassment have been high among taxi hailing apps, with a majority of individuals coming out to tell shocking ordeals. To ensure their customers are safe, the companies behind online booking applications have come up with safety measures. Uber Kenya takes the lead in rolling out its in-app audio recording feature to users in Kenya. First introduced in Europe in 2021, the feature allows both the driver and the rider to record audio during their trips and share it with Uber’s support team in case of any incidents. According to head of Uber in East…
Pan-African Banking Group, Ecobank has been named Africa’s Best Bank for small and medium-sized enterprises (SMEs) by the Euromoney Awards for Excellence. Ecobank Chief Executive Officer Jeremy Awori said that the award, won for the second year running, (having also won the accolade in 2022), reflects the bank’s commitment to support African SMEs and its continuous suite of innovations to spur their growth and success. “We aim to be the bank of choice for Africa’s SMEs. Undoubtedly, these SMEs are the key drivers for Africa’s economic growth, as they create jobs, generate prosperity while eliminating poverty across the continent,” he…
When the Central Bank of Kenya (CBK) through a House committee report recently presented in Parliament revealed that the Government has surpassed its overdraft limit, it was clear that our goose is cooked. To shoot from the hip, Kenya is facing dire cash flow problems. The CBK Act outlines that an overdraft facility should not exceed 5% of the gross recurrent revenue of the Government’s previous audited accounts, with the current limit set at Sh80.05 billion. A significant portion of that limit has already been utilized, leaving only Sh1.08 billion as of June 2, 2023. As at May 5, outstanding…
By Silas Apollo Samsung Electronics East Africa and Tilisi Views have partnered to create a luxury smart home experience where those buying homes can customize their houses to make them smart but still remain aesthetically pleasing. The Smart home concept uses the 2023 Samsung line-up of consumer electronics to create an artistically pleasing and also smart home. The 2023 line-up of smart consumer electronics is made of the Neo-QLED TV that is available from 98 inches to 43 inches and the Bespoke Top-Mount Fridge, allowing homeowners to customize their homes based on personal tastes and preferences. It also comes with…
The high-level summit is expected to stimulate business growth across the country, bolster economic independence and prosperity Kenya is set to host the first Business Ecosystems Summit (BES) in Kisumu City in an effort to provide mechanisms for organizations to leverage technology, excel in research and business competence, and compete effectively in the marketplace. In addition to driving new collaborations that press social and environmental challenges and foster sustainable practices and responsible business models, it will focus on fostering business ecosystems that center around shared sectors, missions, goals, and products. The primary goal is to maximize interactions and leverage each participant’s unique…
A study conducted by the Pricewaterhousecoopers shows that close to 39 banks in the country made a total tax contribution of Sh181.27 billion in 2022 BY SILAS APOLLO The study, done in partnership with the Kenya Bankers Association, shows that the new figures is a 39.94% increase from the total tax contribution of Sh129.52 billion made in 2021. It further indicates that the 2022 contribution by the 39 banks, which cumulatively represents 97.65% of the market share from a net asset perspective, is 8.93% of the total tax collections in Kenya compared to 6.8% in 2021 – the 8.93% contribution…
As sexual violence cases swell, governments are expected to step in and eliminate the trauma resulting from the vice going forward By Lucy Bosibori To begin with, “hidden in the shadows” is a phrase that describes women, children and men across the globe who have had to deal with the physical and psychological trauma resulting from sexual violence emanating from conflict. Sexual violence dates back to the 1970s and 1980s. During the 1994 genocide, Rwandan women were subjected to the vice on a massive scale, perpetrated by members of the infamous Hutu militia groups known as the Interahamwe, by other…
By Silas Apollo Standard Chartered Kenya has partnered with iBizAfrica, a business incubator backed by Strathmore University in an effort to help women-led enterprises overcome challenges such as societal bottlenecks and financing limits. The 12 weeks of training is expected to culminate in seven of the businesses managed by ladies receiving about Sh1.4 mn ($10,000) each in funding to grow their businesses. Standard Chartered Women in Tech (WiT) supports female-led entrepreneurial teams with business management training, mentoring, and seed funding. This year’s top 15 teams of the “women in tech program” were picked from a pool of over 250 startups…