By Silas Apollo The Ethics and Anti-Corruption Commission was this month put on the spot over its decision to advertise the position of chief executive officer internally. During a session of the National Assembly’s Public Accounts Committee (PAC) the commission was questioned on the rationale behind advertising such a crucial position internally. EACC CEO Twalib Mbarak appeared before the watchdog Committee chaired by Funyula MP Wilberforce Oundo to respond to audit queries for the Financial Year 2020/21. PAC was particularly concerned with the reasoning behind the decision to advertise a position that is key, such as that of the chief…
Author: NBM CORRESPONDENT
Bamburi Cement has appointed Joyce Munene as its new company secretary following the exit of Waeni Ngea in June. Ms. Munene is an experienced governance, legal and compliance professional with diverse work experience of over 15 years in organisations in the insurance/financial services sector, fast moving consumer goods and in law practice. She was previously the senior legal manager and company secretary at East African Breweries Limited, the legal services manager and assistant group company secretary at Equity Bank Group, and legal officer at United Insurance Company – she was a partner in the las firm of Munene Omwenga &…
In an effort to ensure that school-going girls around Athi River, in Machakos County remain in school and end period poverty, Superior Homes Kenya through its corporate social responsibility arm, SHK Foundation under the Nuru initiative, have been donating free menstrual hygiene products with the latest beneficiaries being Kanaani Girls Secondary School who received a donation of 800 packets of sanitary towels. Speaking during the event at Kanaani Girls Secondary School, Superior Homes Kenya Head of Brand and Marketing Louisa Wanjiru said that it is important for every school-going girl child to be able to have access to menstrual hygiene products…
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…
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…