A social security system built on the weak foundation of generosity and charity in a capitalistic society cannot sustain itself By Edwin Okoth As the clock ticks towards July, when employee contributions towards the National Hospital Insurance Fund (NHIF) are expected to be adjusted, concerns are ripe over the massive wastage and wanton misappropriation of funds that has dogged the health insurer in the past. The ghosts of land deals that have dragged on for 16 years and hundreds of millions paid for delayed projects have come back to haunt the NHIF. Overpaid hospital services, inflated construction costs, and shady…
Author: NBM CORRESPONDENT
BY STEVE BIKO WAFULA Taxes play a vital role in a country’s economic development and provision of essential public services. In Kenya, one of the laws emphasizing this is the Income Tax Act (Cap. 470), which mandates individuals and businesses to contribute a portion of their income to the government. These tax revenues are then utilized to fund infrastructure projects, education, healthcare, security, and other crucial services. By fulfilling their tax obligations, Kenyan citizens and businesses actively participate in nation-building, fostering socio-economic growth, and ensuring a sustainable future for all.When citizens pay taxes, they expect their government to provide a…
BY KWAME OWINO On May 12, 2023, provider of financial research, Moody’s Investors Service (Moody’s) reduced Kenya’s long-term foreign currency and local-currency issuer ratings and “senior unsecured debt” ratings to B3 and placed the ratings on review for downgrade, painting a gloomy outlook. Increase in government liquidity risks is the driver of the advisory note, which was released soon after the National Treasury sent to parliament the estimates of revenue and expenditure in addition to a heavy Finance Bill, 2023. Now that it has been issued, the decision to downgrade the country’s debt rating is not a surprise to many…
BY SILAS APOLLO Tetra Pak East Africa has joined hands with the Packaging Producer Responsibility Organisation (PAKPRO) in what it says is a move that seeks to help it increase its efforts to drive collection and recycling.The company, in a statement on Wednesday said that it has joined forces with the well-established Producer Responsibility Organisation (PRO) with effect on May 23, 2023. Tetra Pak East Africa managing director Jonathan Kinisu said that the decision to partner with PRO was driven by the need for greater collaboration to improve the collection and recycling of Liquid Board Packaging (LBP) in Kenya. Mr Kinisu said…
Telco, Safaricom, has launched “Niokolee”, a service that allows its users to solicit for airtime top-ups from friends and family. Niokolee is an informal language that loosely translates to ‘Help me out’. The service is available to both prepaid and postpaid Safaricom customers. Niokolee will enable users to place a request to other Safaricom customers to send them Safaricom airtime, with amounts ranging from Sh10 to Sh100. Users have to dial 444# and select the Niokolee option to place a request. You will then enter the desired amount before keying in the Safaricom number to which the request is being…
The patron of vintage Africa cars motor show, Concours d’Elegance, Kevit Desai will headline this year’s show with his magnificent Mercedes 450SLC coupe and his 1968 gleaming bronze Jaguar 420 Saloon.Dr Desai who is the Patron of the Africa Concours d’Elegance, is set to lead the entries from the front with his superb car collections. Other noteworthy cars already listed for the classiest event on the Kenya motorsport calendar set to be held on September 24, 2023, include a 1969 Alfa Romeo spider sports car for Alec Davis.The class for utility vehicles has been strongly supported by Jan Allan and Jonathan…
BY MUMBI MUTOKO Former Treasury Principal Secretary Kamau Thugge has been nominated to replace Patrick Njoroge as the governor of the Central Bank of Kenya (CBK). The nomination, made on the recommendation of the Public Service Commission, means that Mr. Thugge, who currently serves as a senior adviser and Head of Fiscal Affairs and Budget Policy at State House, is set to make a comeback after he was fired from his position at the National Treasury over accusations of corruption. The former Principal Secretary’s departure from the National Treasury was marred by allegations regarding his involvement in the construction of…
The Kenya Electricity Transmission Company (KETRACO) has appointed Dr John Mativo as the new managing director. The appointment of Dr Mativo follows a recruitment process that saw the company’s board of directors chaired by Abdi Bare Duale interview a pool of about 194 applicants. The seat had fallen vacant following the resignation of Mr Ferdinand Barasa who left the position last year to contest for the Kakamega governorship seat. Dr Mativo, who takes over the leadership of the company on a three-year contract effective from April 24, 2023, is expected to bring on board sufficient skills in leadership and management of resources,…
Association of Kenya Insurers (AKI) is the latest public institution to commit to collaborate with the Ethics and Anti-Corruption Commission (EACC) in strengthening its systems and processes for effective service delivery. Terming the insurance sector operations as highly prone to corruption if proper measures are not put in place, Mr. William Kiama, AKI’s manager for General Insurance Business hailed the collaboration as one that would help streamline operations in the sector. He was speaking at a Nairobi hotel last week at EACC’s prevention capacity building for the Claims/Legal managers of the independent advisory body for insurance industry. “This training will…
Crypto trading company, Worldcoin, has teamed up with local organizations to provide access to the global digital economy and to offer educational resources on blockchain technology and emerging web3 technologies to Kenyans. Since its pilot phase, Worldcoin has garnered over 360,000 sign-ups and the World App has been downloaded over 1,200 times per day. With 16 locations across Nairobi, the product provides Kenyans with access to the USD and cryptocurrencies, which were previously limited and expensive to acquire. The P2P agents are also Worldcoin Operators, providing an added layer of transparency and trust. One of the key features of Worldcoin’s…