TotalEnergies Marketing Kenya, formerly Total Kenya, has launched its 232nd service station in a bid to expand its footprint in the energy market. Situated in Ruiru, along Thika Superhighway, the new outlet will serve customers plying the route that connects neighboring counties to Nairobi, as well as the increasingly growing residential community around the area. Speaking during the launch, TotalEnergies Kenya managing director Eric Fanchini said the investment was in response to customer demand for proximity to the company’s products and services. “We already have about 143 of our service stations fully solarized and will continue to implement the same…
Author: NBM CORRESPONDENT
KCB has set aside Sh700 million towards supporting the 16th cohort through secondary school and tertiary education. This will cater for tuition fees for the four years of secondary school, tuition fees for tertiary education, as well as the uniforms, transport, set books, and regular mentorship and psychosocial support throughout all four years of secondary school. The 2023 scholarship will see 1,000 students join various secondary schools across the country from next week, bringing the total number of sponsored students to 4,558. Two hundred twenty students from Western Kenya are part of the 2023 class. Established in 2007 to implement…
Profitable local enterprises seeking to expand their operations and market in Kenya are set to enjoy funding access and business development support from Norfund, a Norwegian investment fund for developing countries, as part of the institution’s commitment to deepening its local presence. The institution’s regional director William Nyaoke said their mandate is to assist in building sustainable businesses and industries in developing countries like Kenya by providing capital in renewable energy, financial inclusion, green infrastructure, and scalable investments, in line with the United Nation’s sustainable development goals. “In Kenya and beyond, Norfund contributes to economic and social development by helping…
Agricultural company Kakuzi has confirmed its participation in the forthcoming “Fruit Logistica” trade show set for Berlin, Germany, as part of efforts to market Kenyan fresh fruits. The Nairobi Securities Exchange (NSE) listed avocado, macadamia, and blueberries producer will be one of the 2,594 fresh produce trade stakeholders participating in this year’s fresh produce trade show. Speaking when he confirmed the firm’s participation in the crucial European market trade show, Kakuzi Plc managing director Christopher Flowers said, the firm will pursue trade engagements in Europe focusing on avocado and blueberry buyers. Kakuzi, Mr. Flowers disclosed, will be attending the trade…
Next month, Kenyan workers will dig deep into their pockets after Court of Appeal judgment allowed the government to implement the National Social Security Fund (NSSF) Act of 2013, which allows the increase of pensions deductions from Sh200 to Sh600 for the lowest paid employee, and Sh1,080 for big earners. Previously, there was a low monetary ceiling on contributions thus the level of benefits after one’s retirement remained inadequate for most workers. For example, the lump sum that workers who were able to pay Sh400 per month for 35 years are assured of about Sh1.4 million. Despite the amount being…
Agricultural company Kakuzi has confirmed its participation in the forthcoming “Fruit Logistica” trade show set for Berlin, Germany, as part of efforts to market Kenyan fresh fruits. The Nairobi Securities Exchange (NSE) listed avocado, macadamia, and blueberries producer will be one of the 2,594 fresh produce trade stakeholders participating in this year’s fresh produce trade show. Speaking when he confirmed the firm’s participation in the crucial European market trade show, Kakuzi Plc managing director Christopher Flowers said, the firm will pursue trade engagements in Europe focusing on avocado and blueberry buyers. Kakuzi, Mr. Flowers disclosed, will be attending the trade…
Oil and gas exploration company, Tullow Oil, plans to invest Sh 1.24 billion in the development of “Project Oil Kenya” this year after fine-tuning its Field Development Plan (FDP) and related local operations. As part of the local licensing procedures, Tullow and its joint venture partners (Africa Oil and Total Energies) submitted the project’s development plan for government review in December 2021 and continue to engage with a view to reaching an agreement in the coming months. A statement and operational update issued by the London Stock Exchange listed firm confirms that efforts to secure a strategic partner for the…
Eco.business fund has identified ways to boost Family bank’s “agricultural lending capacity” including a tailored training on lending to the agricultural sector. Chairperson of the development facility, sub-Saharan Africa, Lisa Stahl said, the program is in line with their technical assistance mandate, which is to build staff capacity and implement credit assessment technologies. “The agricultural sector is key in addressing climate change mitigation but has often been viewed by the banking industry as too risky, which finds us in a scenario where too little attention is given to such a vital sector,” Ms. Stahl said. More than 100 staff of Family Bank…
Plans by the East African Community (EAC) to set up a regional central bank and adopt a single common currency has begun to look like a success story as all member states are hoping to attract foreign capital and become the region’s financial hub. While the formation of a regional central bank has been hailed as a move in the right direction, the community is considering “having the single currency by 2027”. EAC Secretary-General Peter Mathuki, said the East African Monetary Institute and the Central Bank of East Africa will be set up this year to help harmonize member states’…
By Mikhail Marchenko Digitalization and technological achievements, which have been observed in the African region for the past decade, have sped up the inevitable processes in fintech, changing its landscape completely. The new challenges and opportunities presented by online businesses are related to Covid-19 and the wide range of technological breakthroughs in Kenya and beyond. But, it is necessary for someone who plans to plunge into fintech business this year to reflect on key trends and factors, and the role Kenya is going to play in the process. Digital lending started in 2012 and sparked interest in 2015 when numerous…
