BY DAVID WANJALA The biggest constraint to the growth of the fashion industry in Kenya is second-hand clothing popularly known as mitumba, Textile Industry Report by the British Council has shown. The report, released on September 23 also called for regulation of the imports and details major constraints and growth opportunities for the industry, which is among those heavily hit by Covid-19 pandemic. The report is the result of the Fashion DNA Needs Analysis study of the fashion designer SME ecosystem in Kenya. The aim of the Needs Analysis is to inform the development of new strategic fashion designer business support interventions appropriate…
Author: NBM CORRESPONDENT
When investment company, Centum Investment, appointed Wambua Kimeu as new group finance director, the move was well received. He takes over the position from Samuel Karuiki who not only served as the group finance director but also as the managing director at Centum Real Estate. With the appointment coming after the firm posted a net profit of Sh4.6 billion from Sh4.1b for the year ended March 31, 2020, the onus to maintain the good financial health of the company rests on him. And the good thing is, he has all it takes to make things happen. Mr Kimeu is a…
Pan-African housing development financier Shelter Afrique has entered into a strategic partnership with the World Bank aimed at addressing the affordable housing crisis evident across the African continent. The Sh20m ($200, 000) technical assistance (TA) partnership will provide advisory services funded under the Joint Capital Markets Program (JCAP) aimed at supporting Shelter Afrique’s capital market program. Shelter-Afrique is a pan African housing finance and development institution established by African governments to address the need for sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, and the African Re-Insurance Corporation. The JCAP program is an initiative…
The head of the independent financial regulatory agency that oversees the United States’ system of federally insured credit unions said during a September 21 World Council of Credit Unions’ webinar — an International Perspective on Financial Inclusion, Social Justice and Credit Union Advocacy that leaders of the sector from across the globe are uniquely positioned to promote and encourage greater financial inclusion for all. “If we create conditions where people can gain access to credit and capital; break the cycle of debt and dependency; and achieve financial security and resilience for themselves and their families, we’ll have gone a long…
Regional security solutions provider Securex has confirmed plans to roll out advanced technology-based risk management systems as part of its business growth plans. The firm, which is celebrating its 50th anniversary this year is banking on technological solutions as a growth pillar for both home and business security clients. Speaking when he confirmed the kick-off of a series of events to mark the firm’s 50th anniversary, Securex Group CEO Tony Sahni said security systems had become an essential need for all risk-conscious corporate and individual clients. The firm, he said, is investing more than $1m (Sh108.5m) in the rollout of…
Motor vehicle dealer DT Dobie and NCBA Bank have entered into a partnership that will pave the way for an attractive asset finance proposition for customers intending to purchase the VW Polo Vivo. The partnership will see customers benefit from up to 95% financing from NCBA and free fuel for one year from DT Dobie. In a bid to ease the financial burden for individuals and corporates during the Covid-19 pandemic, customers will also enjoy up to 60 months repayment period and, through its bancassurance arm in collaboration with Heritage, will offer a 15% cash back on the annual insurance…
Kenya Tea Development Agency Limited (KTDA), the country’s leading tea producer is setting up a specialized tea factory, which will be the first of the its kind in the country. The factory will be located at the company’s Kangaita Tea Farm in Kirinyaga county. The farm is expected to pilot the highly placed Japanese Sencha green tea which averagely goes for double the price in the market. The project is a collaborative effort between the Japan International Cooperation Agency (JICA), the Agriculture and Food Authority (AFA) and KTDA. It is expected to cost Sh300m whereby JICA will fund half of…
Carrefour, one of the largest hypermarket chains in the world, has continued to expand in Kenya. The chain which was introduced in 1995 by Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across MENA, looks to open up three more stores in Mombasa. The first two stores will officially open their doors and welcome customers in November, the first one at City Mall, Nyali spanning 2,150 sqm, and the second one at Diani Centre Point Plaza, spanning 1,800 sqm. A third store is expected to open by 2023 after the completion of Shanzu Mall. According to Franck…
Bitcoin will replace gold as the ultimate financial safe haven within a generation, predicts the CEO of one of the world’s largest independent financial advisory and fintech organisations. The prediction from Nigel Green, chief executive and founder of deVere Group, comes as growing geopolitical uncertainty, including Brexit and the U.S. presidential election, and central banks’ historic money printing policies, amongst other issues, are prompting many investors to urgently rebalance their portfolios. For thousands of years, Mr Green says, gold has been the ultimate financial safe haven. “It’s always been the go-to asset in times of political, social and economic uncertainty…
To recognise excellence in teaching in higher education, the Aga Khan University has launched the Teachers’ Academy, one of the first interdisciplinary academies of its kind in East Africa. “Rewarding and recognising teachers promotes excellence in teaching, teaching that engages students in their own learning, in pursuing creative work and innovative ideas, in reaching their full potential. In the rapidly changing environment that we now live in, teaching excellence prepares our students to be future leaders in their communities,” said Vice Provost Dr Tashmin Khamis. The Academy, he said, will develop a community of faculty recognised for teaching excellence, who will be able to promote teaching, and…