Generative Artificial Intelligence (AI) describes algorithms that generates different types of data such as text, audio and video. Then there are the likes of Open AI DALL-E (that creates images from text captions), GitHubs CoPilot (that speeds up the writing of code by assistance from AI programmer) and the most recent, Open AI ChatGPT. The latter has been trending big time, recording about 100 million users as at January this year. This year has also seen another generative AI, Microsoft’s Vall-E’s AI Text To Speech system (TTS), join the fray.Going by the trends, AI-powered tools and services could transform how…
Author: Victor Adar
Victor Adar
Victor Adar is a seasoned journalist with a Diploma in Mass Communication (Print) from the Technical University of Mombasa. He has previously worked with Reuters, Go Places travel magazine, and Aden Associates International. Since joining NBM in 2012, he has become a key member of the editorial team, covering enterprise, corporate affairs, HR, and technology.
By Mikhail Marchenko Digital lending ecosystem is rapidly growing thanks to increased financial inclusion, smartphone penetration and easy access to the internet. However, with the growth comes a lot of security systems challenges to fintechs. Good news is that, JuicyScore, a tech firm that offers an array of anti-fraud solutions and risk assessment tools that help banks and fintech businesses deal with application fraud, account takeover, multi-accounting, and transaction fraud, has unveiled an app that will help companies, especially offline digital players, cope with the many risks. Through the tech company’s app labeled “JS App”, any offline business is capable…
By Victor Adar Life without a job is tough. Imagine tuition fees, accommodation, living expenses, and spending, say, four years of your life to earn a university degree only to end up being unemployed and with a mountain of loans… That’s the reality that most graduates grapple with after completing their studies. And, it is the ever-unpredictable job market that inspired the setting up of Moringa School. Audrey Cheng and Frank Tamre, founders of Moringa School, saw the need to bridge the gap between the employed and the unemployed technical graduates by empowering those who join their accelerator program to make…
The Capital Markets Authority (CMA) in collaboration with Sanduku Investment Initiative, Association of Pension Trustees and Administrators of Kenya (APTAK) and the Nairobi Securities Exchange (NSE) has made significant progress towards the creation of a Kenya National REIT (KNR). KNR is aligned to the Government’s Economic Transformation Agenda to deliver affordable housing units across the country. The affordable housing programme will be executed under the Sanduku Investment Initiative, which will also include infrastructure. KNR will register all REITs (Real Estate Investment Trusts) for the development of affordable housing and infrastructure through Special Purpose Vehicles. It is a funding initiative for Kenya’s Economic…
BY ANTONY MUTUNGA In Africa, Kenya is the third country to rely on Real Estate Investment Trusts (REITs) as a financing instrument after Ghana and Nigeria. Categorized in three types, REITs are used by firms to source funds to build, or acquire real estate assets which they would sell or rent to generate income for the investors.They include; Income Real Estate Investment Trust (I-REITs) which entails investors pooling funds together to acquire long term income generating real estate including housing, commercial and other real estate, Development Real Estate Investment Trusts (D-REITs) that rely on acquiring real estate with an aim…
The Kenyan shilling continues to fall against the US currency spelling trouble for businesses in the country. Over the last 10 years, it has depreciated at a 10-year compound annual growth rate (CAGR) of 3.7% to an all-time low of Sh125.6 as at February 17, 2022 from Sh87.3 over the same period in 2013. This is attributed to various factors such as an ever-present current account deficit, increasing debt levels and the rising prices of commodities such as crude oil prices as Kenya remains a net importer. The economic disruptions occasioned by the COVID-19 pandemic in 2020 significantly caused volatility…
Kenya’s sugar sub-sector plays a vital role in the agricultural sector and economy at large. The industry contributes to food security, employment creation, regional development and improved livelihoods for more than 8 million Kenyans. It is a source of income for over 500,000 small-scale farmers who supply over 90% of the milled cane. However, the sector continues to face challenges that hinder its effectiveness as an economic and social catalyst. Antony Mwangi, CEO of Kenya Association of Manufacturers, weighs in on the industry. What are the measures that exist at KAM to address challenges that the millers/industry face?We continue to…
Production costs determine whether the sugar industry can compete with duty-free and quota-free imports from the COMESA Free Trade Area (FTA). The average price of producing one tonne of cane in Kenya is Sh62,875 ($500), while that of neighboring competitors (Uganda and Tanzania) is as low as Sh23,892.50 ($190) per tonne. The average cost of producing a tonne of sugar in Kenya is Sh109,402.50 ($870), or Sh88,025 ($700) exclusive of finance charges, compared to Sh44,012.50 ($350) in Malawi, Sh50,300 ($400) in Zambia, Sh56,587.50 ($450) in Swaziland/Egypt/Sudan and Sh37,725 ($300) in Brazil, making Kenya’s cost of production among the highest in…
Every year, kenya needs 160 million tonnes of sugar, a production quota the country does not currently meet. Why are local sugar companies inefficient and bedevilled with myriad challenges? BY VICTOR ADAR Kenya has 14 sugar factories with a total milling capacity of 41,000 tonnes of cane per day, according to a sugar industry strategic plan by the Kenya Association of Manufacturers (KAM) from 2021 to 2025.In the blueprint, manufacturing experts break down challenges facing the sugar industry, key among them high-cost of production, acute cane shortage, low productivity, inefficiencies across the value chain, weak regulatory framework, high indebtedness, weak…
Dry conditions highly likely to continue over the Horn of Africa during the March to May 2023 rainfall season The IGAD Climate Prediction and Applications Centre (ICPAC) on Wednesday, February 22, reported that below-normal rainfall is anticipated throughout the majority of the Greater Horn of Africa (GHA) over the next three months. Delegates attending the 63rd GHA Climate Outlook Forum (GHACOF 63) in Nairobi, looked at the projection for the March to May (MAM) 2023 season, which predicts low rainfall and high temperatures. This could be the sixth straight failed rainfall season in the most drought-stricken regions of Ethiopia, Kenya, Somalia,…