Author: Victor Adar

World Bank has approved funding valued at $1.2 billion to help Kenya address challenges that had overshadowed its economy, including tight liquidity pressures, depressed investor confidence and limited capital inflows that had resulted in a rapidly depreciating shilling. The support, which is under “Kenya Fiscal Sustainability and Resilient Growth Development Policy Operation (DPO)”, will not only support policy and institutional reforms, but also address structural constraints of the country’s public finances, alleviate fiscal pressures and promote a more efficient and sustainable budget. It will also foster more competitive and inclusive product and labor markets and strengthen climate action, thus building…

Family bank has appointed architect Francis Mutai Mungai as the new chairman of its board of directors, subject to regulatory approvals, taking over from long-serving Chairman Dr. Wilfred Kiboro who will be retiring. Mr Mungai, a holder of a Master’s Degree in Architecture from the University of California, Los Angeles (UCLA) and a Bachelor of Architecture degree with First-Class Honours from the University of Nairobi, joined the board of Family Bank Limited in 2016 and has been serving as the Vice Chairman for the last two years. He is also a Fellow of the Architectural Association of Kenya (FAAK) and registered by…

Absa Bank Kenya, which is a part of pan-African lender Absa Group, has kicked off county empowerment forums in a move that would support the Small and Medium Enterprises (SMEs) and boost growth for the sector across the country even as economic and operating challenges prevail. The forums, under the ‘Absa Business Club’, are expected to accelerate development of tiny customers with the first session organised in Nakuru County bringing together over 400 entrepreneurs across the Central and Rift regions. The last three years since COVID-19 have been particularly challenging for this sector due to the significant constraints resulting from the global operating environment,…

The proposed motor circulation tax of 2.5 percent of the vehicle value, which is set at a minimum of Sh5,000 as per the Finance Bill of 2024, will increase the cost of motor insurance, the Association of Kenya Insurers (AKI) said in a statement issued on Friday, May 18. The association said the tax will push up the cost of motor vehicle insurance and urged Members of Parliament to throw it out or reconsider it as its implementation would hurt not only the insurance industry, but also the economy in general. “This ridiculous proposition means that we will ask policyholders…

The service industry is big business, which covers a wide swathe of the market. The service sector has seen massive changes in recent history, many being attributed to outsourcing, automation and digital based business that have altered traditional business models. In 2019, Abbas Hirei Gassem left France and went back to Somalia to set up Somstay, an online booking platform that helps users to book apartments and hotels. The year he started, there were new apartments and hotels being built in Somalia, and his platform came in handy in connecting customers with investors. Leveraging on in-depth descriptions, photos, videos…

It has been a tough call to charter the waters for smaller players. Mainly focusing on home functions, Ms Leja is fighting hard in a bid to grow Heri Recipes, a venture she started in 2014 The rush to embark on business without enough capital has left a majority of entrepreneurs broke. Try to picture starting a business from scratch and join the dots. You may never save enough to start one, and with highly priced loans, uncertainty looms, so finding the right combination of specific needs is crucial. Unfortunately, business, like life, seems to have no rehearsals.  Well, it…

The Board of a member-driven investment firm, Safaricom Investment Co-operative (SIC) has appointed Churchill Winstone Ochieng’ as its new Chief Executive Officer (CEO) just a month after Sarah Wahogo, who served for two years left the company to pursue personal interests. His appointment comes after the cooperative reported a Sh203.4 million in net profit for the year that ended December 31, 2023 against Sh266 million reported in the same period under review in 2022. Before he was picked to take up the mantle, finance manager Stephen Mbugua was the acting CEO. “We are confident that his impeccable track record in…

The hotel will have 162 rooms complemented by a lobby bar, – the Junction –, as well as an all-day brasserie dining restaurant – the Dispatch. It will also have a fitness centre, an outdoor pool as well as meeting and event spaces catering to both small and large groups.

Marylynne Marube is already proof that you don’t need years of professional training to delve into some ventures. Her growth was powered by not only search engine, Google, but also from reading books and watching baking videos on You Tube. It was four years ago when the entrepreneurship bug bit her, and ever since, building the cake business has been the best thing to ever happen to her. Not waiting for the perfect time, Ms Marube started teaching herself in 2013 and by 2015 she had learned a lot on what to do, registered her company – Marie Sweet Cakes…

The government has delayed opening of schools to Monday, May 6, 2024, due to heavy rains witnessed across the country. Education Cabinet Secretary Ezekiel Machogu has said in a statement that some schools have been adversely affected by the ongoing floods and that reopening schools as earlier scheduled would put learners and staff of flood-affected areas at risk. “The devastating effects of the rains in some of the schools is so severe that it will be imprudent to risk the lives of learners and staff before water-tight measures are put in place to ensure adequate safety of all affected school…