An Absa Group subsidiary, Absa Life Assurance Kenya on Friday, April 26, posted a 90% increase in earnings to Sh862 million for the financial year ended December 31, 2023, thanks to investments in product diversification, digital capability expansion, and enhanced distribution channels. The company’s key performance indicators rose by double digits fuelling the robust financial results despite an unpredictable operating environment, with its insurance services revenues increasing by 29% to Sh5.9 billion due to new product lines, including the flagship endowment plan launched last year. Its investment income rose by 27% to Sh1.1 billion, reflecting its philosophy of investing funds…
Author: Victor Adar
Victor Adar
Victor Adar holds a Diploma in Mass Communication, Print, from Technical University of Mombasa. He has worked before for Reuters, Go Places travel magazine and Aden Associates International. As one of the old hands at NBM, having joined the team in 2012, Victor is one of the most reliable writers in the editorial team. He writes more on enterprise, corporate affairs, HR and technology.
A Pan-African organization focused on empowering young Africans with tech skills, Power Learn Project (PLP), has appointed its new board of trustees.
The reality of losing data only begins to sink when your non-water proof smartphone drops in a basin of water. Or, when your laptop falls down and fails to boot up.
Businesses are winding up in the wake of complex liquidation laws in Kenya, with data from the Business Registration Service (BRS) indicating that 2,030 firms were removed from Companies Registrar in the FY 2022/23. Besides, 2021/2022 saw 2,189 companies close down, mainly because of financial distress beyond recovery, economic unpredictability, and Covid-19 pandemic. Kenya’s business landscape has also witnessed its fair share of challenges, particularly in the realm of liquidation orders. One recent event captured significant attention – public service vehicles insurer, Invesco Assurance, endured a tumultuous seven-day period when the Insurance Regulatory Authority issued a liquidation notice, only to…
The National Assembly’s Communication, Information and Innovation Departmental Committee has pledged to consider legislative provisions to facilitate the expansion of Business Process Outsourcing (BPO) firms to all constituencies. Committee members led by Chairperson Waweru, John Kiarie, speaking during a familiarisation tour of Artificial Intelligence (AI) BPO firm, Sama at Nairobi’s Sameer Business Park, confirmed plans to undertake the necessary legislative reforms to accelerate the expansion of such firms to the constituency and ward levels. Noting that Sama employs more than 3400 staffers and serves global technology organisations, including NASA, Walmart, Google and General Motors, among others, the committee, Kiarie said,…
A shopping and recreational centre, Village Market and the United Nations World Food Programme (WFP) have launched an initiative to raise funds through art to feed families affected by climate change in North Rift part of Kenya. Funds raised through the annual art auction will be used to improve climate change resilience and nutrition for food-insecure families in Baringo County, where WFP is implementing the Positive Deviance Hearth Project. More than 65 artists participated in the inaugural auction held at the mall’s art gallery in Nairobi, raising Sh3 million ($30,000). The auction that was a showcase of art pieces also…
At a time when every entrepreneur wants to direct positive energy in their businesses others remain a motherboard of witchcraft so they can determine their fortunes. Asian shops line up Nairobi’s Biashara Street. All of them are seemingly doing well. But looking keenly, they foster a spell-oriented culture. A “nicely” smelling “woody” is vehemently lit to scare away bad omen. The smoke that comes out of it is fragranced so that as a customer you feel welcome. That is partly how the shop owners keep off bad luck. The purported use of charms in business is not a thing of…
When you decide to expand your business and conquer new markets, it is wise to have a strategy for your company to pick up fast in terms of growth and profit. Here is how to get started. Research Educate yourself on the customs and business etiquette of the new market. It is better to know the history, the proper way to greet someone, the ordinary times for lunch (or prayer times) so that you don’t look odd when pitching for business. Gather historical data on the currency value, fluctuation and import or export timelines. This is important as the deal…
Started 14 years ago, Genrodav reaps from growing insecurity in the country A young man plunged into business 14 years ago to cash in on the growing demand for security equipment. The pressing need for security at homes, schools and offices has seen hundreds of companies sprout up to mint millions by installing monitoring equipment like CCTV cameras – and, David Akama is one good example of a guy who is doing well in this lot. He got his start as a pipe music technician, working hands on with Sight and Sound, and later on with Hotpoint. On a quest…
At least Kenyans have repaid more than Sh37 billion out of a disbursement of Sh49 billion Hustler Fund loans, government has revealed.