Author: Victor Adar

Kenya’s business landscape has witnessed its fair share of challenges, including high interest rates. When the government is focused on controlling inflation with high interest rates, small-scale businesses, which rely heavily on credit, bear the brunt. With access to credit drying up, these businesses find it difficult to operate normally and experience growth. This has also seen commercial banks deem small-scale businesses risky to default; thus, most are unwilling to lend to this bracket.  High interest rates have also led to the rise in the cost of borrowing and consequently limiting the level of aggregate investment and consumption and the…

The newly appointed Kenya Revenue Authority (KRA) Commissioner-General Humphrey Wattanga Mulongo comes to office with an already full in-tray as the taxman moves in to actualise revenue collection targets set out by the government this financial year. A Harvard trained corporate financial advisor, Wattanga was on Tuesday evening appointed as the new KRA commissioner-general by Treasury Cabinet secretary Njuguna Ndung’u through a gazette notice. The new KRA chief is expected to rein in on tax cheats and tax evaders blamed for the loss of billions of shillings in tax revenues, as well as to give the tax man a humane…

Kenya Reinsurance Corporation Limited (Kenya Re) has reported a profit before Tax (PBT) of Sh1.3 billion for the half-year period ended June 30, 2023, registering 9% growth as compared to a similar period last year.  The improved performance was achieved on the back of a 16% rise in investment income from Sh 1.9 billion as at June 2022 to Sh 2.2 billion as at June 2023. This is in addition to the 29% decline in total outflows from Sh 10.4 billion as at June 2022 to Sh 7.4 billion as at June 2023. “We are pleased with this performance, which…

The regulatory approval solidifies the company’s position as a reliable pension provider Kenya Orient Life Assurance Limited has received approval from the Retirement Benefits Authority (RBA) to manage National Social Security Fund’s tier II contributions through its individual pension plan and umbrella pension scheme. This comes following the amendment of the NSSF Act No. 45 of 2013 where tier I contributions from both the employee and the employer capped at Sh720 go to NSSF while the rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as Tier II are now being managed by authorized private schemes. “This milestone marks a significant step towards our continued commitment to…

The partnership is expected to allow different sectors across the Zanzibar islands, including tourism, to digitize payments and help contribute to the country’s economic growth Mastercard has joined hands with the Zanzibar e-Government Agency (eGAZ) to support and accelerate the country’s digital transformation journey and bring more people into Zanzibar’s digital economy. The signing of the Memorandum of Understanding (MoU), the first signed by Mastercard and which is aligned with Zanzibar’s digital transformation goals laid out in their Digital Economy Blueprint and Roadmap, took place at the launch of the Zanzibar Digital Government Strategy for 2023-2027, led by the President…

The listed corporate firm is repositioning itself as a holistic food company through strategic joint ventures and partnerships, unveils a Sh521 million growth plan Listed food processing firm Unga Group Limited plans to capture a larger share of the local packaged consumer staple foods market by re-introducing an expanded range of staple food products under its “Amana” brand. The re-launch of Amana products, first introduced in 2014, is part of a Sh521 million three-year market repositioning project by the company pursuing a comprehensive food strategy to boost its corporate value and return on investment for its shareholders with a diversified…

Lack of electricity is a major barrier to the delivery of quality healthcare services, and one that particularly impacts rural communities across the continent BY SILAS APOLLO Close to 600 health clinics across sub-Saharan Africa are now able to provide care and treatment to patients outside of daylight hours, thanks to solar-powered lights and off-grid energy systems donated by d.light, a company that provides household products and affordable finance to low-income households and communities. This means that the clinics can now extend their operating hours, including for expectant mothers in labour who would otherwise have given birth in darkness. “Before…

The speed of tech disruptions within the real estate sector keeps growing by the day By Daniella Nyakuraya In the last decade, technology has disrupted countless businesses’ models. According to Forbes, technology has grown exponentially over the last century, and the speed at which reliable and stable industries are disrupted is indisputable. The real estate tech sector across the globe is gradually being redefined by ever-changing market conditions and shifts in consumer needs and behaviors. The Kenyan real estate industry continues to expand as investor appetite grows alongside the customer base. Consumers of real estate products have evolved from only…

By Victor Adar Knight Frank has unveiled its Africa Horizons 2023/24 report, which sheds light on the continent’s phoenix-like resurgence, unveiling a landscape with potential and opportunities across various industries.  As Africa takes centre stage in the global arena, investors and corporations alike are encouraged to seize the moment and participate in its remarkable journey of growth and development. With the shackles of the pandemic now behind us, the report reveals a rejuvenated global interest in Africa, as demonstrated by recent engagement and substantial investment commitments from major global powers, including the US, UK, South Korea, UAE, Saudi Arabia, Turkey,…

Dr David Karuri Maina is not your ordinary surgeon. Born and raised in Nairobi, his childhood dream was to be a pilot, but as fate would have it, the journey took a compelling turn as he sought to address the healthcare needs of people in remote places – he branched out from civil aviation and embarked on a journey that led him to the field of medicine, particularly surgery.  An ‘A’ student, his academic development started at the University of Nairobi (undergraduate training) and the Aga Khan University, Nairobi where he pursued postgraduate studies. From Thika to Muriranjas in Murang’a…