Newsroom, Author at Newsroom by Maudhui

October 19, 2023 Newsroom

KCB’s elite cards target high net-worth customers

Lender KCB has intensified its campaign to attract high net-worth customers with the launch of the World Elite Exclusive Credit Card. In partnership with payment services giant Mastercard, KCB announces that the new offering will provide customers with a range of market-exclusive benefits, privileges, and experiences. The cards will be available in two categories: World Elite KES Credit, tailored for high-net-worth individuals who prefer transactions in Kenyan Shillings, and World Elite USD Credit, designed for those engaging in frequent international transactions in US Dollars. Furthermore, the bank has introduced the World Debit card, which will offer exclusive benefits and privileges, ensuring personalized and tailored banking

Sports

October 19, 2023 Newsroom

200 golfers to grace KCB East Africa golf tour in Kigali

More than 200 golfers are set to take center stage at the KCB East Africa Golf Tour, which will be held at the 18-hole Kigali Golf Course this upcoming weekend. Both professional and amateur golfers are gearing up for action this Saturday, with the morning session set to commence at 6:00 am and the afternoon tee-off scheduled for 12:00pm in the vibrant capital city of Rwanda. As of now, 12 teams have successfully qualified for the eagerly anticipated Pro-Am grand finale event, which is slated to host 132 players at the Karen Country Club on November 24, 2023. The event will also welcome one team

In Brief

October 17, 2023 Newsroom

Absa’s Wezesha Stock offers SMEs up to Sh10 million in loans

Absa Bank Kenya has introduced a new digital platform dubbed “Wezesha Stock” aimed at optimizing inventory management and trade for small and medium enterprises (SMEs). Under Wezesha Stock, the lender will be providing automated loans of between Kes100,000 and Kes10 million to businesses dealing in Fast Moving Consumer Goods, agro-processing, oil marketing, and agrochemicals business segments. Wezesha Stock, which will be operating in real-time, is set to revolutionize stock financing for retailers while at the same time catering to their financing needs. Additionally, Absa says it will enable the seamless onboarding of retailers, efficient stock order management, and use data analytics to facilitate unsecured stock

Corporate

October 16, 2023 Newsroom

Consumer lobby claims insurance companies in breach of law

The Consumer Federation of Kenya has filed a petition against the insurance regulator and a host of companies including Madisson Insurance, Xplico, Invesco, Monarch among others for collecting premiums without the capacity to settle claims. Cofek Secretary General Stephen Mutoro has gone to court alleging the regulator has allowed several companies to flout capital adequacy rules putting customer premiums at risk. The country has failed to strictly implement the capital adequacy ratios on insurance companies that would have led to consolidation of weak players. The previous regime under CS Ukur Yatai said the government slackened compliance on the back of Covid-19 challenges which has left

Markets

October 13, 2023 Newsroom

KRA to onboard informal sector players into the tax net

The Kenya Revenue Authority (KRA) is developing policies and measures to bring thousands of small-scale businesses and players in the informal sector into the country’s tax system. The informal sector, mainly comprising SMEs, employs approximately 15 million people in Kenya, representing 83 percent of the country’s total labour force. KRA views this segment as having significant potential and aims to promote tax compliance within it. During the 2023 Annual Tax Summit, KRA’s Commissioner-General, Mr Humphrey Wattanga, stated, “One of the initiatives under KRA’s tax base expansion programme is netting the informal sector into the tax bracket, the majority of whom are the MSMEs. This, therefore,

Corporate

October 13, 2023 Newsroom

Absa raises daily transaction cap on Timiza to Sh500,000

Absa Bank Kenya has announced an increase in transaction limits on its Timiza wallet, offering customers the chance to transact up to Kes500,000 per day. The move is aimed at offering customers more flexibility and convenience in managing their finances. With these new changes, the maximum amount one can transact in a single transaction on Timiza has been raised to Kes250,000 from Kes150,000. Additionally, the daily transaction limit has been increased to Kes500,000 from Kes300,000. Steve Omamo, Head of Digital Channels at Absa Bank Kenya, notes that this move aligns with recent adjustments in mobile money transaction limits and changing consumer preferences “Our key priority

Technology

October 12, 2023 Newsroom

Safaricom paves the way to a tech-driven future for Kenya’s youth

Software developers in Kenya can now come up with secure and better-quality applications by tapping into various resources in the newly launched Safaricom Developer Portal. The web-based platform serves as a central hub for software developers, offering essential resources and tools to streamline the development process while improving their efficiency and productivity. Safaricom Developer Portal According to the telco giant, Safaricom Developer Portal provides a user-friendly and responsive interface that helps enhance the overall developer experience. Safaricom Developer Portal is one of the three latest offerings from the company unveiled during the second annual engineering summit dubbed Decode 2.0. The other new platforms are Entertainment

Sports

October 12, 2023 Newsroom

KCB RFC ready to defend floodlit title

KCB RFC Head Coach Curtis Olago is exhuding confidence ahead of the Floodlit Rugby Tournament set to kick off on October 14, 2023, at the Impala Club. The bankers, who are the defending champions, will be out to defend their title as they take on Kenya Harlequin on Saturday evening in the opening round. The team has been bolstered with the additions of props Wilhite Mususi and Nick Okullo who joined the Thika-road side from Kenya Harlequin and Blak Blad respectively. “I am thrilled with the boys’ training so far as we gear up for the Floodlit tournament this weekend. We have been working so

In Brief

October 12, 2023 Newsroom

Kitui to digitize services using myCounty App

Kitui has become the second county in the Eastern region after Makueni to launch the digitisation of its services through Safaricom-backed myCounty App platform. The platform will provide a range of services, including payment options for county services, revenue management systems, a citizen reporting and engagement tool, as well as solutions pertaining to agriculture, health, utility bills, and SME programs. Presently, myCounty app has seen over 400,000 users actively accessing county services across 11 onboarded counties. These counties include Nairobi, Makueni, Kitui, Busia, Samburu, Bomet, Narok, Kilifi, Uasin Gishu, Kajiado, and Elgeyo Marakwet. “Our vision is to enable counties to offer one-stop shop for their services and more

Economy

October 6, 2023 Newsroom

From crop to cup: Logistics is key to revitalising Kenya’s coffee industry

Climate change and deforestation mean your morning cup of coffee may face extinction by 2050 according to reports from the Fairtrade Foundation, this comes at a time when the world’s demand for coffee is already outstripping supply. Logistics support for a booming Kenyan coffee industry has never been more critical to ensure the world’s demands for its morning cuppa are met, but also to grow the Kenyan economy. “Moving a coffee bean efficiently from a farm in rural Kenya to a coffee shop in central London is critical for the revival of the Kenyan coffee industry,” says Zaid Khammash, Managing Director, Operations, Kenya, at FedEx.