Author: James Wambua

Absa Kenya green financing
Corporate
James Wambua

Sowing the seeds of sustainability with green financing

The debate surrounding the journey to net zero emissions has now firmly landed in Kenya. While the government is set to play a key role in setting the stage for climate action, the spotlight is fast shifting to the private sector, where its essential role is increasingly taking centre stage in driving the transition toward sustainable, eco-friendly practices. This shift is not only essential for Kenya’s economy but also to align with the global push for a sustainable tomorrow. In the quest to tackle climate change, the private sector’s participation has been met with varied opinions. It’s evident, though, that some forward-thinking companies are taking

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Ruto Education
FeaturedNews
James Wambua

The waiting game: freshers on the edge of hope

In a country bursting at the seams with promises, there exists a shared hope among Kenyan university freshers – a hope for a brighter future through education. But at times, hope can seem as fragile as an elusive butterfly, always just within reach yet constantly fluttering away. Imagine this: thousands of determined young minds, prepared to embark on their academic journeys, were uplifted by the assurance of receiving timely government funding under Kenya’s new university financing model. However, for now, they must wait patiently, only to discover themselves caught in what appears to be an unending pause. Two months have elapsed, and the promise remains…

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BURN Manufacturing
EAC & The HornNews
James Wambua

BURN ignites change with Sh1.5 billion green bond for clean cooking

Clean cookstove maker BURN Manufacturing (BURN) has issued Sub-Saharan Africa’s first-ever green bond, aiming to raise US$10 million (just over Kes1.5 billion) for clean cooking initiatives. The bond’s proceeds will enable BURN, a clean stove distributor, to expand its manufacturing capacity in Kenya. With this injection of funds, BURN anticipates increasing its production from the current 400,000 units per month to 600,000 units, including a range of life-saving biomass, electric, and LPG stoves. BURN, which is also involved in carbon offset projects, plans to use the fresh capital to establish a new plant in Lagos, Nigeria. Founded in 2011, BURN seeks to save lives and…

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Anti-Money Laundering Law Kenya
Economy
James Wambua

What you need to know about Kenya’s new law against dirty money

The Law Society of Kenya (LSK) is now required by the law to report suspicious financial transactions related to lawyers as Kenya steps up the fight against money laundering. According to the 2021 National Risk Assessment (NRA), the legal profession was identified as having a high vulnerability to money laundering. This was primarily due to the abuse of client-attorney privilege and the exclusion of law firms from the category of reporting institutions. By law, lawyers are now obligated to report suspicious transactions when involved in the purchase and sale of real estate or the management of client assets and accounts. They are also required to

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CorporateNews
James Wambua

Absa’s Sh100 billion war chest to power Kenya’s SME growth and resilience

Absa Bank Kenya has announced a commitment of Kes100 billion to support the growth of Kenya’s Micro, Small, and Medium Enterprises (MSMEs), a move expected to create more job opportunities in a sector employing over 80 percent of Kenya’s workforce. This funding comes at a time when Kenya’s MSMEs are contending with a challenging operating environment marked by high inflation, increasing interest rates, the impact of the Russia-Ukraine war, and elevated taxation as per the Finance Act of 2023, among other factors. Absa asserts that this multi-billion-shilling investment will play a pivotal role in driving the growth of MSMEs across various value chains in Kenya…

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CorporateNews
James Wambua

Court stops Equity’s rushed takeover of TransCentury

High court has slammed the breaks on Equity Bank’s attempt to seize two listed companies TransCentury and East Africa Cables over unpaid debt, stating that the move was premature. Equity Bank seized TransCentury after the Kibaki-era investment firm raised Kes828 million instead of Kes2 billion from a cash call. Part of the money raised from the rights issue was meant to pay off Equity Bank’s debt and the bank sought to place TransCentury and its subsidiary East African Cables (EAC) under receivership to prevent the company directors from accessing the raised funds. The move now means TransCentury and EAC can continue with their business unhindered…

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Safaricom PLC
ClimateTechnology
James Wambua

The making of an eco-friendlier tech industry

Just a few years ago, supply chains were all about getting things done quickly and efficiently. But times have changed. Now, companies are thinking about new challenges, such as the risks linked to climate change, and the urgent need to cut down on carbon emissions. This shift is happening because customers, investors, and employees are all pushing for more transparency and accountability when it comes to sustainability across industries. For telco giant Safaricom, this emphasis on Environmental, Social, and Governance (ESG) practices is not just staying within the company walls; it’s spreading fast into their entire supply chain system. Carbon footprints “We are intentionally working

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CBK Governor Dr Kamau Thugge.
News
James Wambua

Firms in Kenya report subdued activity in third quarter

The latest CEO survey conducted by the Central Bank has revealed that top executives of manufacturing companies reported a decrease in demand for their products throughout the three months leading up to September. Consequently, these companies experienced lower production volumes and greater unused capacity than expected for that particular quarter. In the services sector, business activity remained lackluster, with prices for essential inputs remaining high, mainly due to the weakening shilling and elevated input expenses. The survey also noted that some companies struggled to retain their customer base as they grappled with narrow profit margins. This survey, conducted before the Central Bank’s Monetary Policy Committee…

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Safaricom
Technology
James Wambua

Safaricom’s impact on Kenya’s economy up 7.4 percent to Sh909Bn

Telco giant Safaricom’s contribution to the Kenyan economy in the fiscal year 2023 increased by 7.4 percent to Kes909.5 billion, the company’s Sustainable Business Report shows. The amount, which is roughly 15 times the Kes62.3 billion financial profit reported by the telco in the year under review is attributable to the value created for customers, agents and merchants, especially through the flagship cash transfer system, M-PESA, which soared by 17 percent compared with FY22. Impact through M-PESA According to the report titled ‘Pathway to a Purpose-Led Technology Company,’ in FY23, M-PESA generated societal value amounting to Kes325 billion, reflecting a year-on-year increase of 17.66 percent.

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Small scale mining Kenya
CountiesNews
James Wambua

Cabinet to the rescue of small-scale miners

Close to one million small-scale miners in Kenya can now carry out their activities unhindered following the lifting of a four-year ban on their trade. The move follows a Cabinet decision that allows an estimated 800,000 small-scale miners to engage in their livelihoods using traditional and customary methods across various mining sites in Kenya. “As a pathway to unlocking the potential of the nation’s mining sector, Cabinet authorized the partial lifting of the moratorium on issuance of new mining rights effected by Cabinet in the year 2019. To protect Kenya’s national interest, the intervention comes in tandem with a more transparent and competitive licensing system,”…

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