Author: James Wambua

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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WHO Director-General Tedros Adhanom Ghebreyesus
Health
James Wambua

WHO thumbs-up budget-friendly, high-impact malaria jab

On Monday, the World Health Organization (WHO) granted authorization for a second malaria vaccine, marking a significant step that may provide countries with an alternative to the initial malaria vaccine. WHO Director-General Tedros Adhanom Ghebreyesus said the UN health agency’s approval was based on recommendations from two expert groups, advocating for its deployment among children at risk of contracting malaria. Dr Tedros said, “As a malaria researcher, I used to dream of the day we would have a safe and effective vaccine against malaria. Now we have two.” The new three-dose vaccine was developed in collaboration between Oxford University and the Serum Institute of India.

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News
James Wambua

Why NCBA wants to buy insurer AIG Kenya

At the heart of regional lender NCBA’s pursuit to acquire 100 percent ownership of AIG Kenya, lies a set of reasons: robust revenue growth, the seasoned leadership of its management team, and an unwavering commitment to a customer-centric ethos by the insurer. AIG Kenya, an insurance company with deep-rooted customer relationships spanning across Kenya, Uganda, Tanzania, and Rwanda for the past half-century, is the latest target of NCBA Group’s acquisition ambitions. The insurer, which runs underwriting business for corporations, SMEs, and individual clients, has been a strategic minority investment for NCBA for over 18 years, consistently impressing with its steady revenue growth. John Gachora, the…

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Counties
James Wambua

Counties promised hope, but some look set on delivering fraud

In Kenya, the anti-corruption watchdog says it is working to root out graft in counties, the devolved units that once promised hope only for some to deliver fraud. For businesses, both large and small, the experience across the country is worse as executives are now forced to factor corruption into their daily expenses and budgets. Early this month, the Ethics and Anti-Corruption Commission revealed that it is investigating close to 70 high-profile cases related to graft-ridden deals on procurement of goods touching on at least four devolved units. Twalib Mbarak, the Chief Executive of EACC noted that Marsabit County is leading in a dirty list

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MCC Kenya
News
James Wambua

Sh8.7Bn e-buses project aims to end Nairobi matatu chaos

The Treasury has signed Kes8.7 billion ($60 billion) financing deal for the purchase of electric buses in a US-backed plan that also seeks to slam the breaks on Nairobi’s legendary matatu chaos. In a broad plan that seeks to ease traffic congestion in East Africa’s financial capital, Kenya has received the backing of US-based Millenium Challenge Corporation, to deploy a public transport system that addresses pervasive problems of sexual harassment on private bus (matatu) services. In a joint study with the government of Kenya, MCC identified sexual harassment as one of the top impediments to the mobility of women in urban areas. In New York,…

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MarketsNews
James Wambua

Fintech, Cleantech top targets for Venture Capital investors in East Africa

A significant share of funding from venture capital investors across East Africa is going into startups in the fintech and cleantech segment. According to the latest report by the East Africa Venture Capital Association (EAVCA), investment activity in the region is evenly balanced between these two sectors. The report, which reviews venture capital financing for the 10 years ending June 2023, shows that funding for startups in the health and agriculture sector are closely following suit. Visionary technologies “Over the course of ten years, we have witnessed an unprecedented surge in investments that target innovative startups and visionary technologies,” notes Joshua Murima, head of investor…

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NewsTechnology
James Wambua

Ruto woos US investors with Kenya’s talented workforce

In a move to strengthen Kenya’s position as the regional business hub, President William Ruto is betting big on a talented workforce as well as tax reforms to attract high-quality investments into the country. The move is part of the President’s strategies to shore up US investments in Kenya with a view to create job opportunities for millions of unemployed Kenyans. Data shows that increasing exports of garments have seen the US surpass Uganda as the top export market of Kenyan goods, marking the end of Kampala’s reign as Kenya’s leading buyer of goods made in Kenya. According to official figures, exports to the US…

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Liquid Intelligent Technologies
NewsTechnology
James Wambua

Liquid adds Kenya-Ethiopia, Zambia-Malawi fibre links

Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has unveiled two new fully redundant terrestrial fibre connectivity routes. These routes, connecting Kenya to Ethiopia and Zambia to Malawi, will see the firm enhance regional connectivity while empowering businesses in these nations. The 1000 km fibre link between Kenya and Ethiopia is poised to revolutionize digital connectivity in the region. Ethiopian businesses will now have direct access to data centers and cloud services in Nairobi, Kenya. This connection is bolstered by a 711 km link between Zambia and Malawi, providing a reliable pathway to content caches and data centers in South Africa. Adil El Youssefi, CEO,…

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Technology
James Wambua

Online scams a rising threat to finances and emotions

Gone are the days of poorly written phishing emails riddled with spelling errors; today’s cyber threats are sophisticated and convincing. The proliferation of online scams has reached alarming levels in Kenya and across Africa, with nearly half of the 800 survey participants falling victim to deceitful schemes, resulting in significant financial losses and emotional distress. According to KnowBe4 2023 Online Scams and Victims in Africa Report, a survey conducted across Kenya, South Africa, Ghana, Nigeria, Morocco, Egypt, Mauritius, and Botswana, financial scams affected nearly half of the respondents. The report says that 53 percent of the victims believed the fraudulent offers were legitimate primarily because

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