Author: James Wambua

StanChart
MarketsNews
James Wambua

StanChart woos Kenyan investors to seize global prospects

Investors in Kenya are poised to tap into a world of global market opportunities that promise enhanced returns for portfolio growth, thanks to a new partnership between Standard Chartered Bank and French-based Amundi Asset Management. Under Signature CIO Funds, this market offering provides customers with access to an array of international investment prospects that cater to diverse financial objectives. Paul Njoki, Head of Wealth Management and Affluent Banking at StanChart, said the collaboration with Amundi empowers customers with a selection of four distinct funds tailored to address varying investment needs, spanning from income generation to long-term portfolio growth on a global scale. StanChart global presence…

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NewsTechnology
James Wambua

Twiga Foods: We are not shutting down

Recent reports of workers’ layoffs have led to perceptions of struggle, even a looming shutdown of Twiga Foods, a business-to-business e-commerce company that seeks to revolutionize supply chains. Twiga Foods CEO and founder Peter Njonjo maintains that the company is on course, reshaping the way retailers access quality goods and services in Kenya while optimizing end-to-end supply chain solutions tailored to Africa’s unique challenges and opportunities. Partly backed by the World Bank’s private venture unit International Finance Corporation (IFC), Twiga Foods was largely dependent on venture capital, a financing stream that has significantly dipped by 40 percent across Africa in the six months to June…

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NOCK
EconomyNews
James Wambua

Debt-laden NOCK to split into three firms

The National Oil Corporation of Kenya (NOCK) will split into three units, NOC Upstream Ltd, NOC Downstream Ltd and NOC Trading Ltd as the State moves to shore up its fortunes. In a Cabinet brief released on Tuesday, NOC Upstream Ltd will focus on the exploration and upstream production activities and services while NOC Downstream Ltd will market and distribute petroleum products. The third spin off, NOC Trading Ltd will be charged with holding strategic stocks of petroleum products for import and export. The latest spin-offs under President William Ruto are indicative that the State will continue shouldering heavy debt and financial obligations to the…

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KBA
Economy
James Wambua

Excise drives taxes paid by banks up 40 percent to Sh181 billion

In Kenya, the banking sector is increasingly taking a central role in the economy, with a new study showing the sector contributed Kes181.27 billion largely on account of higher excise tax in 2022. The significance of this contribution was magnified in the Total Tax Contribution (TTC) study that shows the financial impact the banks had made in 2022. Led by Alice Muriithi, a Partner at PwC Kenya and the lead technical advisor on the study, the TTC study reported a Total Tax Contribution of Kes181.27 billion in 2022. This was a 39.94 percent increase from the previous year’s Kes129.52 billion. The contribution marks a milestone

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Prof Kithure Kindiki
NewsTechnology
James Wambua

Kindiki slams the brakes on Worldcoin mania

Authorities in Kenya have suspended activities of Worldcoin, an entity that has caught the attention of the country in recent days for gathering citizens data through scanning of people’s iris. Unaware of what they are getting into, jobless and needy Kenyans have been racing to acquire an iris scan from WorldCoin, the latest crypto craze, because they have been promised the chance to make a quick buck right away. At the same time, the ministry of Interior says it has started investigations to establish “authenticity and legality” of Worldcoin activities in Kenya. In particular, sleuths will be seeking details on the protection of the data…

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EABL
CorporateNews
James Wambua

EABL sales dip as consumers balk at higher prices

The volume of alcohol sold in Kenya is on the decline with sales data from the East African Breweries Limited (EABL) showing a four percent dip owing to inflationary pressures and a higher tax regime that has pushed up retail prices. Persistent geopolitical tensions fueled inflation-driven cost escalation, posing ongoing challenges to our manufacturing operations, said Dr. Martin Oduor-Otieno, EABL Chairman. EABL says excise tax escalation negatively impacted its price-sensitive mainstream segment in the trading period 2023. Renewed crackdown on bars in the counties also negatively affected the company’s sales which closed at Kes110 billion for the full year ended June 30, 2023, a similar…

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TerraPay
CorporateNews
James Wambua

Safaricom, TerraPay deal takes M-PESA to Pakistan, Bangladesh

Over 32 million M-PESA customers can now send and receive money to and from more than 200 million people across Bangladesh, Pakistan markets. The move follows a partnership between telco giant Safaricom and TerraPay (Mobex Kenya). M-PESA customers will now send and receive money to Bangladesh and Pakistan through the M-PESA Global service under the M-PESA Super App or by dialling *334# and selecting M-PESA Global under the “Send Money” option.  “This partnership opens up one of the world’s largest remittance markets making Kenyans more globally connected,” said Peter Ndegwa, CEO, Safaricom. TerraPay joins a roster of more than 35 partners under the M-PESA Global…

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Obesity
HealthNews
James Wambua

High food costs pushing up obesity rates in poor countries – IFAD

The widening gap between the cost of healthy and unhealthy foods in poor countries is driving obesity rates in both urban and rural communities globally, the International Fund for Agricultural Development (IFAD) says. Ccoupled with the unavailability of a variety of healthy foods, IFAD research says poor populations are increasingly left predisposed to the lifestyle disease. According to one of the studies reviewed (Headey 2019), IFAD notes that is 11.66 times more expensive to obtain a calorie from eggs in poor countries than it is to obtain a calorie from starchy staples, while in those same countries it is only 2.92 times more expensive to…

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Starlink Kenya
NewsTechnology
James Wambua

Karibu Connect to offer Starlink satellite internet in Kenya

Karibu Connect, a provider of internet connectivity services in East Africa, will has been appointed as the first authorized reseller of Starlink in Kenya. This move marks a significant step in the company’s mission to eliminate the digital divide and enhance the connectivity infrastructure across Kenya. Across Africa, Starlink is already accessible in Rwanda, Nigeria, and the French overseas territories of Reunion and Mayotte. Starlink, operated by American aerospace company SpaceX which is owned by billionaire Ellon Musk, offers a revolutionary satellite internet service that uses a constellation of low Earth orbit (LEO) satellites. “Our partnership with Starlink is a substantial progression in our mission…

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Google Bard
NewsTechnology
James Wambua

Google Bard makes historic debut in Swahili, the first African language supported

Google is expanding Bard, its conversational AI service, to 40 new languages including Swahili. Swahili becomes the first African language to be included, pushing Bard’s reach to 59 new countries across territories. New capabilities in the expansion enable users to more fully customize their experiences, foster creativity, and complete more tasks. With the extension, Bard is now accessible in the majority of the world’s countries, including those in the EU. Bard is now available in most frequently spoken languages such as Swahili, Chinese, German, Spanish, Arabic, and Hindi. Now that text-to-speech is available in eight languages, users can enjoy Bard in their favourite language. Swahili…

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