The speed of tech disruptions in the business space keeps growing by the day BY ANTONY MUTUNGA On September 1998, Google was introduced to the world by Larry Page and Sergey Brin. Back then, only a number of people would have imagined that the company’s web-based search engine would be the most preferred by users, 25 years later. After a quarter a century in the tech space, Google has enjoyed a number of successes, but it has experienced its fair share of failures, too. For example, the company’s investment in phone-based virtual reality (VR) did not pay off. It failed…
Author: Nairobi Business Monthly Reporter
By Erick Massawe It is projected that by 2030 the number of youth will rise by 7%, to almost 1.3 billion. Africa touted as the continent of the youth will have over half a billion people aged between 15 to 35 years. They are touted as the future of the world economy and increasing their capabilities, guiding them to play their rightful role in an ever evolving world has become a constant topic of discussion in local and global fora. Youth face a number of barriers to business creation and self employment hence the growing emphasis to empower them through…
The Unilever-backed impact accelerator programme, TRANSFORM, reveals that “more impact enterprises” across East Africa will now be able to access Sh1 million funding per SME. The new funding, valued at Sh1 million, Unilever said, will help support SMEs especially in Kenya to scale new solutions and overcome global challenges. “We’re thrilled to have reached such an important milestone at TRANSFORM. Some of the best new ideas and groundbreaking solutions are coming from entrepreneurs and start-ups,” Unilever’s chief sustainability officer Rebecca Marmot said during the announcement of the new funding. TRANSFORM, which is an impact accelerator that unites corporates, donors, investors,…
Linzi Finco Trust has been given a greenlight by the Capital Markets Authority (CMA) to float a Sh3 billion bond to build institutional housing units, a move that is set to open up sharia-compliant financing in the country. Kenya’s Capital Markets Authority (CMA) this week allowed the issuance of the first-ever Islamic bond in the country, tapping into the unexplored potential of sharia-compliant financing and setting the tone for diversification of capital markets in East Africa. With this Islamic bond, also popular as sukuk, there is a new ray of hope for Shari’ah focused investors. Dubbed “Linzi Sukuk”, the bond…
When the International Federation of Landscape Architects (IFLA) World Congress in collaboration with the Architectural Association of Kenya (AAK) held the 8th ILFA African convention at the Safari Park Hotel, it was clear that multi-sectoral approach is important on the question of long term or short term sustainability cities. The recent AAK congress, themed “emerging interaction,” was founded on the need for architects to at least look beyond their professional and cultural boxes, and learn how to develop holistic solutions to the current challenges facing cities such as design compexities, landscape, and sustainability. Speaking at the convention, representative of the…
The Government has unveiled Central Securities Depository Dhow (DhowCSD), an infrastructure that allows traders in government securities in local, regional and international financial markets to transact electronically. President William Ruto said at the Central of Kenya (CBK), Nairobi, during the launch of the digital platform that deliberate access to opportunities will create wealth and improve people’s lives. “The development of DhowCSD cements the Government’s plan to eliminate barriers to trade,” said Ruto. He argued that the platform will deepen the domestic capital market, and promote savings and investments. “It will also foster the growth and stability of our financial market.”…
Deal commenced last month (September) and targets the redemption of up to 36.5 million REIT units currently trading at the Nairobi Securities Exchange from non-professional investors at Sh11 per unit The NSE listed real estate investment trust ILAM Fahari Real Estate Investment Trust is seeking to redeem up to 36.5 million units on the Nairobi bourse to ensure its sustainability and improve its ability to generate returns for unitholders. The ILAM Fahari I-REIT has invested in a portfolio of high-quality investment real estate properties that provide sustained returns and operating performance, including Nairobi’s Greenspan Mall, Highway House, a three-storey industrial building…
By David Wanjala Africa loses more to illicit financial flows than the annual Official Development Assistance (ODA) that the continent receives. According to the Economic Development in Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa is estimated to lose about $88.6 billion, or 3.7% of its GDP, annually in illicit financial flows, with corruption being one of the four key contributors. This was revealed recently by the Auditor-General, Ms. Nancy Gathungu, while addressing partners in the anti-corruption fight and the media at the launch of the Ethics and Anti-Corruption Commission (EACC) Strategic Plan (2023 -…
By Edwin Okoth The morning of Thursday, September 21, was not easy for top government officials gathered at Kenya School of Government in Kabete for hours of dress down on a deep vice rattling the principal offices in the Kenya Kwanza administration: corruption. President William Ruto’s right-hand man in the civil service, Felix Koskei, was in a foul mood. In a meeting that brought together 35 Principal Secretaries, more than 200 chief executive officers of state corporations and their board chairs, heads of internal audit functions, and heads of major regulatory watchdogs, like the Auditor General and the Controller of…
By Njeri Wagacha Sometime in August, the Competition Authority came down heavy on steel manufacturers engaging in anti-competitive behaviour and restrictive trade practices, in what is the toughest action yet against such offences. Competition Authority of Kenya (CAK), previously seen more as a barking dog, appears to be sparing nothing to bite businesses that run afoul of competition regulations and guidelines. The punishment was as shocking as it was deserved. Nine steel manufacturers being fined Sh338 million cumulatively could not have gone unnoticed in an economy where a good number of businesses thrive on breaching the law, frustrating competition, anddodging…