Author: Kang'ethe Njoroge

Swiss authorities say SICPA was “criminally liable” for failing to prevent its staff from bribing foreign officials SICPA has been slapped with 91.5 million fine for bribing officials in Brazil, Colombia and Venezuela. The Swiss firm has been contracted by the Kenya Revenue Authority to supply tax stamps. A Swiss firm contracted by Kenya Revenue Authority to supply tax stamps has been fined $91.5 million on graft claims. Security ink company SICPA has been ordered to pay the fine by Swiss Attorney General citing corporate criminal liability. The Swiss Attorney General identified organisational deficiencies that saw SICPA staff bribe public…

A finance-focused panel at the 2023 Namibia International Energy Conference explored new pathways to financing and developing capital-intensive African energy and infrastructure projects. As global financial institutions continue to reduce or eliminate fossil fuel lending, emerging producers such as Namibia are seeking to drive local and regional financial participation in capital-intensive projects and trade infrastructure. In addition to leveraging foreign investment as an end within itself, panelists discussed how the sector can leverage foreign support as a means of creating local capacity through regional debt and credit-support instruments. Namibia is looking to increase local investment in large-scale energy projects moving…

The sprawling Maasai Mara National Park has been a major source of pride and revenue for Kenya over the years. What is, however, not famous for is the generation of unique scientific and design plans. A new initiative is, however, showing the richness of the game research in projecting data from the life of three lions and helping conservationists understand what wildlife go through in the wild. This initiative visualizes predator data from Kenya Wildlife Trust (KWT) as a series of digital and physical data-based ‘portraits’ along with interactive artwork created in collaboration with tech developers, designers, and story gatherers.…

The program, which runs for 18 months, aims to support political stabilization and reconciliation in Somalia, a fragile country in the Horn of Africa. In line with the National Stabilization Strategy the financing will go to water infrastructure, security, and reconciliation initiatives.  The EU is making tangible progress in supporting Somalia’s transition to a peaceful and stable nation. The project also seeks to enhance the legitimacy of Somali authorities in locations recently liberated within Hirshabelle, Galmudug, Southwest, and Jubaland State. The European Union alongside the Nordic International Support Foundation have launched a $4.9 million Rapid Nationwide Stabilisation project in Somalia…

In a fresh strategy, Kenya Tourism Board (KTB) says arrivals from China hold massive potential in contributing to the country’s tourism earnings. China accounted for 82,180 and 83,388 arrivals in 2018 and 2019 respectively positioning itself as Kenya’s sixth largest source market. Before the pandemic, China was the world’s largest outbound travel market with over 150 million travelers, whose spending contributed up to $255 billion to global tourism industry.  The Kenya Tourism Board (KTB) is looking to capitalize on outdoor and nature-based tourism experiences, a move aimed at attracting a significant number of Chinese tourists to sample the sector’s offerings…

The hub is a digital platform that will enable fintech associations across Africa to pool resources and knowledge, strengthen relationships and partnerships, as well as showcase the work of fintech on the continent, including those which are female-led or owned. The one-stop shop will be delivered through a strategic partnership between AFN and the Centre for Financial Regulation and Inclusion (Cenfri), which will provide technical support in the development of the Hub, as well as promote research, knowledge creation and other innovative initiatives. Although fintechs have great potential to contribute to digital financial inclusion across the continent, the African fintech…

The programme, being implemented with the support of the World Customs Organisation (WCO), is aimed at bolstering the region’s private sector by encouraging participation in both regional and international trade. Intra-regional trade within the East African Community (EAC) is on an upward trajectory, standing at $10.17 billion as of September 2022 while total trade with the rest of the world stood at $62 billion, highlighting a need for further improvement. This represents a 20 percent share of Intra-trade to global trade. The digitisation of the CETs will see the region’s business community — exporters and importers- gain access to trade…

Top government officials from across Africa have confirmed attendance at the Annual Investment Meeting (AIM Global 2023), the world’s leading investment platform. Two weeks from now, the officials will gather under one roof to uphold solidarity and develop economic relations among nations to ultimately achieve global prosperity. Among many other goals, AIM Global 2023 seeks to provide governments with access to a diverse demographic of audiences to promote investment opportunities in their respective countries. They will bring with them a wealth of experience and expertise in driving economic development that is both sustainable and inclusive. Top government officials from across…

The project is billed to help African countries play catchup as the continent is still relatively behind when it comes to global consumer banking habits. The African Development Fund in partnership with Smart Africa Alliance will evaluate policy gaps in the digital trade and e-commerce ecosystems in selected countries that are lagging behind their counterparts in terms of digital trade and e-commerce adaptation. Data by the International Trade Administration (ITA) indicates that the continent is forecast to surpass half a billion e-commerce users by 2025. The African Development Fund has partnered with Smart Africa Alliance to launch a $1.5 million…

Top financial sector employees working for the world’s richest companies use very poor passwords to secure business accounts, new research by NordPass shows. While cybersecurity experts keep urging businesses to take better care of corporate accounts, passwords such as “password,” “123456,” and “aaron431” still make it to the top of the financial industry’s list. Interestingly, people working for corporations in the financial industry seem to be seriously longing for a break, since “vacation”, “sunshine” and “summer” feature among their top 20 password picks. A large number of people working for the world’s richest companies use very poor passwords to secure…