Author: Kang'ethe Njoroge

• Construction of Kenya’s first smart city is on high momentum following new projects set to be undertaken in the next two years.
• In the next three years, the smart city dubbed Konza Techonopolis will have an Intelligent Transport System (ITS) as well as an integrated control centre.  
• Korea and Kenya signed a Memorandum of Understanding to kick-off the EIPP program for Kenya and today marks the official start of the 2nd year.

Construction of Kenya’s first smart city has received a boost following the agreement of new projects set to be undertaken in the next two years. The Kenyan government signed four Economic Innovation Partnership Programs (EIPP) with the Korean government.

The deal includes installation of an Intelligent Transport System (ITS) as well as an integrated control centre to be set up within the next three years connecting Konza – Nairobi Corridor Transport System.

Kenya’s ICT Cabinet Secretary Eliud Owalo …

• Nine Kenyan startups are competing for a share of more than $4.4 million in funding as part of a Sub-Saharan-African plastics innovation challenge.
• Kenyan and Nigerian startups dominated the cohort of finalists, with nine startups each, out of the total 40 finalists startups that made it to the final phase of the Prize.
• Launched in July 2021, the Afri-Plastics Challenge received 1,141 entries from innovators across sub-Saharan Africa.  

Nine Kenyan startups are competing for a share of more than $4.4 million in funding as part of a Sub-Saharan-African plastics innovation challenge.

Run by innovation prize experts Challenge Works and funded by the Government of Canada, the
Afri-Plastics Challenge is tackling plastic waste and reducing pollution making its way into the marine
environment.

Kenyan and Nigerian startups dominated the cohort of finalists, with nine startups each, out of the total 40 finalists startups that made it to the final phase of …

• Kenya Power has set aside $37 million of its procurement budget during the current financial year to women, youth and persons with disabilities (PWDs) under the AGPO programme despite low uptake of the tenders allocated to these groups.
• The low uptake is due to reasons ranging from lack of duly registered and compliant business enterprises and low understanding of the e-procurement system. a 
• Kenya has a legal requirement for women, youth and persons with disabilities to access 30 percent  of Government Procurement opportunities   

Kenya Power has set aside $37 million of its procurement budget during the current financial year to women, youth and persons with disabilities (PWDs) under the Access to Government Procurement Opportunities (AGPO) program despite low uptake of the tenders allocated to these groups.

The utility company has noted that of the three groups, women continue to lag behind in the uptake of the procurement opportunities.

The low …

• Safaricom and Nairobi City County have signed a partnership to digitise the county’s services and operations.
• Under the partnership, Safaricom will develop and support the “My Nairobi App” as part of the “My Nairobi” hub that provides digital services and citizen engagement.
• The platform offers a one-stop shop for businesses in the County where residents, and visitors, can access services with multiple functionalities including making payments.

Safaricom and Nairobi City County have signed a partnership to digitise the county’s services and operations. Under the partnership, Safaricom will develop and support the “My Nairobi App” as part of the “My Nairobi” hub that provides digital services and citizen engagement.

“This My Nairobi Hub will enable us to offer better services to the people of Nairobi. It offers a one-stop shop for businesses in the County where residents, and visitors, can access services with multiple functionalities including making payments. Residents of Nairobi …

• Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.
• The risk of a ripple effect impacting the global financial system is high.
• The US government has moved quickly to salvage the bank and safeguard deposits   

US-based Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.

SVB’s woes started when the US reserve bank hiked rates to mitigare inflation pressures. The bank had a significant portfolio of government bonds whose prices fall when interest rates are jerked

The Guardian explains that, “If SVB were able to hold those bonds for a number of years until they mature, then it would receive its capital back. However, as economic conditions soured over the last year, with tech companies particularly affected, many of the …

• Middle East Energy has announced plans to host Africa Energy Expo in February 2024, with Rwanda chosen as the Inaugural host. 
• Scheduled for February 2024, the African Energy Expo is a first-of-its-kind trade show, and an extension of Middle East Energy’s 48-year legacy, aimed at promoting sustainable, innovative energy sources and driving the African energy transition.
• The event will be a unique platform for energy leaders to debate and shape the future of the African energy landscape.

Middle East Energy has announced plans to host Africa Energy Expo in February 2024, with Rwanda chosen as the Inaugural host.

The announcement was made at the 2023 Middle East Energy Exhibition and Conference in Dubai.

Scheduled for February 2024, the African Energy Expo is a first-of-its-kind trade show, and an extension of Middle East Energy’s 48-year legacy, aimed at promoting sustainable, innovative energy sources and driving the African energy transition.

The new …

• Three social groups based in Nairobi, and Makueni counties have emerged as the 2023 winners of the LG Electronics Ambassador Challenge that seeks to promote the growth and self-reliance of local communities.
• The three, Vonde Welfare, Kenya Women and Children Centre, and Little Voice Deep Within, emerged winners beating 52 applicants from across the country.
• The three will each receive $10, 000  which is the main prize that will go towards solving social issues in the communities in which they reside.

Three social groups based in Nairobi, and Makueni counties have emerged as the 2023 winners of the LG Electronics Ambassador Challenge that seeks to promote the growth and self-reliance of local communities.

The three, Vonde Welfare, Kenya Women and Children Centre, and Little Voice Deep Within, emerged winners beating 52 applicants from across the country based on impact, effectiveness, efficiency, concreteness and manageability. This follows a rigorous application and …

• Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022, a 26 percent increase compared to the previous year. 
• The lender posted a 28 percent revenue growth to close at $320 million in the period under review.
• Shareholders at the Nairobi Securities Exchange (NSE) listed firm will enjoy $49.8 million in dividends.

Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022 a 26 percent increase compared to the previous year.

Stanbic Kenya and South Sudan’s Chief Executive, Joshua Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience. He noted that the strategic plan founded on digital innovations for service delivery, enhanced consumer experience and increased operating efficiencies had translated to an accelerated balance sheet growth.

“Despite the uncertain and challenging operating environment last …

• The National Bank of Kenya has launched a $70 million new initiative aimed at empowering women entrepreneurs in the country.
• The Nia Offering will provide a range of financial solutions, including business loans, asset financing, and overdraft facilities, to help women entrepreneurs meet their business needs.
• The programme will also offer technical assistance to help them develop their business plans, improve their financial management skills, and enhance their marketing and branding strategies.

The National Bank of Kenya has launched a $70 million new initiative aimed at empowering women entrepreneurs in the country.

Dubbed “Nia” the initiative seeks to provide women owned and women led enterprises with access to financial support, capacity building, and mentorship to enable them sustainability grow their businesses and achieve their full potential while creating new job opportunities and scaling the national economic contribution.

The Nia Offering will provide a range of financial solutions, including business loans, …

• The Kenya Association of Air Operators (KAAO) has urged the government to review the increasing number of taxes in the aviation sector as they are negatively impacting the sector in Kenya
• KAAO Chief Executive Officer Liz Aluvanze said Kenya is the only country regionally and globally levying several taxes on aircraft, spare parts and aviation fuel.
• This has led to a worrying decline in the development and growth of the sector resulting in job losses and migration of maintenance activities to neighbouring states.

The Kenya Association of Air Operators (KAAO) has urged the government to review the increasing number of taxes in the aviation sector as they are negatively impacting the sector in Kenya. 

KAAO Chief Executive Officer Liz Aluvanze said Kenya is the only country regionally and globally levying several taxes on aircraft, spare parts and aviation fuel making the industry uncompetitive and unsustainable amid a surge in global …