Author: Martin Mwita

The insurance industry in Kenya has recorded an increase in the premiums underwritten between April and June 2019.

The premiums underwritten during this period amounted to Ksh117.28 billion (US$1.13 billion), a 4.4 per cent increase from Ksh112.39 billion (US$1.08 billion) recorded over the same period in 2018.

READ ALSO:New ecosystem to disrupt Kenya’s insurance sector

The Insurance Regulatory Authority (IRA) has attributed this development largely to a 2.9 per cent growth recorded by the general business segment and 6.9 per cent by the long term insurance business segment.

“The increase in general business was mainly contributed by medical and motor private insurance classes of business which accounted for 66.8 per cent of the gross premium income,” IRA notes in its latest (Q2) industry report.

READ ALSO:Why Kenya’s insurance sector is “rotten”

During the same period, the claims incurred amounted to Ksh28.84 billion. This was a decrease of 1.3 …

Kensington Distillers & Vintners (KDV) London, a premium drinks business with a growing foot-print in Africa, has made an entry into Kenya as it seeks to tap into the lucrative alcoholic drinks market.

READ ALSO:This is what alcohol manufacturers in Kenya want

The London-based firm has made an entry with a subsidiary  called Monument Distillers Kenya, a move that now brings competition to current market players among them  world’s largest producers of spirits and beers-Diageo.

Following this development, Sazerac, the leading US spirits company, has granted Monument Distillers the distribution rights for its portfolio in Kenya – the most prominent brands of which are Popov Vodka, Southern Comfort, Myers Rum, Paddy’s Irish Whisky, Firewater, and Buffalo Trace Bourbon.

As part of this transition, Monument will be distributing these products through their distribution partner-Maxam Limited, a local liquor distributor in Kenya and East Africa.

The entry of Kensington Distillers into …

Tanzania has opened up its borders for an alcoholic drink from Kenya which had been barred entry since March this year.

This is in the wake of the ongoing Public- Private Dialogue(PPD) with trade facilitation agencies at One-Stop Borders across the East Africa Community, aimed at adressing cross-border barriers.

READ:Kenyans lament trade discrepancies with Tanzania

The initaive is under a TradeMark East Africa(TMEA) and East African Business Council (EABC) programme which scrutinizes if EAC agreements and practices are easing doing business across borders.

The PPDs focus is on the extent to which partner states are translating the EAC Common Market and Customs Union Protocols into policies that support the actualization of free movement of goods and people.

The debut EABC Public-Private Dialogue with Trade Facilitation Agencies at Namanga One-Stop Border Post brought together officials from Ministries of EAC Affairs, immigration, bureaus of standards, plant and animal health, sanitary and …

SBM Bank has partnered with leading global payment network UnionPay International to roll out its UnionPay Prepaid Card in Kenya.

The partnership with SBM Bank enables cardholders of UnionPay prepaid card to leverage on UnionPay’s global footprint to make both online and real-time purchases.

UnionPay cards are accepted in 174 countries and regions with 55 million merchants and over 2.9 million ATMs making it ideal for travelers and tourists.

According to SBM Group Chairman Kee Chong Li, this UnionPay card is especially ideal for SMEs looking to trade with China which is one of the leading markets for African produce and also acts as a key source market for various goods.

READ ALSO:SBM bank further shakes Kenya’s banking industry with more branches

Mr. Kee Chong Li says that the pre-paid card will also offer additional security for travelers and online buyers shielding them from online fraud and the erosion …

Leading financial and environmental institutions, United Nations, multinationals and sustainability campaigners on Thursday gathered in Nairobi to hold the inaugural Africa Summit to accelerate green and sustainable finance.

The forum being spearheaded by Standard Chartered Bank is meant to reflect on challenges and the opportunities that can help deliver sustainable development for Africa.

READ ALSO:China ; Africa Development Fund in Africa exceeds $10 billion

Speaking at the opening of the inaugural Summit themed – Transforming Africa into the next Global Growth Engine– Standard Chartered Bank Kenya CEO Kariuki Ngari said sustainable finance is now recognized as one of the megatrends shaping the future of global finance.

The forum was attended by key leaders among them Kenya’s Permanent Secretary Transport, Infrastructure, Housing, Urban Development and Public Works Esther Koimett,  Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Dr. Mukhisa Kituyi and Dr. Richard Munang, Coordinator …

KCB Bank Kenya has signed a pact with Japan based giant lender Sumitomo Mitsui Banking Corporation (SMBC) to drive cross-border trade and deepen financial inclusion.

The agreement between the two largest banks in their respective regions, signed in Yokohama last week, will see the two lenders expand their financial offerings provided to clients in both East Africa and Japan, effectively enabling more cross border trade flows.

Under the deal, KCB will provide banking services—including banking accounts and cash management, trade finance, export credit agency finance and treasury related products— to customers introduced by SMBC to KCB.

“We believe that new business opportunities will arise from the rapid economic development in Kenya and therefore seek to areas of mutual partnership to support such development, utilizing the product capabilities and global and local network of both banks,” said Paul Russo, the KCB Group Director Regional Businesses during the signing ceremony on …

The Kenya Association of Manufacturers (KAM) has partnered with e-commerce players in Kenya to boost access of manufacturing SMEs to local and international markets through e-commerce.

This is in the wake of low uptake of e-commerce in Kenya despite its immense benefits.

The partnership, therefore, seeks to promote the uptake of e-commerce by SMEs to enable them to gain access to global markets and new international customers and reinventing their business models to align with changing technologies.

Speaking at the inaugural event, KAM Board Member and SME Hub Chair, Ms Ciiru Waithaka noted that the increased attention on SME growth, both at a national and global scale, points to a reckoning that the future of business hinges on their success.

“The unique and dynamic nature of SMEs in the manufacturing sector calls for an adaptive approach in developing policies and interventions that most importantly centres their needs and proposed solutions …

Kenya’s President Uhuru Kenyatta has announced that the first berth of the new Lamu Port will be opened in October.

Lamu Port is the country’s second major sea port after the Port of Mombasa. It is part of the US$24.5 billion Lamu-Port-South-Sudan-Ethiopia-Transport corridor project aimed improving trade in the region.

The President who visited the project over the weekend expressed satisfaction with the progress of the ongoing construction works at the seaport.

He said the mega project will create the much needed jobs for Kenyan youth.

“Since I was here last year, it is true you’ve worked hard. Very soon, next month, we will be here to open the first berth which I am told you will have completed,” the President announced.

“We will launch by seeing a ship dock here to offload cargo. Offloading of cargo will be the beginning of jobs not just for you alone but also …

Kenya is bidding to host the 24th edition of the United Nations World Tourism Organization (UNWTO) General Assembly in 2021; when the congregation of the UNWTO members meets for its bi-annual, 23rd session this week in St Petersburg, Russia.

Through the Ministry of Tourism and Wildlife, Kenya will be looking at leveraging its vast past experience in hosting top global events to make a case for the event to be hosted here in 2021.

The move is in line with the ministry’s long-term strategy to diversify the tourism product to attract more tourists into the country and consequently enhance the revenue stream.

READ:Kenya’s tourism on the rise as numbers hit all-time high

On average, over 1,000 delegates from over 130 member countries of the UNWTO, attend the five-day bi-annual meeting, translating into millions of dollars in foreign revenue for host countries over the duration of the stay.

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KCB Group is seeking to deepen its new women proposition, committing billions of shillings towards funding women owned and women run enterprises.

According to the bank, the drive is meant to strengthen its diversity and inclusivity focus as part of its sustainability agenda by simplifying financial inclusion for women.

The programme dubbed ‘Women Value Proposition’ has seen the bank disburse loans worth Ksh7.1 billion (US$68.9 million) to 1,400 women to date, KCB said in its current Sustainability Report.

It is aimed at increasing credit facilities to women alongside, providing them with technical and non- financial support.

READ ALSO:KCB commits Ksh10 million for Afro-Asia Fintech Summit

The initiative is in line with KCB Sustainability 10-point action plan on diversity and inclusion. This pillar aims to incorporate gender diversity as part of its strategic initiative to ensure that we encourage more women to take up key roles in business ventures.

“KCB …