Author: Martin Mwita

World Bank Vice President for Africa Hafez Ghanem has assured of the Bretton Woods institution’s support for Kenya’s Big 4 development blueprint which drives the government’s development agenda.

Ghanem has singled out the provision of affordable healthcare as an area that his organization is keen on collaborating with the government to ensure its success.

READ ALSO:Boost for Kenya’s Big 4 as World Bank extends US$250 million

“The World Bank is committed to supporting Kenya in advancing the Big 4 Agenda both in technical and financial cooperation,” Mr Ghanem said.

The World Bank VP was speaking when he paid a courtesy call on President Uhuru Kenyatta at State House, Nairobi.

President Kenyatta praised the collaboration between his administration and the World Bank, saying the partnership has seen implementation of projects that have impacted positively on the lives of Kenyans.

READ:World Bank gives Kenya US$750M loan, but why?

President Kenyatta …

The Kenyan economy is projected to grow by 5.8 per cent on average in 2019, according to GDP projections from 16 research houses, global agencies, and government organizations that were tracked during the half-year period to June.

This will be driven by among others, growth in the agriculture sector, implementation of the Big 4 Agenda projects by the government, and recovery in the business environment evidenced by the Stanbic Bank Monthly Purchasing Managers’ Index (PMI), which rose to 51.3 in May 2019 from 49.3 recorded in April, an indication of improving business conditions.

Among firms that have projected the growth includes Cytonn Investment which had foreseen a 5.8 per cent growth in H1’2019 and a similar growth in the second half of the year.

“Cytonn maintains a positive outlook for the macroeconomic environment in Kenya in their H1’2019 review, with expectations of strong economic performance with a GDP growth of …

Global manufacturer and provider of solar power products–d.light has announced a US$18 million investment from a consortium of lenders, targeted for the African market.

The investment is focused on the renewable energy space including; two responsAbility-managed funds, SunFunder, DWM and SIMA.

The financing will be used to further grow d.light’s operations across Africa, the company has announced.

d.light has already brought solar power to nearly 100 million people without access to reliable electricity since 2007 using pay-as-you-go financing solutions and generating 171 GWh of renewable energy in the process.

The additional funding will enable the company to expand its product line, enter new markets and reach even more customers, all of which will drive the company’s mission of making clean energy products universally available and affordable, the management said.

“The investment underpins the catalytic role of the company in making available clean, reliable solar energy solutions through the pay-as-you-go business …

Kenya’s insurance sector has been rocked with controversies among them failure to meet contract obligations, exposing policy holders to risks rather than being cushioned as expected of indemnity.

In the latest twist of events, it has emerged that over ten insurance companies in Kenya are not paying claims, despite collecting billions in monthly premiums from their clients.

This has left hundreds of thousands exposed to risk while affected persons suffer despite having insurance covers.

There are 37 general insurance companies and 25 long term insurance companies, placing the total number of underwriters at 62.

The country’s insurance market has also been infiltrated by banks, which are offering insurance services under the ‘Bancassurance’ umbrella.

READ:What’s next for the insurance industry in Kenya?

Billions in premiums

According to official data by the industry regulator-Insurance Regulatory Authority (IRA), insurance industry gross premium written stood at Ksh216.37 billion (US$2.12billion) as at end of …

Kenya

As the East Africa Community (EAC) member states gear towards becoming net oil and gas exporters, a latest industry report has sent mixed signals on how the region is performing in the development of its oil projects.

It has emerged that Kenya has made major development in the first half of this year compared to her neighbour Uganda which is still lagging behind in its oil projects, mainly exploration and the planned construction of a pipeline linking its oil fields to the Tanga Port in Tanzania.

Tullow Oil plc (Tullow) which has operations in both countries, through Joint Ventures, has noted that significant progress has been made over the first six months of the year in Kenya on both the Early Oil Production Scheme (EOPS) and the Foundation Stage of “Project Oil Kenya.”

“In May 2019, EOPS production was increased from 600 bopd (barrels of oil per day) to …

Kenya has made a major step in the commercialisation of its oil ahead of planned exports which will see the East African nation become a major net oil exporter in the region.

In the latest developments, the government and its Joint Venture Partners: Tullow Kenya, Total and Africa Oil Corp, have signed Heads of Terms for the development of the oil fields in the northern part of the country (South Lokichar Basin-Turkana), where exploration and production has been ongoing on small scale.

These Heads of Terms capture all of the key commercial principles related to the implementation of ‘Project Oil Kenya’ and provides both the framework and commercial certainty required to draft the fully termed upstream and midstream agreements, ahead of a Final Investment Decision(FDI).

This is a major and important milestone towards reaching a FDI.

Oil blocks and pipeline

Under the deal, all parties have agreed that the Amosing, …

Global risk and information solutions provider—TransUnion has urged the use of credit scores for better loan product pricing.

With a keen focus on Kenya where the capping of interest has led to a credit crunch to private sector and households, TransUnion Kenya is urging lenders to focus on individual credit scores to make smarter decisions and empower consumers to take control of their financial health.

“With new risk-based pricing systems for loans on the horizon in Kenya, it’s becoming increasingly important for both consumers and financial institutions to understand how credit scores can help enable the right conversations,” the firm says in its latest market review on the East African country.

According to the firm, there is need for a new pricing system for interest rates (ether risk-based or not) to become increasingly clear.

“Many banks currently take a blanket approach to pricing,” says TransUnion Kenya CEO Billy Owino, “This …

Bolt, the leading ride-hailing platform in Europe and Africa, has expanded its operations to three major urban centers in Kenya, setting the stage for a continued push to expand its market footprint within the country.

This comes as competition heats up for taxi hailing apps in Kenya, where both local and international companies are pushing to secure a substantial market.

Bolt’s launch in Kisumu, Kakamega and Thika will see the number of Kenyan towns and cities served by the platform rise from the current two, to five, making it the largest ride-hailing service provider in terms of geographical reach.

READ ALSO:Bolt targets corporates with new business strategy

According to Bolt Country Manager (Kenya) Ola Akinnusi, Bolt’s mission is to make urban transportation more convenient and affordable for more people, thus broadening the company’s reach, providing a platform for job creation through its social contribution.

“After Nairobi and Mombasa cities, …

The East African region has recorded a marked increase in the number of PE funds looking to invest in the region from 72 in 2016 to 97 in 2018, according to a new report released by KPMG and the East Africa Private Equity and Venture Capital Association (EAVCA).

In 2017 and 2018, 84 PE-backed deals were reported at an estimated value of US$1.4 billion.

According to EAVCA Executive Director Eva Warigia, the region recorded a 12 per cent increase in the amount of funds sourced from the domestic market largely driven by participation by pension funds.

“Local participation by pension funds is one way to mitigate against the risk attached to investing in Africa,” Warigia said during the release of the report.

“Participation of pension funds in private equity investments is improving access to capital for small businesses whilst enabling the funds to tap into new sectors for their portfolio …

International cosmetic company, Labo, has launched two of its cosmetic products; Crescina and Fillerina on the Kenyan market through Medipoint Pharmaceuticals.

Fillerina is an anti-skin ageing product that was produced following a study by Labo on skin ageing and skin biological process that saw it being granted 9 specific formulation patents.

In 2012, the product was introduced as a real breakthrough in skin filling technology.

“Fillerina has two major functions; to correct wrinkles; these are expression lines and deep furrows that form on the skin, and to improve the microrelief; these are the aging lines and fine lines; as well as give new volumes to cheekbones, lips etcetera,” Said Mr. Godfrey Wambaa, the Managing Director of Medipoint Pharmaceuticals. As skin ages, the amount of hyaluronic acid gradually declines, causing imperfections such as ageing wrinkles, expression lines and loss of volume; that is, deflation and skin depressions, especially as regards to …