Author: Martin Mwita

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed. The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals. Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

Coverage of retirement schemes in Kenya remains below 50%

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed.

The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals.

Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

According to Zamara Group CEO Sundeep Raichura, even those who are saving under retirement schemes have insufficient coverage to provide an adequate income when they retire.

The study which covered 65,000 retirement scheme members, spread across more than 200 retirement funds in the …

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Kenya will be keen to secure a Ksh370 billion (US$3.67 billion) loan from China for the Standard Gauge Railway (SGR) as the World meets for the second Belt and Road Forum for International Cooperation (BRF) in Beijing this week. President Uhuru Kenyatta and former Prime Minister Raila Odinga are expected to lead a delegation from Kenya to the Beijing meeting. If secured, It will push up Kenya’s debt obligation to China to above US$9.8 billion (Ksh991.2 billion), after loans from Beijing closed 2018 at US$6.2 billion (Sh627.1 billion).

Loans from China hit a high of US$6.2 billion last year

The Chinese government has dismissed claims that it’s continued heavy lending to Kenya in the financing of mega infrastructure projects is a ‘ debt trap’, even as loans from Beijing hit a high of ShUS$6.2 billion(Sh625.9 billion) in December last year.

This is up from US$5.3 billion (Sh535 billion) a year earlier with a lion share going towards the construction of the multi-billion Standard Gauge Railway (SGR).

“We are not putting Kenya into a debt trap. China-Africa corporation cannot put Africa into a trap but booming economic growth,” China’s Charge’ D’affaires (Nairobi) LI Xuhang said during a meeting in Nairobi on the update on the SGR and China-Kenya relations.

“Kenya can decide on who they want to partner with. Kenyan people are wise enough to choose their trade and corporation partners. They can decide who benefits them more,” Xuhang …

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Sub-Saharan Africa’s economic outlook remains bleak amid an elusive growth recovery, World Bank now says.

Three years past the crisis period, economies are still performing poorly

The growth story in Sub-Saharan Africa in the past few years has been one of faltering recovery from the worst economic crisis of the past two decades.

This remains the case according to the World Bank’s April 2019, 19th edition of Africa’s Pulse, which estimates GDP growth in 2018 at a lower-than-expected 2.3 per cent, with a forecast to 2.8 per cent in 2019.

“Three years past the crisis period, we should be seeing a more widespread pickup in growth; instead we have downgraded our estimates again for 2018,” said Gerard Kambou, World Bank Senior Economist for Africa, “Leaders in Sub-Saharan Africa have the opportunity to build stronger domestic policies to withstand global volatility – and now is the time to act.”

The report notes that the three largest African economies—Nigeria, Angola and South Africa—play a big role …

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A proliferation of mobile applications on popular online stores is exposing Kenyans to increased cyber attacks and fraud, a latest sector statistics report by the Communications Authority of Kenya (CA) has revealed. This comes in the wake of a fast growing mobile subscription in the country which grew 6.2 per cent in the second quarter of 2018(October-December). The report by the industry regulator covering 2018 shows a dramatic spike in malware attacks, targeting mobile devices and which has seen unsuspecting Kenyans defrauded in online platforms.

Mobile subscription in the country grew 6.2 per cent in the second quarter of 2018

A proliferation of mobile applications on popular online stores is exposing Kenyans to increased cyber attacks and fraud, a latest sector statistics report by the Communications Authority of Kenya (CA) has revealed.

This comes in the wake of a fast growing mobile subscription in the country which grew 6.2 per cent in the second quarter of 2018(October-December).

According to CA’s sector statistics report for the financial year 2018-2019, mobile subscriptions in Q2 grew to 49.5 million up from 46.6 million in the first quarter(July-September).

Data subscription during the period increased to 45.7 million from 42.2 million in the previous quarter, meaning Kenyans are increasingly getting connected to the internet.

This has created a field day for fraudsters who are taking advantage of innocent members of the public with little knowledge on cyber attacks.

The report …

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