Author: Rose Kwamboka

Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related …

Before you completely give up, know that creating a budget and sticking to it is a skill. And as skills go, it takes time and effort to master. 

Several personal finance coaches weigh in on some of the common pitfalls that people fall into which end up costing them big time and how to fix them to get you on the fast track to budgeting like a pro. …

When Covid-19 came flooding, small businesses were especially hard-hit with 31% stopping operations as a result of the crisis, according to Facebook’s State of Small Business report. But even in these unprecedented times, business must go on. Here are some strategies some businesses have successfully used to address the challenges you may also be facing. 

Leveraging on strategic relationships 

This has especially been seen in the food industry where restaurants and eateries are suffering from reduced foot traffic. Enter cloud kitchens. The lockdown period enabled restaurants, home cooks and chefs to offer food directly to customers via websites, apps, social media and mobile contacts. This new development has it that the global cloud kitchen market will grow to $236 trillion by 2026. For instance, Moh Wingz and Bwibo blew up during the lockdown period. 

Also Read: Promoting Intra-Africa Trade: Pathway To Unlocking Africa’s Economic Potential 

Digital …

According to Kenya’s Tourism Sector Performance Report 2019(KTSPR 2019), Uganda and Tanzania continue to be major tourist sources for Kenya after the USA. The country received 245,437 tourists from America last year, the highest from one country, while Uganda was second with 223,010 followed by Tanzania at 193,740.

Growth in aviation sector

The increase in arrivals from Uganda was driven by the introduction of Uganda Airline’s direct flight from Entebbe to Jomo Kenyatta International Airport (JKIA) in Nairobi and Moi International Airport (MIA) in Mombasa in 2019.Arrivals from Uganda are expected to increase further this year.

Rwandan visitors to Kenya recorded the highest increase by 24.6 per cent, from 34,758 visitors in 2018 to 43,321 in 2019. That is according to international tourist arrivals data from Kenya’s department of immigration and border management. South Sudan was a close second in increase in visitors at 20.9 per cent, from 20,383 arrivals …

If you are looking to get into business for the first time, or looking for a side hustle to augment your income or looking for a second or even third business to venture into, look no further.

We share some business ideas for 2020, with every business meeting the criteria of having the potential to make you a millionaire, being in demand and having potential to automate.

Gaming

In statistics released in January 2020 by statista.com, the most downloaded Apple App Store category in November 2019 was gaming at 22.37 per cent. Business apps, the second most downloaded category stood at 10.12 per cent of the 33 categories featured.

According to the website, Google play store app most downloaded category in the fourth quarter was gaming at 13.35 percent, followed by education at 8.95 per cent.

With these statistics in mind, gaming seems to be a good business to venture …