Author: Wanjiku Njugunah

• Standard Chartered Kenya has partnered with business accelerator Somo to launch a program that would allow women to access loans ranging between KSh250,000 and KSh2 million at an interest rate of 5%
• Disadvantaged women in Kenya have a chance of accessing small-ticket loans to support their businesses
• The loans, which are designed to help the women restore and revitalise their businesses, will be payable over a period of up to 3 years

Disadvantaged women in Kenya have a chance of accessing small-ticket loans to support their businesses under a plan by Standard Chartered Kenya in partnership with business accelerator Somo.

Women in business will be able to access loans ranging from KSh250,000 to KSh2 million, at an interest rate of 5 percent. The loans, which are designed to help the women restore and revitalise their businesses, will be payable over a period of up to three years.

StanChart said the …

• Mastercard said plans are in motion to remove PVC plastics from payment cards on its network by 2028
• The global payment solutions company said the move would further reinforce their sustainability commitments 
• All newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, or PLA

Mastercard said it is planning to remove PVC plastics from payment cards on its network by 2028.

In a statement, the global payment solutions company said the move would further reinforce their sustainability commitments and scale the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet.

Mastercard turns to recycled, bio-sourced plastics 

From January 1, 2028, all newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, …

• Kenyan youth are frequently asked to consider farming as a way of making a living
• Some agree while others rubbish the trade saying it is difficult
• Challenges facing farmers in Kenya include the high cost of farming inputs, cartels along the production chain and lack of sufficient land for farming commercially

Kenyan youth have been urged time and time again to turn to farming to make a living, amid high levels of unemployment. They are also frequently asked to use farming as a means of increasing the amount of food produced in the economy to aid food security.

For instance, youths in Elgeyo Marakwet were recently urged to engage in crop farming for economic purposes. Crop farming would also reduce their over reliance on livestock farming, which has contributed to banditry in the region.

A finding by the Food and Agriculture Organisation (FAO) explains that agriculture contributes 33% to the …

• Kenya has invited German businessmen to invest in the country’s micro, small and medium-sized enterprises
• President William Ruto said the country stands to benefit from the world’s most experienced, organised and resourced German establishments
• Food processing, the digital economy, and intellectual property rights, among others, are some of the potential areas Germans want to invest in

Kenya has invited German businessmen to invest in the country’s micro, small and medium-sized enterprises.

Speaking on Monday, 27 March, 2023, Kenya’s President William Ruto said the country stands to benefit from the world’s most experienced, organised and resourced German establishments.

Dr Ruto noted that the sector is the backbone of the German economy, generating more than 60% of employment opportunities.

Bottom-Up Economic Transformation Agenda

He was speaking in Potsdamer Platz in Berlin when he met Dr Markus Jerger, the Chairman of Der Mittelstand-German Association of Small and Medium-Sized Businesses (BVMW).

According to Dr …

• Diageo UK has announced that it has successfully completed the partial tender offer to acquire an additional 15.0% stake in East African Breweries Plc (EABL)
• Prior to the tender offer, Diageo Kenya PLC held 395.6 million shares out of the total 790.8 million outstanding shares, equivalent to 50.0% of the entire shareholding
• Following the completion of the Tender Offer, Diageo Kenya now holds the largest stake in EABL at 65.0% with 514.0 million shares

Diageo UK, through its wholly owned indirect subsidiary Diageo Kenya, has announced that it has successfully completed the partial tender offer to acquire an additional 15.0% stake in East African Breweries Plc (EABL).

Prior to the tender offer, Diageo Kenya PLC held 395.6 million shares out of the total 790.8 million outstanding shares, equivalent to 50.0% of the entire shareholding.

The tender offer comprised two phases with Diageo Kenya receiving valid tenders from 1,697 shareholders amounting …

• Thousands if not millions, of Kenyans, earn a living through their smartphone
• Taxi drivers and cloth sellers are among the people who have created their own jobs through smartphone use
• A report by the Communications Authority of Kenya covering the first quarter of the 2021/2022 financial year revealed that one of every two Kenyans has a smartphone

Without a doubt, smartphones are helping thousands if not millions of Kenyans and around the world to make a living. In fact, a Statista report shows that the mobile ecosystem employed 26 million people globally in 2021, with a whopping 12 million being employed directly in the mobile industry.

Locally, data shows that half of the Kenyan population owns a smartphone. A report by the Communications Authority of Kenya covering the first quarter of the 2021/2022 financial year revealed that one of every two Kenyans has a smartphone. Broken down, the report …

• Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale
• The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform
• The deal is expected to enable Tigo Pesa customers to transact on global payments platforms

Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale. The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform.

According to the partners, the deal is expected to enable Tigo Pesa customers to transact on global payments platforms. They will also benefit from Mastercard’s technology which would enable new digital commerce opportunities for consumers and merchants, through simple and secure payment experiences.

The launch of the virtual card will ensure Tigo’s ability to provide its customers access to products and services previously a preserve of physical …

• CIC Insurance Group has reported a 64% rise in its net profit to hit KSh 1.1 billion in the year ended December 2022
• The regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management
• CIC Group’s gross written premium grew by 20% from KSh 19.7 Billion reported in 2021 to KSh 23.7 Billion in 2022. The net earned premiums grew from KSh 14.7 Billion to KSh 17.5 Billion

CIC Insurance Group has reported a net profit of KSh 1.1 billion in the year ended December 2022, marking a growth of 64% from the KSh 668 million reported in 2021.

On Wednesday, March 22, the regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management.

The company also pegged its improved performance to operational efficiency, digital transformation, …

• Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023
• FCB is classified as a Tier 3 bank in Kenya with 18 branches and a market share of 0.3% as of December 2022
• PBLS is the first bank in Somalia to establish a majority-owned banking subsidiary in Kenya
• CBK said that the acquisition will strengthen the trade and investment ties between Kenya and Somalia

The Central Bank of Kenya (CBK) has announced that Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023.

The acquisition comes after receiving regulatory approvals from the CBK and the Cabinet Secretary for the National Treasury.

According to CBK, FCB, which has been in operation since June 2008, is classified as a Tier 3 bank in Kenya with 18 …

• Bangkok-based hotel chain Dusit International has announced plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’
• The upper-middle class property will comprise a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms
• The opening of ‘Dusit Princes Hotel Residences’ comes after the closure of ‘DusitD2 Nairobi’ in 2021, a luxury hotel branch of Dusit International which was located at 14 Riverside Complex in Westlands

Dusit International says it plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’, along Mimosa Lane off Church Road.

The Bangkok-based Thai Hotel and property development company said the upper-middle-class property will consist of a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms.

Other facilities at the property will include an Italian-inspired restaurant dubbed ‘The Olive Restaurant’, a rooftop bar dubbed ‘The Aviary …