Author: Wanjiku Njugunah

• The East African economic growth is projected to recover this year despite COVID-19 setback thanks to sustained public spending on infrastructure and improved performance of the agricultural sector
• The bloc’s growth is likely to reach an average of 4.1 percent this year, up from 0.4 percent posted last year

The East African economic growth is projected to recover this year despite the COVID-19 setback thanks to sustained public spending on infrastructure and improved performance of the agricultural sector.

This is according to a new report by the African Development Bank’s (AfDB) which indicates that the bloc’s growth is likely to reach an average of 4.1 percent this year, up from 0.4 percent posted last year.

In its latest economic outlook report for the region, AfDB shows that next year average growth is projected to hit 4,9 percent.

Further, the report reveals that COVID-19 containment measures and global supply and demand …

• National Bank of Kenya has committed to United Nations Global Compact Principles on Responsible Business
• NBK will be required to submit an annual Communication on Progress (CoP) report, demonstrating to its stakeholder its progress in working towards the Ten Principles of the UN Global Compact

Kenya’s National Bank of Kenya (NBK) has signed up to the United Nations Global Compact, reinforcing its commitment to uphold and protect human rights, labour, environment, and anti-corruption principles through its business practices.

With its signing, NBK has committed to adopting ethical and responsible business practices in its day-to-day operations and organizational culture.

Speaking during the signing ceremony, NBK Managing Director Paul Russo noted that participating in the United Nations Global Compact will strengthen its commitment to the UN Sustainable Development Goals (SDGs) even as they continue to develop their sustainable social and environmental responsibility programs, aimed at creating shared value for communities in which …

• Africa’s death rates from COVID-19 infections are significantly higher in patients with diabetes
• The disease causes inflammation and poor blood circulation, both of which increase the risk of complications, including death, from COVID-19
• In addition to people with diabetes, the three most frequent underlying conditions included patients with HIV and hypertension

New data indicates that Africa’s sharp increase in diabetes is clashing with the COVID-19 pandemic and poor access to vaccines.

Africa’s death rates from COVID-19 infections are significantly higher in patients with diabetes, according to a preliminary analysis which the World Health Organization (WHO) presented today in advance of the World Diabetes Day on 14 November.

Dr Matshidiso Moeti, WHO Regional Director for Africa said the COVID-19 pandemic will eventually subside, but Africa is projected in the coming years to experience the highest increase in diabetes globally.

“We must act now to prevent new cases, vaccinate people who have …

• James Mwangi is among 100 global leaders selected by Ernst & Young’s Meaningful Business 100 (MB 100) 2021
• Mwangi was selected under the financial services category, for championing initiatives that address the 17 SDGs and specifically focusing on alleviating poverty and inequality
• The 2021 nominees included corporate CEOs, entrepreneurs, sustainability leaders and impact investors

Equity Group Managing Director and CEO, Dr. James Mwangi is among 100 global leaders selected by Ernst & Young’s Meaningful Business 100 (MB 100) 2021.

The third edition of the awards hailed leaders for their role in tackling the world’s most pressing issues and for fostering the achievement of the UN Global Goals.

Dr. James Mwangi was selected under the financial services category, for championing initiatives that address the 17 SDGs and specifically focusing on alleviating poverty and inequality at the bottom of the socio-economic pyramid.

This has been realized through his vision and through his …

• Bill & Melinda Gates Foundation, the Swedish International Development Cooperation Agency (SIDA), and UNICEF said the financing will help sustain national immunization programs
• These will include COVID-19 vaccination campaigns, and enable the timely procurement of essential health supplies while domestic financing is mobilized
• Access to diagnostics, treatments, vaccines and other essential health supplies is critical to ensuring that countries can protect their people against COVID-19 and other health threats

Three organizations have announced a $150 million financial guarantee to help UNICEF procure vaccines and other health-related supplies for low- and middle-income countries (LMICs).

The three, Bill & Melinda Gates Foundation, the Swedish International Development Cooperation Agency (SIDA), and UNICEF said the financing will help sustain national immunization programs.

These will include COVID-19 vaccination campaigns, and enable the timely procurement of essential health supplies while domestic financing is mobilized.

The financing will be effective through 2025.

According to the partners, many …

• Kenyan women living in the diaspora send more money home for household activities and needs than men
• They also tend to prioritize money for household needs has been attributed to the desire to meet the various needs of families back at home
• There remains a high appetite for investment opportunities in Africa from the diaspora with nearly 56 per cent who had never invested in Africa in the past being interested to start and receive more information about investing

A new study has revealed that Kenyan women living in the diaspora send more money home for household activities and needs than men.

The report, which was submitted to Pangea Trust by Samawati Capital Partners and Blue Inventure Limited and was conducted in the period of April-June 2021, reveals that on the other hand, men send funds home for investment purposes.

“We see the diaspora as a largely untapped resource in …

• KenGen has completed drilling the deepest geothermal well in Ethiopia reaching a depth of 3,000 meters
• This marks the second of eight geothermal wells KenGen has been contracted to drill for the state-owned electricity producer, Ethiopia Electric Power Company 
• In February 2019, KenGen won a contract to offer geothermal drilling services for EEP in the Aluto-Langano geothermal fields in Ethiopia

• Faulu sees growth in its bancassurance business following the automation of its insurance sales in 2020
• Sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year
• The financial institution added that it is targeting to reach one million customers within a year as it rolls out its technology strategy which has digitized its entire operations

Faulu Microfinance Bank has seen significant growth in its bancassurance business following the automation of its insurance sales last year.

The Bank says it shrugged off a tough operating environment due to the coronavirus pandemic, to record increased uptake of insurance products through its bancassurance unit.

Overall sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year, driven by strong demand across the …

I&M Group PLC has launched its rebranded operations in Uganda, following its acquisition of Orient Bank Ltd on 30^th April 2021.

The Ugandan bank will now operate as I&M Bank (Uganda) Limited and adopt the Group’s vibrant corporate logo and colours.

The Nairobi-based financial Group announced that the rebrand comes after I&M Group’s successful acquisition of a 90% shareholding in Uganda’s Orient Bank Ltd earlier this year.

This received regulatory approval from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya as well as the Common Market for Eastern and Southern Africa (COMESA), and is part of the Group’s broader strategy to grow its business by increasing its geographical footprint across the Eastern African region.

“The rebrand will not only unlock the bank’s potential, but also will enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole. Further, …

• Safaricom has recorded a 12.01% increase in profit after tax to hit KSh37.06 billion
• The growth in profitability was mainly driven by a 16.91% uptick in service revenue
• This was on the back of a recovery in Mpesa revenues coupled with a slower 14.7% growth in total operating costs

Safaricom has recorded a 12.01% increase in profit after tax to hit KSh37.06 billion in the first half of 2021/2022, from KSh 33.06 recorded in a similar period last year.

The accompany has attributed the growth in profitability to a 16.91% uptick in service revenue on the back of a recovery in Mpesa revenues coupled with a slower 14.7% growth in total operating costs.

The firm’s CEO said the pandemic dealt a major blow to the economy in 2020 but they are encouraged with the gradual recovery recorded across major sectors of the economy including the agriculture, manufacturing and tourism sector.…