Author: Wanjiku Njugunah

Manufacturers from Kenya and Tanzania are set to hold three day talks starting today to deliberate on trade promotion and market access between the two countries. 

According to Kenya Association of Manufacturers who will be co-hosting the event, Food and Beverage, Edible Oils, Chemicals, Automotive, Leather and Footwear sectors are some of the manufacturing sectors that shall participate in the trade mission.

The event is also being hosted by Confederation of Tanzania Industries (CTI).

Leading the Kenyan delegation, KAM Chairman Mucai Kunyiha noted that addressing pertinent issues between Kenya and Tanzania will not only enhance trade between the two nations but also drive the competitiveness of products and services from both countries

He added that the two countries have the capability and capacity to add value to the wide array of resources that both countries have for export markets.

He however said that achieving this is hindered every time the …

The firm has undertaken assignments in 50 of the 54 African countries and employs more than 500 people in its network of over 20 local offices.

This latest partnership comes at a time when the firm’s latest London sales and lettings reports show that June was a record-breaking month for sales transactions, lettings, viewings and new prospective tenants registering.…

5G mobile subscriptions will exceed 580 million by the end of 2021, driven by an estimated one million new 5G mobile subscriptions every day.

This is according to the latest Ericsson Mobility Report which confirms the expectation that 5G will become the fastest adopted mobile generation.

The report indicates that 5G is expected to surpass a billion subscriptions two years ahead of the 4G LTE timeline for the same milestone.

It features breakout statistics from Sub-Saharan African markets where around 15 percent of mobile subscriptions were for 4G at the end of 2020.

“4G will remain the dominant mobile access technology by subscription over the forecast period,” the report says.

During 1Q21, 4G subscriptions increased by approximately 100 million, exceeding 4.6 billion, equaling 58 percent of all mobile subscriptions.

It is projected to peak during the year at 4.8 billion subscriptions before declining to around 3.9 billion subscriptions by the …

An extensive long haul and metro fibre network will be built in the Democratic Republic of Congo (DRC) to improve internet access for more than 30 million people.

Pan-African Technology Company Liquid Technologies and Facebook have partnered for the project that will also help meet growing demand for regional connectivity across Central Africa.

Facebook will invest in the fibre build and support network planning while Liquid Technologies will own, build and operate the fibre network, and provide wholesale services to mobile network operators and internet service providers.

The network will help create a digital corridor from the Atlantic Ocean through the Congo Rainforest, the second largest rainforest after the Amazon, to East Africa, and onto the Indian Ocean.

Liquid Technologies has been working on the digital corridor for more than two years, which now reaches Central DRC. This corridor will connect DRC to its neighbouring countries including Angola, Congo Brazzaville, …

EAC Partner States have begun the 2021/2022 financial year with a focus on economic recovery through industrialization and inclusive growth.

This comes at a time when the coronavirus pandemic has had adverse effects on economies across the region and worldwide.

Data by Deloitte indicates that the outbreak led to disruption in the various sectors, most notably the financial industry and the tourism and hospitality sectors.

Additional data by UNECA adds that the effect of the pandemic on growth in Eastern Africa has been heterogeneous. The organization added that the impact has been more severe for countries dependent on tourism.

Kenya’s Principal Secretary for EAC, Dr. Kevit Desai, said that the region was putting in place strategies to ensure economic recovery in all Partner States from the destructive effects of the COVID-19 pandemic.

“As a region, we have witnessed the devastation created within the economies of the Partner States, including the …

Brokerage Kenyan firm EFG Hermes Kenya has launched its online equity-trading platform, EFG Hermes One. 

According to the company, the platform will see the Firm offer retail investors seamless and convenient stock trading on the Nairobi Securities Exchange (NSE). 

The online trading platform was launched during an event co-hosted by EFG Hermes Kenya and the NSE in the presence of Muathi Kilonzo, Head of Equities at EFG Hermes Kenya and Geoffrey Odundo, the NSE Chief Executive Officer.

EFG Hermes Frontier Chief Executive Officer Ali Khalpey said with capital market trends demonstrating ever-increasing interest from retail investors across the world, the company aims to increase access and awareness to capital markets to foster better equity trading across sub-Saharan Africa. 

“Our expansion into the retail space is part of our commitment to growing our services in the African continent,” he said. 

“We hope to replicate the success we have …

Stopping an increasing trend of COVID-19 cases in Africa will require additional funding. 

This was announced by the International Federation of Red Cross and Red Crescent Societies (IFRC), amid a worrying surge of cases in Uganda, Rwanda, DRC, Namibia, Zambia, Mozambique, and South Africa.

National Red Cross teams in these seven countries are stepping up surveillance, testing, healthcare and hygiene activities. 

They have also scaled up their COVID-19 awareness campaigns in public places such as markets and border points.

However, efforts like these ones, aimed at containing the spread of the virus, have been strained by insufficient funding. With a third wave looming large, there are increasing concerns that the impact will be more devastating, especially if the shortage of funds persists.

Mohammed Mukhier, IFRC’s Regional Director for Africa said that since the outset of this pandemic, not enough attention has been paid to the evolution of this virus on …

Kenyan-based Jubilee Insurance Holdings (JHL) will pay a final dividend of Sh8 per share for the 2020 financial year. 

In a statement, JHL says its shareholders confirmed the amount during the virtual 2021 Annual General Meeting held in Nairobi. 

This therefore brings to Sh9.00 the total dividend per share and payment of Sh652.3 million or US$6.03 million as total dividend for the year. 

The final dividend will be paid on July 26th, 2021 to shareholders registered as of May 26th, 2021.

JHL earned a profit before tax of Sh5.08 billion for the financial period ended 31st December 2020, an increase of Sh70 million compared to 2019. 

This is despite operating in a challenging environment characterized by the effects of COVID-19 and related lockdowns. 

The Group’s total assets increased by 12.1 percent to Sh145.86 billion from Sh130.08 billion and total shareholders’ equity and reserves increased 15.8 percent from Sh28.25 billion …

Stanbic Kenya Foundation (SKF) has announced a partnership agreement with the United States African Development Foundation (USADF) to provide grants to Micro, Small, and Medium Enterprises (MSMEs), cooperatives, and producer groups in Kenya. 

In a statement, USADF and SKF say they  will provide a combined total of US$10 million in funding towards this initiative targeting 100 percent Kenyan-owned MSMEs in Kenya. 

The Fund is also expected to provide MSMEs, cooperatives and producer groups with an opportunity to gain access to affordable finance, markets and expose them to the use of digital technologies.

Applicants must be Kenyan-owned, -led, and -registered MSMEs, cooperatives and producer groups operating in Kenya in the manufacturing, agriculture and agribusiness, health, trade, or services sectors.

Head of the Stanbic Kenya Foundation, Pauline Mbayah noted that, “The Foundation’s Financial inclusion; Job creation and Enterprise development pillars aim to catalzye the Micro, Small, and Medium entrepreneurs, cooperatives and producer …

Kenya Revenue Authority has reached a new record of revenue collection to hit Sh1.669 Trillion in the 2020/21 financial year, compared to Sh1.607 Trillion collected in FY 2019/20. 

In a statement, the Authority’s Director-General Githii Mburu says that this is in spite of the challenging operating economic environment brought about by the COVID-19 Pandemic. 

“Kenya Revenue Authority (KRA) has defied all odds to surpass its revenue target after eight (8) years, since FY 2013/14,” the Authority said. 

The FY 2020/2021 revenue target as reflected in the 2021 Budget Policy Statement was Sh1.652 Trillion which KRA says it surpassed with a surplus of Sh16.808 Billion. 

This represents a performance rate of 101 percent and revenue growth of 3.9 percent compared to the last Financial Year. 

KRA says the performance is consistent with the prevailing economic indicators, especially the projected GDP growth of 0.6 percent in 2020.

During the period under review, …