Browsing: Kenya

If there is anything that has put Kenya on the global map, then it is her teas. While the country has been forced to compete with Ethiopia and Uganda for crown coffee, South Africa and Tanzania for game safaris and Rwanda and Nigeria for ICT start-ups, it has easily overcome competition for its black tea.

During the year 2019, a total of 497 million kilograms of tea were exported, 23 million kilograms higher than the 474 million kilograms exported in 2018.  During the period, the tea sector contributed Ksh117 billion exports and Ksh22 billion in local sales towards the country’s GDP. Kenyan tea competes with tourism, diaspora remittance and horticulture as the highest foreign exchange earner.

The sector also supports the livelihood of over five million Kenyans with approximately 70% of tea production in the country undertaken by small scale tea farmers.

However, the black gold has been on a …

In the wake of Covid-19, the co-operative sector which is a key driver in Kenya’s economy has not been spared in experiencing the devastating shock waves caused by the pandemic that continues to ravage the world at an alarming rate. Savings and credit co-operatives (saccos) make up about 45% of Kenya’s Gross Domestic Product (GDP), with an asset base of over Ksh1 trillion, mobilized savings and deposits in excess of Ksh732 billion and a loan portfolio of Ksh700 billion. In addition, the sector employs more than 500,000 people whilst necessitating self-employment especially through lending.

The Ministry of Co-operative Development estimates that 80% of Kenya’s population derives its income either directly or indirectly through co-operative activities. In a recent report by the World Council of Credit Unions (WOCCU) Kenya has the largest co-operative movement in Africa and is ranked in 7^th position globally, making it very pertinent in the economic …

Once upon a time in Kenya, tea and coffee were the big players, the rulers of the country’s agribusiness the top foreign exchange earners.

However with time passing the crops contribution to annual earnings kept falling, because the farmers were simply not getting paid in time. The peasants’ payment was little and delayed.

As a result, production and quality of the coffee and tea out remained poor and could not earn the country its potential income from the sector.

Now the government has set aside USD15 million to revitalize the sector. The funding is from the World Bank which is meant to compliment another USD30 million that Kenya set aside back in January.

What is to be learnt here is not just the will to revitalize the coffee and tea sectors but also the willingness to admit what the problem was in the first place, slow and low payment of …

When restrictions of movements were announced by different countries due to the Coronavirus pandemic, many people with perennial need of non-COVID-19 medication felt disenfranchised. Also, the fear of receiving non-certified medicine and other medical supplies has increased over this period.

In Kenya, the ministry of health has sent a warning to Kenyans to be wary of fake medical materials including recycled masks and non-effective sanitizers which they feel are putting the citizens under great risk.  Estimates from World Health Organisation (WHO) show that about 274 deaths occur every day in Africa as a result of fake medication.

To continue offering quality medicine in this period, the only registered e-pharmacy in Kenya, MYDAWA has been aiding in the delivery of quality medicine in times of restricted movement.  As the world battles with the Coronavirus (COVID-19) pandemic, one company is applying the use of technology to get essential medication and health supplies …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …

Kenyan based Digital banking platform Kwara has announced the launch of its Kwara Pronto digital banking platform which is planned to help SACCOs at risk of disruption from the Coronavirus pandemic (COVID-19) to quickly go digital, remain in operation and continue serving members.

The platform will be offered free for 3 months and will be available for the first 50 SACCOs who qualify.

Due to government-enforced restrictions on movement and social distancing measures during COVID-19, SACCOs are unable to operate at full capacity. As a result, members face challenges applying for loans, transacting and accessing their funds.

Kwara is offering access to an essential version of its core digital banking platform, which will enable SACCOs who qualify to quickly onboard and bring their operations online, at no cost, for the next 3 months. This is an effort to enable SACCOs and their members to keep transacting while observing social distancing.…

The economic impact of fake and substandard oil on the global economy is valued in the billions of dollars. The business is tempting, it has cheap overhead and high profits and so the black market for fake goods is growing .

The counterfeits black market affects all types of good, from food products to toys, to cosmetics to jet fuels, you name it, it has a counterfeit.

In Kenya, millions of litres of crude oil has been barred from entering the country via an oil tanker on April Fools. News of the cargo ship, No. K07/2020 has just been released to local media saying was the oil tanker, MT Ocean Tiara belongs to a subsidiary company of a Nigerian oil giant and was seized after it berthed at Mombasa port waiting to moor and dump the fuel.

The tanker and its cargo have several discrepancies and the long arm of …

Sub-Saharan Africa governments funding needs may rise by almost $75 billion due to the novel coronavirus (COVID-19) downplaying their economies, according to information from Goldman Sachs Group.

This particular insight comes into the play as last month, African finance ministers called for a $100 billion stimulus package, including suspension of debt to help the youngest continent combat the coronavirus pandemic, which has already registered a $29 billion dent to the economy so far and still counting.

According to the global investment bank, economists in London, Dylan Smith and Andrew Matheny, the pandemic could have a serious toll on the continent’s fragile fiscal pillars.

“Possibly the most severe impact of the crisis will be on already stretched fiscal balances. Budget deficits would likely rise from an average of around 3.5 per cent to high single digits, even before any loosening to soften the economic effects of the corona-crisis,” said Smith and …

Central Bank of Kenya has cracked the whip against the Absa Bank in Kenya for failure to conduct proper tracing of the source of money in a flagged transaction in March 2020. Consequently,  the regulator has slapped the bank with a week- from Thursday, April 9 to Wednesday, April 15, 2020- suspension from trading in forex.

In a statement, CBK notes that this failure contravenes anti-money laundering regulations which stipulates adherence to the proper tracing of funds passing through the bank.

A statement by CBK reads, “In investigating these and other earlier transactions it is evident that Absa Kenya did not have a satisfactory assurance of the underlying commercial transactions supporting these trades, as is required, nor did the bank ensure the standard checks on anti-money laundering and combating the financing of terrorism (AML/CFT) and know-your-customer (KYC) requirements were applied.”

Kenya has been keen to contain the flow of illicit …

As the initial cases of Coronavirus were bubbling under in China, a special event was happening in a Nairobi hotel. Safaricom, the biggest telco is the East African region was signing a deal that would allow South Korean telco Korean Telcom (KT) to introduce an epidemiological tracing technology in Kenya.

The two entities joined together with the Ministry of Health to launch disease surveillance and awareness project that will enhance the country’s epidemic preparedness and control.  Safiri Smart is part of Korea Telecom’s Global Epidemic Prevention Project and is aimed at helping the Ministry of Health prevent the transmission of infectious diseases such as Ebola from entering Kenya.

“This solution will see Safaricom subscribers who opt into the service receive important information about any epidemics that have broken out at their travel destination including prevention, measures, and symptoms. Such partnerships that help keep our communities safe are crucial in our …