Browsing: Kenya

The service guarantees security and in-call stability, Telkom says

Telkom has introduced a new cloud-based fixed voice service dubbed “Omniconnect”, allowing SMEs and corporates to outsource for robust and secure cutting-edge technology.

Telkom Hosted PBX service will deliver a world-class end-to-end software and hardware system, powered by global technology company Avaya.

Besides making and receiving calls, the service will also offer other features such as conference calls and the ability to integrate with email and the mobile phone.

The subscription-based service will eliminate the need for businesses to make heavy initial capital investment to acquire and maintain the fixed telephone system; nor will they have to host the same on their premises.

Businesses can also flexibly upgrade or scale down the service, in line with changing needs and technology trends.

Telkom Enterprise MD Kris Senanu, said: “This solution will free corporates and SMEs to focus on their core businesses, without …

2018 profits dropped to US$6.1 million from US$18.8 million in 2017

Cement manufacturers-Bamburi Cement has expressed concerns over the Uganda-Rwanda border row, warning it could derail its earnings.

This comes amid a drop in net profit for the year 2018, reported at Ksh614 million (US$6.1 million) down from Ksh1.9 billion (US$18.8 million) in 2017.

“The difficulties experienced in the Uganda-Rwanda border have significantly impacted exports to Rwanda from Uganda and the Group hopes this matter is resolved expeditiously,” the company said in its financial statement signed by Chairman John Simba and Group Managing Director Seddiq Hassani.

The Nairobi Securities Exchange (NSE) listed firm has however reported a 3.7 per cent jump in turnover, from Ksh36 billion (US$3.6 billion) in 2017 to Ksh37.2 billion (US$3.7 billion) in 2018 as cement volumes grew by nine per cent.

“The Group achieved this growth despite a market decline of five per cent in Kenya, …

Bottlenecks to the completing of the planned Trans African Highway include difficult terrain and climate conditions, inadequate funding for Road maintenance and upgrades as well as insecurity due to civil conflicts that have damaged roads that now require reconstruction.

There is a new-found political will and High-level commitments by the Democratic Republic of Congo (DRC) and Uganda to develop and upgrade the Northern Corridor Road Sections  of their country of the Trans-African Highway (TAH) Network No 8 from Lagos, Nigeria to Mombasa that is expected to open the whole of Africa to interstate trade.

Uganda and DR Congo are already working to fix the gaps of the northern corridor in Mbarara-Bushenyi-Kikorongo-Mpondwe-Kasindi-Beni-Komanda-Kisangani  which measures 940Km.

Bottlenecks to the completing of the planned TAH include difficult terrain and climate conditions, inadequate funding for Road maintenance and upgrades as well as insecurity due to civil conflicts that have damaged roads that now require …

Diaspora transaction volumes rose to Ksh107 billion in 2018

Equity Bank’s Fintech innovation and digitization has powered rapid growth of Diaspora banking boosting the total revenue income by 38 per cent.

Diaspora transaction volumes grew by 196 per cent to Ksh107 billion (US$1.06 billion) while the commissions recorded a 169 per cent rise from Ksh279 million (US$2.76 million) in 2017 to Ksh751 million (US$7.43 million) after the same period last year.

The results came in the backdrop of a unique business model and strategy that creates resilience while managing headwinds of interest rate capping and challenging macroeconomic and business environment.

Speaking during the release of the 2018 full year results, Equity Group CEO & MD Dr. James Mwangi noted that, remittances have taken a significant market share moving from Ksh36 billion(US$356.1 million) to Ksh107 billion(US$1.06 billion) and hopefully this year surpassing Ksh200 billion (US$1.98 billion) in diaspora remittances processing simply …

Private capital remains an important driver of investment activity in much of Africa

Office yields remained largely stable in most African markets over the past two years, anchored by patient domestic capital as local investors assume a longer-term perspective, a new analysis by Knight Frank shows.

The analysis, published in a new Knight Frank report dubbed Africa Horizons, shows that of the 35 office markets covered, yield remained stable in 16 locations in the two years to 2018 and rose in six, while 13 markets recorded declines.

Africa Horizons provides a unique guide to real estate investment opportunities on the continent, examining developments in agriculture, hospitality, healthcare, occupier services (office), capital markets, residential and logistics property sectors.

“By taking a longer-term perspective, and in some cases a lower return profile, local investors have remained more active than headline figures suggest. This explains how yields in most major markets have remained …

Coverage of retirement schemes in Kenya remains below 50%

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed.

The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals.

Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

According to Zamara Group CEO Sundeep Raichura, even those who are saving under retirement schemes have insufficient coverage to provide an adequate income when they retire.

The study which covered 65,000 retirement scheme members, spread across more than 200 retirement funds in the …

Jiji – the largest classifieds marketplace in Nigeria – has reached an agreement to redirect OLX users in Nigeria to Jiji and to acquire OLX businesses in four other countries, building a leading pan-African classifieds business

OLX, online classfied portal has been a major player in the African market for almost a decade even from its original name Dealfish.  However, things have not been going well for the online platform as new entrants including Jumia has pushed it to the blink.

And now Nigerians have come to the rescue in the name of Jiji.

Jiji and OLX have announced that both companies have reached an agreement under which Jiji will acquire OLX businesses in Ghana, Kenya, Tanzania, and Uganda, pending certain regulatory approvals, and OLX users in Nigeria will be redirected to Jiji. The transaction is backed by one of Jiji’s cornerstone investors, Digital Spring Ventures.

Joining Jiji’s family will …

Loans from China hit a high of US$6.2 billion last year

The Chinese government has dismissed claims that it’s continued heavy lending to Kenya in the financing of mega infrastructure projects is a ‘ debt trap’, even as loans from Beijing hit a high of ShUS$6.2 billion(Sh625.9 billion) in December last year.

This is up from US$5.3 billion (Sh535 billion) a year earlier with a lion share going towards the construction of the multi-billion Standard Gauge Railway (SGR).

“We are not putting Kenya into a debt trap. China-Africa corporation cannot put Africa into a trap but booming economic growth,” China’s Charge’ D’affaires (Nairobi) LI Xuhang said during a meeting in Nairobi on the update on the SGR and China-Kenya relations.

“Kenya can decide on who they want to partner with. Kenyan people are wise enough to choose their trade and corporation partners. They can decide who benefits them more,” Xuhang …

Mobile subscription in the country grew 6.2 per cent in the second quarter of 2018

A proliferation of mobile applications on popular online stores is exposing Kenyans to increased cyber attacks and fraud, a latest sector statistics report by the Communications Authority of Kenya (CA) has revealed.

This comes in the wake of a fast growing mobile subscription in the country which grew 6.2 per cent in the second quarter of 2018(October-December).

According to CA’s sector statistics report for the financial year 2018-2019, mobile subscriptions in Q2 grew to 49.5 million up from 46.6 million in the first quarter(July-September).

Data subscription during the period increased to 45.7 million from 42.2 million in the previous quarter, meaning Kenyans are increasingly getting connected to the internet.

This has created a field day for fraudsters who are taking advantage of innocent members of the public with little knowledge on cyber attacks.

The report …