Browsing: Kenya

Sawa Minerals works with small-scale miners who make a huge contribution to the global minerals trade by utilising blockchain-backed smart contracts 

Sawa Minerals works with small-scale miners who make a huge contribution to the global minerals trade by utilising blockchain-backed smart contracts

Sawa Minerals, a tech-driven company has launched a platform that will transform the lives of many African miners.

The blockchain backed smart contracts platform has been designed in such a way that it is easy to buy ethically mined minerals from artisans and small scale miners (ASM) across Africa and the developing world in a transparent manner.

The name ‘Sawa’ is Swahili for “fine”, “all good” or “no worries”. One of the co-founders Mr Kali Angwa said they settled on the name because it captures the purpose of the platform.

Sawa Minerals is a platform where stakeholders are not worried about fraud; where buyers are assured of ethically mined, genuine minerals; where miners are assured of decent pay. The platform will be guided by the principles of fair treatment …

Initial solar plant by Rendeavour is expected to produce enough power for 8,500 people per year- The Exchange

Initial solar plant by Rendeavour is expected to produce enough power for 8,500 people per year

Rendeavour, a real estate developer based in Nairobi Kenya has installed its first solar power plant in Kenya, as part of a 30 MW strategy for Tatu City, the company’s new city development in Nairobi.

The installation is in line with Rendeavour’s long-term commitment to environmental conservation through harnessing renewable energy sources. The solar power plant – installed on the roof of Dormans Coffee’s global headquarters at Tatu Industrial Park – provides 1 MW of electricity. Installation of the entire plant, including 15 kilometers of cables, took only six days.

Tatu City’s strategy is to install solar panels on all rooftops at the industrial park, the largest in East Africa, said Nick Langford, Kenya Country Head for Rendeavour, Tatu City’s owner and developer.

Read also: Tatu City partners with Karibu

average age of an East African citizen - The Exchange

The indicator in question in this column is figure 17.6.

17.6 of what?

According to published government statistics, the median weighted average age of an East African citizen is 17.6 years old. Among the 157 million East Africans alive today there are equal numbers of people over 17.6 years old as there are people under 17.6 years old.

So how do 17.6 years as a median age compare to other locales around the world?

If the EAC were a country it would be the 13th youngest country in the world with Uganda, Burundi, and Tanzania bringing down the weighted average against the relatively older Kenya. To add perspective, the median age of both the #1 and #2 economies of the USA and China are more than twice as old at 37.8 years and 36.8 years respectively than an East African. Even more dramatic, ageing Japan has 46.5 years as median …

EU-EAC EPA - The Exchange

A visiting renowned German scholar has cautioned Tanzania not to  sign an Economic Partnership Agreement (EPA) trade pact with the European Union (EU), saying the deal is rhymed against the country`s aspiration of becoming an industrial economy.

Addressing reporters in the capital, Dar es Salaam on 15th April, 2019, Helmut Asche who is Professor of Economics, Politics and African studies at the University of Leipzig said as a country set to build industries and export produce, Tanzania should not sign deals that flood its market with imports.

The EPA is an anticipated trade deal between the East African Community (EAC) and the EU which gives EAC products total access to the EU market, with 82.6 per cent of imports from the EU allowed on the EAC market.

Professor Asche warned African countries against signing EPA because the arrangement does not favour their economies. He further said that Tanzania in …

NIC Ventures, a subsidiary of NIC Group, in partnership with Masterpiece Fusion have launched an online platform dubbed “BeeDee” for trading of securities, in the wake of a strong demand in trade finance.The platform offers a more convenient, quick and efficient self-service process for both customers and non – customers seeking to quickly request for and receive bid bonds.

The portal allows users to quickly request for and receive an instant tender security

NIC Ventures, a subsidiary of NIC Group, in partnership with Masterpiece Fusion have launched an online platform dubbed “BeeDee” for trading of securities, in the wake of a strong demand in trade finance.

The platform offers a more convenient, quick and efficient self-service process for both customers and non – customers seeking to quickly request for and receive bid bonds.

BeeDee portal, is available on mobile devices and web through a mobile phone application and web portal respectively, allowing high availability and mobility since its accessible anywhere and anytime.

James Muigai, NIC Ventures Limited General Manager notes the new online service would offer companies and business entities convenient and fast access to bid bonds for various tenders they bid for since the online process takes few minutes, hence absorbing the delays experienced during the manual bidding …

Members of Parliament from eastern African countries are on 15th April, 2019 expected to launch the Eastern Africa Parliamentary Alliance for Food Security and Nutrition (EAPA FSN) – a sub-regional platform aimed at promoting the right to food in eastern Africa through improved legislation.

According to a statement issued on 14th April, 2019 by the Food and Agriculture (FAO) of the United Nations, the launch is in line with the first annual meeting in Tanzania in 2019.

The platform came after realizing that malnutrition continues to be a major impediment to economic development, whereby it is estimated that 58 million children under the age of five years are too short for their age (stunted) in Africa.

`Childhood malnutrition is costing the African economy about 11 per cent of Gross Domestic Product (GDP) every year, whereas preventing malnutrition delivers $16 in returns on investment for every $1 spent in …

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 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 …

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 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.

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, …

Mbarara - Kisangani Road Network

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 …

Kenya’s Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence, validating its role in delivering simple, fast, convenient and affordable banking products and services to customers. The best banks in the world are honoured in Euromoney's annual Awards for Excellence, which is considered the most coveted and competitive in the global banking industry. Equity has been recognised for being a bank that shows true leadership in its digital offerings, both in corporate and retail banking, and uses technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.

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 …