Browsing: Savings

• Service industry activities accounted for 61.1 percent of Kenya’s GDP in 2022.
• A digital tipping platform pioneered by Shukran SACCO seeks to harness service tips to grow savings among members in the service industry.
• Kenya’s restaurant service industry provides jobs to over 80,000 people.

Digital tipping platform Shukran has devised a way to instantly turn tips into savings, a move aimed at boosting the savings culture among workers in Kenya’s vast service industry. The new platform will see restaurant workers directly receive and save their tips to earn dividends as well as seek loans. 

Service industry’s significance in Kenya’s GDP

According to data by the Kenya National Bureau of Statistics (KNBS), service activities contributed about 61.1 percent of Kenya’s gross domestic product (GDP) in 2022.

The digital tipping platform, through the newly formed Shukran SACCO, is looking to capitalise on the industry’s might and significance to grow savings …

Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related …

Cashlet has been developed by Sycamore Capital Ltd, and it works in partnership with regulated fund managers in Kenya, to allow users to invest in unit trust products in simple, fully digital, and modern way.

The initial partner fund managers include ICEA Lion Asset Management, Old Mutual, and Genghis Capital.

The app seeks to pioneer saving and investing flexibility, life goals creation and tracking, market interest rates, financial visibility, and expert support.…