Kenyaleo.co.ke

Author: Kenyaleo Editorial Team

  • ILAM Fahari IREIT Receives Regulatory Nod to Delist from The Main Market Segment

     

    (L-R) ILAM Fahari I-REIT CEO Raphael Mwito, Dyer and Blair Investment Bank Director Cynthia Mbaru, and ILAM CEO Einstein Kihanda during the announcement of the ILAM Fahari I-REIT conversion and redemption offer.

     ILAM Fahari Real Estate Investment Trust (NSE: FAHR)  has received the regulatory approval to delist from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE), effective Monday, February 12, 2024. The last day of trading will be Friday, February 9, 2024.

     

    This follows the resolution by unitholders of IFIR to restructure and delist and the subsequent approval for delisting by the Capital Markets Authority (CMA). On November 24th 2023, the unitholders, during a special Extraordinary General Meeting (EGM), approved all the resolutions recommended by the Management and approved by the Board of Trustees.

     

    ILAM Chief Executive Officer, Mr. Einstein Kihanda, said IFIR is in the process of applying to have its securities admitted for trading over the counter on the Unquoted Securities Platform (USP) of the NSE.

    “We welcome the approval by the Capital Markets Authority. This decision aligns with our commitment to enhancing value for our unitholders, ensuring a more agile and efficient operation and pursuing a more focused investment strategy that aligns with the evolving needs of our unitholders,” Mr Kihanda said.

    The delisting from the MIMS of the NSE and the subsequent trading over the counter on the Unquoted Securities Platform (USP) of the NSE will provide greater flexibility in managing the REIT’s portfolio and will not affect the unitholders’ ability to trade their units, with Non-Professional investors bundled into a Nominee Account. The REIT will consider relisting on the NSE after 3 years upon successful implementation of the strategy.

    “Trading over the counter on the Unquoted Securities Platform will allow us to serve the long-term interests of our unitholders better and provide the unitholders with a high-quality investment experience whilst the REIT remains regulated by the Capital Markets Authority. We are thrilled to embark on this restructuring journey to fuel our growth and deliver exceptional returns to our unitholders,” ILAM Fahari I-REIT Chief Executive Officer Raphael Mwito said

    ILAM will be seeking high-quality assets in prime locations with strong tenants and aims to double its portfolio value from Kshs 3.5billion to Kshs 7 billion within the next three years.

    The restructuring is expected to create several benefits for unitholders, including increased flexibility to pursue a broader range of investment opportunities, including direct real estate acquisitions and developments, improved ability to align the REIT’s investment strategy with the long-term needs of its unitholders, and reduced costs and administrative burdens associated with being a listed REIT.Fahari Real Estate Investment Trust (NSE: FAHR)  has received the regulatory approval to delist from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE), effective Monday, February 12, 2024. The last day of trading will be Friday, February 9, 2024.

     

    This follows the resolution by unitholders of IFIR to restructure and delist and the subsequent approval for delisting by the Capital Markets Authority (CMA). On November 24th 2023, the unitholders, during a special Extraordinary General Meeting (EGM), approved all the resolutions recommended by the Management and approved by the Board of Trustees.

     

    ILAM Chief Executive Officer, Mr. Einstein Kihanda, said IFIR is in the process of applying to have its securities admitted for trading over the counter on the Unquoted Securities Platform (USP) of the NSE.

    “We welcome the approval by the Capital Markets Authority. This decision aligns with our commitment to enhancing value for our unitholders, ensuring a more agile and efficient operation and pursuing a more focused investment strategy that aligns with the evolving needs of our unitholders,” Mr Kihanda said.

    The delisting from the MIMS of the NSE and the subsequent trading over the counter on the Unquoted Securities Platform (USP) of the NSE will provide greater flexibility in managing the REIT’s portfolio and will not affect the unitholders’ ability to trade their units, with Non-Professional investors bundled into a Nominee Account. The REIT will consider relisting on the NSE after 3 years upon successful implementation of the strategy.

    “Trading over the counter on the Unquoted Securities Platform will allow us to serve the long-term interests of our unitholders better and provide the unitholders with a high-quality investment experience whilst the REIT remains regulated by the Capital Markets Authority. We are thrilled to embark on this restructuring journey to fuel our growth and deliver exceptional returns to our unitholders,” ILAM Fahari I-REIT Chief Executive Officer Raphael Mwito said

    ILAM will be seeking high-quality assets in prime locations with strong tenants and aims to double its portfolio value from Kshs 3.5billion to Kshs 7 billion within the next three years.

    The restructuring is expected to create several benefits for unitholders, including increased flexibility to pursue a broader range of investment opportunities, including direct real estate acquisitions and developments, improved ability to align the REIT’s investment strategy with the long-term needs of its unitholders, and reduced costs and administrative burdens associated with being a listed REIT.

  • NCCK Calls for Urgent Government Intervention on High Cost of Living

     

     

     

    The Programmes Committee of the National Council of Churches of Kenya (NCCK) has
    held a meeting at Jumuia Conference and Country Home, Limuru, to reflect on the
    state of the nation.

    The Programmes Committee was joined by the Chairpersons of the NCCK County Coordinating Committees and the Regional Committees.

    The meeting took note of the findings of a survey conducted across the country which
    indicated that 71% rated the performance of the government at below average, and 74 percent indicated that the country is headed in the wrong direction.

    “This is a very worrying state of affairs, and there is an urgent need for remedial action.
    Having considered the guidance of God given in Proverbs 27: 5 – Better an open rebuke than hidden love – we humbly request to share the following message with you.
    Kenyans Are Suffering, Please Listen to Their Cries, The people of Kenya, whom you committed to serve and protect, are in great pain. The Constitution of Kenya provides in Article 129 (2) that “Executive authority shall be exercised in a manner compatible with the principle of service to the people of Kenya, for their well-being and benefit”. Said Reverent Canon Chris Kinyanjui General Secretary NCCK.

    NCCK urged the President to Uphold the Constitution of Kenya and Rule of Law
    and commended him for public commitments to uphold the Constitution of
    Kenya in all your work and to lead the government in adhering to the Constitution and Laws of Kenya. NCCK were particularly alarmed at the expanding osmotic relationship between the three arms of government. In the Constitution of Kenya, the Executive, the Legislature and Judiciary were created separately to provide checks and balances to ensure justice. However, the Executive is progressively and visibly tearing down these boundaries resulting in loss of confidence in the institutions of governance.

    NCCK also, pleads to an end the public attacks on the Judiciary.
    Where there is suspicion of corruption against any judge, let the proper procedure be followed to have them investigated and necessary action taken.In the same breath, we urge that the Legislature be let free to hold the Executive accountable as is provided for in the Constituttion.

    NCCK also urged the Government to Cut down the Cost of Living observing that,
    the biggest concern of the people of Kenya is the high cost of living. The soaring cost of
    commodities coupled with dwindling expendable income, has pushed more Kenyans below the poverty line. The collapse of businesses, both big and small, has exponentially raised unemployment levels in the country. The situation is unsustainable regardless of any macro-level economic measures being put in place.
    Indeed the cry of the people of Kenya is akin to that of the people of Israel that is recorded in Nehemiah 5: 3 – 4 Others were saying, ‘We are mortgaging our fields, our vineyards and our homes to get grain during the famine’. Still others were saying, ‘We have had to borrow money to pay the king’s tax on our fields and vineyards’.
    To remedy the situation, they strongly recommend that the Government to provide reprieve for the people by lowering taxes and freezing the increment of statutory deductions for health and retirement insurances. Instead, we urge for measures to promote growth of exportoriented businesses. This will earn the nation the much-needed foreign exchange and also increase tax income without unnecessarily aggravating the people.

    Reverent Canon Chris Kinyanjui General webt on to Call for donations from all kenyans to donate Kenyan shillings 1:50 cents to support the disabled children to access education. To donate, One will send word elimu to 29888 through safaricom line. The amount is then deducted from the airtime on a daily basis.
    He further observed that the funds will be accounted for by NCCK and will help support 350,000 children who are not able to access education. It is an urgent programme and funds should be available in the next 3 months.

     

  • PSG address on State of the Nation, Governance and Economy

     

     

     

     

     

     

     

     

    Public Service Governance (PSG) President Esther Waringa has called on unity within the arms of National Government inorder to deliver effective services to Kenyans.

    She observed that the high cost of living continues to make life difficult for majority of kenyans and the need to evaluate the cost of energy which is the major contributing factor. Agriculture also needs to be improved to tackle the issue of high cost of food and shortage in the country.

    Public Service Governance (PSG), PSG is
    an organization that facilitates efficiency and effective public service delivery through strengthening and capacity development of public service institutions.

    “We have done so much in this country to bring sense in governance and public service and will do more. No country can realise its revenue base by taxing more its own people. A wise, able and concerned government will reduce taxation on its own people and maximize on alternative ways of raising revenue. There are so many taxes that Kenyans are expected to pay to Government that may cause an economic collapse of the Nation by Kenyans feeling overburdened and therefore not able to fulfil this tax obligation. We are here to advice the government that there are a multiple of alternatives to raise Government development fund other
    than taxing the already burdened Kenyans. This is because one of the greatest reasons why governments are in power is to give an enabling and conducive environment for its people to live in their country. We need a Wanjiku centered economy, the government need now a wanjiku centered economic advisory.
    We must now as a country implement economic stimulus projects that will drive the 7 key Kenya’s economic drivers into productivity and the proceeds from this funds could finance the Government development agenda. “Said Ambassador Esther Waringa President PSG.

    The Housing Levy and SHIF must not be sourced from Kenyans going through tough times.
    Key economic drivers have not been given adequate planning, resources and focus by
    government and stakeholders for them to be able to inject a considerable income to the country’s GDP.

    ENERGY (Chief Economic Driver)
    A great percentage of the economy revolves around energy. From business, to household to public and private sector. The cost of energy determines any business profitability or failure. Energy and Transportation play a critical role in manufacturing and consumption. The high cost of
    manufacturing and transportation has threatened sustainability of the manufacturing industry hence investors seeking investment opportunities in our neighbouring countries. thousands have lost their jobs even as we are seeking job opportunities through housing projects, many are losing jobs because of high cost of doing business. The rising costs do not attract foreign direct investments by multinationals because it’s no longer profitable. Equally, the cost of manufacturing and transportation is shouldered by the consumer, Kenyans now buying these good at a very exorbitant price. Kenyans bearing the whole burden of production and
    manufacturing. A litre of fuel is subjected to nine levies giving the Government 79.32. Value added Tax being the highest at Ksh. 29.19 per litre followed by Road maintenance levy.

    AGRICULTURE (Important Economic Driver)
    Agriculture remains a great potential industry towards job creation and enhancing our GDP. The agricultural sector contributing 33% of the Kenya’s gross domestic product from 15-17% of land coverage in Kenya. This % of land coverage must be enhanced to 30% in order to have an impact in production that will boost our GDP. With the high rate of poverty we must increase the land under agricultural production, more seedlings must be given to farmers, more fertilizer and more land utilities to enhance production in the next planting period.
    Every devolved unit of the 47 counties must employ progressive interventions to earn revenue through agribusiness. Agribusiness and agri–industrialization is the most effective dossier to deurbanization. What is the position of County Aggregation Industrial Centres were launched recently to grow manufacturing and enhance agro industries? When I see everyday the streets in Nairobi full and the capitals population growing I tell myself that devolution has not yet given us results since we promulgated the 2010 constitution that birthed devolution.

     

  • Faith Communities Unite Against Fossil Fuels, As it Launches Africa Office in Urgent Climate Call

    Faith Communities Unite Against Fossil Fuels, As it Launches Africa Office in Urgent Climate Call

    Faith communities urged to strongly condemn fossil fuels extraction as Green Faith launched the Africa office The religious communities and people of all spiritual backgrounds across the world gathered in Nairobi to advocate for climate change.

    As climate change continues to worsen globally, the world has been facing grave climate and environmental crises for a couple of decades. The Green Faith movement is structured to support and increase the moral power for climate justice among grassroots religious and spiritual people.

    Africa has been called upon to speak in the strongest terms possible against fossil fuels and extractive industries because of the evident human rights violations, family displacements, cultural interference, and impacts on the environment associated with the said industries.

    Speaking during the launch of the GreenFaith-Africa office in Nairobi, Meryne Warah, the GreenFaith Global Director for Advocacy, drew the attention of the multi-faith gathering at the All African Council of Churches (AACC) premises in Nairobi to the destruction the fossil fuel industry had caused people in Africa.

    “We have enough renewable natural capital that can be harnessed to provide energy in Africa while at the same time living harmoniously with biodiversity,” said Ms. Warah, adding that the faith communities were best placed to speak truth to powers that make decisions allowing foreign companies to destroy Africa’s beauty, environment, and biodiversity through the oil and extractive industry.

    The meeting was attended by representatives of indigenous communities, women, and youth from several parts of Africa, including Ghana, Nigeria, the Congo, Tanzania, Uganda, and the DRC. There were also faith leaders from the Muslim, Hindu, Christian, and other communities.

    Several teams presented videos showing the effects of fossil fuels in their communities. Tanzania and Uganda shared videos of the East African Crude Oil Pipeline (EACOP) affected persons, many complaining about poor compensation for land taken and disrespect for their kin’s graves during displacement, among other ills.

    Nigeria had evidence of oil spills and gas flaring in Port Harcourt, in the Niger Delta, which has polluted rivers and the soil, killing the farming and fishing communities’ sources of livelihood and increasing cases of respiratory and other diseases.

    Reacting to the videos, Rev. Dr. Gibson Lesmore, the Director of Programs at the AACC, said: “We, as human beings, have a moral duty to preserve the embodiment of God in humanity, and that is by protecting our habitats.”

    He rebuked efforts to sustain fossil fuel proliferation by playing with language, especially at the global climate talks.

    “They are now talking about phase-down when we need phase-out. Oil exploration in Africa is aided by insiders. We know the insiders, but we are not telling them the truth. Let us be united to speak truth to power around issues of climate change because these are matters of life and death. Silence is violence,” he said.

    He called for more attention to the solutions different African and indigenous communities offered. “Listen to African indigenous knowledge and nature-based solutions, even in the face of development and technological advancement,” he said, adding that the global North’s efforts to dangle the carbon market when they had refused to honor the $100 billion climate fund pledge were pretentious.

    “Faith communities are our only hope. We must not politicize issues of climate change. Capitalism places its efforts on profits against human well-being. Matters of climate change are matters of life and death. No hypocrisy. No deceit. No lie,” he said.

    Green Faith Executive Director Rev. Fletcher Harper said: “Africa is on the frontline of the climate crisis. Global North corporations want to exploit the continent’s resources and addict Africa to fossil fuels. This is patently immoral. Our GreenFaith Africa team is campaigning for clean, safe, affordable, reliable energy for every African. We’re calling for millions of green jobs to lift people from poverty. We demand an immediate stop to new fossil fuel projects and loss and damage funds for those who have suffered permanent losses from climate change. Our faiths require nothing less.”

    The Hindu council of Kenya’s Sujarta Kotamraju urged participants to strengthen the link between spirituality and ecology. “Our differences in faiths must not enable destruction of mother earth, especially through fossil fuels extraction,” she said, adding that faith has a role to play in driving climate justice.

    Elija Toirai, a representative of the indigenous community, said: “We must flow with nature in everything we do. The values we teach our children should encourage conservation. Indigenous people know climate change destroys their spaces. Certain cultural and ceremonial activities do not happen anymore, or their frequencies have reduced because climate change has messed up some of the sacred places where they used to happen”.

    He said indigenous people bring historical and indigenous knowledge that helps deal with climate change, and calling for more inclusion is a solution finding. He thanked GreenFaith for strategically working with faith and indigenous communities as equal partners.

    Ms Warah added: “When talking about Loss and Damage, it also means losing your identity. The indigenous communities have lost their identities. This is not something you can ever get back, even with the Loss and Damage fund”.

    Sabina Chege, the Kenya Women of Faith Secretary, said women were disproportionately affected by climate change, and needed to be more economically empowered to offer solutions. “Women must be involved more in the fight for climate justice.”

    Ezekiel Chibeze, the Executive Director of Strategic Youth Network for Development Executive Coordinator from Ghana, said youth have a role to play in climate education. “We are pushing advocacy and showing that young people have a solution to bring to the table. We are championing green ideas and jobs by turning organic waste into fuel for the stoves and also having young farmers in agroecology to deal with food security and enable the agriculture sector to employ more people. We have to do our job now.

    In the next 30 years, we will have a new crop of young people. We must nurture them now.”
    Salim Bayani, a Muslim faith leader, said: “We were born with the responsibility of taking care of the environment. Nothing that is on this earth has come through the Bible or the Quran, or other holy books”.

    GreenFaith-Africa is now in 12 African countries. It brings together Christians, Muslims, those with traditional African beliefs, Hindus, and others for climate justice. It works with grassroots people of faith to stop new fossil fuel projects, and to call for universal access to clean energy and green jobs that can lift communities to a better future. Currently, GreenFaith is campaigning to stop the EACOP and has sustained momentum against any new oil and gas expansion or project.

  • SasaPay Revolutionizes Digital Payments with Cutting-edge Auto-Settlement Feature

    SasaPay, a trailblazing digital payments service provider, has introduced an innovative tool designed to empower users on its platform. The groundbreaking Auto-Settlement feature is poised to redefine transaction efficiency by allowing merchants and users to seamlessly transfer funds to their bank accounts based on personalized schedules hourly, daily, weekly, or monthly.

    This state-of-the-art feature significantly diminishes the need for manual intervention in transaction handling, providing merchants with enhanced convenience and greater control over their financial operations. Daniel Njoroge, SasaPay’s Chief Operating Officer, highlighted the impact of this advancement.

    “The reduced manual intervention streamlines processes, delivering an overall smoother and more user-friendly experience.”

    Users can schedule fund transfers to their bank accounts at their convenience, with the flexibility to choose specific days and set preferred times. The user-friendly design of the tool simplifies money management for businesses, minimizing errors and delays while ensuring a consistent and reliable financial flow.

    According to Njoroge, “SasaPay stands out in the market for auto-settlement and deposit scheduling due to its unmatched flexibility and user-centric features.”

    This tool is particularly beneficial for businesses such as matatu Saccos or PSV owners, petrol stations, and small and medium enterprises (SMEs) that prefer to transfer money to banks after a certain period.

    “SasaPay’s auto-settlement feature embodies automation in fund transfers, reducing manual efforts and enhancing the overall user experience.

    This innovation not only streamlines financial processes for merchants and users but also underscores SasaPay’s dedication to staying at the forefront of technological advancements in the fintech industry,” said Mr. Njoroge.

  • Over 80 graduate with Masters and PhDs in third graduation in Mogadishu

    Over 80 graduate with Masters and PhDs in third graduation in Mogadishu

    Eighty-three graduands were conferred with various certificates during the third graduation ceremony of the University for Peace (UPEACE) held in Mogadishu, Somalia, on Wednesday.

    10 PhDs and 73 Masters graduates walked across the stage draped in colorful academic gowns, whispering tales of resilience and dreams woven into threads of knowledge.

    Pride-filled family members applauded in joy as they witnessed the graduates receive their hard-earned laurels.

    “They are the architects of a brighter future,” said Farah Dalal, a parent who supported his son through the proceeds of his carpentry.

    “While hundreds of his peers risked the dangerous journey to Europe and other Western countries, I always encouraged my son to arm himself with knowledge. He heeded, and just as I imagined, his future appears better than mine,” he recounted gleefully.

    Speaking at the event, the United Nations (UN) Special Representative for Somalia, Catriona Laing, spoke of the graduates as “beacons of hope in a nation (Somalia) yearning for peace and stability.

    But beneath the celebratory veneer lies a story of grit and determination. Established in 2018, UPEACE Somalia is a beacon of academic excellence in a land scarred by conflict. The university rose from the ashes of war; its very existence is a testament to the unyielding human spirit’s thirst for peace and knowledge. Its early years were marked by makeshift classrooms and the constant hum of insecurity.

    Yet, the faculty and students persevered, fueled by a shared dream of a Somalia where dialogue replaces bullets and reconciliation triumphs over division.

    Dr. Mohamed Yusuf, UPEACE Somalia Country Director, captured the essence of this journey in his address: “To our cherished students, the bright minds of today, and the leaders of tomorrow, this day is yours. Your families, friends, and the dedicated faculty and administration of UPEACE share in your victory,” he noted.

    Ewusi Regional Director, UPEACE Africa, stated that “the road ahead for Somalia may still be long and arduous, but the UPEACE graduates, armed with knowledge and a burning desire for a better future, represent a flicker of hope that refuses to be extinguished.”

    He added, “Their history of the institution and the stories of the graduates, etched in the vibrant tapestry of this graduation ceremony, serve as a powerful reminder that even in the darkest of times, the human spirit’s capacity for resilience and the pursuit of peace can paint a future as bright as the Somali sun.”

    In 2018, when UPEACE began offering its program in Mogadishu, President Hassan Sheikh was one of the first students to enroll in the university’s doctoral program.

    The University for Peace (UPEACE) was established globally through UN General Assembly resolution 35/55 of December 5, 1980, to lessen the obstacles to peace enshrined by the United Nations Charter. Since its establishment, the university has been focusing on thematic areas such as conflict prevention, human security, human rights, environmental security, and post-conflict rehabilitation.

    In late 2018, UPEACE expanded its operations to Somalia with the sole aim of building a fully-fledged campus in Mogadishu to aid Somalia’s post-conflict recovery.

    In December 2022, during its second graduation, President Hassan Sheikh Mohamud graduated with a PhD, becoming one of the few African leaders to achieve such a feat. Others are Kenya’s William Ruto, Alassane Ouattara of Ivory Coast, Moeketsi Majoro of Lesotho, and King Mohammed VI of Morocco.

    The Somali Leader thesis focused on peace, governance, and development. He said his dissertation, which he defended in August, was titled ‘Examining the Challenges of Clan Politics in State-Building: A Case Study of Somalia.

  • Unilever’s Great Millet Quest: Transforming Kenya’s Agricultural Landscape Through Innovation

    During the Great Millet Quest Interviews with the press

     

     

     

     

     

     

     

    In a pioneering effort to transform Kenya’s agricultural sector, Unilever in partnership with Farm To Market Alliance (FTMA), and the University of Nairobi has announced the launch of “The Great Millet Quest.”

    This competition aims to inspire the most inventive university students to develop sustainable and innovative products based on millet, contributing to a robust and nourishing future.

    “The Great Millet Quest” initiative is a transformative initiative designed to unlock the untapped potential of millet in shaping the future of agriculture. The competition specifically targets students from the University of Nairobi – College of Agriculture and Veterinary Services (CAVS), encouraging them to become millet ambassadors and drive awareness about the significance of millet as a vital future crop globally.

    “The potential of millet in reshaping our agricultural future is immense. ‘The Great Millet Quest’ is not just a competition; it is a call to action for students to become ambassadors for a sustainable and nutritious future. Unilever through our nutritional brand Knorr is proud to spearhead this initiative and looks forward to the transformative ideas that will emerge.” – Luck Ochieng’, CEO of Unilever
    The initiative’s objective is to establish Millet Ambassadors who will advocate for sustainable agriculture and promote innovative concepts fostering a sustainable demand for millet, thus contributing to diversifying food sources.

    While presiding over the launch, Dr. Paul Ronoh, Principal Secretary, State Department for Agriculture, “said despite millet being able to mature short growing season under hot and dry weather conditions, production in Kenya sill below standard. This initiative is timely and will promote diversification and a shift from the traditional maize that is affected majorly by unpredictable rain.”
    “Making millet a suitable alternative cereal will improve food security and income for agripreneurs in the coastal, northern and eastern areas on the country.” Added Dr. Ronoh.

    Winners of “The Great Millet Quest” will get an opportunity to work with the Unilever Future Leader’s Programme. There will also be a grand prize of Ksh. 500,000 as an incentive to bolster their dedication to the cause, with the top prize awarded to the most innovative millet idea.
    “As we launch ‘The Great Millet Quest,’ we are laying the groundwork for a sustainable and nutritious future. The competition will not only inspire innovation but also empower farmers to supply millet to Unilever, aligning with our sustainability agenda and promoting regenerative agriculture.” – Dexter Adeola, Nutrition Lead, Unilever Africa.

    The launch which takes place at the University of Nairobi, Upper Kabete Campus, brings together industry experts, government officials, students, and other stakeholders to explore the untapped potential of millet in shaping the future of agriculture in the continent.
    George Njoroge, Country Director, Farm to Market Alliance (FtMA) said: “Both the Farm to Market Alliance and Unilever are committed to helping to tackle the unacceptably high levels of hunger and malnutrition on the continent by creating a more sustainable African food system.” We as FTMA are committed to supporting and educating farmers to adopt Regenerative Agricultural practices towards a more sustainable food planet.
    “The Great Millet Quest” will run from January to March 2024, making it a transformative journey towards a more sustainable and resilient agricultural future.

  • Mcsk Reveals A New Era Of Transparency as It Distributes Its First Quarter 2024 Royalties

    Mcsk Reveals A New Era Of Transparency as It Distributes Its First Quarter 2024 Royalties

    Management Organization (CMO) the Music Copyright Society of Kenya (MCSK) has said that it has entered a new era of openness and transparency with the first of five royalty distributions to its members.

    According to MCSK, which will distribute Kshs 20 million for the period 1st January 2023 – 31st December 2023 in this quarter, long gone are the days of whining and crying among its membership due to low distributions despite heavy airplay by the media, the transport and hospitality industry.

     

    “In 2024, we are looking forward to greater support from the government, better engagement with members and a new chapter of openness and transparency,” says the CEO Music Copyright Society of Kenya Dr Ezekiel Mutua.

     

    This society has further asked for greater collaboration with the Ministry of Interior to enable safer and better collections by its officers to users of its members’ music.

    According to MCSK CMOs can collect over Kshs two billion annually leading to better distribution to its members. Further, the society expects better collections in the coming months after the gazettement of new tariffs and the introduction of the black tape levy also referred to as the Remuneration for Private Copying which came into force in September 2023 and which a legal suit has since commenced.

     

     

     

     

    MCSK currently estimates that only about 15 percent of users are compliant.

     

    “If the Minister for Interior gives us police for enforcement we have billions to be collected out there with the media holding a substantial amount. Now add that to the hospitality and matatu industry and we can promise our members fat checks in the coming months,” says MCSK Chairman Lazarus Muli.

  • House Committee conducts Public Participation on Affordable Housing in Wajir County

    House Committee conducts Public Participation on Affordable Housing in Wajir County

    Wajir County residents have raised concerns over the high cost of affordable housing units. Their recommendation is to have the housing units, especially in hardship areas, lowered for the locals to afford.
    Additionally, they have recommended that the house designs be based on the climatic conditions of the region. The recommendations adopted will see areas with harsh weather conditions and extreme heat, such as Garissa and Wajir, among others, have special designs that fit local preferences.
    Wajir County Governor H.E. Ahmed Abdullahi asked residents of Wajir to embrace the affordable housing project to address the housing shortage in the county.
    While supporting the bill, the residents pleaded with the government to prioritize them, especially in the construction of markets for the local small traders. The harsh climatic conditions in the area were termed a problematic issue for traders, who have to endure extreme heat under the scorching sun as they conduct their businesses.
    Dr. Adan Sheikh Ibrahim, who spoke on behalf of the Supreme Council of Kenyan Muslims, said that the council is in support of the housing project, as this will ensure the homeless and the less fortunate in society get a chance to own a decent home.
    Upgrading the infrastructure within the area was also pointed out as a concern by the residents. They called for the roads to be tarmacked and for others to be upgraded to allow access to these houses, as the town is occasionally hit by floods during the rainy season.
    The Committee also heard that the area is not connected to the national power grid. Residents insisted that such crucial services be availed of before commencing the housing projects.
    In their part, construction workers welcomed the projects, saying it was the only way to engage many youths who are jobless across the country. They noted that such projects would open up job opportunities for millions of unemployed Kenyans and allow them to earn some income.
    People with disabilities present during the meeting raised their concerns about the design of the proposed housing projects, asking the designers to factor in their seamless access.
    Wrapping up the session, Hon. Ng’eno thanked members of the public for attending the planned public participation forums, noting that their input would be useful in enriching the legislative proposal.
    “It is worth noting that this Committee appreciates your commitment to attend the public hearings to present your views on the bill,” he told the residents.
    The Committee later conducted a site visit to the recently launched affordable housing project within Wajir town. Construction at the site is still at the foundation level.

  • The Role of Fintech in Advancing Education for All in Kenya

    As the world marks the International Day of Education this week, Kenya stands proudly among nations globally, committed to ensuring universal access to education for every child.

    This success can be attributed to the provision of free primary education and various financial options that empower parents to educate their children up to the highest levels of academic achievement.

    Recent statistics from the United States Agency for International Development (USAID) indicate that the percentage of adolescents out of secondary school in Kenya is less than one percent, in stark contrast to the continental average of 33 percent in Africa.

    This noteworthy achievement stands out against the prevailing trend in Africa. The United Nations Educational, Scientific, and Cultural Organization (UNESCO), in its report, expressed concerns about the increasing number of children aged between 12 and 17 who are out of school on the continent.

    This rise is attributed to heightened conflict and political instability in various parts of Africa, with a UNESCO report indicating a surge of 20 million out-of-school children, reaching 98 million in 2022 compared to 2019. Globally, the estimated number of out-of-school children has reached 244 million, with India, Nigeria, and Pakistan leading the statistics.

    In Kenya, government statistics indicate a consistent increase in enrollment numbers across all levels, from pre-primary to university, facilitated by a range of financial options that allow parents or guardians to keep their children in school.

    Beyond relying solely on salaries or incomes, parents are increasingly turning to affordable and easily accessible digital credits, alleviating the burden of paying school fees.

    A report dubbed ‘Finaccess Micro and Small Enterprises Tracker Survey’ by the Central Bank of Kenya (CBK) in collaboration with the Kenya National Bureau of Statistics (KNBS) and the Financial Sector Deepening Trust (FSD Kenya) highlights that digital credit providers have not only fueled the growth of micro and small enterprises (MSEs) in the country but have also facilitated access to education for hundreds of thousands of Kenyans.

    For example, as Aspira, a Buy Now, Pay Later (BNPL) firm, our data indicates that Kenyans have accessed a total of Sh23 million from our Soma Loan facility. This has contributed to the educational needs of students in 126 schools and higher education institutions nationwide in the past year.

    This underscores the significant contribution of fintech in enhancing education access in the country and providing relief to parents by circumventing the stringent loan conditions associated with mainstream financial institutions.

    According to the CBK report, 23 percent of small business owners borrowed from digital credit firms for education, with the majority being women. This indicates that fintech firms are instrumental in enabling women to advance their education.

    The report also reveals that 62.3 percent of individuals use the available options offered by fintech firms to save for education, further emphasizing their role in promoting financial inclusivity.

    Moreover, fintech firms are reducing the closure rate of MSEs in the country, ensuring that parents and guardians have sustained income for the education of their children.

    A report released by CBK seven years ago indicated that 46 percent of MSEs closed within a year due to a lack of working capital, but the latest report shows a reduction to less than 28 percent.

    The survey indicates that approximately 4 percent of business owners close their businesses to pursue further education.

    As we celebrate the International Day of Education under the theme “Learning for Lasting Peace,” it is crucial to ensure the safety of learners in schools against discrimination, gender violence, tribalism, and hate.

    This resonates with the broader vision of education as a catalyst for peace and societal harmony.

    Kenya’s strides in education, coupled with the transformative impact of fintech, offer a compelling narrative of progress and inclusivity.

    As the nation continues on this trajectory, it serves as an inspiration for others to emulate, demonstrating the profound impact that a commitment to education and innovative financial solutions can have on the well-being and future prosperity of a nation.