Author: David Bogonko Nyokang’i

Safaricom has been awarded for its climate action initiatives in the inaugural Environment Sustainability Awards by Kenya Private Sector Alliance (KEPSA) in collaboration with the United Nations Environment Program (ENEP).

Safaricom was recognised for its innovative approaches in integrating and implementing climate change interventions in its business strategies, and its investments in digital and green solutions that contribute positively to planetary, people and profits.

“We are grateful that our efforts towards environmental sustainability are being recognised. Environmental consideration is critical to the success of our business and as such we have a robust strategy that is responsive to green growth and climate change interventions. This ensures that as a company we are producing and consuming responsibly. We also work with a wide array of partners on various environmental stewardship initiatives,” said Peter Ndegwa, Chief Executive Officer, Safaricom.

Safaricom signed a deal with the Kenya Forest Services to plant five million trees by 2025 in a move that will create 2,000 direct jobs and 5,000 jobs indirectly. Other climate action initiatives included the recycling of 913 tonnes of e-waste as well as the successful recycling of 88.1% of the company’s solid waste in FY 2022. The telco also reduced carbon dioxide emissions by solarizing up to 1,400 of its network sites as it looks to become a net-zero emitting organisation by 2050.

Also recognized is the telco’s Sustainable Energy Programme (Biogas Project) which has so far seen 57 biogas units installed by farmers in the Eburu community conservation. This initiative has so far reached farmers in Naivasha and Nyandarua areas.

Additionally, dam rehabilitation and solarization in Nyalani, Kinango Sub County in Kwale County was also recognized.

The telco was awarded at a Kenya Private Sector Alliance (KEPSA) roundtable edging out 69 other companies. The event brought together Corporate Chief Executive Officers and Business leaders to share priorities on the upcoming Africa Climate Summit and recognise business climate action champions.

Kenya’s financial market is set for further disruption with the entry of a new player. Known as Lofty Corban Investments Limited, the firm has been licensed to offer fund management and investment advisory services to individual and corporate clients hungry for assets that will give them a sustainable return on their money.

The newly minted company says it has set its lens on the emerging SME sector, entrepreneurial Kenyans and youth across the country, many of whom belong to informal investment groups known as chamas, but have low knowledge of alternative asset classes.

Speaking during the company’s dedication service and launch event in Nairobi, Lofty Corban Investment’s Chairman George Wafula explained that the firm, established by a team that has a deep history in financial services, will focus on differentiating itself as an insight -driven advisor.

“We believe in the power of insights from across various sources and especially our customers themselves to design and build complete advisory solutions that meet their needs and aspirations,” said Wafula.

He said that the launch of the firm was timely due to the fact that Kenyans are increasingly searching for alternative investments that will grow their money safely and sustainably.

“We have learned that Kenyans are getting wary of putting their money in land all the time. As you are aware, there have been several cases of fraud in this area. Similarly, others have fallen into false get-rich-quick schemes where they have lost a lot of money. Indeed, we are at a point where while there are still challenges with growing the savings culture in the country, the practice has been growing marginally by between 9 and 13 per cent annually over the past decade,” explained Wafula, adding that an attractive home for investments that demonstrates social value for investors is key to driving savings rates in Kenya and ultimately building their desired wealth.

Echoing his sentiments, Capital Markets Authority CEO Wyckliffe Shamiah pointed out that the financial sector is one of the six priority sectors under the economic pillar of the Kenya Vision 2030 with this sector’s role being to create a vibrant and globally competitive financial sector that promotes high-levels of savings and financing for Kenya’s investment needs as the country moves towards occupying its pole position as the region’s premier financial services hub.

“In order to address the issue of low savings rates and aversion to the capital markets, the CMA is running a series of investor education programs including one-on- one business incubator and accelerator meetings, market intermediary-driven awareness sessions, one-stop-shop stakeholder activities, social media reach, diaspora on-boarding initiatives, edutainment programs, as well as using influencers,” said Shamiah.

He noted that the CMA’s mandate had been broadened to include driving the diversification and management of alternative investments classes including spot commodities for which the regulator is in the process of establishing a warehouse receipting system in partnership with agriculture sector players.

“We are also looking to bring on board minerals, metals and mining exchange(s) to further diversify the Kenyan economy,” he added, noting that the CMA was projecting Kenya’s million-dollar wealth band to expand by 80% to over 15,000 individuals over the next 10 years to create a larger pool of potential investors for the capital markets.

·       The facilities are expected to improve learning and Housing conditions for the Naibor Community in Laikipia County.

·       The completion of this project follows a successful rollout of Kes 10.3 million social impact activities by the two organizations rolled out last year, benefiting over 25,000 residents.

LG Electronics, in partnership with Habitat for Humanity Kenya (HFHK), has successfully handed over complete infrastructure facilities focused on learning and safety, as well as water, sanitation, and hygiene to support more than 260 individuals residing in Seger Ward, Nanyuki, located in Laikipia County.

The facilities, which include a classroom, toilet blocks, water tanks, and renovated houses were constructed in the last 8 months. They are expected to improve learning and Housing conditions for the Naibor Community in Laikipia County. The beneficiaries comprise 229 Shiloh Naibor Primary School pupils and 35 individuals from 7 families.

Speaking during the Handover Ceremony, LG Electronics EA Corporate Communications Manager Maureen Kemunto said, “Today marks a significant milestone as we hand over these essential infrastructure facilities to the Naibor Community. At LG Electronics, we believe in creating a positive impact in our communities, and this project aligns perfectly with our commitment to social responsibility. We are proud to be part of this transformative initiative that addresses critical needs and uplifts the lives of the residents in this community. Working together with you and our partners, we hope to foster a brighter future for the community through access to quality education and improved living conditions.”

Before the construction of the delivered facilities, the school which is situated in a predominantly rural setting, faced significant challenges regarding water supply and hygiene conditions. For instance, they relied on a single 10,000-liter water tank, necessitating students to carry water from their homes to meet their needs at school. In addition, the students and teachers used the then inadequate pit latrines which contributed to substandard hygiene conditions, resulting in overcrowding. Compounded by the unsuitable soil composition, the latrines were sinking, posing a potential hazard to the student community.

LG Electronics and Habitat for Humanity implemented cost-effective innovations to address these challenges to provide a sustainable solution. As part of this effort, they constructed a classroom and two toilet blocks, each equipped with four doors for separate use by boys and girls. This crucial development further sought to enhance school attendance, particularly among girls who previously faced difficulties attending school during their menstrual cycles due to a lack of proper and segregated sanitation facilities.

For the housing project, the two also constructed 1 home and renovated 6 more for vulnerable beneficiaries. The renovated homes were each accompanied by water harvesting systems, latrines, and solar-powered home lighting systems. Furthermore, the partnership installed two 10,000-liter tanks for rainwater harvesting, ensuring a reliable water source to benefit the school community. These initiatives demonstrate a commitment to improving educational access, promoting gender equality, and implementing eco-friendly practices.

In his address, Habitat for Humanity Kenya National Director Anthony Okoth said through these newly constructed facilities, the organization aims to empower the entire community for a better tomorrow.

“We are thrilled to witness the successful completion and handover of these essential infrastructure facilities to the Naibor Community. This partnership between LG Electronics and Habitat for Humanity Kenya represents our commitment to improving learning environments and housing conditions for those in need. We are grateful for the collective efforts and support that made this project a reality, and we look forward to seeing the positive impact it will have on the community.” Said Okoth

The completion of this project follows a successful rollout of Kes 10.3 million social impact activities by the two organizations rolled out last year that saw over 25,000 residents from the county benefit from product donations, construction of classrooms, and ablution blocks.

• At least 5,000 stakeholders from the private and public sectors are expected to attend, with key government officials poised to grace the high-level conversations.
• The Summit aims to provide mechanisms for organizations to leverage technology, excel in research and business competence, and effective collaboration in the marketplace.

Kenya is set to host the first-ever Business Ecosystems Summit (BES) in Kisumu City on Friday, September 1st, 2023.

This is in line with ongoing key government reforms aimed at stimulating business growth across the country, bolstering economic independence and prosperity.

Organized by the IMC People Ltd in partnership with the Lake Region Economic Bloc (LREB), the summit is aimed at unlocking the potential of collaborative networks and effectively navigating the dynamic shifts within various business landscapes.

Speaking about the upcoming summit, LREB Chairperson Governor Professor Anyang’ Nyong’o said Kisumu is ready and honored to host the summit.

“We are more than happy to host this dynamic gathering of visionary minds at the upcoming Inaugural Business Ecosystems summit. This summit is like no other, it serves as a catalyst for fostering innovation, driving economic growth, and creating harmonious collaborations. Together, we will explore groundbreaking strategies, embrace emerging technologies, and forge strategic partnerships to unlock the full potential of our business ecosystems. I invite all participants to join hands and embark on this transformative journey towards a prosperous future.” Said Governor Nyong’o.

The summit aims to provide mechanisms for organizations to leverage technology, excel in research and business competence, and compete effectively in the marketplace. This is in addition to driving new collaborations that press social and environmental challenges and foster sustainable practices and responsible business models.

In his address, LREB CEO Victor Nyagaya emphasized the paramount importance of the summit in propelling innovation and fostering substantial growth.

“Acting as a key partner, LREB are thrilled to actively participate in this transformative expedition and aid in the establishment of collaborative ecosystems.

LREB seeks within its mandate to enhance socio economic transformation of the bloc through leveraging on the economies of scale in its ecosystem and implement through collaboration with state and non-state actors the empowerment and participation of its over 15 million population. As a bloc we firmly believe that by embracing disruptive trends and nurturing strategic partnerships, we have the power to unlock a multitude of novel opportunities, resulting in enhanced prosperity and an increase in revenue. We are therefore calling upon all investors and businesses (those who can come in as sponsors and exhibitors) to register because we know the people of LREB will show up in huge numbers,” stated Nyagaya.

A public-private collaborative approach will take center stage at the summit with LREB chairperson Prof. Anyang’ Nyong’o and the governors of the 13 other member counties of LREB, including deputy chairperson H.E Ken Lusaka, who is also Bungoma County Governor gracing the high-level summit.

Representatives from the Ministry of Trade and Investment and other ministries, Senators, Members of Parliament, and Governors are expected to appear at the summit, signifying governments’ recognition of the critical role business ecosystems play in achieving economic growth.

Giving her remarks ahead of the summit, The IMC People CEO Jeanette Oromo said the summit’s key focus is accelerating business transformation and fostering innovation among diverse stakeholders including government officials, policymakers, industry leaders, and entrepreneurs.

“In light of the transformative and disruptive trends and the remarkable resilience exhibited during the pandemic, it is becoming increasingly evident that traditional paradigms need re-evaluation. Our intention, therefore, is to conduct this evaluation through the summit, utilizing modern technology, fostering collaborations, and addressing social and environmental challenges. Our goal is to shape the future of Kenya’s business ecosystems while working hand in hand with all players – Government, Investors and Business Communities to forge a way forward that makes it easier for accessibility to businesses in our regions by investors and vice – versa, customer acquisition and retention and transparency in regard to funding and investment.” said Oromo.

During the summit, a special focus will be made on fostering business ecosystems that center around shared sectors, missions, goals, and products. The primary goal is to maximize interactions and leverage each participant’s unique strengths. This approach aims to optimize collaboration and unlock the collective potential of all stakeholders by empowering them to engage with a comprehensive ecosystem, rather than dealing with individual entities separately.

Businesses who will be present are expected to find ways to harness creativity, collaboration and innovation to lower costs of production and find new customer acquisition strategies while attracting investment.

Governance (ESG) plan to promote positive drinking, champion inclusion and diversity and pioneer grain-to- glass sustainability continued apace with significant investments behind strategic sustainability initiatives across East Africa.