Category: LOCAL

  • Governors of Central Banks Meet for Harmonization of Remittance Policies

    Governors of Central Banks Meet for Harmonization of Remittance Policies

    By Steve El Sabai

    May 15, 20The Intergovernmental Authority on Development (IGAD) in partnership with the United Nations Capital Development Fund (UNCDF) is hosting a meeting for Governors of Central Banks from IGAD Member States.

    The objective of this two-day meeting is to review, discuss and endorse an action plan for the implementation of the regional roadmap for the harmonisation of remittance policies across IGAD member countries.

    In that endeavour, the meeting will receive an update on the progress made in the implementation of the Regional Harmonization of Remittance Policies Project since its inception in  2021.

    The initiative aims in unlocking the huge potential of migrant’s remittances for sustainable development.

    The meeting will receive a debrief on the meeting that endorsed the regional roadmap for the implementation of the harmonization of remittance policies, its implementation approach, timelines, and performance indicators.

    The bottlenecks to the smooth inflows of remittances within and to the region will also be deliberated on by the governors.

    Remedial actions to reduce the impacts of those challenges will be proposed for future consideration.

    The Governors of Central Banks discussed and agreed to appoint a Single Point of Contact (SPOC) from each of the Member States for the day-to-day implementation of the action plan and a Regional Steering Committee constituted by one member from each of the Member States.

    Harmonisation for this project entails all the processes by which policies, regulatory frameworks and standards concerning approved remittances/ payment infrastructures establish similarity of processes and services or a mutual understanding of the information provided according to these policies, regulations, standards, and payment interoperability infrastructures.

    The processes may include aligning similar laws, regulations and standards and/or determining equivalence focusing on core issues in the areas of licensing and authorization regimes; electronic money (especially mobile money); payout networks on agencies; customer on boarding on risk-based know-your-customer (KYC); consumer protection; foreign exchange regulations and interoperability of payment infrastructure.

    Regional harmonisation of remittance policy and regulatory frameworks provides opportunities to deepen financial markets, make monetary policy more successful, reduce supervision and implementation costs, and open remittance service access to a broader population, thereby fostering economic growth.

    Moreover, it provides for more streamlined supervision, better interconnected financial services, and the proliferation of new technology as cross-border remittance service providers (RSPs) transfer know-how to other Member States.

  • A Kind Teacher and a mother awarded with a unique recognition

    A Kind Teacher and a mother awarded with a unique recognition

    When teacher Joyce Sempela Malit did an act of humility and kindness to the pupil whose uniform was torn, she didn’t expect that a simple act of kindness would go a long way in propelling her in the World Map.

    Teacher Joyce has been recognised as a role model who led by example.

    Expeditions Maasai Safaris, the leading tour company in Kenya was not left behind in recognising that simple act which speaks volumes.

    Pancras Karema is the Founder and Managing Director of Expeditions Maasai Safaris and he says:

    “It’s a 3-Day all-expenses-paid holiday for Mwalimu Joyce and the 8-year old pupil for her compassion.

    Pure Joy as we presented our token of appreciation to this wonderful woman, Teacher Joyce Sempela Malit. Together with her 8-year old pupil who could not make it for the presentation, they will fly to Pride Inn Flamingo and enjoy a 3-day all-expenses-paid holiday.”

  • Surveyors Raise The Red Flag

    Surveyors Raise The Red Flag

    The Institution of Surveyors of Kenya has raised concerns Over Proliferation of questionable Real Estate Stakeholders Associations.

    In a press briefing, the Surveyors noted:

    “Evidently, the very entities that have fleeced Kenyans in the past have or will, most likely join these mushrooming associations. The attempt by the said entities at hoodwinking Kenyans that they can tackle fraud in the land Sector is misleading and an attempt at sanitising their past activities.”

    “While ISK acknowledges the importance of freedom of association, the Institution is calling caution in its exercise to prevent potential abuse and infringement of other rights such as the right to property. It is crucial that appropriate regulations and oversight mechanisms are put in place to curb any potential misuse of this right.”

    Institution of surveyors therefore demands that the registrar of society deregisters real estate associations run by non-professionals. They also demand the Attorney general wind up all land buying companies involved in land fraud in the past, among several other recommendations aimed at bringing sanity in the sector.

    The institution of Surveyors of Kenya is under the wise leadership of the President Mr. Abraham Samoei.

  • Dance Centre Kenya Presents Oliver!, A Must-See Musical Adventure

    Dance Centre Kenya Presents Oliver!, A Must-See Musical Adventure

    Dance Centre Kenya (DCK) is proud to present its first-ever full-length musical, Oliver, which will take place from June 9th-11th. This internationally acclaimed musical takes audiences on a wild adventure through Victorian England, following the story of young, orphaned Oliver Twist as he navigates

    London’s underworld of theft and violence in search of a home, a family, and most importantly, love.

    Based on the novel “Oliver Twist” by Charles Dickens, the book was adapted for the stage by Lionel

    Bart, who also composed the music and wrote the lyrics. The musical premiered in London’s West

    End in 1960 and became a huge hit, winning several awards including the Tony Award for Best Original Score. It has since been performed all over the world and has been adapted into a successful film and television series. The timeless story of Oliver Twist and his journey to find love and family continues to captivate audiences of all ages.

    With live music by Safaricom Youth Orchestra led by Musical Director Levi Wataka, and guest performers like John Sibi-Okumu, David Mwenji, and Njeri Kiereini, Oliver promises to be a must-see show. Cooper Rust directs the show, with Caroline Slot and May Ombara serving as assistant directors.

    The lead role of Oliver will be played by Abdoulaye Diebate, with Benji Mudondo as the Artful Dodger, Mazuruni Khan as Nancy, and Alex Stow as Bill Sykes.

    DCK is Kenya’s leading dance school, with over 500 students taking classes in three studios and 1,000 more taking DCK-taught classes in 20 schools throughout Nairobi. Founded in 2015, DCK has grown to offer a range of dance classes and performances, including annual productions of The Nutcracker. DCK is committed to reaching into the Kenyan community to find talented students, irrespective of their ability to pay for training, and its sponsorship program has already affected the lives of many future dancers from disadvantaged backgrounds.

    Oliver is a show that will inspire all of us to dream bigger and believe that absolutely anything is possible. Don’t miss this exciting performance! Tickets are available for purchase at the DCK studios or online.

    For more information, please contact Dance Centre Kenya at info@dancecentre.co.ke or visit their website at www.dancecentre.co.ke

  • Farmers Party Submission of Memoranda on Finance Bill 2023

    Farmers Party Submission of Memoranda on Finance Bill 2023

    Farmer’s party has reviewed the finance bill as presented to parliament on 04th May 2023 the party has noted that the bill proposes amendments to the country’s tax alongside proposed changes to other acts.

    The party says that it has appreciated the bill as it sets an agenda geared towards economic turnarounds and inclusive growth with the aim of increasing investments in at least five sectors with agricultural transformation.

    The party has stated that the expected implementation of the interventions will stimulate the economy with a projected 6.1% GDP growth against the estimated 2022 GDP growth of 5.5%.

    Farmers party still decries the paltry 1.39% allocation to agriculture in the current budget against the Maputo declaration where Kenya is a signatory requiring a minimum allocation of 10% to agriculture.

    Party Leader, Irungu Nyakera has said that the proposed reclassification from zero to exempt will have significant impacts on the agriculture sector and the overall economy saying that it will increase the cost of production for the suppliers passing the cost of farmers, which will ultimately lead to an increase in the cost of food.

    In the subsidized fertilizer program any input VAT incurred in supplying the fertilizer will become a cost to entities supplying to the government.

    Higher farm input costs including fertilizer would be a setback for the government fighting a myriad of challenges around food and nutritional security including a spike in inflation and the effects of a raging drought, which had gripped the country for most of the past two years.

    Further Nyakera says that suppliers will not be able to claim input VAT, VAT levied on farming inputs hence manufacturers will be forced to absorb or pass on the cost of unrecovered input in taxes of farmers which will worsen Kenya’s position as the most expensive nation for farmers in the region.

    The Bill changes the status of the supply of maize flour, wheat or meslin flour, and maize flour containing cassava flour by more than 10 percent in weight from exempt to standard rated.

    Nyakera says that purposely they submitted the request that the agricultural items that have been moved from Zero rated to exempt or from exempt to standard-rated taxation be reverted to their current status.

    Hon Irungu Nyakera believes the tax loss from the proposal would be recovered by reversing some proposals such as VAT exemptions for people buying helicopters and light aircraft, among other benefits that go to wealthy Kenyans at the expense of the average mwanachi.

    The proposal will allow farming to remain competitive and maximize the high costs that farmers will otherwise have to bear.

  • East Africa Real Estate Sector Ready for Investment Opportunities

    East Africa Real Estate Sector Ready for Investment Opportunities

    East Africa’s real estate sector will continue to witness an increase in capital investment chiefly from international real estate funds and institutional players.

     

    This has been revealed by Niyi Adeleye, Stanbic Bank’s Head of African Real Estate who noted that the interest in the region has been fueled by a dynamic macro-economic environment that has created opportunities for investors to look up to the region for diversification opportunities as well as search for niche markets.

     

    “Since the emergence from COVID-19 headwinds, the real estate sector has been characterized by a higher interest rate environment that justifies value acquisitions for funds with liquidity and sound asset management capabilities able to manage these assets at more optimal levels,” Mr. Adeleye said.

     

    Mr. Niyi was speaking ahead of the upcoming 10th annual East Africa Private Investment Summit set to take place on 17-18 May, 2023 in Nairobi, Kenya.

     

    Pricing Opportunities

    Additionally, the resilience and performance of the Light Industrial and Warehousing sector in the region provide a new frontier for investors to acquire new assets and increase returns in the short term. “While it is still in its infancy, A-grade industrial real estate in the region has shown outstanding performance potential to be able to weather any downturns expected,” said Donald Borthwick of London-listed Grit Real Estate Income Group.

     

    The region’s maturing sub-segments are also supporting allocations and strategy. These include retail, student housing and industrial which appear to exhibit a higher level of maturity than other regions in the continent except South Africa. “Nairobi’s position as the hub of East Africa has also enhanced occupier demand. So far, Kenya has seen a 9% increase quarter on quarter in the number of registered businesses in Q1 2023 resulting in 37,176 registrations in Q1 2023. Key occupiers in the financial services and tech sectors are continuing to drive demand in the commercial sector pointing to cautious optimism on the traditional real estate sectors as well.” Tilda Mwai, Research Associate at Estate Intel noted.

     

    Property analysts remain cautiously optimistic about middle-income residential, student housing, corporate accommodation and data centers, as well as performing retail and office sectors.

  • SAMSUNG SOUNDBAR RANKS NO.1 IN GLOBAL SALES FOR 9 CONSECUTIVE YEARS

    SAMSUNG SOUNDBAR RANKS NO.1 IN GLOBAL SALES FOR 9 CONSECUTIVE YEARS

    Samsung Electronics has been recognized as a leader in the global Soundbar market, according to the market research firm, FutureSource Consulting. A newly released report published on February 28th, 2023 notes that Samsung topped the soundbar market for the ninth year in a row, commanding 20.2% in market share and accounting for 18.4% of the industry sales volume in 2022.

    Head of Consumer Electronics Division at Samsung Electronics East Africa, Mr. Sam Odhiambo had the following to say about the global recognition “Samsung is thrilled to receive this recognition for the ninth consecutive year. This achievement is a testament to Samsung’s commitment to providing our customers with top-quality audio solutions that enhance their entertainment experiences. He further went on to say “Samsung will continue to drive innovation and to push the boundaries of sound technology so that we provide our customers with premium sound solutions that will elevate their viewing and listening experiences.”

    Samsung Soundbars, including the premium Q-series line-up, are expertly crafted and fine-tuned for powerful and immersive sound quality, enhanced compatibility with TVs, and sleek and modern design. Features such as SpaceFit Sound have been praised by customers and reviewers for calibrating sounds to fit the acoustic properties of each space for tailor-made sound experiences.

    In fact, Samsung Soundbars have impressed industry experts and reviewers, with outlets such as AVForums selecting the HW-Q990B as the “Best in Class” Award winner for 2022 and Newsweek commenting that the HW-S800B “delivers impressive room-filling sound” in such a compact form.

    This year, Samsung is taking its Soundbar line up to the next level with captivating cinematic sounds and premium audio features to win the hearts of consumers and home theatre enthusiasts.

    Samsung’s HW-Q990C is a flagship Q-series Soundbar with an impressive 11.1.4-channel setup and Dolby Atmos audio. It comes with the latest Q-Symphony 3.0 feature, which analyses and processes voice channels and audio elements to deliver perfectly synchronised audio using every speaker in both the TV and the Soundbar. It also comes with SpaceFit Sound Pro, which calibrates sounds to match the acoustic properties of each space, and Game Mode Pro, which optimises sounds by game genres for added realism when played through Samsung Gaming Hub.

    “Samsung is committed to providing our customers with an industry-leading home entertainment experience that meets the evolving needs of our customers,” said Cheolgi Kim, EVP of Visual Display Business at Samsung Electronics[1]. “Samsung Soundbars are the perfect immersive match for Samsung TVs, exemplifying the pinnacle of cinematic sound with smart audio features and enhanced connectivity.”

    According to Futuresource, the global Soundbar market, which has been showing steady growth of about 5.7% over the past three years, recorded 23.16 million units in sales in 2022 and is expected to reach 26 million in sales by 2025.

  • Kenya Police DT Sacco Honors Top Savers

    Kenya Police DT Sacco Honors Top Savers

    The Kenya Police Deposit taking Sacco has continued to be the leader and a good example of prudent management.

    Kenya Police DT Sacco is steered by the National chairman David Sohelo Mategwa.

    Mr. David Sohelo Mategwa together with the Chief Guest Cabinet Secretary. Ministry of co-operatives and Smes Simon Chelugui EGH Wednesday morning presided over the opening ceremony for Top savers conference at Diamonds Leisure beach & Golf Resort- Diani, other guests present, PS. Patrick Kilemi, National Police Service D.I.G Douglas Kanja, Former D.I.G Edward Mbugua, Commissioner of Co-operatives David Obonyo, together with our Board of Directors, CEO Solomon Atsiaya. Management, Top savers and Staff.

    Kenya National Police DT Sacco Top Savers conference, is a noble initiative that brings together the national best savers of the society.

  • Nyangweso Takes Mantle as New KNCCI CEO

    Nyangweso Takes Mantle as New KNCCI CEO

    The Kenya National Chamber of Commerce and Industry (KNCCI) on Wednesday announced the appointment of Patrick Nyangweso as its Chief Executive Officer (CEO).

    Through a notice in the local dailies, KNCCI President Richard Ngatia described Nyangweso as a focused and experienced professional with over 24 years of experience in planning, policy and project management across the public and private sectors.

    “He is a focused leader who has transformed various institutions through the adoption of Change Management Systems and Performance Management tools that has enhanced staff’s productivity and motivation,” he said.

    “Nyangweso is a highly experienced and transformative leader, an economist with expertise in budget implementation, monitoring and evaluation, research and financial management.”

    Until his appointment, Nyangweso served as the KNCCI Chief Operating Officer and before that he headed various institutions including International Medical Corps and the National Taxpayers Association.

    He is currently pursuing his PhD at the University of Nairobi and holds a master’s degree in Projects Planning and Management and a degree in Economics from the same University.

    “The board congratulates Nyangweso for the appointment and is confident that he will ably steer the organization’s future growth ambitions,” added Ngatia.

  • Tree planting in the spirit of mourning shujaa Mukami Kimathi, EBS.

    Tree planting in the spirit of mourning shujaa Mukami Kimathi, EBS.

    GATARE FOREST STATION ~MURANG’A COUNTY

    It is a moment in life that Dedan Kimathi Family and Foundation are undergoing a difficult grieving moment after the sudden demise of the family Matriarch on Thursday 4th May 2023.

    Shujaa Mukami Kimathi is recognized as front line leader of women during the Kenyan struggle for independence. In her life she has portrayed high degree patriotism, honesty and great love for peace.

    As the country continues to grief over her demise, Dedan Kimathi Foundation team of environmental volunteers together with Kenya Defence Forces Soldiers and Officers joined Gatare CFA and KFS in a 5Ha tree planting activity and seed balls broadcasting in Murang’a County.

    This was done to memorialize Shujaa Mukami Kimathi as a conservator of forests and a lover of well tended environment.

    Dedan Kimathi Foundation Environment Conservation Team and Kenya Defence Forces observe a moment of silence in honor of Shujaa Mukami Kimathi, EBS after planting 5000 trees in Gatare Forest Station; Murang’a as the country continues to mourn her demise.