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Category: LOCAL

  • Ichoho Crowned With Mandate To Steer Tea Reforms

    Ichoho Crowned With Mandate To Steer Tea Reforms

    Sasanews.co.ke is boldly confirmed and in reporting that the Chairman of Kenya Tea Development Authority David Muni Ichoho has been crowned with the mandate and responsibility to continue the exemplary work of steering the tea sector.

    In a colourful event on Saturday, the described by the community as a humble, down-to-earth and God fearing Ichoho received the elders blessings bestowing upon him the prestigious accolade.

    The ceremony was presided over by the Senior Most Kikuyu Elder respectfully referred to as Matûranguru accompanied by other elders including Mûthamaki Thiong’o wa Gîtaû.

    In his humble acceptance speech, Mr Ichoho vowed to continue with his reforms in the tea sector with the aim of improving the welfare of the farmer.

    Mr. Ichoho has been very keen to look for new markets as well as revamping the existing ones.

    He has also been in the forefront urging farmers to embrace diversification.

    Mr Ichoho has ensured among his work to have a timely distribution of the subsidized fertilizer so that the farmer can improve on his productivity.

    Matûranguru Njathi wa Mbatia in white alongside Mûthamaki Thiong'o Gîtaû (third left) witnessed the installation
    Matûranguru Njathi wa Mbatia in white alongside Mûthamaki Thiong’o Gîtaû (third left) witnessed the installation
  • Castrol And Rubis Energy Kenya Partner To Launch A Wide Range Of Castrol Oil Lubricants

    Castrol And Rubis Energy Kenya Partner To Launch A Wide Range Of Castrol Oil Lubricants

    Castrol and RUBiS Energy Kenya have partnered to launch Castrol oil lubricants products in Kenya. Castrol oils are readily available at the over 260 RUBiS Energy Kenya stations countrywide.

    Castrol has a wide range of oils and fluids suited for the various market segments including car, motorcycle and commercial vehicle engines as well as industrial, marine, technology and innovation applications.

    Speaking during the launch of the partnership, Ed Savage, Castrol Kenya – Country Manager said, “Globally, the Castrol brand is renowned for quality, innovation, and high performance. The brand has been redefining liquid engineering to ensure optimization of engines. The partnership with RUBiS Energy Kenya is timely as customers seek oil products that are designed to suit their everyday mechanical needs. Castrol will leverage RUBiS Energy Kenya’s countrywide footprint to ensure that customers are able to get the oil lubricants at all service stations countrywide.”

    He added, “Castrol also provides a ‘Car Engine Oil Finder tool’ to ensure customers are getting the right oil. The app makes it quick and easy for customers to have all options and make the right choice when it comes to oil. This supplements the owner’s manual and dictate’s the industry specification, type, and grade of oil the manufacturer specifies for the engine.”

    The engine oils cater for petrol, diesel, and transmission machinery.

    “In our journey to provide our customers with the best quality products and experience, we are strategically partnering with leading brands that are customer centric and offer quality products to our customers. Through our partnership with Castrol, customers will be able to access a wide range of premium quality lubricants,” said RUBiS Energy East Africa Group CEO and Managing Director for Rubis Energy Kenya, Mr. Jean-Christian Bergeron.

    He added, “Castrol’s world-class innovative products provide oils, fluids and lubricants for every driver, every rider, and every industry. As the exclusive distributor of Castrol Lubricants in Kenya, we will continue ensuring our customer’s oils and lubricants needs are fully met.”

    Castrol oil lubricants will be available at over 260 RUBiS Energy Kenya retail stations, all major lubricant distributors and wholesalers, franchise workshops and spares shops countrywide. The range of products includes Castrol EDGE, Castrol MAGNATEC, Castrol GTX, Castrol VECTON, Castrol CRB and Castrol Transmax fluids.

    Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fueling the dreams of pioneers. Castrol’s passion for performance, combined with a philosophy of working in partnership, has enabled the company to develop lubricants, coolants and greases that have been at the heart of numerous technological feats on land, air, sea and in space for over 100 years.

    Castrol is part of the bp group and serves customers and consumers in the automotive, marine, industrial and energy sectors. The branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology.

  • Democratizing Healthcare Access in Kenya with Mobile Technology

    Democratizing Healthcare Access in Kenya with Mobile Technology

    Taking care of your health and that of your loved ones can be quite expensive. With the current economic status in Kenya, out-of-pocket spending on healthcare can be a huge financial burden for a household to bear. But with a growing population, an increase in Non-communicable diseases (NCDs), and the emergence of new variants of diseases, healthcare remains to be a necessity rather than an option. Although significant strides have been made to improve access to quality and affordable healthcare, there is a lot to be done, to fast-track care access to the millions of underserved Kenyans, especially in low and medium-income communities.

    During the post-COVID-19 Pandemic, many Kenyans have been pushed into poverty due to out-of-pocket spending when receiving healthcare when they need to. Statistics read that 2 out of 5 Kenyans are unable to receive medication when they need it due to the high cost of treatment, in most circumstances, individuals are forced to sell off their assets to be able to afford care, which pushes even more Kenyans into poverty.

    7 years ago, M-TIBA sought to address part of this gap and enable access to affordable healthcare not only for individuals but also for SMEs who are our biggest contributors to the economy. Through innovation and technology, M-TIBA’s solution makes it more affordable for millions of Kenyans to access quality healthcare. Through developing a mobile technology solution that allows interaction between insurers, healthcare providers, and individuals, we have enabled accurate, transparent, and predictable information flow across the healthcare value chain, which has improved efficiencies and brought down the cost of care.

    For us, reshaping healthcare means creating opportunities for healthcare providers to expand their businesses and for individuals and groups to easily access quality and affordable healthcare services. For example, Cash Advance, a service for Healthcare Providers(hospitals)  by M-TIBA in partnership with the Medical Credit Fund (MCF)  to provide unsecured loans of up to Kes. 40 million shillings as working capital to private facilities, to help bridge the financial access gap they face.

    At M-TIBA, leveraging technology to streamline processes in healthcare access means being able to track expenditure, manage claims and other processes effectively allowing healthcare providers to focus on their core function, which is offering better care to their patients. For insurers and healthcare providers, digitizing the whole claim process goes a long way in reducing fraud, lowering administration costs, enhancing efficiency and ensuring payments are done on time, which brings down the cost of insurance administration, which is usually the core reason insurance has been significantly costly for many Kenyans to afford.

    Being able to help individuals manage their health plans by enabling them to decide on an insurance plan that is favorable to them, manage expenditure and track it (supporting accessibility in healthcare) is also part of the solutions we offer to empower individuals to access care conveniently, by leveraging the power of technology.

    Through digitizing all end-to-end systems in the healthcare value chain, we ensure that individuals, healthcare providers and insurers are able to interact quite easily, which has significantly translated into a much lower cost of accessing care for thousands of Kenyans every day. For us, it is not just about innovation and tech but also about creating impact, it’s about leveraging technology to democratise healthcare across the region, and to empower millions to access quality and affordable care whenever they need to, right where they are,  and we are quite enthusiastic to be building the future for healthcare.

    By: Managing Director Mr Moses G Kuria

  • MFS Africa partners Access Bank to enable outward remittances from Kenya and Nigeria

    MFS Africa partners Access Bank to enable outward remittances from Kenya and Nigeria

    MFS Africa, the largest digital payments network in Africa, operating in over 35 African countries, has partnered with Access Bank, Nigeria’s largest bank which operates across 17 markets, to expand AccessAfrica remittance corridors.

    AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.

    The partnership will provide simplified transfers for AccessAfrica customers, enabling real-time, cost-effective cross-border payments for individuals and businesses who want to send financial support to their families abroad or facilitate trade transactions. AccessAfrica customers will also be able to receive payments from all over the world through MFS Africa partners.

    Commenting on the partnership with MFS Africa, Senior Banking Advisor, Retail, Access Bank, Robert Giles said, “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries we can send instant payments through Access Africa to. Our partnership with MFS Africa and access to hundreds of millions of people in the new markets will help our customers pay and be paid, facilitating greater economic inclusion through trade as well as helping families across borders. Critically this propels us closer towards being ‘Africa’s gateway to the world’ and democratizing access to payments through affordable, safe and reliable platforms.

    “The partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent, ultimately fostering financial inclusion. Through this partnership we’ll be expanding Access instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks across over 35 African countries, enabling thousands of people and businesses throughout the continent to receive payments in real time from Nigeria, and improving convenience for and facilitating trade with the neighbouring countries and beyond. Uplifting the African continent through sustainable and accessible financial services has always been at the center of what we do at MFS Africa. Partnering with Access Bank, who shares this ethos, made complete sense,” says Dare Okoudjou, CEO at MFS Africa.

    According to the International Fund for Agricultural Development, IFAD, migrant workers sent over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, majority of whom live in rural areas. Through accessing MFS Africa’s hub, Access Bank will be able to send remittances and payments to MFS Africa’s footprint of over 400 million mobile money wallets, and over 200 million bank accounts across more than 35 African markets.

  • Huawei Reports Kshs 500 Billion Net Profit

    Huawei Reports Kshs 500 Billion Net Profit

    Huawei released its 2022 Annual Report in which the company reported steady operations throughout 2022, having generated Ksh 9.3 trillion (USD 93 billion) in revenue and Kshs 500 billion (USD 5 billion) in net profits.

    Huawei continued to strengthen investment in R&D, with an annual expenditure of Kshs 230 billion (USD 23 billion) in 2022, representing 25.1% of the company’s annual revenue and bringing its total R&D expenditure over the past 10 years to more than Kshs 14 trillion (USD141.5 billion).

    “In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations”, said Eric Xu, Huawei’s Rotating Chairman, at the company’s annual report press conference. “In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development,” he added.

    Also present at the event was Sabrina Meng, Huawei’s CFO. She noted, “Despite substantial pressure in 2022, our overall business results were in line with forecast. At the end of 2022, our liability ratio was 58.9% and our net cash balance was Ksh.2.5 trillion (USD 25 billion). In addition, our balance of total assets reached one trillion yuan, largely composed of current assets such as cash, short-term investments, and operating assets. Our financial position remains solid, with strong resilience and flexibility. In 2022, our total R&D spend was Ksh 2.3 trillion (USD 23 billion), representing 25.1% of our total revenue – among the highest in Huawei’s history. In times of pressure, we press on – with confidence.”

    In 2022, revenue from Huawei’s carrier, enterprise, and consumer businesses was Ksh 4.1 trillion (USD 41 billion), Ksh 1.9 trillion (USD19.3 billion), and Ksh 3.1 trillion (USD 31 billion), respectively.

    Huawei is a strong proponent of growing together with its ecosystem partners, and believes that openness and collaboration leads to shared success. The company has continued to open up its platform capabilities across its HarmonyOS, Kunpeng, Ascend, and cloud portfolios, focusing on improving developer experience as well as enabling and supporting its ecosystem partners on all fronts. Huawei currently works with more than 9 million developers and over 40,000 ecosystem partners to fuel ecosystem-based innovation and create greater value for its customers.

    “2023 will be crucial to Huawei’s sustainable survival and development,” Xu noted. “Plum blossoms tend to grow sweeter from a harsh winter’s freeze. Today, Huawei is like a plum blossom. While it’s true that we have considerable pressure ahead of us, we have what it takes to come out the other end – with opportunities to grow, a resilient business portfolio, a unique competitive edge, the enduring trust of our customers and partners, and the courage to invest heavily in R&D. We are confident in our ability to rise above any challenge that comes our way, laying a solid foundation for sustainable survival and development.”

    All financial statements in the 2022 Annual Report were independently audited by KPMG, an international Big Four accounting firm. To download the 2022 Annual Report, please visit https://www.huawei.com/en/annual-report/2022

    Note: The 2022 closing exchange rate is US$1.00 = CNY6.9533

  • Online Safety: Fund seeks applicants for grant awards

    Online Safety: Fund seeks applicants for grant awards

    Impact Amplifier (IA) has sent out a call for applications ( https://www.impactamplifier.co.za/africa-online-safety-fund) for the award of grants under its $1,000,000 Africa Online Safety Fund (AOSF). This project is made possible with the support of Google.org.

    Africa’s internet access has increased dramatically over the last 10 years with over 520 million people, or 40% of the population, now with access to the web. This has opened up many new opportunities for socioeconomic development, including the potential for the internet economy to contribute nearly $180 billion to Africa’s economy by 2025.

    However, this rapid growth has also brought new challenges, including privacy and security concerns, bullying and harassment, hate crimes, fake news, political targeting and manipulation, terrorist recruitment and promotion, and financial scams. The COVID-19 pandemic has only made these issues worse, with a 30% increase in cyberattacks.

    To address these issues, the Africa Online Safety Fund, with financial support from Google.org, has been established to finance innovative existing and new solutions to these challenges.

    The Fund will be awarding grants to organizations throughout Africa, but will be focused on four primary countries, Kenya, Ghana, Nigeria, and South Africa, that address one or more of the safety issues the internet facilitates.

    There are three categories of funding: Transformative, Maturing, and Catalytic. The Transformative projects are intended to be larger in scale, reach multiple geographies and/ or potentially large numbers of beneficiaries, and be scalable as a solution. The Maturing projects are intended to test ideas at a larger scale, try new ideas within existing projects, and reach new audiences. The Catalytic projects are intended to be smaller, targeted, and potentially only locally or culturally specific.

    Transformative projects will attract a maximum grant of $50,000, Maturing projects up to $25,000, and Catalytic projects $10,000.

    Applications opened on 1 March and will be received until 30 April 2023. The shortlisted applicants will be announced by 31 May and taken through the second stage of the application process. The finalists will be known by 15 July 2023.

    This is the second call for applications for AOSF, the first one having been last year. In the first set of awards, a total of 26 organizations received grants through the program. The successful applicants in that first cohort came from a wide range of countries – including the Ivory Coast, Uganda, South Africa, Nigeria, Ethiopia, Kenya, and Tanzania.

  • The family bank reports kes.3.7 billion profit before tax for the full year ended 2022

    The family bank reports kes.3.7 billion profit before tax for the full year ended 2022

    Family Bank Group has recorded a KES 3.7 billion Profit Before Tax for the full year ended 31 December 2022, a 12.2 % growth compared to KES 3.3 billion posted in 2021.

    The revenue growth was catapulted by double-digit growth in revenues, customer loans, and prudent investment decisions by the Bank.

    Total revenues increased by 10.6% to KES 11.9 billion driven by 10.7% growth in net interest income that stood at KES 8.6 billion in the period under review largely as a result of exponential growth in interest income from loans and that of government securities which grew by 19.2% and 29.9% respectively in the period under review.

    Customer loans grew by 21.6 % to close at KES 81.4 billion while net interest income increased by 10.7% to KES 8.6 billion. On the balance sheet side, total assets expanded by 15% from KES 111.7 billion to close at KES 128.5 billion in 2022. Non-funded income grew by 10.6% to KES 3.4 billion, an affirmation that our diversification strategy continues to pay off.

    “In 2022, we focused on diversification of product offerings through the financing of second-hand importation and innovative finance for MSMEs in the water and sanitation sector. Through our fundraising partners, having raised over USD 56 million, we have been able to increase our lending to various MSMEs as well as climate-friendly investments and women-led businesses in the education, health, agriculture, energy, and manufacturing sectors. This is evidenced by the growth of our revenues, amidst the complex operating environment with the General Elections, drought, impact of the Ukraine-Russia War, and post-pandemic recovery,” said Family Bank CEO Rebecca Mbithi.

    “We are confident of our performance in 2023 having put in place an aggressive strategy that prioritizes heavy investment in digital banking and rolls out of agri-finance products as we seek to strengthen our balance sheet through the adoption of additional core capital and long-term debt while driving operational efficiencies across our businesses,” added Ms. Mbithi.

    In 2022, customer deposits grew by 8.5% to close at KES. 88.9 billion compared to KES 81.9 billion recorded in a similar period in 2021. Staff costs grew by 33% due to the Group’s investment in training staff and attracting top-notch talent to support its aggressive strategy and to deliver exceptional service to the customers.

    There was a significant reduction in the Group’s loan loss provisions by 35.6% to settle at KES. 495.1 million against KES. 768.1 billion recorded in 2021. Net non-performing loans increased by 18.4% to close at KES 5.6 billion in 2022 compared to KES 4.8 billion in 2021.

    The Bank has declared a total dividend of KES 0.62 per share. Shareholders’ funds grew by 3.3% to close at KES 16.1 billion. The Group’s Profit After Tax for 2022 stood at KES 2.2 billion. The Bank’s capital and liquidity ratios remain strong, adequately above the regulatory requirement.

    Recently, the Bank acquired a KES 3.9 billion (USD 30 million) lending facility for trade & Small and Medium Enterprises (SME) from the African Development Bank Group (AFDB) to promote onward lending to SMEs in health, renewable energy, and agriculture and reduce the SME finance gap, especially for women-led businesses.

    About Family Bank

    Family Bank is a financial institution that prides itself in growing a strong retail customer base with a key focus on SME banking anchored on the positive transformation of people’s lives in Africa. Family Bank is the fifth-largest bank in Kenya, as of Dec 2020, in terms of branch network with 93 branches across 32 counties. The Bank has over 600,000 customers, 4,800 bank agents, and over 8,000 merchants countrywide with total assets exceeding KES 128 billion and a deposit base in excess of KES 88 billion.

    Family Bank prides itself in being a digitally innovative bank having been the first bank to introduce paperless banking through smart card technology and mobile banking, PesaPap, in Kenya and the first to launch mVisa service in Africa.

    In 2021 Family Bank received two awards; Financial Communication Campaign of the Year and Overall Public Relations Campaign of the Year at the 2021 Public Relations Society of Kenya Annual Awards for Excellence for the Corporate Bond Campaign where the Bank raised KES 4.42 billion via public placement marking a subscription of 147.3%. In 2022, Family Bank was voted as the overall second-best bank and best tier-two bank in customer responsiveness and digital banking experience in a survey conducted by the Kenya Bankers Association.

    Other awards include Bank of the year 2022, for high-impact agricultural SME lending by ACELI Africa; Best SME Bank in Kenya at the annual Banker Africa Awards 2017 East Africa –an award initiative for financial institutions in Africa; Think Business Fastest Growing Bank Award three years in a row between 2013 and 2015; and the Think Business Best Bank in Micro-Finance Award, 1st Runner-up in 2013 and 2014. For more information about Family Bank, please visit: www.familybank.co.ke

  • Njeri wa Uji: Money Tastes Good, Reaping Huge Profits from Vending Porridge on Thika Road

    Njeri wa Uji: Money Tastes Good, Reaping Huge Profits from Vending Porridge on Thika Road

    The popular business lady whose fame spread like bushfire who is fondly referred to as Njeri Wa Uji has taken a moment to share with us her thoughts on the importance of hard work.

    Njeri Wa Uji pioneered the naturally derived porridge from carefully selected natural ingredients that leave her customers smiling and yearning for more. Her Uji is tasty and laden with health-promoting benefits.

    Njeri Wa Uji took a leap into the unknown in 2016 when she started vending porridge in Githurai 44, and now, seven years later, she is a proud employer of 26 workers who work in her three Uji business branches along Thika Road.

    “Money tastes so good when you work for it, amkeni tuka hustle,” Njeri said.

    Njeri Wa Uji does deliver through Glovo
    At Sasanews.co.ke, we wish her success and God’s blessings in all her work.

  • Pensions Industry Stakeholders Converge in Nakuru to Explore ways of Recreating Sustainable Retirement

    Pensions Industry Stakeholders Converge in Nakuru to Explore ways of Recreating Sustainable Retirement

    Octagon Africa, a leading regional financial services provider, has lined up a three-day conference on fostering sustainable pensions. The conference is scheduled to take place from 4th to 6th April 2023 at the Sarova Woodlands Hotel, Nakuru

    Themed “Recreating Sustainable Retirement – Adequacy & Security of Pension Funds”, the conference will bring together leading experts, pension fund managers, regulators, trustees, employers, policymakers, and other stakeholders in the pensions industry to discuss the current state of pensions management in Kenya, the challenges facing pension fund management, and explore innovative solutions for ensuring a sustainable retirement for all.

    Speaking ahead of the conference, Octagon Africa Group CEO Fred Waswa said the forum is essential as it will bring together experts and stakeholders in the pensions industry to discuss the challenges facing pension fund management in Kenya and find solutions that will ensure that retirees have adequate and secure retirement benefits.

    “We are excited to bring together stakeholders from across the pensions industry to share ideas, experiences, and insights on creating sustainable retirement solutions,” says Mr. Waswa. “We believe that by working together, we can create a future where retirement is a time of joy and fulfillment for all.”

    The event will feature keynote addresses from industry experts, panel discussions, and breakout sessions covering topics such as Social Security & coverage – Realignment of pension schemes to the NSSF Act 2013, the role of pension schemes in socioeconomic development, Structuring Investment mandates to optimize returns, and Risk mitigation strategies for sustainability & adequacy.

    Participants will have the opportunity to engage with peers, learn from experts, and share best practices for achieving sustainable retirement. Some confirmed speakers include Chief Investment Officer Co-Optrust Investment services George Gikunju, Octagon Pension Services Chief Actuary & Actuarial Society of Kenya Chairman Sahib Khosla, Pension Investment Consultant Mercy Gakii Muthuuri, FSD Africa Senior Manager, Risk Regulations Elias Omondi, CIC Life Assurance Head of Retirement Benefits & Corporate Sales Vincent Ochoi, and Centre for Corporate Governance Programme Coordinator Education & Training Ernest Najoli.

    According to the International Labour Organization, pension coverage remains low in Africa with only 9.6% active contributors from the working-age population (15-65 years).

    “At Octagon Africa, we are committed to changing this narrative by creating sustainable retirement solutions that ensure financial security and peace of mind for all,” Octagon Africa General Manager Marketing, Business, and Product Development Davis Ongiro said.

  • Quickmart Kenya Opens It’s 57th branch and 23rd 24/7 retailer in Basic Kileleshwa

    Quickmart Kenya Opens It’s 57th branch and 23rd 24/7 retailer in Basic Kileleshwa

    Quickmart Supermarket has again done its 57th Grand launch of Quickmart Kileleshwa’s 24/7 supermarket, Quickmart Kileleshwa, dubbed to have no shortage of MVPs.
    Maina Kageni was at the ground during the grand launch bringing joy to the Kileleshwa branch with gift hampers for all shoppers.
    The top management has urged residents along Kileleshwa to come out in large numbers and enjoy these and more great offers. It has also extended its exclusive offers to Quickmart Thome and Kiambu Road.
    The smart retailer is currently encouraging customers to embrace its services through Hashtags;
    Betty Wamaitha, the Head of Marketing confirmed that it’s a 23rd 24/7 hour store to be opened to explore it to greater heights.
    Customers have also expressed their happiness and said it’s the best place as it has a good ambiance and a free 24-hour parking area for customers.
    Wamaitha has however confirmed that Quickmart retailers also produce fresh products and also ready-made foods all produced within their premises. Betty says that Quickmart Kileleshwa It’s the first retailer set up in this busy area serving 24/7 hours all the time.
    The retailer now has a Wide variety of products offered in Quickmart supermart across the country and the management has confirmed opening more retailers across the nation.
    Sasanews.co.ke wishes Quickmart Supermarket success all the time.