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Category: BUSINESS

  • 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.

  • 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.

  • 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.

  • 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.

  • Second Lady Winner Scoops One Million Bob with SportPesa

    Second Lady Winner Scoops One Million Bob with SportPesa

    Homabay County is making waves in online gaming, especially for women, with the recent triumph of a 36-year-old mother of two. Irene Auko Maina, hailing from Kadongo, has secured the SportPesa Midweek Jackpot Bonus, a substantial sum of 1,101,920 shillings.

    Irene’s victory marks the beginning of the year’s Midweek Jackpot Bonus winners, as she successfully predicted the outcomes of 12 out of 13 matches.

    This achievement comes from another lady’s win in the Lake Region, where 24-year-old Christine Adhiambo Muganda clinched the Mega Jackpot Bonus with a remarkable prize of 2,335,528 shillings.

    Despite facing previous unsuccessful attempts at multi-bets, single-bets, and midweek jackpots, Irene persevered. Currently, the midweek jackpot stands at an impressive 22 million shillings. Irene shared her excitement.

    ‘’I participate a lot in the midweek jackpot as compared to any other jackpot, and this is not the end. I will continue betting.’’

    “I received the pleasant phone call as I was going home from the farm. This is a blessing because I was
    looking for capital to help me start rearing chicken, which I can now do,” said Irene.

    Accompanied by her husband, Irene expressed confidence in winning again shortly, urging punters to play responsibly and saying anyone, male or female, has the potential to win with SportPesa.

    Concurrently, the Midweek Jackpot Bonus was also won by 30-year-old Japhet Mwachi Ngare. The young lad from Kitengela in Kajiado is a self-employed youth who runs a barbershop.

    Looking ahead, the SportPesa Mega Jackpot is set to kick off on Saturday, January 27, at 10:00 p.m., boasting a staggering prize pool of Kshs 347,478,678. The mega jackpot promises hefty cash prizes for those who can make 12 correct predictions. The stage is set for an exciting round of predictions and potential life-changing wins.

  • Weetabix bets on millennials with Ksh 85M investment in plant and ‘kadogo’ pack

    Weetabix bets on millennials with Ksh 85M investment in plant and ‘kadogo’ pack

    FROM LEFT: Weetabix EA Head of Marketing Ascar Ogara, CEO Dominic Kimani, and Head of Sales Kennedy Muchiri celebrate the launch of the Fyatuka na Weetabix program

    Breakfast cereal manufacturer Weetabix East Africa is gunning for the millennial market in Kenya with an expansion in its local plant, brand, and distribution.

    The firm announced its latest inflation-beating strategy to grow its market share in Kenya, which mainly targets younger and school-going youth who, at nearly 13 million, comprise nearly a quarter of the country’s population.

    According to Dominic Kimani, Weetabix EA CEO, millennials matter, with research showing that there is an immense opportunity among younger people who are also changing breakfast cereal consumption habits.

    “For young people, the high nutrient density of breakfast cereals, especially those that are whole grain or high in cereal fiber, is an important source of key nutrients. Millennials consider cereal a meal that can be eaten at any time, expanding it into a snack outside breakfast,” said Kimani, adding that college-age millennials consider cereal a great snack.

    Furthermore, millennials want the ability to customize their food, creating an environment for countless innovative new ways to eat cereal and spawning a wide range of innovative products.

    To respond nimbly, Weetabix EA has renewed focus on the “kadogo” 37-gram pack version of its flagship WEETABIX breakfast cereal brand and the addition of two cornflakes variants named Fruity Fiesta and Fruit Frenzy to its portfolio.

    It also includes an investment of more than Ksh 85 million (USD 500,000) in upgrading the manufacturing facility located in Nairobi and pushing the brands into the market. Of this, about Ksh. 23 million has gone into the distribution channel, production process, and consumer rewards, while Ksh. 62 million (USD 400,000) has gone into upgrading the manufacturing capability and capacity over the past few months to support this venture.

    Speaking during the official kick-off of its national consumer campaign dubbed “Fyatuka na Weetabix,” Kimani pointed out that diversity was driving the need for a high degree of differentiation to meet a wide range of consumer tastes and preferences.

    Additionally, health consciousness was also growing, with consumers seeking natural, healthy, and affordable products across the region. This, he stated, calls for a need to evolve with the times and invest in production improvements to optimize output and still deliver the right product to consumers at an affordable price.

    He noted that the current economic times have put a strain on overall breakfast consumption in Kenya, with the new initiative designed to change this trajectory while at the same time bringing value to consumers as they seek to enjoy healthy choices.

  • Watu and Spiro announce partnership to improve access to affordable financing for electric motorcycles

    Watu and Spiro announce partnership to improve access to affordable financing for electric motorcycles

    Asset financing company Watu Credit (Watu) and Spiro, a pioneer in sustainable urban mobility solutions, have announced a partnership to improve access to affordable financing for electric motorbikes in Kenya.

    Spiro has set up a headquarters in Mombasa and has the largest electric two-wheeler fleet in Africa, with over 10,000 bikes deployed in Kenya, Benin, Togo, Rwanda, and Uganda.

    Speaking during the announcement, Erick Massawe, Kenya Country Manager, Watu said: “Through this partnership, we will leverage our dealership network to make Spiro electric bikes accessible to customers through affordable financing starting in Mombasa. We plan to further expand across a network of over 300 dealers countrywide, expanding the EV market in Kenya.”

    Spiro started its operations in Mombasa last year, following a high-level launch event with President William Ruto.

    ‘’Our motorbikes have been very well received in Mombasa, and the demand has exceeded expectations,’’ says Mr. Kshitij Sharma, Managing Director, Spiro Kenya. ‘’Our bikes are popular not only due to the alternative solution we offer as fuel prices go higher but also because of the work we have put into research and development to make sure they are relevant to the African market. The bikes are environmentally friendly and require minimal maintenance, which makes them very popular with riders as they try to minimize the costs of running their two-wheeled vehicles.’’

    The firm has established a network of automated battery swap stations in Mombasa and is in the process of doing the same in Nairobi to meet the anticipated demand for affordable electric bikes. The initial cash retail price of the Spiro EV motorcycle will be Kshs 195,000 and Ksh 196,700 for customers who will need Watu to manage logbook transfers for ownership.

    For those buying on credit, a Kshs 20,000 down payment is required, with the final cost of the asset being determined by the loan payment timeframe.

    “Our partnership with Watu will ensure that we enable riders to access the motorbikes at an affordable rate, and that way we will both contribute to supporting the government’s goal of transforming the transport sector with clean and affordable mobility. Partnering with them ensures that all riders can pay a daily fee similar to the cost of financing a petrol motorbike.,” Mr. Sharma added.

    The partnership with Watu will ensure that potential buyers of Spiro electric bikes have quick access to a flexible financing solution that makes owning an electric motorbike more accessible. This approach tackles the financial barriers that may otherwise hinder riders from embracing the benefits of electric mobility.

    Mr. Sharma said that the agreement adds another step toward their goal of enabling universal access to affordable and clean transportation. “The benefits of electric bikes are many, and we want to make them affordable for people to own. They have far lower maintenance and operational costs compared to fuel-powered versions, making them more economical. Additionally, our bikes are designed and made to cater to the specific needs of our customers, and we will also manage the set-up of charging infrastructure to manage range anxiety,” he added.

    Mr. Massawe expressed confidence in the partnership, stating, “We believe the future of the mobility industry is electric. Through our collaboration with Spiro, we will play a role in making electric motorbikes more accessible to riders in Kenya and eventually in Africa and help in improving access and affordability.’’

    Spiro’s CEO, Kaushik Burman, says, “Spiro continues to expand its collaborative partnership model across multiple areas in the value chain to foster electrification of the mobility sector in Kenya and other countries in Africa. We look forward to building this partnership with Watu in Kenya and other countries.”

    Because of their zero carbon emissions, electric vehicles are a more sustainable and environmentally friendly form of transportation. According to the National Climate Change Action Plan 2018–2022, the transport sector’s share of the nation’s overall greenhouse gas (GHG) emissions in 2015 was about 13 percent.

    Due to consistent sector growth, this percentage is expected to rise to 17 percent by 2030. To meet Kenya’s Nationally Determined Contribution (NDC) target of reducing greenhouse gas (GHG) emissions by 32% by 2030, the adoption of electric vehicles by the sector has been encouraged.

    Last year, Kenya launched an initiative to encourage the acceleration of e-mobility adoption to empower youth, lower the cost of operation for the boda boda sector, and position the country as a front-runner on the e-mobility journey.

    Last year, Spiro announced that it would set up an electric motorcycle manufacturing and assembly plant at the Dogo Kundu Special Economic Zone in Mombasa, once it is operational. The plant will have the capacity to manufacture more than 1,000 motorcycles a day for distribution and sale across the African continent.

  • 5,000 Muslim Families Set to Benefit from a partnership with Premier Bank Kenya and Zakat Kenya

    Signing between Zakat Kenya and Premium Bank,

     

     

     

     

     

     

     

     

    By James Nyaigoti,

    Premier Bank Kenya is elated to announce the signing of a partnership with Zakat Kenya to sponsor the annual “We Are One – Iftar Walk”.

    The initiative has been in existence since 2017 and has been able to support over 20,000 Muslim families in Kenya.
    The initiative aligns with Premier Bank Kenya’s mission to provide progressive, ethical, banking solutions, prioritising its customers while making sustainable economic contributions in communities across Africa.

    Premier Bank Kenya’s CEO, Osman Dualle, stated, “This partnership represents a step forward in our ongoing efforts to give back to the communities that Premier Bank serves through providing Muslim families in Nairobi with food packages during the Holy month of Ramadan.

    Premium Bank, CEO Osman Ndwale and Sh. Abdi Shakur Vice Chair Zakat Kenya address the press

     

     

     

     

     

     

     

     

    We aim to feed 5,000 families, institutions, schools and the entire Islamic fraternity through this joint partnership. The Premier Bank Kenya team will also be participating in the walk to encourage physical fitness and endure wellness is incorporated into our lifestyles”.

    Zakat Kenya’s Vice Chairman, Abdi Shakur Mohammed, expressed his excitement to kick off the partnership with Premier Bank Kenya this year. “This initiative has been in existence for the past seven years and our main mandate is giving back to the Muslim community in Kenya. We thank Premier Bank Kenya for taking the initiative to join the cause and uplift the Muslim
    community.” He also added that, “Zakat Kenya believes that this partnership will help alleviate the Muslim community in light of the current tough economic times by providing food packages for families to enjoy during the holy month of Ramadan.

    The partnership will feature two major events:
    1. Iftar fun walk to fundraise for the 2024 Iftar program. The walk will be flagged off at Adams Masjid and Islamic Center and finish at Sir Ali Muslim club grounds on 25th
    February 2024.

    2. Distribution of Iftar food packs to low income households before/on the first day of
    Ramadan.

    Individuals and institutions interested in participating in the walk can register on the Zakat Kenya website and Premier Bank Kenya branches in Nairobi at Ksh.1,000.
    The joint partnership between Premier Bank Kenya and Zakat Foundation seeks to advocate for healthy lives and promote well-being for all at all ages through sensitising and supporting initiatives that promote health and nutrition which contribute to sustainable and economic growth
    of Kenya.

    The bank seeks to explore further CSR activities and initiatives contributing to sustainabledevelopment goals focusing on environmental sustainability, education and transformedeconomies later on in the year.
    At Premier Bank Kenya, our aim is to strengthen our partnerships and business through provision of accessible, efficient and convenient banking solutions guided by Shariah banking principles.