Category: BUSINESS

SACCOs have been successful in promoting financial inclusion in Kenya by providing financial services to individuals and small businesses who would otherwise have limited access to financial products from traditional banks.

They have also been able to offer competitive interest rates on savings and loans due to their community-based nature and lower overhead costs.

It’s encouraging to hear that 47 percent of Kenyans are considering putting their money in a SACCO, as this shows that there is a growing awareness and trust in the SACCO business model.

However, it’s important for individuals to do their research and carefully consider the specific SACCO they want to join, as not all SACCOs are created equal in terms of financial stability, services offered, and regulatory compliance.

Asked where they would invest their money given the options of; SACCO, Maoney Markets, Chama, and a Savings Bank Account, during an online poll that attracted hundreds of responses, 47 percent were for Saccos, 28 percent for money markets, 17 percent for a savings account, and 8 percent for a Chama.

Those interested in investing their money in a SACCO mentioned the flexibility of contributions, increase in their savings over time, annual dividends, and access to affordable loans as the main reasons they would take their money and put it in a SACCO.

In the past few days, virtually everyone in Kenya has been talking about Sacco Dividends. Saccos around the country were releasing their annual financial results and announcing dividends to their members and members could not hide their excitement.

March has indeed been a good month for most Sacco members. The Saccos injected in excess of 30 billion shillings into the financial ecosystem in march alone, due to dividend payout, and more saccos are lined up to declare dividends and interest rebates up to the end of April.

Sacco businesses have gained popularity over the years around the country as an alternative form of financial institution. They have become vehicles that not only give people alternatives to invest in but access to affordable credit too.

Stima Sacco, Kenya’s fastest-growing sacco in asset base, for instance, approved the payment of a first and final dividend of 15 percent on share capital to its members for the financial year ending December 31, 2022.

Stima Sacco members will also get interest rebate deposits at the rate of 11 percent for the period under review. The distribution brings the total payout to 3.56 billion shillings in 2022 an increase from  2.99 billion shillings in 2021.

The Public Relations Global Network (PRGN) has granted The Newmark Group, a Pan African Public Relations and Communications agency, full membership in order to improve its capabilities to serve customers globally. The announcement was made in a press release on March 22, 2023, during a ceremony in London.

The Newmark Group joins the network, boosting the number of member agencies to 54 and strengthening PRGN’s activities in five Sub-Saharan African countries.

According to Gilbert Manirakiza, Founder and CEO, of The Newmark Group ideas and expertise in strategy design and execution, stakeholder mapping, thought leadership, media training, and content production, make it a formidable client partner.

“From Newmark’s inception in 2010, our profound objective has been to contribute to creating a world that promotes inclusive prosperity for everyone.” This is a world where people and communities are liberated to realize their full potential and pursue their ambitions. “Joining PRGN increases our capacity to achieve this because it allows us to go even farther in connecting, enabling, and activating businesses to become a force for good, not only in Africa but internationally,” Gilbert Manirakiza said.

The Newmark Group, founded in 2010, is a Pan-African communications and brand positioning agency that uses the power of brand trust to help companies and organizations flourish. The Newmark team develops communication strategies that enable customers to engage their stakeholder ecosystems while growing as leaders in their fields, with a presence across the African continent. Over the last 10 years, the company has built a local agency group that regularly produces mission-critical insights, strategies, narratives, and execution.

According to David Fuscus, president of PRGN, “The Group is one of Africa’s fastest-growing independent brand and communications consultants located in Nairobi, Kenya, with a professional presence in over 30 African nations.” He noted that the awarding of full membership “signals the growth of PRGN into critical African markets, with the potential to reach over 1.4 billion people”.

With roughly 800 experts in more than 70 locations, PRGN is one of the world’s biggest multinational networks of independent public relations and communications companies.

Members are independent, local, owner-operated public relations and marketing communications organizations that share experience and resources while offering customers globally with broad-based comprehensive communications strategy.

Bamburi Cement PLC today announced the appointment of Mr. Mohit Kapoor as the new Group Chief Executive Officer (CEO), effective April 1, 2023, subject to regulatory approvals.

Mr. Kapoor succeeds Mr. Seddiq Hassani, who has served as the company’s CEO since his appointment on February 9, 2018, and ends his five-year tenure on March 31, 2023.

An electrical engineer, marketer, and supply chain expert by profession, Mr. Kapoor was the Country CEO for Holcim Qatar prior to this appointment. He has also served as the Head of Growth and Innovation at Holcim India, the Managing Director of Readymix Projects, the Vice President of Logistics & Supply Chain at Lafarge India, and the Senior Project Manager for Lafarge Group Audit. He joins the company at the heart of its repositioning Strategy 2025: “Accelerating Green Growth” –
that seeks to deliver market leadership growth, innovation and sustainable building solutions, solutions and product expansion, and superior performance.

“We are happy to announce Mr. Kapoor as the new CEO of Bamburi Cement Plc. In an era of socioeconomic, environmental, and innovation disruptions, Mr. Kapoor’s extensive experience with Lafarge and Holcim, as well as his track record of brand building, innovation, and operational efficiency, have uniquely primed him to lead Bamburi Cement and the team into its next phase of growth,” stated the Chair of the Board Dr. John Simba, announcing the transition.

During his tenure, Mr. Hassani has been responsible for solid operational and financial performances, a company-wide people and digital transformation, and cement infrastructure and operations that are future-fit, efficient, and sustainable.

“Bamburi Cement saw consistent brand value in the region under Mr. Hassani’s leadership. He successfully guided the brand through the most unprecedented challenges confronting the cement manufacturing industries, resulting in strong performance following the pandemic crisis. We commend Mr. Hassani for his consistent leadership, experience, and valuable counsel to the Board of Directors, and wish him the best in his future endeavors,” said the Chair.

In addition, the firm’s Board of Directors has appointed two new Non-Executive Directors following the resignation of Mr. John Stull and Mr. Guillaume Dubreuil, effective March 31, 2023. Mr. Rajesh Surana and Ms. Sonal Shrivastava will take over as Non-Executive Directors on April 1, 2023 (subject to regulatory approvals) and as Holcim Area Manager for East & South Africa and Chief Finance Officer for Asia, the Middle East, and Africa, respectively.

“The Board congratulates Mr. Surana and Ms. Shrivastava, who together bring a wealth of experience from leading various multinationals across different countries and roles. We thank Mr.Stull and Mr. Dubreuil for their service and wish them the very best in their future endeavors,” signed off Dr.Simba.

Safaricom Foundation has launched its 2023-2026 strategy, titled ‘Partnering to Enhance Equity’, which will focus on community investments in Education, Health, and Economic Empowerment.

This follows the successful implementation of its 2018 to 2021 strategy that saw over 4 million people positively impacted through more than 2,000 community projects.

In the new 2023 to 2026 strategy, the Foundation will integrate ICT, Sustainable Philanthropy, and Humanitarian Response as major execution components to ensure the delivery of long-lasting impactful projects and philanthropic investments to address communities’ urgent needs and immediate concerns.

The new strategy will see the Foundation deepen its community engagement through partnerships that are aligned with Safaricom’s purpose of transforming lives, as for the first time, the Foundation will also leverage funding from partners to create shared value for longer-term projects.

“Our new strategy will rely a lot on partnerships, technology, and community engagement by bringing on-board all stakeholders in our programs. That is why we have incorporated sustainable philanthropy as a key delivery component so that through such gainful partnerships, communities can continue thriving long after we have implemented our initiatives,” said Joseph Ogutu, chairman, of the Safaricom foundation.”

Under its Education pillar, the Foundation seeks to integrate digital skills to strengthen teacher and learner competencies and improve education outcomes. The Foundation will also increase access to TVET training for young people through establishing TVET centers of excellence and provision of scholarships, apprenticeships, and tooling of graduates in readiness for the job market.

Under Health, the foundation has incorporated adolescent health due to an increase in demand for quality reproductive services. This pillar will also improve its Reproductive, Maternal, Neonatal, Child, and Adolescent Health initiative (RMNCAH) to strengthen the capacity of National, County, and Community Health Systems. It will also integrate screening for non-communicable diseases to enable early detection, treatment, and management. Technology will play a role in mapping the number of pregnant women in high-burden counties and also be used in awareness creation in health interventions.

To harness the potential of the youth, the Economic empowerment pillar will have entrepreneurship programs, job creation, and innovative affordable financing. This will be achieved through Agribusiness, Ecoprenuership, and Enterprise Development. Using technology, the Foundation will boost learning in good agricultural practices and agribusiness management as well as support innovations geared towards providing ICT solutions to agri-business management for startups.

“in this 2023 to 2026 Safaricom foundation strategy, we will heavily leverage technology across the three pillars to improve efficiency and scale impact. By 2026, we hope that Safaricom foundation will have proven that it is possible to impact the community through technological interventions,” said Peter Ndegwa, CEO, of Safaricom.”

Naivas Supermarket today launched their annual Seasonal Campaign. The campaign promises to be authentically Kenyan while delivering memorable experiences through thematic campaigns all the while exceeding customer expectations.

This inaugural campaign comes barely a week after Kenyans took to the street to protest over the high cost of living. Kenyans are already feeling the heat and inflation is only get worse due to high import cost and supply chain disruptions.

“It is moments like this that define our character and with the odds stuck against the Kenyan people, as a homegrown retailer and supermarket of choice for the Kenyan people we have had to step up and truly live up to our promise, saves you money. We understand that the baskets are shrinking every single day, but this should not be the case at our stores and for

this this reason we are launching our Seasonal campaign dubbed “ Naivas Kikapu Kibonge ” with the tagline being “kiextra offers, kibiggie discounts and kibunda choices,” said Willy Kimani, Naivas Chief Commercial Officer.

“As a brand that understands customer needs, this is our small biding in making the long holiday a little more bearable, affordable, and memorable, the campaign promises 9 weeks of the very best everyday price and exceptional sales promotions covering Ramadhan, Easter, Eid ul Fitr, Labour Day, Back to School and Mother’s Day. What we are saying is this

holiday period does not have to be grim, we have got you covered no need to downsize or downtrade your shopping because at Naivas Kikapu ni Kibonge. This has been made possible through support from our partners, who have seen to it that our customers enjoy great value across all categories ranging from fresh produce, daily groceries, household,” concluded Mr. Kimani.