Category: BUSINESS

  • STARTING STRONG WAS OUR KEY ROLE AT OPTIVEN

    STARTING STRONG WAS OUR KEY ROLE AT OPTIVEN

    The Founder and Chief Executive Officer of Optiven Group Mr. George Wachiuri has called upon Kenyans to realign their goals and objectives for this year 2023 and more importantly work towards achieving them not only for their personal growth but also for a better society.

    Mr George notes, “The theme is Aligning Personal and Family Goals. As we pray and put down the things we are committing to God for 2023, we need to learn how to translate these prayer points and desires into SMART personal and family goals.

    Our faith must be practical. Success is not accidental, it is planning and execution.

    When you fail to plan, you have just signed off a master plan to fail. Join us and get practical inspirations and actionable lessons on #StartingStrong

    Newscentre.co.ke.co.ke takes this opportunity to wish Optiven Group Founder and Chief Executive Officer George Wachiuri all the best.

  • Amb. Nancy Karigithu Feted Globally, over 30 years experience in maritime industry

    Amb. Nancy Karigithu Feted Globally, over 30 years experience in maritime industry

    Special Envoy for maritime Affairs Ambassador Nancy Karigithu has continued to gain international recognition for her nice job.

    The center for ocean policy and blue economy on its communication noted.

    “We are proud to announce our support for Ambassador Nancy Karigithu for the post of Secretary General of the International Maritime Organization – IMO. Please share this message if you support and congratulate her candidacy.”

    Ambassador Karigithu would be the first female Secretary General of the IMO and the first from Africa – the Republic of Kenya – a remarkable and necessary milestone.

    Her capacities as a seasoned diplomat, honest broker, and consensus builder are critical to meet this moment. She carries with her the conviction to do what is right and to ensure successful outcomes for all nations – no matter how large or small.

    The Center for Ocean Policy & Economics is therefore compelled to support this remarkable woman in her ambition to guide the International Maritime Organization as its next Secretary General.

    President William Ruto re-affirmed Kenya’s nomination of Ambassador Nancy Karigithu for the position of Secretary General of the International Maritime Organisation (IMO).

    Secretary General of the International Maritime Organization is set to be left vacant this year the position held by Kitack Lim who is set to step down this year 2023.

    Kenya’s Nancy Karigithu and Panama’s  Arseno  Dominguez will stand in the IMO election, which will be held at a council meeting next July, with a March  31st deadline for all candidate applications.

    “Newscentre.co.ke Digital media takes earlier lead to wish our Kenya ambassador Nancy a successful election to help Kenya in matters Maritime.”

  • Barely five months since the last general election, a renowned gospel artist has already declared his interest to run for the presidency in the 2027 polls.

    Reuben Kigame, a musician, teacher, broadcast journalist and social activist, has joined the race to dislodge President William Ruto from the State House.

    Kigame hails from Vihiga county which is the rural home of Ruto’s close ally ANC party leader Musalia Mudavadi, the current Prime Cabinet Secretary in the Kenya Kwanza government.

    In 2022, Kigame’s bid to run as an independent candidate did not materialize after the IEBC locked him out of the contest on grounds he had failed to meet the requirements for presidential candidates.

    In a tweet on Wednesday, the ‘Enda Nasi’ hit maker said he had found a political party to run on in the next polls saying he was the best suited person to be the country’s sixth head of state.

    Iwill run for the Presidency because Kenya did not get authentic leadership that puts people first. Kenya does not need to look for more money. We have so much even after stealing from citizens. what we need is a government driven by Utu, Haki, Maadili na Ugatuzi,” he said.

  • Karis Mobile Spares Answers all Smartphone Anomalies

    Karis Mobile Spares Answers all Smartphone Anomalies

    Karis Mobile Spares Answers all Smartphone Anomalies.

    If there’s one shop that answers all mobile parts then it’s Karis Mobile Spares. Karis has employed five youths who eke out a living at his premises along Munyu Road.

    Karis Mobile Spares has all phone parts including motherboards, earpieces, screens, and so on.

    NewsCentre sought an exclusive interview with Karis of Karis Mobile Spares. This is what he had to say:

    “We are focused on customer satisfaction in terms of fulfilling our customer needs. We offer professional phone repair and replacement of the parts.”

    Karis has also called upon the government to lower the taxes which he said have become so much.

    “Like in my shop here despite being compliant the County Government still demands licenses for fire, garbage, and the like. We would like these to be reduced.”

    He also called for an increment of the Hustler Fund so that it can continue being instrumental in business growth.

    “The Hustler Fund is meant to help us boost our business so we are calling upon the government of his excellency Dr. William Ruto to increase the fund so that we can Benefit,” he concluded.

  • Maize Flour and Rice Prices now Reduces CS Linturi breaks the news

    Maize Flour and Rice Prices now Reduces CS Linturi breaks the news

    CS Mithika Linturi tours Chai Trading Company Limited in Mombasa /COURTESY

    With escalating food prices and high cost of living due to the removal of subsidies in food commodities, Linturi stated that plans are in place to change the current situation that has caused an uproar among Kenyans.

    It is now well over three months since the Kenya Kwanza alliance administration came into office with expectations being high that the new administration would fix the high cost of living that is biting across the country.

    However, that has not been the case with the government even scrapping several food subsidies that had been introduced by retired president Uhuru Kenyatta to manage the cost of living. The result has been a pain to the pockets of many consumers.

    However, according to the latest communication from the government, this is about to end. Ministry of agriculture cabinet secretary Mithika Linturi says that the low price of maize flour and rice looms.

    Linturi says that by February this year, Kenyans should expect to see low food prices, especially maize flour and beans, two very important staple foods.

    “Agriculture cabinet secretary Mithika Linturi assures that prices of maize flour and rice will go down by February 2023 as the government banks on food production,” Capital FM reports.

  • THE FAMILY GROUP FOUNDATION SCALES UP 2023 HIGH SCHOOL SCHOLARSHIPS KITTY TO KES 60 MILLION.

    THE FAMILY GROUP FOUNDATION SCALES UP 2023 HIGH SCHOOL SCHOLARSHIPS KITTY TO KES 60 MILLION.

    By Steve el Sabai.

    NAIROBI, DECEMBER 27, 2022 – The Family Group Foundation has scaled up the high school scholarships kitty to KES 60 million for students from needy backgrounds joining form one in 2023.

    This year’s scholarship program will benefit 290 bright and vulnerable students from 32 counties and allow the beneficiaries to pursue secondary education. The students will receive full scholarships that will cater for tuition, accommodation, school uniforms, and upkeep as well as get access to mentorship to guide the young children on academics, personal development, and careers.

    “Access to inclusive and equitable quality education is a right of every child in this country. Through The Family Group Foundation, we can bring hope to children from needy backgrounds and give them an equal chance to fulfilling their dreams and make their lives better through education. Going into 2023, we have purposed to not only expand the kitty but also expand the counties that benefit from this program from 14 to 32 counties,” said Family Bank CEO Rebecca Mbithi.

    Since 2012, the Foundation has so far awarded high school scholarships to more than 1000 beneficiaries countrywide and invested over KES 250 million in the education sector.

    “As a Bank, we are confident that these scholarships go a long way in helping the government achieve 100 percent transitioning of students to the 1.24 million students who sat for their Kenya Primary School Education Assessment this year. This is a reiteration of our commitment to empowering families by catalyzing transformative change for wealth creation,” she added.

     

    The minimum entry point to the scholarship will be 350 marks attained in the 2022 KCPE exams. The 290 beneficiaries will be primarily selected, interviewed, and recruited through a participatory approach involving a County-based Scholarship Selection Panel comprising representatives from the Ministry of Education, Ministry of Interior, County Government and Children’s Services Department, Kenya Primary Schools Head Teachers Association (KEPSHA) and faith-based leaders in the counties.

    Application forms are available at Family Bank branches as well as the Ton he Family Group Foundation website. Applications close on 9th January 2023.

  • Is it worth checking facts, before we halve our food supply?

    Is it worth checking facts, before we halve our food supply?

    By Ojepat Okisegere, Farmer & CEO fresh Produce Consortium of Kenya.

    There are a few areas of public statement where speakers are left entirely free of accountability and legal limits. In business, advertising is banned where it conveys misinformation, while company officers are liable for false statements to the extent of prosecution and even jail sentences. In politics, candidates who make claims about what they will do if elected, will be judged later if there is no delivery on their promises.

     

    But there is one form of campaigning where making false claims is worry-free: there is no come back, and no legal requirement for fact-based statements. In fact, where campaigners shout the fake loud enough, they can even get the room to deny anyone else the right to speak.

     

    It is a gap we are facing in Kenya, today, in a crescendo of false statements that may yet shape our future, as local NGOs funded by Germany’s Green Party distribute rounds of videos starring local celebrities holding up tomatoes and sukuma wiki stating that they are poisonous. The poison, they claim, comes from the pest control products used to produce them.

    The same type of blanket campaigning against pesticides has already worked in Europe, which, like the rest of the world, used to assess pest control products for their safety, scientifically. It does not do that anymore. It changed its approach. The scientists were approving products that were safe to use and necessary to food production. Once the European public had been told so many times that all pesticides were poisonous, it was just too politically damaging to keep approving pesticides. The European Union (EU) banned them without any evidence of risk, just in case they might, one day, be found to be harmful, calling it the ‘precautionary principle’.

     

    It has created a big mess. The EU banned one set of pesticides in case they might ever be found to be endocrine disruptors, which interfere with human’s hormone systems, causing reproductive and other issues. Under more political pressure, the EU banned the use of these same pesticides on imported foods from other nations, dozens of countries launched a world trade dispute against Europe, calling the ban a trade barrier, and demanding the EU deliver evidence any of the chemicals were endocrine disruptors. Fifteen years later, the EU has never posted any evidence: because none exists. The chemicals were banned as a political precaution, because of the campaigners.

     

    For their ‘proofless’ power is formidable. This same type of zero-facts campaigning has convinced most of the world’s public and media that pesticides kill bees, where the US Centre for Disease Control and Prevention explains, painstakingly, the reason for the global decline in bees are mites that have swept the world taking up residence in beehives and infecting the bees with viruses.

     

    Scientists are flailing in fighting frightening and emotional slogans with data. Indeed, as the real data grapples with the zero data, the most recent so-called Pesticides Atlas from the anti-pesticide campaigning groups has no citations at all, not a single scientific study supporting its claims.

     

    However, this journey of fake claims is far more damaging in Kenya, than in Europe, as climate change exponentially increases the pests destroying our foods. Many of our pests are thousands of times more prolific now than 20 years ago, and that is proven by scientists who have counted them, documented their increased size, speed of growth, egg laying and numbers.

     

    When the green campaigners of Europe sought to get the African Union to introduce blanket bans on pesticides as ‘a precaution’ regardless of any evidence, the AU declined.

     

    Now the race is on to get Kenya to do it. The trick is telling Kenyans the EU banned the pesticides because they harmed people and the environment. If the Kenyan government is finally forced to set aside all science and ban them too, on popular demand because celebrities say they are poisonous, the campaigners can go to Uganda and say: ‘you need to ban these, Kenya banned them because they were dangerous’.

     

    The break in the chain would come as soon as there was a demand for proof these chemicals were dangerous, when used properly. Of course, if you drink pesticides you are going to be sick, just as two whole packets of pain killers can kill you, or any medicine taken against the doctor’s prescription.

     

    Without pest control, we will commit millions to starvation. The FAO estimated stopping pesticides would cut our food output by 40 percent, but, last year, the ban on pesticides, in Sri Lanka, was much more catastrophic. Farmers saw immediate yields fall at an average of 54 percent, while the fall in rice, maize, tea and vegetable yields were as high as 95 percent. This pest feast triggered a food crisis, an economic crisis, and within months, the government was forced to reverse the ban.

     

    As Kenya is pushed to follow the same path, the money used to make fake claims in celebrity videos might be better used training farmers how to best control pests.

  • Public, private sector enrolment in FiRe awards increases

    The total number of entities that enrolled in this year’s Financial Reporting (FiRe) Award has increased by 133 percent to about 844 from 362 recorded in 2021 for both public and private sector entities.

     

    The coveted FiRe Award is organised by five promoters who include the Public Sector Accounting Standards Board(PSAB), the Institute of Certified Public Accountants of Kenya(ICPAK), the Nairobi Security Exchange (NSE), the Capital Markets Authority(CMA) and the Retirement Benefits Authority(RBA).

     

    The increase in the number of entities participating in the Award indicates a significant Uptake of financial reporting standards that have led to improved transparency and accountability in the use of both public and private resources.

     

    Also, the growth in numbers has seen an improvement in financial reporting trends including the adoption of new Accounting standards and implementation of environmental, social and governance (ESG) reporting. This lays the foundation for the country to prepare for the adoption of new standards on sustainability disclosures for both private and public sector entities issued by The International Sustainability Standards Board (ISSB) and International Public Sector Accounting Standards Board (IPSASB) respectively.

     

    Speaking in Nairobi during the launch of 20th edition of the Award, the chairman of the FiRe Award, who is the Chief Executive Officer of NSE, Mr. Geoffrey Odundo said the FiRe Award promotes financial reporting excellence, fosters sound corporate governance practices, and enhances corporate investment and environmental reporting for financial transparency and accountability in public and private sectors.

     

    “The FiRe Award is critical in promoting and enhancing the adoption of International Financial Reporting Standards (IFRS) by entities in the country thus enhancing efficient communication of financial information both locally and internationally,” Mr. Odundo said.

     

    ICPAK Chief Executive Officer, FCPA Edwin Makori added that ” the emerging financial reporting practices highlight not only financial information but also non-financial indicators in decision making. Incorporating non-financial data provides a more holistic view of the organisation, and factors that can impact business operations than financial data can deliver on its own Accountants, therefore, as agents of promoting excellence in financial reporting, have the responsibility to ensure that financial reports are prepared within the prescribed formats and standards.”

     

    The Chief Executive Officer of PSASB, FCPA Fredrick Riaga, said that there is an increasing demand in the country by the users of financial statements to link performance related outputs and outcomes to financial information.

     

    “User of standards want to understand the impact of the government’s decisions on lives of current and future generations. Linkages between financial and non-financial information, including sustainability and performance reporting is a crucial step towards giving meaningful information to the users of the annual reports, this is what we are promoting in this year’s FiRe Award,” Mr. Riaga said.

     

    The FiRe Award is the culmination of the assessment exercise conducted in November 2022 after reporting entities submitted their financial reports for evaluation. Public and private sector entities submitted their entries in October 2022 for review by a panel of experts ahead of the Award.

     

    During the Award, the best reporting entities were recognised and awarded for embracing best practices. This year’s Award ceremony, themed promoting Excellence in Financial Reporting through Integrating Financial and Non-financial Information, is an appreciation of the critical importance non-financial information plays in providing a wholesome view of company’s performance and providing stakeholders with relevant information for decision-making.

     

    Re-emphasizing the theme, Capital Markets Authority Chief Executive Officer,  Mr. Wycliffe Shamiah, said that” promoting excellence in financial reporting is fundamental in positioning Kenya as the preminent financing and investment hub in the region.”

    Out of the five promoters, RBA is the latest to join the Award in 2020 as  a sponsor and was in 2021 admitted as a promoter.” I would like to encourage Retirement Benefits Schemes to embrace reporting occasioned by changes in accounting standards, revisions in business models and reporting techniques from the challenges occasioned by the pandemic as well as increase in compliance to ESG and integrated reporting practices.

  • Jumia Kenya targets 15% growth in rural areas in 2023

    Jumia Kenya targets 15% growth in rural areas in 2023

    December 13th, 2022. Nairobi – From next year, 2023, Jumia customers in Nyanza and Western regions in Kenya will benefit from the Jumia City Penetration program giving them access to millions of products on the online platform at a reduced delivery fee. Jumia plans to expand its reach to rural areas by 15% in the coming year as part of its growth strategy.

    Jumia Kenya CEO, Juan Seco made the announcement during the Jumia Awards at the Aspire Center.

    ” As part of our growth strategy, we want to reach more customers outside Nairobi, give them access to millions of products on our platform, and provide a better consumer experience. This is good news for our vendors as we also continue to increase the reach of Jumia and expand the customer base they can access when working with us.”, said Jumia Kenya CEO, Juan Seco.

    The city penetration program aims to speed up the uptake of online shopping upcountry, by providing opportunities for vendors countrywide.

    Among those awarded for top performing categories included, Vision Plus for Best TV Category Growth, Waanzilish for 2022 Best Fashion Category Growth, Diageo scooped the Beverage Category Leader and Pwani Oil scooped the Best Food Category Growth. Transsion Holdings (Tecno, Infinix, itel) stood out as the Leader in the phone category.

    The annual vendor award ceremony was aimed at celebrating Jumia vendors and sharing insights into the next year, 2023.

  • Executive Appointment at I&M Group

    Executive Appointment at I&M Group

    Incoming I&M Bank Kenya CEO Mr. Gul Khan
    Incoming I&M Bank Kenya CEO Mr. Gul Khan

    The Board of Directors of I&M Group PLC has today announced the appointment of Mr. Kihara Maina to the position of I&M Regional CEO which will come into effect in the new year. His appointment to the Group role subject to regulatory approval will follow the end of his tenure as CEO of I&M Bank Kenya.

    At the same time, the Board has announced the appointment of Mr. Gul Khan as the new I&M Bank Kenya CEO subject to regulatory approval. Mr. Gul Khan has over 23 years of international financial services experience, mostly with HSBC Bank, having worked in Europe, North America, Asia, Middle East and Africa. Mr. Khan is recognised as a leader in both the banking and fintech industries with a proven track record of delivering growth and transformation.

     Incoming I&M Bank Group Regional CEO Mr. Kihara Maina
    Incoming I&M Bank Group Regional CEO Mr. Kihara Maina

    Since 2019, Mr Khan is the Head of Products at Airtel Money Africa, where he has played a key role in driving financial inclusion across 14 African markets.

    The Group also announced the impending departure of Mr. Chris Low, the current Regional Director whose contract expires at the end of this year after a successful two-year engagement to establish key Group functions and alignment across the Group’s subsidiaries in Rwanda, Tanzania and Uganda as well as its Joint Venture in Mauritius, Bank One.

    The transition offers continuity in the business as Mr. Maina takes over responsibilities previously handled by Mr. Low that were instrumental in setting up the foundation for the Group’s regional infrastructure that has been crucial in driving the Bank’s regional ambition, a role for which the Board has expressed its full gratitude.

    In his new role, Mr. Maina will ensure that the business model for the regional markets delivers towards enhancing performance as a key parameter in contributing to the overall Group performance.

    Mr. Maina joined I&M six years ago as CEO of I&M Bank Kenya. In his new role, he will be responsible for driving the regional business ambition for the Group as underpinned in the iMara 2.0 strategy.

    Commenting on the new appointments, Mr. Daniel Ndonye, Board Chairman, I&M Group Plc said: “We believe that Mr. Kihara Maina and Mr. Gul Khan are the right leaders to drive the organisation’s growth strategy. Together, they have significant business experience and the drive to help us take I&M Group to the next level of growth and development in line with our iMara 2.0 strategy”.