Wednesday, July 31, 2019

Olojede: SMEs Require Proper Bookkeeping to Attract Loans


The Head, Emerging Businesses, Access Bank, Mrs. Ayodele Olojede, in this interview, speaks about the bank’s commitment to operators in the micro, small and medium scale enterprises. Nume Ekeghe brings the excerpts:

What is your bank doing to support the development of MSMEs and make it easier for them to access loans?

Have You Discovered Why Your Small Business is Not Growing? DEBBIE LARRY-IZAMOJE

DEBBIE LARRY-IZAMOJEDebbie Larry-Izamoje
DEBBIE LARRY-IZAMOJE
Despite one’s best efforts to grow businesses, some small business owners experience stunted or sluggish growth due to reasons that ...

‘Insufficient Power Supply, Others Constrained Business Activities’


The Central Bank of Nigeria (CBN) Wednesday disclosed that some firms in the country have identified insufficient power supply, high interest rates and unfavourable economic climate as

Taking Advantage of Google Online Tools



Emma Okonji writes that the products unveiled by Google last week in Lagos is a welcome development that will empower Nigerians to address local challenges
Since the inception of Google for Nigeria event in 2017, Google Nigeria has always come up with

South Korea tests drone delivery in remote regions

Drone Photo: pixel2013 /<br />Pixabay
 By AFP
Seoul began testing delivery by drone in the country’s remote regions Wednesday, with the hope of improving residents’ quality of life, the government said.
The project, jointly launched by the interior and safety ministry and Korea Post, among other government agencies, aims to establish a “public drone delivery system” to serve the country’s

Investments in Fintechs in Nigeria, SSA hit $357 million

PHOTO: Shutterstock

By Adeyemi Adepetun

• 396m registered mobile money accounts now in region
Over the last 12 to 18 months, Sub-Saharan Africa (SSA) has emerged one of the fastest growing financial technology (Fintech) hubs in the world in terms of investments, albeit from a low base.

African airlines account for 92 million out of 4.4 billion yearly global traffic


[FILE] Murtala Muhammed Airport 2 PHOTO:Wikipedia
 By Wole Oyebade
African airlines have continued on the path of slow growth accounting for only 92 million out of the

Mobile money recovers from effect of taxation

Recovered. Mobile money transactions across the
Recovered. Mobile money transactions across the board recovered from the effect of taxes closing 2018 with growing numbers. PHOTO BY EDGAR R BATTE  
By Christine Kasemiire
The value of mobile money transactions registered in the three months leading to December 2018 increased to Shs18 trillion up from Shs14.8 trillion in September.

As Boeing targets October, US says no timeline for 737 MAX

Reuters The US Federal Aviation Administration distanced itself on Thursday from suggestions by Boeing that its grounded 737 MAX could resume flying passengers in October, saying regulators do not....

Fruits of privatisation sour as most divestitures fail to excite

Dominic Omondi and Macharia Kamau  Privatisation of Kenya’s State entities was a noble idea. It was meant to make firms more efficient and wean them off political interference and reliance on taxpayers sweat. The companies were expected to swim in huge profit under private hands. However, the mission was exploited by

Barclays eyes up to Sh2tr chunk of Deutsche Bank prime finance book

Reuters  Barclays is looking to take on a Sh2 trillion ($20 billion) portion of Deutsche Bank’s prime brokerage business, sources said, under plans to become Europe’s premier investment bank and compete more strongly with US rivals. After its victory over activist shareholder Edward Bramson who failed in his

Fintechs’ growth nudges banks to ink lending pacts

Macharia Kamau  For some time, banks and digital lending applications had been seen as adversaries. The digital lending apps have in the recent past, however, disrupted the banking sector, taking the market by

Telco boss, PS sell off their shares

Macharia Kamau  Safaricom’s founding chief executive Michael Joseph Safaricom’s founding chief executive Michael Joseph has sold-off his shareholding in the company.

 In its annual report published yesterday, the telecommunications firm said Joseph, appointed interim chief executive in July following the death of his successor Bob Collymore, sold off all shares he

Kenyans to take control of Safaricom board in changes

Macharia Kamau  Vodafone Kenya currently has the majority seats on the Safaricom board at four. [Courtesy] Safaricom shareholders will at the end of this month vote on a proposal by the telco that if passed will guarantee Kenyans more seats on the board.

 The move comes in the wake of a raging debate on whether a Kenyan should succeed the late Bob Collymore as the mobile service provider’s chief executive. Collymore succumbed to cancer last

Matatu drivers to undergo physical, mental tests every 3 years in new measures

Cyrus Ombati  The National Transport and Safety Authority (NTSA) has issued a raft of measures to mitigate cases of road accidents. For instance, Interior Cabinet Secretary Fred Matiang’i said from November, 1 2019, no Public Service Vehicle or commercial vehicles driver’s license will be renewed without the

Weak house sales nearly double Home Afrika loss

homes A slow down on growth of private sector credit is hurting real estate, which heavily relies on bank loans for unit purchases. FILE PHOTO | NMG 
Nairobi bourse-listed real estate developer Home Afrika sunk deeper in the red after posting a Sh346.2 million net loss for year ended December 2018.

Safaricom sacks 31 employees linked to fraud

Safaricom shop A Safaricom shop in Nairobi. FILE PHOTO | NMG 
Safaricom fired 31 employees in the year ended March 2019 after they were found to have engaged in fraud.
The telco says it sacked 43 workers because of fraud a year earlier/

EDITORIAL: Probe insurance woes

Low pricing of policies has hit underwriting Low pricing of policies has hit underwriting income of firms in the popular motor insurance segment. FILE PHOTO | NMG 
The revelation by the Association of Kenya Insurers (AKI) that premiums undercutting by firms seeking to protect their market share is the primary driver of underwriting losses in the industry

Nairobi-based DPO Group acquires SA payment firm

Eran Feinstein Group CEO and co-founder Eran Feinstein. FILE PHOTO | NMG 
BRIAN NGUGI

Summary

    • Following the transaction, DPO Group said it will be providing services to over 100,000 merchants across 18 African markets.
Nairobi-based online payment service provider Direct Pay Online (DPO) has acquired PayFast, a

Construction jobs shrink as demolitions cut approvals 34pc

House demolition. House demolition. The number of approvals has fallen due to stringent inspection. FILE PHOTO | NMG 
Construction jobs and building material sales dipped sharply following a 34.6 per cent drop in projects approved by the Nairobi County government from January to June, 2019.
The Built Environment report by Architectural Association of Kenya (AAK) noted only 955 projects

Align strategy to SDGs for enterprise success

SDGs SDGs offer businesses a chance to live longer and impact more. FILE PHOTO | NMG 
The Sustainable Development Goals (SDGs) set out the UN agenda for people, planet and prosperity by year 2030.
The 17 goals and 169 targets adopted in September 2015 aim to stimulate action in areas of critical

New online business listing platform launched

Users can register or request a service on Users can register or request a service on their phones. FILE PHOTO | NMG 
A new online business listing platform that helps firms to connect with potential customers has been launched.
The platform, NaiGate enables business owners in sectors such as hospitalitity, accommodation and

Mobile economy holds out bright promise for Africa but hurdles abound

 digital economy Digital experts are betting on African startups to not only reap big as the shift to digital economy gathers momentum. FILE PHOTO | NMG   

By John Cheruiyot
Sub-Saharan Africa seems to be ticking all the right boxes in the adoption of mobile technology. This is at least according to the GSMA conference held in Kigali, Rwanda, which heard that the region

Charting the way forward in Kenya’s Blockchain adoption

ICT Secretary Joe Mucheru ICT Secretary Joe Mucheru (second left) takes a selfie with members of the Distributed Ledger and Artificial Intelligence Task Force during the release of the Blockchain report at Telposta Towers in Nairobi on Thursday last week. PHOTO | SALATON NJAU 

Tea price falls to five-year low on oil, devaluations

tea estate A worker on a tea estate in Kericho County. FILE PHOTO | NMG 
Relatively low global oil prices and currency devaluation of countries that are major buyers of the

Draft employment law introduces ‘flexi time’, surrogacy leave

The draft Bill also proposes that an employee The draft Bill also proposes that an employee is entitled to be provided with a written statement of the reasons for dismissal. FILE PHOTO | NMG 
 By WILLIAM MAEMA
The draft Employment Act (Amendment) Bill, 2019 published by the Kenya Law Reform Commission in April introduces novel concepts into Kenyan employment law which, only a few

Firm sues StanChart for Sh845m over CRB listing

Standard Chartered Bank Standard Chartered Bank on Kenyatta Avenue in Nairobi. FILE PHOTO | NMG 
A construction company wants Standard Chartered Bank Kenya (StanChart)
to pay it Sh845 million in damages after it was listed at a credit reference bureau as a loan defaulter

Regulator enforces caps on PhD intake

A graduation ceremony A graduation ceremony. Universities regulator has started imposing caps on the admission of Masters and PhD students. FILE PHOTO | NMG 
The universities regulator has started imposing caps on the admission of Masters and PhD students based on the lecturer population and qualifications amid questions over the quality of post-graduate

Fines for late returns filing to drop under new tax rules

KRA headquarters KRA headquarters in Nairobi. FILE PHOTO | NMG
The penalty for filing annual tax returns past June 30 deadline is set to drop under proposed changes

Catching attention in marketing

Go ahead and try it in your marketing and reap Go ahead and try it in your marketing and reap the rewards. FILE PHOTO | NMG 
Think through your average work day. From the time you wake up until the moment you lay your head to sleep, how many pieces of unsolicited information get thrust upon you? How many billboards

MPs protest court breach in Sh61bn betting tax demand

Betin Betin is one of the gambling firms which the Government has not renewed theie licences because they failed to follow the licencing guidelines. FILE PHOTO | NMG 

Cash woes ground Sh20 fare NYS commuter buses on Nairobi routes

National Youth Service bus Passengers queue to board National Youth Service bus to Kawangware from Kencom on March 29, 2018. FILE PHOTO | NMG 
EDWIN MUTAI

Summary

    • Auditor-General Edward Ouko says only nine of 27 buses are currently in operations with the rest grounded.
    • He said the subsidised transport plan labelled Okoa Abiria programme had 27 buses when it started operations in March 2018.

Retailers pursue new designs as customer needs get complex


A Clean Shelf Supermarket in Kayole
A Clean Shelf Supermarket in Kayole, Nairobi. PHOTO | SALATON NJAU | NMG 

Heineken distributor to get Sh1.7bn in row

Maxam
High Court Judge James Aaron Makau also awarded Maxam Sh1.7 billion for loss of business. FILE PHOTO | NMG 
ABIUD OCHIENG
By ABIUD OCHIENG
More by this Author
Maxam Ltd, the distributor of Heineken beer lager in Kenya, will continue to distribute the product after the High Court reinstated the distribution agreement that the manufacturer cancelled.
High Court Judge James Aaron Makau also awarded Maxam Sh1.7 billion for loss of business after

State unveils first Turkana crude oil buyer next week

Andrew Kamau
Petroleum PS Andrew Kamau. FILE PHOTO | NMG 

Construction jobs shrink as demolitions cut approvals 34pc

House demolition.
House demolition. The number of approvals has fallen due to stringent inspection. FILE PHOTO | NMG 
JAMES KARIUKI
By JAMES KARIUKI
More by this Author
Construction jobs and building material sales dipped sharply following a 34.6 per cent drop in projects approved by the Nairobi County government from January to June, 2019.
The Built Environment report by Architectural Association of Kenya (AAK) noted only 955 projects