Friday, March 31, 2023

Sipano, a Maasai promoting Tanzania culture



·         Peter Sipano is a young Maasai man who has been in Zanzibar for the last 25 years working in the tourism industry. He speaks 11 languages: Italian, Spanish, Portuguese, German, and Kiswahili, among others. He is one of the direct beneficiaries of the “Royal Tour,” after President Samia Suluhu Hassan launched the documentary in the US. Ahead of the documentary’s anniversary and as we mark the visit of US Vice President Kamala Harris, our correspondent, Anganile Mwakyanjala, interviewed Sipano on his expectations and what he sees as the future of young Tanzanian entrepreneurs who have invested in tourism.

By Anganile Mwakyanjala

QUESTION: Maasai are mainly known to reside in the northern part of Tanzania; what made you decide to relocate to Zanzibar and how did they welcome you?

Trump indicted, first US president to face criminal charges


Donald Trump becomes the first former US president to face criminal charges. PHOTO | COURTESY


·         The historic indictment of the 76-year-old Republican -- who denies all wrongdoing in connection with the payments made ahead of the election that sent him to the White House -- is certain to...

Mixed reactions to Samia’s call on loss-making firms



·         President Samia questioned the value of keeping state-run firms that do not generate profits year in and year out, suggesting that they be disbanded

Dar es Salaam. Economists and businesses espouse President Samia Suluhu Hassan’s boldest reforms aimed at...

Tycoon's 'unvaxxed sperm' auction taps into conspiracies


Agence France-Presse is an international news agency headquartered in Paris, France.


·         The sales pitch that sperm from uninoculated men will be in high demand -- and therefore fetch top dollar -- stems from the widely debunked conspiracy theory that Covid-19 jabs cause mass infertility

Cruise ship changes course from Mombasa to Zanzibar and Dar es Salaam


MV Seabourn Sojourn, is sailing from Mahe, Seychelles

By The Citizen Reporter & 

Nation Africa

A cruise ship that was destined for the port of Mombasa has changed its course to Tanzania in the face of the ongoing nationwide opposition demonstrations in Kenya.

US promises more support for Tanzania’s development


President Samia Suluhu Hassan and US Vice President Kamala Harris poses for a photo at State House in Dar es Salaam on March 30, 2023. PHOTO | STATE HOUSE


·         $560 million (Sh1.3 trillion) in bilateral assistance in the next financial year is among pledges made by the US as part of efforts to foster relations

Thursday, March 30, 2023

How Ogwapits shielded family business from succession curse


United (EA) Warehouses Limited Managing Director Steven Ogwapit carrying out Operations inside the Tea storage Warehouse in Mombasa in this photo taken on March 29, 2023.    

By NDUGU ABISAI More by this Author

Growth is gradual. And the greatest gambit to attaining gradual growth is employing consistent efforts, putting proper systems in place, recruiting the right people, and reinventing yourself every now and then.

Digital banking must empower youth to save, borrow, invest


Digital banking must empower youth to save, borrow, invest. FILE PHOTO | SHUTTERSTOCK   

By APOLLO NJOROGE More by this Author

The digital disruption in banking and other financial services is unstoppable. For banks, this is an opportunity to deliver new experiences and innovative financial solutions, particularly for youth.

A report by Mastercard Foundation on youth and access to financial services in sub-Sahara terms digital banking as a “winning strategy for financial inclusion of youth.”

Digital banking, like other fintech innovations, is attractive to youth not only for the convenience it offers but also for the promise of financial empowerment.

Read: Kenyans return to banking halls despite digital shift

However, innovating fit-for-purpose financial products requires a deeper understanding of the needs and behaviours of younger people.

With digital banking, it is possible to create a financially empowered generation, by bridging the financial divide that disenfranchises so many of our young people from opportunities.

For young adults, digital banking comes with many benefits. First, it offers a friendly, accessible and convenient channel, while supporting innovative, transparent, secure and simple banking products.

Second, it offers services during a critical phase in their lives as they settle down in their career and family life. Third, digital banking promotes financial literacy, a vital life skill.

Therefore, the focus ought to be on innovation towards cutting-edge, differentiated financial solutions that meet the needs of an increasingly demanding and inquisitive young consumer.

Research by consulting firm Oliver Wyman reveals that up to 30 percent of young people think they will not need a bank at all in future - a vital insight into attitudes towards traditional banking.

Read: Online clients asking for more as banks go digital

The study recommends that banks prioritise digital products, communication and customer service to attract millennials.

Promoting access to digital banking by the youthful consumer segment contributes to achieving financial inclusion, one of our key pillars as a financial institution.

Youth constitute the majority of the population yet are excluded from financial services. According to the UN, such exclusion is tied to legal restrictions, high transaction costs and negative perceptions, for example, that youth are a low-income group, therefore, not a viable market for lenders.

Digital banking is, however, not an end in itself. It must have a transformational impact on consumers by empowering them to save, borrow, invest and grow financially and achieve social and economic resilience.

This includes helping young people to build a financially secure future. Banking the youth is banking the future.

Apart from the overarching benefit of financial inclusion, a strategic focus on youth as a market is part of sustainable banking, which means promoting responsible and inclusive lending and other banking services. The banks must collectively act towards achieving financial inclusion.

Moreover, extending the benefits of digital banking to all is one way of building a sustainable, inclusive and stable society as espoused in the global SDG16.

Ensuring equal access to financial services by the under-served also serves to reduce and reverse inequalities.

Njoroge is MD of Faulu Microfinance Bank Limited.

The scorecard of CBK governor

 Central Bank of Kenya

The Central Bank of Kenya in Nairobi. FILE PHOTO | NMG    

By JAINDI KISERO More by this Author

The Public Service Commission has started the process of recruiting a new governor for the Central Bank of Kenya. Can we, for once, keep the standards and qualifications for the next governor high?

Telposta pension suffers Sh189m tenants’ default


Some of the houses at Makongeni estate in Nairobi. FILE PHOTO | EVANS HABIL | NMG 

  By EDNA MWENDA  More by this Author

Telposta Pension Scheme has issued a three-month notice to over 100 residents occupying its properties in Nairobi’s Kilimani and Makongeni estates to vacate,

Kenya secures Sh50bn for first electric bus lane


A BasiGo full electric passenger bus. FILE PHOTO | POOL   

Kenya has secured Sh50 billion from a consortium of European agencies to build a dedicated electric bus lane in Nairobi as the country moves to deal with the congestion headache in the capital.

Pain of Sh67bn shortfall amidst debt repayments


Treasury Principal Secretary, Chris Kiptoo responds to questions from members of the Senate County Public Investment and Special Funds committee at Parliament Buildings, Nairobi on March 30, 2023. PHOTO | LUCY WANJIRU | NMG    

By EDWIN MUTAI More by this Author

Kenya spent Sh150 billion to repay public debt in the month of March alone, underlying the growing pain to service the country’s stock of debt in the midst of a

President Ruto drops digital service tax against multinationals


Times Tower in Nairobi, the headquarters of Kenya Revenue Authority. FILE PHOTO | DENNIS ONSONGO | NMG   

By KEPHA MUIRURI More by this Author

President William Ruto has announced a plan by his government to scrap the 1.5 percent levy on digital services in a U-turn that will see Kenya adopt the contentious global framework on taxing multinationals.

Acorn property fund to pay Sh188m dividends


Edward Kirathe, Chief Executive Officer, Acorn Holdings Limited during the official opening of Qwetu Aberdare Heights student accommodation. FILE PHOTO | DIANA NGILA | NMG    

By PATRICK ALUSHULA More by this Author

Property developer Acorn will pay shareholders Sh188 million in dividends after the