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How Tech Can Help Stimulate Micro Economies

by Daily Trends
written by Daily Trends

By Veerakumar Natarajan, Country Head, Zoho Kenya

Technological progression plays a crucial role in fostering economic growth. A lack of access to technology can hinder local economies, particularly in developing countries such as Kenya and other African nations.

Access to technology can be a game changer for businesses in less urban areas, providing a range of benefits that can help them thrive and expand. For instance, by leveraging tools that automate tasks and utilizing e-commerce platforms, businesses can tap into new markets and streamline operations. Additionally, technology that facilitates the gathering and analysis of data can be particularly valuable, as it allows businesses to gain valuable insights into their own performance and the broader market.

Armed with this information, they can make informed decisions that improve processes, enhance the customer experience, and optimize growth. By leveraging technology in this way, businesses can boost their competitiveness and increase their chances of success, even in a rapidly changing environment. The integration of technology at the micro-economic level can mitigate inequality and foster wealth creation in economically challenged areas, ultimately contributing to overall macroeconomic development and greater stability and long-term growth for both individual businesses and the communities they serve.

Growing small businesses

The most obvious area where technology can have a significant micro-economic impact is among small businesses. This is especially important in markets like Kenya, where statistics from the Kenya National Bureau of Statistics (KNBS) show that the SME sector employs at least 86% of the Kenyan population and contributes about 45.5% to the country’s gross domestic product.

These SMEs not only create employment opportunities, but also play a crucial role in developing the communities in which they operate. They provide a platform for local talent to showcase their skills and can act as catalysts for attracting other businesses to the region, fostering a supportive ecosystem for economic growth.

To make their work easier, SMEs can use technology to their advantage. For example, SMEs can automate time-consuming tasks like inventory management. Similarly, e-commerce tools can significantly expand the reach of SMEs, particularly in remote areas. By leveraging real-time business intelligence, small business owners are able to free up valuable time to focus on their core competencies and drive business growth.

Zoho prioritizes serving underrepresented segments, specifically small businesses in regions that are frequently overlooked. The company places a strong emphasis on providing affordable and accessible technology solutions to meet the needs of these businesses.

Fostering entrepreneurship through low code

With low-code and no-code tools, entrepreneurs do not need to rely on expensive developer resources to build the applications they need. Low-code platforms offer a graphic development environment that allows entrepreneurs to build and test their applications, using snippets of pre-written code, allowing for a far quicker development process.

Additionally, because low-code platforms eliminate some of the more complex parts of the application development process (such as creating frameworks and linking databases), it becomes easier and faster for entrepreneurs to take their solution to market.

Empowering communities

With internet connectivity, a startup can function from anywhere. By opening their offices in small towns or rural areas, they can reduce their operational costs significantly, gaining a longer runway to operate. When companies hire local talent, they are empowering individuals to contribute to their communities and address local issues more effectively instead of them needing to seek employment elsewhere. The retention of highly skilled and talented youth within the community can lead to innovative solutions and drive empowerment for local populations.

Micro matters

From afar, the positive shifts technology brings to individual businesses, entrepreneurs, and community organizations may appear small, but they can have cumulative effects. With enough momentum, these effects can ripple from the community to the municipal, provincial, and even national levels.

Therefore, while it is important to evaluate national macroeconomic policies critically, the influence that technology can have at the micro-economic level should not be overlooked or undervalued.

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Business

AAK Unveils New Brand Identity Aimed At Delivering Better Farming, Better Food & Better Health

by Daily Trends
written by Daily Trends

The Agrochemicals Association of Kenya (AAK)/ CropLife Kenya unveiled a new brand identity today that more strongly reflects the ongoing transformation on its strategy towards delivering “Better Farming, Better Food, Better Health” to its stakeholders.

In the wake of changing global food and health needs, AAK will continue focusing on ensuring “human well-being through food, nutrition and health, and the sustainable use of our ecosystems.”

At the heart of this rebranding is a new logo and identity that communicates and reaffirms AAK’s/CropLife Kenya’s positioning and philosophy of sustainable high-quality food production and associated health benefits.

“Food and health needs have changed the world over, requiring us to reinforce our positioning in line with these changes and market expectations,” said Patrick Amuyunzu, the AAK Chairperson. “To this end, we are excited to inform you of the proposed sharpened positioning and benefits of AAK as seen through the eyes of our stakeholders.”

Speaking during the unveiling of the new brand identity during a breakfast meeting held in Nairobi, Mr. Amuyunzu said that as the leader in pest management, AAK is building on its position as a “reliable and trusted source” of information and networking for all stakeholders.

“AAK is a facilitator, collaborator and reliable advocate of the policies and strategic linkages for improved food production and positive social contribution,” It will broaden its appeal and be able to expand to a new space. Today’s event will help increase relevance and value and drive growth to our members – Mr. Wachira Mureithi, Vice Chairperson of AAK

The new brand image resonates with offering solutions… not just issues of crop protection. “Our new position in the market will be a brand that reinforces our commitment to human well-being (food, nutrition & health) and sustainable use of ecosystem services and is envisaged to drive and solidify AAK as the authority in the market on matters concerning sustainable farming practices.”

Our new brand outlook will also build and leverage on our international partnerships with CropLife international, CropLife Africa Middle East and other development partners, so as to further achieve our common objectives.

The AAK stakeholders and membership is drawn from the Ministry of Agriculture, the Pest Control Products Board (PCPB), partners, and AAK member companies. AAK would like to reiterate its commitment to work with the government and all its stakeholders towards the delivery of 100% food security, safety, and nutrition commitment in a sustainable manner now and in the future.

AAK has a rich history spanning 64 years with a focus on improving the lives of Kenyans through the provision of life-changing technologies for farmers.

In 2005, AAK registered CropLife Kenya as a shift towards alignment with the global pesticide industry. AAK is therefore a member of CropLife Africa Middle East and consequently a member of CropLife International, which is the global representative of the pesticide and plant science industry.

The association stewards its products throughout their life cycles, from manufacture, distribution and use. In addition, following product use, the industry has developed programs to collect and recycle empty containers, to train pesticide users, extension agents, agrodealers and manufacturers in the responsible use of pesticides, AAK also runs awareness programmes to protect end users from the negative effects of counterfeited pest control products among other initiatives.

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Business

Understanding Youth Entrepreneurship in Kenya: Why FinTech is an Attractive Sector

by Daily Trends
written by Daily Trends

By Didi Onwu, Managing Editor of the Anzisha Prize

Boasting one of the fastest growing economies in Africa, Kenya is on the rise to become a powerhouse of innovation on the continent.

This is largely in part due to the country’s thriving culture of entrepreneurship and its significant startup ecosystem.

Kenya has a long and storied history with entrepreneurship as the country’s early start to independence led to the growth of its informal sector and meant many Kenyans were self-employed in their own small enterprises.

As such, the government sought to facilitate the development of the informal sector and, in 1973, officially recognised the role of entrepreneurship in creating employment, driving innovation, and opening opportunities in the country.

Today, with access to unparalleled levels of support through some form of acceleration or incubation, Kenya’s around 308 startups have helped to position the country as one of the “Big Four” startup ecosystems in Africa, alongside Egypt, Nigeria and South Africa.

In fact, 45.5% of startups in the country have taken part in either local or international accelerators or incubators compared to 45.1% of startups in Nigeria, 38.6% in Egypt and only 25% in South Africa.

While the country maintains a diverse startup ecosystem across industries such as mobility, logistics, agriculture, technology, and energy, as a pioneer of mobile money payments across the continent (which has since experienced a phenomenal boom) it’s no surprise that financial technology (FinTech) is the biggest sector of Kenya’s startup space, with FinTech ventures making up more than 30% of the country’s startups.

FinTech currently constitutes three times the market share of the next biggest startup sectors in the country including Agri-Tech, e-health and e-commerce. 

Financial services innovation lies front and centre of Kenyan entrepreneurship

Since its emergence in Africa over a decade ago, FinTech has enraptured the continent by revolutionising the way consumers save, pay, invest, and access financial services. Today, the continent accounts for three quarters of the world’s mobile money and peer-to-peer transactions by volume and more than half the world’s mobile money customers can be found in Africa. This showcases significant appetite from consumers across the continent for fintech solutions.

One of the biggest reasons for FinTech’s rising popularity is that the sector has proven itself to be a major catalyst for enabling more inclusive and accessible financial services.

With more than 400 million adults in Africa excluded from the formal financial services, or reluctant to use them due to excessive costs, mistrust, and because many feel these services are not really designed to serve them, fintech solutions are making great strides in lowering barriers to financial services, such as cost, while also increasing speed and accessibility. 

According to FT Partners’ latest FinTech in Africa Report, the Kenyan government’s commitment to financial inclusion and innovation has been the biggest driver in the growth of the country’s FinTech sector.

Through initiatives such as the Regulatory Sandbox which enabled FinTech companies to operate in a testing environment for a year prior to regulatory approval, Kenya has ensured significant access to financial services – with a higher banked population than other countries in sub-Saharan Africa – while enabling the country to become one of the continent’s primary technology hubs.

The growth and popularity of mobile payment service provider M-Pesa is one of the biggest testaments to the success of this government-led support of entrepreneurship and innovation.

Challenges and opportunities for young entrepreneurs

Young Kenyans are increasingly harnessing their country’s growing tech prowess to go into business for themselves. In particular, many young entrepreneurs across the country are leveraging the opportunities that the ever-expanding FinTech sector has to offer. 

At Kenya’s leading institution for business and accounting, Strathmore University, many students are interested in pursuing traditional career tracks like joining the ranks of major financial firms, but quite a few are just as eager to start their own enterprises.

This includes entrepreneurs like the 20-year old Collins Kathuli who co-founded FinTech Kyanda in 2020 with the aim of offering the cheapest access to financial services for both businesses and individuals by leveraging the power of technology.

Kyanda has since partnered with banks, telcos, and utility and financial institutions to offer consumers omnichannel payment solutions through a single platform enabling utility bill payments, payment collection and disbursements, and more. 

However, as startups need to continuously operate at an incredibly fast pace, driven by the need to innovate and deliver increased value to customers, maintaining a growth momentum often requires them to scale up as quickly and effectively as possible.

But many challenges lie in the way of these entrepreneurs’ journeys to scaling up their businesses for their growth and development. This includes high taxes, unclear or burdensome regulatory requirements, and skills gaps in the workforce.

Young entrepreneurs therefore require access to the right tools and resources needed to do so, as well as easier connection to financing and opportunities.

Supporting the local startup ecosystem is vital to accelerating access to opportunities for the country’s youth, as well as the positive impact that entrepreneurship continues to bring to local economies.

While startups might seem small, their impact on an economy can be astronomical. This impact can be seen not only in their contribution to a nation’s GDP but also in innovation, employment growth and opportunities, as well as cost benefits to consumers because of increased competition. 

Ensuring that startups in Kenya can scale effectively could see the country become a leading entrepreneurship hub in Africa, and lead to the growth of the country’s economy, competitiveness, and digital innovation.

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Politics

Sakaja’s Chief of Staff David Colludes With City Cartels to Grab Land in Westlands

by Daily Trends
written by Daily Trends

Barely six (6) months in the office, Nairobi Governor Johnson Sakaja’s Chief of Staff David Ndungu Njoroge is troubled for colluding with city hall cartels to grab public land sitting on an estimated 1.5acres in Westlands.

According to anonymous sources within Sakaja’s inner circle, Mr Njoroge’s mystery plans to grab Westlands land are secretly executed by untouchable city cartels who have networked with senior government officials for cover-up.

Sources revealed to this publication that Mr Njoroge tapped Former Chief Officer for Lands Stephen Mwangi who is Chief Executive Committee Member (CECM) of Urban and Planning in Sakaja’s government.

Mr Mwangi and Njoroge are reportedly finalizing the acquisition of “fake” title deed to grab the land in question and set rental apartments.

More details to follow.

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Politics

News Just In: Jeremiah Kioni, David Murathe Kicked Out Of Jubilee Positions

by Daily Trends
written by Daily Trends

Former Ndaragwa MP Jeremiah Kioni has been dismissed from his position as the Jubilee Party Secretary General.

According to the Party Chairman Nelson Dzuya, Kioni has been suspended on the basis of laxity and misconduct.

Speaking at the Jubilee Party Parliamentary Group meeting in Nakuru, the party’s top brass announced that EALA MP Kanini Kega will take over as the acting Secretary General.

Also suspended are Treasurer Kagwe Gichohi and Deputy Secretary General David Murathe.

He was suspended on claims of gross misconduct.

Rachel Nyamai is the new acting Jubilee Treasurer while Adan Kyenan acting National Vice Chairman.

The Jubilee National Executive Council (NEC) also announced that they have set in motion a process to exit the Azimio coalition, distancing themselves from Azimio’s anti-government rallies.

The parliamentary group meeting ran parallel to a similar meeting convened by Azimio leader Raila Odinga in Machakos county.

The Machakos meeting was addressed by Wiper Party leader Kalonzo Musyoka, DAP-K honcho Eugene Wamalwa, Minority Leader Opiyo Wandayi and Jeremiah Kioni in his capacity as the Jubilee Party Secretary General.

In his address, Kioni averred that the Jubilee Party is firmly rooted in the Azimio coalition despite over 30 Mps meeting and pledging support to President William Ruto.

The State House meeting came just days after a section of ODM MPs also met the Head of State and his deputy Rigathi Gachagua.

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Business

Former Giant Sacco Fighting For Survival Following Rapid Membership Loss

by Daily Trends
written by Daily Trends

At one point in time, it was the darling of the Savings and Cooperative organisations in the country.
With the murder of a former senior official still lingering in the minds of people in the country, there is very little to help in the image control of the organisations that once enjoyed the personal support of former President Daniel arap Moi, at the height of the one-party Kanu era.

Its employees were ranked on the same pedestal as Kenya Revenue Authority (KRA) and Central Bank of Kenya (CBK).

Now, the monolith is clutching on weak straws as it struggles to breath its last. Literally.

The former financial giant Harambee Sacco Society Limited is fighting for survival following a rapid membership loss that has left it on the brink of collapse.

How times change? Kenya Police staff bolted to form the fastest growing Kenya Police Sacco and now, the once moribund Kenya Defence Forces are in the process of revamping the outfit that was almost sunk by Harambee Sacco, thanks to the senior managers who serve

In the last three years alone, they have lost over 17,000 members, leading to a Sh4.82 billion payout.

This latest development comes in the backdrop of endless reports of mismanagement and fraud which threw the Sacco into a tailspin and from the look of things,everything seems headed south for Harambee Sacco.

The Chairman Mr Macloud Malonza and CEO Dr. George Ochiri on a courtesy visit to the IG NPS Mr. Japhet Koome at the IGs office. Photo/Courtesy

It is equally regrettable that some of the common malaise in the country’s corporate world has caught up with Harambee Sacco, where dues to the statutory organisations like the National Social Security Fund (NSSF) and the hospital insurer are not updated.

The majority of its clients are drawn from the military, National Police Service, National Youth Service, national and county governments, parastatals and departments and constitutional bodies.

The management led by Chief Executive Officer (CEO) George Ochiri and Chairman Macloud Malonza, the vice chairman of Cooperative Bank Kenya have attributed the biting exits to retirements within the civil service cadres.

Before his appointment as the Harambee Sacco CEO, Ochiri served as the former chief executive of the Safaricom Sacco.

Close industry players attribute some of the problems to a poor work ethics and laisezz faire approach by leading managers of the organisation, something that exposes Ochiri’s culpability in the running of the organisation.

Harambee’s financial report for the year 2021 showed that ongoing departures are largely founder members who make up the most loyal segment of its membership.

The records further show that the Sacco’s operation costs increased from Sh274.49 million to Sh2.166 billion in 2021 due to higher financial expenses and personnel expenses.

However, its annual revenue for 2021 surged to Sh4.2 billion having recorded a 32 per cent growth attributed to an increase in loan uptake, while the firm disposed of assets to boost liquidity.

The growth of members’ deposits and savings was hindered by almost equivalent withdrawals, where the society paid out a total of Sh1.42 billion to members who withdrew in 2021, compared to Sh1.32 billion paid to members who left the Society in 2020.

For the year 2021, the loan book contributed to 81 per cent of the revenues, with loans and advances going up by 11 per cent from Sh21.87 to Sh24.38 billion in 2021.

In 2017, Harambee Sacco Limited deficit before tax rose to Sh1.39 billion compared to Sh197.2 million surplus before taxation in 2016.

Needless to say, the institution has regularly been in the cross-hairs of the Sacco Societies Regulatory Authority (SARSA).

In 2012, a SARSA inspection found that the Harambee was in an acute liquidity crisis having failed to meet nearly all prudential parameters.

They had a negative core capital and had material variances between the outstanding loan portfolio reports and provisions for loan losses, at the time.

In 2015, an official at the Sacco (name withheld) was sent on compulsory leave while an interim audit of controversial expenditures and inconsistent questionable figures of Front Office Savings Activities (FOSA) loan totalling Sh3bn was underway.

He was temporarily forced out just three days before the deadline for submitting reconciled FOSA loan report to SARSA.

The audit targeted three lines of alleged cash fleecing conduit of imprest, I Owe You, a summary balance sheet detailing bank records of loans paid up in cash and a marketing vote.

The Sacco management had committed to avail reconciled financial records particularly explaining inconsistent figures of the Sh3bn FOSA loan.

In the past, Harambee Sacco Limited has been embroiled in controversies of massive financial scams and unresolved murders of senior officials.

For instance, former Finance Manager, the late Benson Ojiambo, was murdered at point-blank range by a lone gunman in Embakasi, Tassia Estate along Outering Road on October 29, 2012.

A week prior to his death, Ojiambo was set to appear before the Agriculture, Co-operatives parliamentary committee for questioning over the alleged financial scams, and massive fraud cover-ups as revealed in SARSA’s confidential report in 2012.

The late Ojiambo was in charge of reconciling collections from the cashiers and ATM withdrawals with the computer entries and had prepared to present a report on the ATM scheme to the parliamentary committee.

Ordinarily, SACCOs are allowed to borrow a maximum borrowing of 25 per cent of the total value of assets upon an AGM authorisation through a resolution by all members.

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Entertainment

Photos: 20-Year-Old Beautiful Azimio Girl Behind Governor Sakaja’s Fast-Growing TikTok Account

by Daily Trends
written by Daily Trends

Nairobi County Governor Johnson Sakaja Saturday announced that he had joined the now famous social media platform, TikTok.

With barely two days of joining the platform, Sakaja has already gained over 206,000 followers as at the time of publishing this article.

Behind the fast growth of his, there is a 20-year-old lady who has been running it since its launch on Saturday.

Speaking on Saturday, January 29 while unveiling the account, Governor Sakaja revealed that the 20-year-old content creator Mbaka Wainaina was behind his new TikTok account.

“I can see everyone is asking who is the one person am following, it is my social media manager, follow her as well,” Sakaja announced while introducing her to the public.

Though a famous TikToker, Mbaka came to the limelight during the campaigns ahead of the 2022 general election.

She had been campaigning for Azimio and pushed hard to influence her followers in voting for her fellow woman, NARC Kenya party leader, and Azimio running mate Martha Karua.

She worked closely with Diana Ngao, head of communications, Martha Karua’s secretariat. She is also a co-founder of Girls for Girls Teens.

Mbaka is the only person being followed by Sakaja on TikTok.

Below are some of the photos we picked from her TikTok account.

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Lifestyle

Ni Kubaya! More Kenyan Marriages To End in Premium Tears Following Latest Court Ruling

by Daily Trends
written by Daily Trends

More Kenyan marriages may soon end in premium tears.

This follows the latest supreme court ruling that was delivered by Supreme Court judges Philomena Mwilu, Smokin Wanjala, Njoki Ndungu, Isaac Lenaola and William Ouko.

According to the Apex Court judges, the doctrine of presumption of marriage is on its deathbed following changes to the matrimonial laws in Kenya.

So where does this leave Kenyans who have been in come we stay marriages for a very long time?

Well, the court said the presumption of marriage should only be used sparingly where there is cogent evidence to support it.

Therefore, no matter how long you live together with your spouse in a come we stay set up, it cannot be recognized as marriage.

“It is becoming increasingly common for two consenting adults to live together for long durations where these two adults have neither the desire, wish nor intended to be within the confines of matrimony,” they said.

“Where such a situation is evident and there is no intention whatsoever of contracting a marriage, the presumption of marriage must never be made where this intention does not exist. It must always be remembered that marriage is a voluntary union. As such, courts should shy away from imposing ‘marriage’ on unwilling persons,” they added.

They said they recognise that there exist relationships where couples cohabit with no intention whatsoever of contracting a marriage.

For instance, the court observed that a person may have been in a marriage before and the marriage is no more due to the death of a spouse or divorce and due to their prior experiences, such persons may choose to have an interdependent relationship outside of marriage.

For others, the judges said, it may just be their desire never to marry but have a partner without the confines of marriage.

The judges urged the National Assembly, the Senate and the Attorney-General to formulate and enact Statute law that deals with cohabitees in long-term relationships, their rights, and obligations.

This ruling stems from a dispute between two long cohabitees who were fighting for an equal share of a property that they jointly acquired.

The case was first instituted by the man against the woman whom he claimed to be his wife.

His arguments were that they began cohabiting as husband and wife sometime in 1986 and that from joint savings, they purchased a property that later became the bone of contention after he was evicted from it.

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Business

KURA Director General’s Mistress Incensed After Mising Road Deal

by Daily Trends
written by Daily Trends

The Kenya Urban Roads Authority (KURA) Director General’s Mistress is on the spotlight for influencing tenders in the government parastatal over a deal gone sour.

The KURA Director General Silas Kinoti’s mistress who works as a clerical officer in the authority was incensed after a tender was awarded not in her favour.

The DG’s mistress Judy Mose is said to have threatened to revenge after a roads tender in which she had a direct interest was awarded to a different contractor despite the fact that the Director-General had assured her of the tender.

A furious Mose has sworn to teach the Acting Director, Urban Roads Planning and Design Engineer Jacinta Mwangi for frustrating her efforts of landing the deal.

Mwangi is not happy with Mose’s tricks in the multibillion roads agency whose mandate is the management, development, rehabilitation and maintenance of national urban trunk roads.

The Acting DG has been insisting that public procurement laws must be followed to the latter as she sealed loopholes used as corruption.

Trouble started when the authority floated tender number KURA/RMLF/CE/056/2020-2021 for the Periodic Maintenance of Lot 7 Roads Nanyuki/Sweet Waters Road /Ngoro/ Theru/ Nanyuki Road in Nanyuki Municipality worth KShs 14.2 million.

The tender was awarded to a contractor by the name Kaboi Building Contractors Ltd on October 12, 2020, to the disappointment of Judy, who immediately stormed the Director-General Engineer Silas Kinoti’s office to protest.

A tweet by prominent and controversial lawyer Ahmednasir Abdullahi who has a twitter following of 2 million followers raised the alarm and attracted attention on the influence that the junior officer at the authority has courtesy of her alleged love relationship with the DG.

Kenyans went viral with Ahmdnasir;s tweet and challenged the Directorate of Criminal Investigation (DCI) and the Ethics and Anti-Corruption Commission (EACC) to take necessary action at the KURA headquarters

Kenyans on Twitter have exposed KURA DG Mistress who influences Tenders and has been having an affair with the KURA DG who is under the heavy spotlight for trying to extend his term illegally. A Viral Tweet by Lawyer Ahmednasir ignited the debate that has been trending on Twitter for two days now as Kenyans turn the heat on DCI and EACC, demanding immediate action on the scandals.

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Business

Your Salaries Are Not Safe! How Cooperative Bank is Stealing From Millions of its Customers

by Daily Trends
written by Daily Trends

Kenya’s Co-operative Bank may have lost around 18,000 customers in the first half of 2022-23, following a plethora of accusations and poor publicity precipitated by its own internal poor controls and alleged corruption.

A banking insider told reporters he regarded the loss of any customer as a “irreparable damage” but argued the numbers leaving were not as bad as might have been expected, given the negative publicity that has hounded the bank.

“When you consider what the bank has gone through I don’t think it’s a bad outcome, but I certainly don’t want to appear, or nor am I, complacent about it,” the banker said.

The recent move, by some members of the Kenya Military, Police and Prisons services follows the varying charges on the RTGS. This, compared to the rest of the players, gives the bank hefty profits for a service offered freely by industry players,” says an insider with knowledge of the goings on.

“In most cases, when an employee is paid his or her salary, it is expected that the transfer is done free of charge. But, in the case of Cooperative Bank, they charge an amount, which is its right meaning is theft or rip-off. The bank is simply stealing from millions of its customers and you can imagine the money they collect at the end of the month,” says a member of the Armed Forces, Mwangi Daniel.

The customer loss was revealed on after the bank reported a narrower profit for the first six months of 2022-23.

Hot on the heels of a case of the bank charging Sh42 for alert messages, a case in Migori County where the bank unleashed auctioneers on a customer and case where a dead client.

In January social media influencer Pius Kinuthia reported that a family in Mogori sued the bank for damages, something that took the social media community by storm leading to the affected family suffering irreparable losses.

The move to sue the Migori branch manager invited a public outcry but as usual, the bank’s PR Department responded with hubris and condescending messages.

In another case, a customer accused the bank of deducting money from the mother’s account while the elederly customer was criticalluy ill in hospital.

Coop Bank, in their usual reply template, said in a message signed off by FN: “Hello, please DM the account holder details incluing the account number, mobile number and the date they visited Maua branch so we may do a follow up.”

A customer Edwin Ochieng said that money was educted from his account without his knowledge.

The bank was left fighting for its survival after a massive capital shortfall was exposed in June last year following a failed bid to buy of branches from loss making Jamii Bora Bank one of the worst performing financial institutions in the country.

Jamii Bora was rescued when investors including Saccos and farmers agreed to a recapitalisation which meant Co-op Group went from outright owner to holding just a small percent stake.

The bank’s problems were exacerbated when current Managing Director and CEO Gideon Muriuki was named in many cases and innuendos touching on his ownership of land and other property, including a case on his private life that generated lurid headlines in Kenyan social media platforms.

The negative publicity likely resulted in some customers becoming disillusioned with the bank, which had built its reputation around ethical credentials such as not investing in weapons, tobacco and alcohol manufacturers.

Despite that, insiders say Co-op Bank attracted nearly 10,000 new customers during the period, leaving it with a net loss of 28,199 current or checking account holders, equivalent to nearly 2 percent of the total.

Kenyans are often reluctant to move between banks because of the perceived difficulties involved, although new rules that guarantee the paperwork will be completed within seven working days have lifted the number switching.

Kenya’s third-biggest lender reported a pretax profit of more than Sh11 billion compared with a slight change over the same period the previous year, though banking insiders attribute the figures to massaging of the accounts.

“It is not rosy at the bank. Things have not been good and the net effect is that the management, using position and influence in the industry can make the figures glossy as they can be. Afterall, it is a private entity, only regulated by the Central Bank of Kenya,” says an insider.

Co-op Bank also said its core Tier 1 capital ratio, a key measure of financial strength, stood at 11.5 percent at the end of June and was expected to be significantly above the previous guidance of 10 percent at the end of 2020.

The bank raised an additional Sh400 million from investors in May after its Tier 1 ratio slipped to 7.2 percent, dangerously close to the 7 percent absolute minimum required by the financial regulator.

“A large proportion of our cost is in people and, consequently, we will continue to see job reductions. There have been one or two redundancy programmes and I believe there will be one or two more in that respect,” he said.

An independent review commissioned by the bank, published in April, concluded that the root of the bank’s problems lay in its 2009 takeover of the Jamii Bora Bank and poor management controls.

On the other end, it is claimed in many places that the bank made a hefty donation to the Kenya Kwanza campaign during the last General Elections in which William Ruto floored ODM leader an Azimio Presidential candidate Raila Odinga.

During the last days of the campaign run, Coop Bank CEO Muriuki is alleged to have visited the Hustler Campaign headquarters with a donation of Sh200 million, though some people quote a different figure.

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Latest News

Museveni’s Brother And His Concubine Implicated in Scumming Bishop’s Family of Their Land 

by Daily Trends
written by Daily Trends

Media in Uganda has been awash with a scandal involving President Yoweri Kaguta Museveni’s younger brother and a woman said to be his side chick and also a senior staff at the Ugandan State House.

According to a story published by the country’s main online publication – New Vision, State House had been reported to be behind the plot to defrauded the family of late Bishop Shalita of their land with the help of Museveni’s brother Shadrach Kaguta Nzeire.

A later publication, however clarified that State House was not in anyway behind the plot.

“Our core investigations unearthing the orchestrated plans to grab the late Bishop Shalita’s land in Kiruhura has exonerated State House whose reputation had been brought to near shame. One State House Staff has meticulously, for a long time managed to make different bodies of Government knock heads over a scandal involving a few members of the first family attempting to steal Bishop Shalita’s land at Ekimomo, Kyeera, Kayonza, Kikatsi in Kiruhura district.”reads the story.

One Ndyomugyenyi Sandra, it is reported has been in a secret marital affair with the Kaguta brother who often prefers calling himself “Kaguta”, to cunningly evoke his relationship with H. E The President and intimidate unknowing victims of his trade.

Some of the Government officials who have talked to our reporter in confidence allude to the inconvenience of the selfish behavior of the duo. Officials have been intimidated almost to submission.

“The trick stars alleging the President sends them to relay his State House directives aggressively on a daily basis coerce the officials to effect the unwritten directives of the President,” one senior Government official lamented.
 
In a recent meeting held under the auspices of Ministry of Lands at the Hearing of the Bishop Shalita and Kajundira fraud title scam, a one Grace Majoro rebuffed Sandra in public putting her on the back foot when Grace said “” State House does not make verbal orders, they always  make formal written communications.”

Sandra was able to save her face by staging a walkout.
Deep findings revealed that the lady purporting to be dragging State House into the 4 illegal title woes, the said Sandra Ndyomugenyi is indeed acting on her own.
This is not the first time Ndyomugyenyi is facing ‘fire’ and being distanced by State House.

Last year the Presidential Press Secretary released a statement rubbishing a letter signed by Ndyomugyenyi on behalf of the President’s Private Secretary Dr Kenneth Omona.

This was in a matter involving an allegation of non-payment to cyber security experts where Sandra Ndyomugyenyi, purportedly wrote on behalf of the Principal Private Secretary to H.E the President without authorization, in reference to a complaint about Non-Payment for work done by Cyber Security Experts.

“We would like to assure the general public to totally disregard the letter and its contents for it is baseless, false and should be treated with the full contempt it deserves,” PPU said in a statement dated 28th October, 2022.

Documentary Evidence

Highly confidential documents we have seen reveal that Ndyomugyenyi is intimately working to promote the interests of Nzaire Nuwomugisha Sedrack, alias Kaguta, President Museveni’s younger brother who is also the NRM Chairperson of Kiruhura District where the purported illegal four titles were planned from.
The offices of the Chairperson NRM Kiruhura district where Nzaire sits

Conflict Of Interest Unearthed.

Sandra Ndyomugenyi works as a Legal aide in State House, where she is supposed to mediate neutrally when issues regarding conflict resolution are brought before the Fountain of Honor.

For starters, the lawyers MNA (Mpamizo, Nabaasa & Akineza Advocates) representing the Christopher Kajundira, (the alleged grabbers of the late Bishop Shalita land) are the same lawyers working for Sandra Ndyomugenyi  in her  other private matters which documents show she has joint interests with Nzaire.

Top State House officials have revealed to us in confidence that State House as headed by H.E President Museveni is not taking any sides in the land wrangle that has lasted for over 30 years and more so when Courts have already pronounced themselves over the matter.

We can reveal that Sandra Ndyomugyenyi in an affidavit application in support of a Caveat of a property allocated jointly to her and Nzaire by the Departed Asians Property  Custodian Board, located on Plot 2 Fort Road LRV 118 Folio 8, located at Old Kampala,
 
Kampala, she uses the same lawyers representing the late Kajundira family, as her lawyers in the matter. Evidently this was not planned by State House.

Fictitious Property Allocation Busted

On October 12 2021, the Departed Asians Property Custodian Board issued a temporary allocation of a property on Plot 2 Fort Road LRV 118 Folio 8 Kampala (See letter below) to Sandra Ndyomugenyi and Nzaire Nuwomugisha Sedrack.

This was in response to her application of 15 Sept 2021. Surprisingly, DAPCB allocated the property in just one month!
 
The allocation letter was signed by Bizibu George William the Executive Director DAPCB. (look out for the details in one of our publications )

Who is Nzaire in the Illegal title scam

An Incontrovertible source has revealed to our reporter, how Nzaire has been the architect of the creation of the 4 illegal titles over land occupied and owned by Bishop Shalita’s family and realtives. Thescam was processed through the Kiruhura Land Board.  Nzaire is Chairman of the ruling party in the same District.

It has been revealed that Nzaire’s interest goes beyond the obvious marriage relationship with the Kajundira’s, a plot to buy the land from Kajundira’s after the battle with the Family and relatives of Bishop Shalita has already been mooted between Nzaire, and one other younger Kaguta brother of his.

Blood Relationship 

It is now a well-confirmed fact that Nzaire Kaguta is related through marriage to the family of Kajundira and therefore, he must have found it inevitably strategic to use his powers in Kiruhura to perfect the crime with the creation of the 4 illegal titles on Block 90 Plot 12 in 2022, and have them mounted on top of the old existing Survey of Bishop Shalita of 2005, with the assurance of protection from his well placed Sandra.

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Business

Angry Kenyans Contemplate Quitting Cooperative Bank Over Illicit E-Banking Charges

by Daily Trends
written by Daily Trends

Kenyans banking with the Co-operative bank of Kenya are angry over what they have termed as illicit charges applied by the bank on their e-banking services.

The Co-operative Bank of Kenya charges clients a total of Sh22 to buy Safaricom credit worth Sh10.

The deductions include a Sh10 for the airtime, Sh10 (bank charges) and Sh2 (excise duty).

Clients have been voicing oppositions over high charges, coming at a time when a majority of them are facing tough economic challenges induced by the coronavirus.

A section of them have taken to social media to claim that they will soon dump the bank over the hiked charges.

MPs increased excise duty on airtime and data to 20 percent from 15 percent, which is expected to earn the Government Sh8 billion from operators such as Safaricom, Telkom and Airtel.

Central Bank of Kenya (CBK) reinstated charges on transfer of funds from Banks to MPesa wallets, representing a win for financial institutions.

On March 16 2020, the Government waived charged as part of an emergency plan to encourage mobile money transaction at the height of Covid-19 pandemic.

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Latest News

Nairobi South Hospital Fined shs 7 Million For Detaining Two Infants

by Daily Trends
written by Daily Trends

The High Court has fined the Nairobi South Hospital shs 7 million for detaining two minors whose parents were unable to settle a hospital bill.

In February 2021, a couple Charles Kyalo Ndonye and Virginia Adhiambo Olembo visited the hospital and Virginia gave birth to quadruplets through C-section.

In petition no. E082 of 2021 dated 17th March 2021, the parents said that the minor’s rights were violated.

They sued the hospital demanding kshs 48 million in damages.

According to court documents, Virginia Adhiambo Olembo four (4) sons were prematurely delivered through a C-section on 11th February 2021 at the Hospital.

The Hospital said it had to purchase two more CPAP machines to accommodate the four (4) minors.

Since they were underweight they were kept at the Neonatal Intensive Care Unit.

They therefore required specialized care and treatment which came at a considerable cost.

The Hospital said two of the minors were discharged into their grandmother’s care upon attaining the required weight, since their mother still needed medical care.

This was on 26th February 2021.

Their mother was later discharged on 5th March 2021 but the two other minors remained behind due to their low weight.

They were later discharged on 14th March on the recommendation of the Pediatric doctor-the hospital said in court documents.

The Nairobi South Hospital said that as at the time of discharge of the first two minors and the mother, the pending bill was Kshs. 1,467,429.

Charles Kyalo Ndonye was to pay Kshs. 200,000/= by 8th March 2021.

At the time of discharge of the remaining minors (25th March 2021) the outstanding bill was Kshs. 3,137,848.83, which the hospital said is yet to be settled.

The hospital said all along the parents have never been serious about settling the bill.

The hospital said in court documents that even the pledge Ndonye made on 15th March 2021 has never been honored.

The Hospital said it complied with Article 43(1)(e) of the constitution by offering medical services to Virginia and her four (4) babies.

The couple’s medical Insurance AAR undertook to only pay Kshs. 200,000/= as the limit.

The hospital said the couple never notified it that they were not able to settle the charges for a private facility.

Nairobi South Hospital said that before starting an online campaign to tarnish its name, the couple had never made any offer of settling the bill.

However, High Court Judge H. I  Ong’udi said the Hospital violated the couple and the minor’s rights by holding onto the minors as lien as a condition for payment of the outstanding hospital medical bill.

According to the Court, the infants were detained at the Nairobi South Hospital for 10 days between 15th March 2021 to 25th March 2021.

“I find an award of Kshs. 3,000,000/= for each minor to be appropriate. I award the petitioners Kshs. 500,000/= each,” the Judge ruled.

The Court said that the conduct of holding onto the minors as a condition for payment of the outstanding medical bill is unlawful and unconstitutional as it violates the minor’s rights under Articles, 28, 29(1), 53(1) (c) 7 (f) and the petitioner’s rights under Article 25(a).

The ruling was delivered on 20th December 2022.

The Hospital is located in Nairobi’s South C region.

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Business

Norsad Capital and TLG Capital establish a $400mn African credit platform

by Daily Trends
written by Daily Trends
  • A joint partnership encompassing $400mn in assets under management focused on African small and medium enterprises
  • The partnership will allow for building and enhancement of the capabilities of both firms by sharing, presenting, and co-investing in well-structured credit investment opportunities with strong layers of downside protection and equity upsides embedded.
  • Both companies are long-standing investors in the region and alongside financial return, aim to create strong social impact by financing primarily the mid-market growth companies that are profitable, stable, and are poised to expand but lack the required financing to do so.

Norsad Capital and TLG Capital announced today the beginning of a partnership to cement the market leading private credit platform for medium sized companies across sub-Saharan Africa (SSA).

The partnership will allow for building and enhancement of the capabilities of both firms by sharing, presenting, and co-investing in well-structured credit investment opportunities with strong layers of downside protection and equity upsides embedded.

This partnership will, amongst others, further promote syndication opportunities and platforms, risk participation structures, jointly offer larger ticket sizes, and provide a balanced capital offering with a mix of senior and subordinated debt. 

Norsad Capital and TLG Capital aim to leverage each other’s structuring and legal expertise, including a presence in SSA, to provide the ideal financing solutions for their clients.

Both companies are long-standing investors in the region and alongside financial return, aim to create strong social impact by financing primarily the mid-market growth companies that are profitable, stable, and are poised to expand but lack the required financing to do so.

The alliance will have combined assets under management of circa US$400 million towards investments in mid-sized companies in sub-Saharan Africa.   

Norsad Capital’s aspiration is to positively impact the lives of 100 million Africans by 2030 and target companies that can generate positive social impact and deliver strong financial returns – “profit with purpose”.

Norsad has invested over US$500 million into over 160 companies over its 32-year history.

TLG Capital aims to unlock $5 billion in African economic growth by investing in SMEs to accelerate their growth into Pan-African titans.

Operating with the conviction that great entrepreneurs are transforming Africa’s future, TLG has completed more than 30 investments to date and has exited more than 20 (notably, all with positive IRRs ranging from 6%-35%). 

Kenny Nwosu, Chief Executive Officer of Norsad, said, “Our purpose as an organisation is to build a better Africa by providing financing to mid-market growth companies that contribute towards the continent’s economic growth and improvement.

“This partnership with TLG Capital is a demonstration of two entities that have over the years noted that lack of access to finance for businesses in Africa limits their ability to expand.

“We will be bringing our joint expertise to address some of the issues demonstrating our commitment to create sustainable impact in the region.

“Our relationship with TLG Capital has been fostered over time and we are excited to be working with an organisation that shares our vision and is flexible enough to experiment and drive growth in Africa.” 

Zain Latif, Partner, and Co-Founder of TLG, said “Norsad is a well-known, well-respected institution within the African investment landscape, and we have known each other for years.

“It is therefore a pleasure to announce we will be working closely going forward, particularly given Norsad have been investing in credit deals in Africa for over three decades, longer than anyone else we have come across.

“Norsad’s focus on creating a positive social return across the regions it invests in also speaks to TLG’s mandate, and we look forward to a bright future together. As we continue to build on our venture financing deals, Norsad is the right partner to help drive that narrative over the next few years.”

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Lifestyle

The secret of houses that smell good

by Daily Trends
written by Daily Trends

A home that smells fresh carries an aura of positivity that uplifts your mood as soon as you walk in, which is always a good sign.

Smell is one of our most powerful senses. It tells us what to eat or what perfume to wear. On the human front, the sense of smell is more closely linked with memory than the other senses.

This is partly because it evokes particular memories and is highly emotive, which helps us relax and also draws us to particular people.

1. Clean up smelly areas

A funky smell in a home will be  the first thing that hits you  as you walk in. Ideally, a clean home shouldn’t have a smell .

It should have a fresh feeling signaling that  you’re walking into a clean space, says Alisha Rajan, Kenya Country Manager of home-cleaning service, SweepSouth. 

“Dirty areas harbour odours, and while that may seem obvious, the longer you live with bad smells, the less you notice them. Walk around your home to identify if there are any areas that need to be refreshed. Carpets, curtains, fabric couches, and even cushions trap household smells like cooking and cigarette smoke, and unwashed bedding and towels, and dirty showers are sources of unappealing odours,” she adds.

Other obvious funky-smell traps are rubbish bins, diaper buckets, and pet litter trays that aren’t cleaned out every day. Layering fragrances over these smelly areas won’t help – the most effective approach is to regularly clean them.

“There’s no substitute for a deep cleanse to banish odour offenders – it’s the fastest way to deal with bad smells,” says Alisha.

“If you don’t like strong scents, opt for cleaning products that aren’t too heavily scented, and open windows wide to make your space feel cleaner.”

2. Bicarb magic

There are many great cleaning products on the market, but simple, affordable bicarbonate of soda is the unsung hero of the odour-neutralising world.

When applied to messes around the house, this powdery substance acts as an smell-absorber and a mild abrasive that can quickly loosen stuck-on gunk without damaging the surface.

Pair it with other household cleaners, such as dishwashing liquid, and it becomes an even more powerful cleaning agent, allowing you to break through greasy residue, polish metal, unclog drains, and more.

“Sprinkle bicarbonate of soda on carpets and couches and leave for an hour to absorb smells, then vacuum up the residue,” advises Alisha.

“You can also eliminate stubborn kitchen odours by sprinkling it between layers of trash as the bin fills up. If your fridge has been cleaned but still has a lingering musty smell, place a small bowl filled with bicarb inside on a shelf to absorb the odour. You can even add half a cup of bicarb to a load of laundry to act as a deodoriser,” she says. 

3. Add in subtle scents

If you love a fragrant home, introduce scent in a subtle way by burning a scented candle or an aromatherapy oil.

Find the perfect scent for a room by considering what mood you’d like for it – are you after an uplifting and invigorating feel, or a soothing, relaxed atmosphere? 

  • Grapefruit and basil fragrances are great if you want an energised feel, while  peppermint, eucalyptus, and lemon all impart the feeling of a clean, vibrant space.
  • To create a summary holiday atmosphere, light up  an orange-scented candle infused with the sweet fragrance of pineapple, and even rum!
  • Vanilla scents are perfect for a soothing, warm welcome, and to alleviate anxiety and stress.
  • If strong scents are too much for you, have summer whisper through your home with the soft notes of coconut. 
  • Uplift your senses and relax your mind with bergamot. It’s a mixture of floral, herbal, and spicy notes to uplift your senses and relax your mind.

4. When less is more

While essential oils are a great way to introduce fragrances to your space, if each room has a different scent going on it, it can clash and become overwhelming, cautions Alisha. 

Read up how to best combine and blend aromatherapy scents. For example, if you want to promote an emotionally balanced space, combine lavender, bergamot and juniper berry essential oils.

Orange, lavender, douglas fir, and thyme essential oils can be used to support the immune system of your loved ones and keep everyone in your home healthy.

And, bring the fresh outdoors air in with a blend of lavender, tangerine and eucalyptus. 

Other than lighting a scented candle or an aromatherapy oil burner, you can also make your own reed diffusers, or soak cotton balls with your favourite essential oils and place the balls underneath the lining of your bins and in the inner part of your toilet roll. 

Whichever fragrance you choose, make sure visitors to your home aren’t overpowered by them.

“Visitors may be averse to strong smells, or have allergies, so don’t be tempted to envelop them in a scent, no matter how good it smells to you,” concludes Alisha. 

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Crime & Investigations

Bungoma Politician Linked To Westlands Violent Eviction Arrested, Detained For 14 Days

by Daily Trends
written by Daily Trends

Detectives from Directorate of Criminal Investigations (DCI) Wednesday arrested the main suspect in the Westlands mistery evictions.

Zachary Baraza, a Bungoma County politician who vied for the Bungoma gubernatorial seat in the August 2022 general elections was presented before court as detectives sought to detain him for 14 days.

Zachary Baraza. Photo/Courtesy

The politician who runs an auctioneering firm dubbed Siuma Auctioneers was linked to the violent eviction of a family in Westlands, Nairobi.

He is currently being detained at Muthaiga Police Station after the court granted the detectives their request pending further investigations into the case..

The complainant Niraj Shah said that Baraza led 25 people to their family home and destroyed the establishments.

The DCI said they have since established that buildings on the parcel of land were extensively vandalised and losses incurred amounted to Sh70 million.

The court heard that since Baraza was arrested, the household goods and other personal effects of the complainant are yet to be recovered.

“Preliminary investigations have revealed that those household goods and personal effects may have been sold on the instructions of Baraza,” Sergeant Eric Onyango said.

The police said Baraza should remain in custody as they are yet to record statements from witnesses and a comprehensive valuation report by a registered property valuer to determine the actual loss incurred by family.

Zachary Baraza. Photo.Courtesy

According to Niraj Shah and his wife Avani Shah, they are the legal occupants since their lease to the land, which was allegedly bought by a private company in 2010,  expires in 2048.

Ksh.80 million worth property demolished

The couple has condemned the demolition of their Ksh.80 million worth property by a mob allegedly deployed by a private developer.

For over 40 years, the Shah’s have called the parcel of land their home but the Ksh.80 million property now looks nothing close to its former self.

Niraj said the investor in question demolished the house without following police protocol to do so.

“The right procedure is for them to go to the police, get assistance and come with the police. There is a procedure to follow if you have to evict someone but none of them were followed,” said Niraj.

Lariak Properties

Avani said Baraza showed her a document purporting that a private company named ‘Lariak Properties’ had bought the land from Metro pharmaceuticals in 2010.

The Shah’s however maintain that they are the legal occupants since their lease to the land is still valid, adding that they are in possession of a court order dated November 1, 2022, which directs that the plaintiff be restrained from trespassing or interfering with the couple’s possession of the land.

The couple claims that the eviction was executed without following due process and their efforts to seek help from authorities including the area police hit a deadlock.

A search at the registrar of companies shows that Lariak properties was registered in 2002 and has four directors namely Nathaniel Kipkemboi Barmasai, Samuel K. Chepkwony, John Kamaiyoa Rotich and Joel Kiplangat who sources say are connected to a high profile person.

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