Author: Muindi

African Diaspora Asset Managers Limited has been granted a fund manager’s license by the Capital Markets Authority (CMA). In a statement on Friday, CMA said the fund manager will offer financial products in asset management, unit trusts, financial investment management, discretionary portfolio management among other services.  ‘The asset management sector is an important component of capital markets. Some products offered by fund managers, for instance, collective investment schemes, are important because they provide an opportunity for small investors to have access to professionally managed, diversified portfolios of assets,” CMA Acting CEO Wyckliffe Shamiah said. African Diaspora Asset Managers Limited will…

Shelter Afrique’s shareholder Nigeria has injected 9.4 million dollars (Kshs 1.02 billion), taking its total investment to Ksh.14 billion ($129 million) from Ksh.12.3 billion ($114 million).  This is part of 29.43 million dollars (Kshs 3.16 billion) the West African country has committed to injecting into the financier. The contribution moves Nigeria to the second largest shareholding in the organisation with 14.77 per cent of the shareholding, behind Kenya with 14.87 per cent and ahead of the African Development Bank at 14.28 per cent. “This is a strong show of confidence in Shelter Afrique by member countries that the institution is…

Kenya ranks 115 in the Competitive Industrial Performance (CIP) Index Report, 2020 among 152 countries in terms of the ability to produce and export manufactured goods competitively.  Egypt and South Africa rank at positions 64 and 52 respectively whereas Tanzania is 123 and Uganda is position 128.  It further indicates that China, which is ranked second in the CIP Index report, is very strong in manufacturing due to the use of high technology which is applied by 30.6% of its manufacturers whereas only 9.3% are resource-based manufacturers.   Comparatively, Kenya’s manufacturing sector export structure is dependent on resource-based manufacturers at 42.9%…

The use of digital payments is soaring for Glovo, the on-demand delivery start-up, since the onset of the coronavirus pandemic in Kenya. The value of transactions witnessed on the Glovo platform saw cashless payments made by bank cards increase by 50 per cent and mobile payments by 14 per cent in Kenya. “During this period, we have witnessed changes in shopping patterns due to the shift in preferences by consumers hence this has helped us to focus more on addressing what the consumer needs,” said Glovo, general manager for Kenya Priscilla Muhiu. Deliveries and grocery orders rose by 30 per…

WomenWork, a technology-driven company focused on the advancement of African women entrepreneurs has launched Rebuild, a program that will offer KSh1.5bn interest-free loans for women entrepreneurs in Kenya. The loan is aimed at stabilizing these businesses including retaining staff and adapting to the new economic environment. The loan facility is open to businesses across all sectors that are operational in Kenya for at least six months and have 51 percent or more women shareholding, 50 employees or less, and generate revenues of up to five million Kenya Shillings per annum. The Rebuild business support loans is part of the Mastercard…

The Competition Authority of Kenya said it will ‘permanently’ ditch its manual filing and processing of applications to its E-filing portal to help improve governance by automating the internal processes of handling files. “Automation has reduced the time taken to process files since it eliminates handling and moving physical copies of documents between the Authority and its stakeholder,” CAK said in a Public Notice. The regulator, consequently, said from Sept.1 2020, it will cease receiving physical applications relating to its technical processes, including filing mergers and exemptions, abuse of buyer power and consumer complaints. “The E-filing portal has secured the…