The East African Community tourism and hospitality industry was devastatingly affected due to the Covid-19 pandemic in 2020 as a result of massive reductions in international tourist arrivals, receipts, jobs, visitors to parks and hotel occupancy rates. A study by the East African Business Council (EABC) with the support of the African Economic Research Consortium (AERC) and Bill and Melinda Gates Foundation on Thursday disclosed estimates that EAC Partner States may have lost international tourism receipts to the tune of USD 4.8 Billion in the year 2020. It also estimates that about 4.2 Million foreign tourists were not able to…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Airtel Africa says Olusegun “Segun” Ogunsanya, an Electronics Engineer will serve as it’s new Managing Director and CEO. Segun Ogunsanya will replace Raghunath Mandava, who will be retiring as Managing Director and Chief Executive Officer of Airtel Africa. Segun Ogunsanya will join the Board of Airtel Africa with effect from 1 October 2021. Segun has more than 25 years’ business management experience in banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya as MD and CEO. He was performing the role of Managing Director and CEO Nigeria responsible…
The Central Bank of Kenya (CBK) has signed an agreement with E4Impact Foundation, an Italian organization, to provide support to Kenyan financial technology startups. The partnership is part of CBK’s plan to promote innovation in Kenya’s financial sector. Through the agreement, Kenyan start-ups will have access to international investors, markets, and players in the fintech space. Additionally, E4Impact Foundation will offer customized capacity building to fin-techs in the country. The agreement will further push Kenya’s commitment to empowering Kenyan businesses through strategic partnerships and networking. The agreement builds on the partnership between CBK and E4Impact during the Virtual Africa Hackathon…
Naivasha-based Keroche Breweries said on Tuesday it expects its newly launched product, Vienna Ice Strong Lager will generate KSh1 billion to Kenya Revenue Authority annually. Tabitha Karanja, the brewer’s chief executive disclosed that the Vienna Ice Strong Lager has a 10 per cent alcohol content, the strongest in the market. “The new product Vienna Ice Strong Lager will generate over KSh1 billion to KRA every year and this will rise with time as per our market projections,” she said. The CEO said. “Taking one Vienna Ice lager will roughly be equal to two regular beers of an equal volume of…
Leading global smart device brand OPPO celebrated the 21st World Intellectual Property (IP) Day, summing up the latest progress it has made in respecting and protecting intellectual property across over 40 countries and regions where it operates. According to the World Intellectual Property Organization (WIPO), OPPO sits among the top 10 Patent Cooperation Treaty (PCT) filers in both 2019 and 2020. As of March 31, 2021, OPPO had filed for over 61,000 patents and owns more than 26,000 granted patents globally. Among these, 54,000 are utility patents, accounting for 89% of all OPPO patent applications, which marks an extraordinary achievement…
PwC Kenya says as a taxpayer, you need to acquaint yourself and comply with the Finance Act 2020 on Digital Service Tax (DST) that introduced a tax of 1.5% of the gross transactional value-effective 1st of January 2021. According to Nicholas Kahiro – PwC Manager and Corporate Tax Specialist, “The Kenya Revenue Authority (KRA) has further instituted provisions that have expanded the applicability of DST to cater for the changing marketplace with DST being one of the key revenue measures of KRA especially from corporate tax policy.” He added, “DST is here to stay. Its main target is capturing non-resident…