Author: NLM Correspondent

By Ronald Owili Low-cost housing developer Mizizi Africa Homes is set to hand over a total of 69 units to customers over the first half of 2022 The developer has said three housing projects whose construction started towards the close of 2020 are nearing completion and will be handed to their respective owners by the end of June this year. According to the realtor, three estates, Peacock phase 1 is currently at 80% complete being one of their biggest project with 41 units, while Humming Bird Estate with 14 units is at 90% complete. The third project, Pigeon Estate with…

Don’t lose your head, or money in a bear market The number one rule in investment, according to stock picker, Warren Buffet, is to never lose money. This, however, doesn’t mean you should sell your investment holdings the moment they start heading south. But what happens when things are heading south and it looks like it won’t stop anytime soon? That’s the loose definition of a bear market – a bear market describes a widespread and sustained decline in the prices of stocks or other assets over a given period of time. The phrase comes from how a bear attacks, which is mostly out of…

BY ANTONY MUTUNGA In 2019, NIC bank and CBA group merged together to form NCBA and since then, the merged group has been recording major profits. The group has recently announced that for the year to December 31, 2021, its profits more than doubled to Sh10.22bn as compared to Sh4.57bn in 2020. The lender attributed the profit growth to strong operational performance, recording Sh2.72bn growth in operating income as well as Sh2.32bn growth in total interest income. Additionally, it also benefitted from the fall in loan loss provisioning by Sh7.72bn from Sh20.44bn in 2020 to Sh12.72bn in 2021. “While there…

Will Government-backed Bill change how savings and credit cooperatives operate? By Victor Adar The government has republished a Bill that will make it difficult for defaulters to access loans from cooperatives. It is likely that the proposed Sacco Societies (Amendment) Bill, which sailed through the second reading in Parliament in February this year and was among 23 Bills that the High Court in 2020 declared unconstitutional after the National Assembly passed them without the input of the Senate, will see the light of the day this time around. If the Bill, republished on November 25, 2021, and tabled in Parliament…

BY NBM WRITER All things seem bright and glittering at Kenya’s saving and credit cooperatives (Saccos). Splashed adverts and advertorials in the mainstream media and a barrage of commercials in numerous social media channels of testimonials by, for instance, happy members who have acquired prime property at affordable rates courtesy of their ingenious savings and credit organisations conjures an image of a thriving sector. Behind that veil of unrivalled success, however, are heartrending tales of individual members whose financials have been messed up irreversibly due to, mainly, unscrupulous management regimes at the Saccos, and archaic financial regulations that most saving…

Branch, which is best known for digital lending solutions and services in Kenya, will spearhead the rollout of digital banking services across key markets in Africa once the local operation crystallizes before the end of the year. Speaking in Nairobi at the formal signing ceremony for the acquisition of Century Microfinance Bank, Silicon Valley-based Branch International founder Mr Matt Flannery said the firm is set to invest heavily in the strategic venture. “Branch International engaged a number of potential investment partners locally but settled on Century Microfinance which ticked many of the boxes and remains a right fit partner for…

By Milford Bateman and Fernando Amorim In a major exposé of the ‘fintech revolution’ in Africa, Milford Bateman and Fernando Amorim Teixeira write that the investor-driven fintech model is nothing less than a ‘digitalised’ extension of the earlier colonial-imperialist ‘extractivist’ models that enabled the western nations to appropriate Africa’s natural resource wealth to fund their own economic prosperity. It is very widely accepted that Kenya’s iconic mobile money transfer platform, M-Pesa, has spearheaded what has been called the “fintech revolution”. Defined as “computer programs and other technology used to support or enable banking and financial services”, in its very simplest…

Echotel’s Ken Munyi has always been in information technology, finance and administration management space. A certified accountant (CPA) with a Bachelor’s of Arts degree in Economics and Sociology, certification in Information Systems Audit, and also holder of a Post Graduate Diploma (PDH) in Strategic Management from the University of Leicester, UK, the adept corporate leader is currently pursuing his MBA at University of London. Mr Munyi began his career with Fellowship of Christians Unions (FOCUS) as an accountant before moving to Africa Online in Tanzania where he joined as assistant accountant. He grew through the ranks, and would be a…

Jomo Kenyatta University of Agriculture and Technology (JKUAT) students recently emerged the top winner of the recently held Association of Chartered Certified Accountants (ACCA) Inter-University Strategic Business Leadership Challenge. The Veex Strategia team, comprising three team members, scored the highest points in the third and final stage, out of the overall 38 institutions of higher learning who had participated in the challenge from across 15 counties in Kenya. In their own words, Enock Omonywa, Esther Wanjohi, and Xavier Onyangi share their journey of resilience to winning Sh150,000 each worth of scholarship from ACCA and internship placements in accountancy firms such…

By Tejpal Bedi In 2021, President Kenyatta approved an amendment that gives the Central Bank of Kenya powers to license and oversee previously unregulated digital money lenders. Citing technology advances and ongoing innovation in the sector, the monetary authority recognised the growth of lending through digital channels (particularly via mobile phones) as well as challenges that have accompanied this growth. Public concerns have included lenders engaging in predatory practices, high costs, and the abuse of personal information. Referred to by President Kenyatta as long overdue, the amendment is a significant step forward for a sub-industry backed by Kenya’s reputation as…