“We, the people of Kenya… Recognizing the aspirations of all Kenyans for a government based on the essential values of human rights, equality, freedom, democracy, social justice, and the rule of law… ADOPT, ENACT and give this Constitution to ourselves and our future generations,” the Constitution 2010’s preamble states, stamping the premium Kenya, as a society, has placed on values. The values we should embrace and cherish are already agreed on and codified. Article 10 of the Constitution 2010, which binds all State organs, State officers, and public officers whenever they execute their mandate for instance, expressly lists the values…
Author: NLM writer
By Jacob Oketch The Power of Right Beliefs is a motivational work empowering readers to believe in themselves and pursue their purpose in life unhindered by socio-economic barriers. It aims to shape and strengthen readers’ perspectives to boldly and critically reflect on the issues that define their lives. The book affirms that every human being is unique with inbuilt potential to tap into to enjoy the purpose of their existence. It empowers readers to recreate their destinies and provoke their inner concerns regarding the disturbing self-realization dilemmas and the questionable state of the contemporary church. These words sum up what…
The IMF has called on countries to establish international arrangements to enhance supervision and enforce cryptocurrency regulations, and set up ways to monitor crypto’s impact on the stability of the global monetary system.. This is what it will take to guard against excessive capital flows, creation of ambiguous tax rules and laws around crypto assets, and is a prerequisite for developing and enforcing oversight requirements for all crypto market actors. Outlining its Executive Board’s assessment, the IMF said directors welcomed the proposals and agreed the widespread adoption of crypto assets “could undermine the effectiveness of monetary policy, circumvent capital flow…
By Antony Mutunga Kenya’s reliance on renewables continues to show no signs of stopping, as the country recorded an increase in the amount of solar energy supplied to the national grid. This has continued to put the country on the map as one of the leading countries to shift to green energy. Kenya is approaching the target with a vision to hit 100% reliance on clean energy by 2030. According to data from Kenya Power, it bought 263.55GWh of solar energy between January and September 2022. This was an increase compared to 2021, whereby it bought 92.91GWh. The growth is…
By Bonface Orucho, bird story agency A surge in funding for nature-based solutions worldwide is opening opportunities for green startups in Africa, with a resultant increase in cleantech startups, according to a recent report. AfricaGoGreen Fund (AFGGF), a pan-African fund that supports climate-friendly projects on the continent, recently secured US47 million in its second fundraising round. The fund focuses on the installation of rooftop solar and battery storage for residential, commercial, and industrial consumers, as well as the purchase of high-efficiency appliances and industrial equipment, and retrofit existing and new green buildings. The International Finance Corporation (IFC) provided US$17 million…
As 2022 ended, Kenya’s banking sector continued to record profits as the country recovered from the pandemic and enjoyed a peaceful general election. For instance, KCB and Equity bank recorded an increase in their net profit for the first nine months of 2022 by 21.4% and 28%, respectively, to Sh30.6 billion and Sh34.4 billion. The sector will continue enjoying steady profits in 2023 as credit agency Moody’s expects the sector’s outlook to remain stable. According to Moodys, the banking sector will continue to record strong profitability, high liquidity, and solid capital amid rising problem loans. Kenya’s economic growth will remain…
By Antony Mutunga Since 2020 Kenya’s tourism sector has been recovering after the pandemic caused significant losses due to the COVID-19 restrictions. In 2020, the total revenue from tourism stood at Sh98.68 billion ($781 million), a decrease from the Sh 176.68 billion ($1.4 billion) recorded in 2019, according to data from the Kenya Tourism Federation. According to the Kenya Annual Tourism Sector Performance Report 2022 by the Tourism Research Institute (TRI), the revenue from the tourism sector has continued to increase. Revenue from the industry surpassed $2 billion last year despite still being below pre-pandemic levels. From data on the…
In April 2021, the Central Organization of Trade Unions (COTU), in a press statement, surmised Safaricom CEO, Peter Ndegwa’s tenure in a terse statement – as a danger to workers’ rights. Through its Secretary General, Francis Atwoli, COTU detailed what it termed as a mission to restructure its mode of management while ‘doing away’ with some of its employees, and invited the board to step in to rein in Mr NDegwa. “Even though, as COTU (K), we don’t have control over the management style employers adopt from time to time, we are highly concerned about the prospects of job security…
In January this year, the High Court allowed potentially millions of Safaricom subscribers to join a class action suit against the telco over a clause in the SIM card registration rules that allows the corporate to collect bank details of mobile phone users. The suit sought to strike out Clause 3.2.1 in the data privacy statement, which subscribers filled as part of the re-registration process, which states that the telecoms operator can “collect and store information including credit or debit card information, information on bank account numbers, Swift codes or other banking information”. Justice Chacha Mwita allowed lawyers Wilfred Nderitu…
The status quo, with East Africa’s largest company losing billions in market valuation thanks to shoddy leadership, is clearly untenable. By NLM Writer In March last year, Safaricom Ethiopia tweeted out an interesting claim: that 50% of Kenya’s GDP is processed through their M-Pesa ecosystem. This was no idle claim, either: Safaricom’s mobile money platform has transformed the way business is done in Kenya and around the developing world. Within Kenya and the region, its integration into the economy has been massively disruptive and transformative. Before M-Pesa, millions of Kenyans were unbanked, with the banks totally uninterested in doing any…
