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Webinar Review: Connecting Kenyan Businesses To The African Market Hosted by Ajira Digital on 25th February 2022
Webinar Review: Connecting Kenyan Businesses To The African Market Hosted by Ajira Digital on 25th February 2022
According to statistics, 93% of all online interactions start on such engines. 81% of customers research things online before they buy them. 84% of today's customers think a website makes one's business more credible than companies that only have social media profiles. These statistics reveal what was the main theme of this webinar as Hasnain Noorani the Founder and Managing Director of Pride Group, taught how Kenyan business owners could expand to the African market. Tapping into the African market calls for growth in businesses. The secret to this growth lies in understanding the buyer problem; where purchasers are too busy to get to shops and hence end up relying on the same sellers due to lack of knowledge. CV is the solution to the buyer problem, the acronym stands for Communication and Visibility. These two, according to Hasnain, are key ingredients for growing any business. Communication calls for meeting as many people as possible and having one's business card(s) during those conversations - networking. Visibility involves rigorous activities in social media pages - branding. A dynamic and very active website is also key to visibility. Bill Gates says "If your business is not on the internet, then your business will be out of business." The pandemic provided a wake-up call to digitizing business i.e. digital methods of delivering products and services. Digitization reduces cost, automates business processes and reduces the reliance on manpower. Having an impact requires an online presence. No business in this era can successfully achieve optimum success without online sales. After all, how else will other business people in the African market get to know what one does? The challenge when it comes to visibility is that business owners have websites that are static and not updated, others lack the technical knowledge to operate the website, others find it time-consuming and expensive to maintain others are simply not connected to updated technology. Differentiating between online existence and online presence is key. Online presence is what all business owners should aim at as it is the silent salesperson that deeply explains what one does. A good online presence is what attracts a valuable audience, not followers. Performing Search Engine Optimizations (SEOs) too is helpful. Although there are limited platforms for the African market to showcase various businesses online, Amazon, Alibaba Group and Airduka.com are examples of platforms that have utilized the e-commerce business revolution. Esther W. Njaramba The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives.|njarambaesther3@gmail.com
03:17
July 06, 2022
Business Biography: More Than A Professor, Bitange Ndemo
Business Biography: More Than A Professor, Bitange Ndemo
Many might know of his works, but little about the person. We know of a certain permanent secretary in late President Mwai Kibaki’s government whose brain and work placed Kenya on the global map as a FinTech giant. While in government, he initiated the development of undersea cables into East Africa and later began the Kenya Open Data initiative. The man is a professor of entrepreneurship and associate professor at the school of business, University of Nairobi. He is Professor Bitange Ndemo. In the Bible, great kings like David were supported by valiant men who were brave at war and courageous on the battlefield. In Prof. Ndemo, President Kibaki found a man of valour who helped greatly in creating an Empire in Kenya that many nations admire. Prof. Bitange Ndemo, unlike King David’s men of valour, didn’t support the president through spear or javelin. He instead applied his high intellectual gifting, rich professional network and understanding of evolutionary trends in business and ICT to run his portfolio as a permanent secretary. Professor Ndemo is a corporate titan aside from his accomplishments in academia. He sits on the board of Safaricom PLC and in many other boards as an advisor. Some of the organizations that bank on Prof. Bitange Ndemo’s wealth of knowledge and expertise in business and ICT include UNCDF’s better than Cash Alliance, OECPD panel of experts on Artificial Intelligence and Blockchain, World Economic Forum Blockchain Council, UNESCO NEXTEXPLO Forum, Global Learning Council, Research ICT Africa and UN Global Pulse. Prof. Ndemo needs no introduction in many other companies, forums, councils and research classes as he is widely quoted, used as a point of reference or sought to advise without exactly being admitted to those boards. The great professor is a widely published author and speaker on many forums across the world. He is a PhD holder in Industrial Economics from Sheffield University in the United Kingdom and holds a series of degrees in business administration, accounting and finance. Prof Bitange Ndemo is also a columnist on Business Daily and The Nation Newspapers. His footprint in global conferences, digital conferencing platforms, TEDx Talks, Engage Talks and University Lectures have created a huge impact on governments and the private sector. Prof. Ndemo has inspired change and transformation in Urban Planning, Financial Access through FinTech and the captainship of large corporations. The man has widely influenced policy making through his disruptive thinking, research and contributions in tocorporate sector dialogues. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
03:32
July 06, 2022
Opinion Column: Economic Ramifications Caused By Political Campaigns.
Opinion Column: Economic Ramifications Caused By Political Campaigns.
Kenya is a country that has been hard hit by a history of post-election violence most notably in 1992, 1997, and post-2007. This trend has caused a lot of investors to shun investing in the country during the electioneering seasons. The message of peace is being spread all over but one question still stands, what next after August 9th? A study conducted on the country’s economic data shows a trend in hyperinflation during elections. During such times, economic growth dwindles affecting the livelihoods of millions. Evidence of this observation is the inflation rates in the following pre-election times; 2012 inflation was at 9.38%, 2016 at 6.32%, 2021 at 6.11%, and currently the inflation rate is at 7.21%. The heated political season is typically accompanied by a rapid slowdown in economic activities. Sectors that have traditionally suffered the most damage are those that heavily rely on government patronage. Agriculture, infrastructure, and the manufacturing industry are top in this list. On the other hand, the sectors that benefit the most are the sectors that are not highly dependent on political goodwill such as the service sector with an exception of banking. Kenya’s current high voltage politics has disrupted commercial activities leading to a reduction in revenues for many businesses. Additionally, with politicians pushing for water-tight regulations and higher taxes, it becomes harder for companies to operate legally and effectively. In some cases, this can lead to widespread corruption and dishonesty within business circles and criminal activity such as money laundering. Political campaigns in Kenya are run on heavy financial budgets leading to the circulation of money from politicians to fund political activities. For instance, in the financial year 2014-2015, The National Alliance (TNA) Party received USD$866,679, the Orange Democratic Movement (ODM) Party USD$848,239, and the United Republican Party (URP) USD$273,688 based on their numbers in parliament. The presidential candidates can use up to 5 billion Kenyan shillings in political campaigns and in addition, they are not restricted from holding fundraisers to get more cash for the campaigns. This usually comes in at a time when there is an increased level of inflation and in my opinion, some of this money could be re-invested in creating job opportunities for the youth and unemployed. Nonetheless, one way to mitigate the effects of a heated political season is to diversify investments into sectors that are less polarized by politics. Bungei Obadiah | obadiahbungei69@gmail.com The writer is a student of Karatina University pursuing a Bachelor of Science in Nursing degree, an enthusiastic graphic designer, and a photographer. Intrigued by community education on health and wellness, gradual social transformation to improve the quality of life.
03:48
July 06, 2022
 Industry Review: Giving Visibility To Cooperatives | Shaping The Cooperative Sector’s Image
Industry Review: Giving Visibility To Cooperatives | Shaping The Cooperative Sector’s Image
Over the last five years, many sectors in Kenya have been adapting to a recent shift that has seen many large, medium and small entities change how they do business. Policy changes have made more youth interested in being entrepreneurs and business owners and this has caused a rapid rise in the number of youth-led businesses. It is this growing market that is ripe for the picking as far as Cooperatives are concerned. This tech-savvy crop of entrepreneurs and business owners are looking for solutions that are readily available within the Cooperatives movement. They are open to saving and securing financing through Saccos and are also more than willing to join collaborative spaces and unions that address their collective issues. Yet, very few of thesenew target markets are part of the Cooperatives movement. Instead, they opt to look for financial services in banks and collective representation in business hubs. Why is this? Well, the reason is simple! This demographic is attracted by who is most visible and the attention they give to utilizing art, style, and creativity in their brands. This is what most banks and serious corporations have been utilizing recently to get these customers. Almost every major bank and corporate entity has rebranded in the last five years and some have gone the extra mile to set up youthful entities for their businesses that deviate from the primary serious corporate feel to a more appealing trendy side. So, what can Cooperatives do to become more visible and attractive to the youthful target audiences that we are seeing today? They have to master the art of Trendiness. Youthful trends are colourful, suave, vibrant and energetic. They are unapologetically fashionable and free, creating an aura of complexity and fun. Any Cooperative that speaks this language is bound to attract its fair share of this new market. The entire Cooperatives sector has to revamp its image. Any entity in this sector has to change its brand image and outlook to one that is trusted by a younger demographic. To do this, Cooperatives have to lose those old boring branding elements and embrace a vibrant and youthful look that tells young people, “We see you and we hear you!” Therefore, Cooperatives have to ensure they are visible and attractive brands first since their branding is the first point of contact they have with customers. Jackson Macharia | jackson@digicreative.co.ke The writer is a brand strategist and digital content creator who helps individuals and businesses thrive in today's modern markets by enhancing their branding and marketing. Writing for Co-optkam Company Limited
03:09
July 06, 2022
Health Column: Mental Health; A glimpse at eating disorders
Health Column: Mental Health; A glimpse at eating disorders
An eating disorder (ED) is a mental disorder defined by abnormal eating behaviours that negatively affect a person's physical or mental health. There are three main types that include anorexia nervosa, bulimia nervosa and binge eating. Other EDs include pica, rumination, avoidant/restrictive food intake disorders, and night eating syndrome. Having an ED and being on a diet is not the same thing, but frequent dieting can be a curtain-raiser in developing an eating disorder. EDs are often associated with preoccupations with food, weight or shape, eating anxiety or consequences of eating certain foods. Behaviours associated with eating disorders include restrictive eating, avoidance of certain foods, binge eating, purging by vomiting or laxative misuse or compulsive exercise. These behaviours are often driven in ways that resemble an addiction. Common risk factors include gastrointestinal disorders, a history of sexual abuse, and being a dancer or gymnast. EDs are highly prevalent globally. They affect several million people at any given time, most often women between the ages of 12 and 35. Anorexia and bulimia occur nearly ten times more often in females than males. Research published in May 2019 on PubMed showed an increase in prevalence rates of eating disorders escalating from 3.5 % between 200-2006 to 7.8% for the 2018-2018 period. Many factors can influence the development of an eating disorder. These factors can be biological, psychological, and social. Individuals who are struggling with their identity and self-image can be at risk, as can those who have experienced trauma. EDs and mental illness are stigmatized hence some people with EDs are secretive or ashamed and often conceal them. Assessing for an ED is simple. If the way you eat and think about food interferes with your life and keeps you from enjoying life and moving forward, you may be experiencing disordered eating. EDs impose severe health complications such as anxiety, depression, acid reflux, low blood pressure, organ failure, amenorrhea and infertility, and stroke on. Individual.Both anorexia and bulimia increase the risk of death. Recovery from an ED is guaranteed when professional help is sought. Seeking help soonest is paramount, as prolonged suffering may delay recovery from treatment. EDs are mostly diagnosed by a physician and help sought from a therapist for counselling, a registered dietitian on healthy eating strategies and healthy weight management, and sometimes taking medications (e.g., antidepressants). Recovery from EDs may take time (about 5 years), and therefore requires patience and consistency.
03:38
July 06, 2022
Advertising Feature: Business Systems That Win By EinsBrand Digital
Advertising Feature: Business Systems That Win By EinsBrand Digital
In May 2022, iGrand Business Plans Limited launched Dira La Biashara App 1.0 as part of its commitment to democratize access to business support services. The App has so far been rated as user-friendly, navigable and with real solutions for anyone in business, working or aspiring to be either. In this month’s column, I would like to use this space to give credit to EinsBrand Digital. The agency that supports website, Application and Systems development at iGrand Business Plans Limited. EinsBrand is the agency behind the beautiful brand that iGrand is becoming. It is Gideon, the Creative Lead of EinsBrand who thought through the whole process of designing and developing the Dira La Biashara App. Whether you have already started the entrepreneurship journey or are planning to start, the first thing you will want to do is to be recognized by a brand and to be found on digital media platforms. This requires a combination of skills to achieve winning results. You will want intelligence to be communicated in art and ideas to be visualized. First, you need a brand architecture that will help you conceptualize the brand you are about to build, or the website, system or application. Concept building is a work of art and the artist must be creative enough to help your brand stand out. Second, you need a designer who can visualize the concept in a drawing before the developer picks up the work of making your website or App. At EinsBrand, these skills are present in one team and they have a proven record of handling clients professionally and with a great understanding of branding and website needs of different categories of businesses. iGrand Business Plans Limited has an existing working relationship with EinsBrand Digital to help customers implement their Social Media, App and Web presence strategies. This relationship thrives on the need to have marketing plans, web, App and systems plans built by iGrand Business Plans and implemented by EinsBrand Digital. EinsBrand Digital has previous and current customers from different industries and has successfully helped brands to grow from scratch to wide recognition. Save the contacts for EinsBrand Digital in your phone or mailing list for business correspondence, referrals or related queries. Reach the Creative Lead via gideon@einsbrand.digital or connect via social media platforms. EinsBrand is also available on WhatsApp business via +254 732 338 840. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
02:57
July 06, 2022
 Financial Markets: The Making Of Kenya’s First Diaspora Bank
Financial Markets: The Making Of Kenya’s First Diaspora Bank
Kenya is known for a good number of things on the global map. The country’s tourism sector has enjoyed prominence thanks to white and sandy beaches on Kenya’s coastline, annual wildebeest migration across the Mara River, Snowcapped Mt. Kenya, hot springs and lakes of the Rift Valley, a sizable share of the World’s second-largest freshwater lake and host to humanity’s cradle land in Turkana. Lately, Kenya’s main export has shifted from Agricultural produce and tourist services to Labour. Various reports by the World Bank project Kenya as a leading economy in Africa by 2030 not for oil or precious stones but for its highly sought-for labour in the global market. According to a CBK Survey published in December 2021, Diaspora remittances to Kenya have increased tenfold in the last 15 years hitting an all-time record of USD 3,718 million. This is more than 3% of Kenya’s GDP. Remittances flow into the country to majorly meet needs in food, healthcare, education and housing.Most Kenyans who live abroad left in pursuit of jobs and higher education. Other reasons for leaving include marriage and diplomatic duties. Most Kenyans living in Asia take up jobs demanding fewer skills while those in Europe and Oceania have to work longer to save and send money to the country. In sending remittances, most people use formal channels and over 60% of those who send money to transact monthly at higher transaction charges that would be avoided through the creation of a more favourable platform. Such a platform needs to be as convenient to use as banks, money transfer companies and mobile operators but affordable as Hawalas and secure as Credit Unions. This is the intelligence being used by Suleiman Shahbal, owner of Gulf African Bank, to set up and run a diaspora Bank. Suleiman Shahbal and his support team are working around the clock to register Kenya’s first diaspora bank within the 3rd Quarter of 2022. Having successfully disrupted Kenya’s banking landscape with Islamic banking products and procedures through Gulf African Bank, Mr Shahbal is convinced that opportunities in diaspora banking are his’ to grab. To register a bank in Kenya, one needs a number of licenses and approval from regulators among them the Central Bank of Kenya, Capital Markets Authority and Competition Authority. He also needs to deposit a cash reserve with the Central Bank of not less than 5.25% of total domestic and foreign currency liabilities. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
03:03
July 06, 2022
 LAW REVIEW: To what extent is the County Government a taxing master? County governments’ authority to collect business taxes.
LAW REVIEW: To what extent is the County Government a taxing master? County governments’ authority to collect business taxes.
The Constitution of Kenya creates a decentralized system of governance and administration. In order to exercise the decentralized powers and duties, county governments are authorized to raise their own revenue. Whereas the national government still collects a significant part of revenue, the Constitution and other laws have outlined the taxes, levies and fees that county governments can collect. Broadly speaking, county governments may impose entertainment taxes, property taxes and any other taxes they are authorized to impose. The taxes, levies, fees and charges target local residents and their businesses. In the business context, the national government is in charge of functions such as the registration of business entities. On the other hand, county governments can issue and levy charges for licenses such as business permits. The amount of fees charged for a permit depends on the nature of the business, the size of its office and the number of employees. County governments issue trade licenses for diverse economic activities including distribution services. Manufacturers and distributors are required to pay for distribution licenses in each county where they distribute, offload or supply goods and services. In addition, county governments are empowered to collect cess fees, also referred to as infrastructure maintenance fees. This is a form of tax charged on fishing and agricultural products as well as extractives such as quarry products as they move across county borders. It is levied by the county from which the goods are produced and is collected at the source or during transportation of the products at designated roads. A transporter is required to produce evidence of paying cues in the county of origin. However, the transporter or trader has to pay market fees to access or sell the goods in the destination market. This is referred to as a market levy. County governments are also authorized to charge fees on outdoor advertising. For instance, a county government can levy fees for the external branding of motor vehicles. The fees are charged on branded vehicles belonging to a business based in the county or that drive-in or through the county. In enacting laws, counties must follow the Constitution and ensure that the taxes, fees and levies charged will not impact national economic policies and economic activities negatively. Moreover, where a fee is to be charged on a service, the law requires that the fee should not exceed the cost of providing such service. Debbie Kwamboka Oseko (Guest author)/kwambokaoseko7@gmail.com
02:54
July 06, 2022
Economy Watch: Sailing To The Ceiling? Implications of the cost of fuel prices in Kenya.
Economy Watch: Sailing To The Ceiling? Implications of the cost of fuel prices in Kenya.
Over the past three months, Kenyans have felt the heat of ever-increasing fuel prices. The prices have shot up on the account of the growing demand for oil as economies shake off the impact of the COVID- 19 pandemic and the more recent Russian-Ukraine war. The Kenyan shilling has also weakened against the dollar implying that fuel importers will use more shillings to import the same volumes of oil. This led to oil vendors withholding products from the Kenyan market while diverting fuel to neighboring countries in a bid to compel the government to track their payments as well. The Kenyan government had partially withdrawn the fuel subsidy sending diesel and petrol prices to an all-time high since October last year. With historic heights, the super petrol and diesel prices shot by sh. 5.50 signaling the increase in the cost of basic goods and services hence having a direct impact on the Kenyan economy. The energy and petroleum Regulatory Authority (APRA) set the new retail prices at sh.150.12 for a litre of super petrol and sh. 131 for diesel. This single-handedly shows that there will be tough times for households and motorists given that fuel is the key determinant of the basket of goods and services used to measure inflation. When the fuel prices increase a larger share of the household’s budget is likely to be spent which leaves less to spend on other goods and services. For businesses, whose goods must be shipped from place to place the shipping prices will be much more expensive therefore increasing the prices of goods. This price has also shifted the growth of the economy through its effect on supply and demand for goods and services brought about by the production costs increasing slightly higher than expected. Despite the increase in fuel prices the government committed to pay marketers an estimated sh. 14.39 billion as a subsidy to prevent further price escalation. The subsidy has come under increased pressure as the state struggles to compensate for the high deltas amid the global rally in crude prices. Apart from straining the government finances, higher fuel prices drive up inflation which sees lots of economic policies not being implemented. The inflation rate is expected to rise by 50% in the coming months with prices of commodities’ becoming unsustainable. Peter Kipkirui | Kipkiruironoh11@gmail.com The writer is a Kenyan economist working in the cooperative movement space.
02:53
July 06, 2022
 Book Review: Six Pillars Of Self-Esteem – Nathaniel Branden
Book Review: Six Pillars Of Self-Esteem – Nathaniel Branden
We've reached a moment in history when self-esteem, which has always been an important psychological need, has also become a supremely important economic need. Identity, competence and worth are key, especially with the turbulence of our times as it is a dangerous time in history not to know who we are or not to trust ourselves. Self-esteem fully realized is the experience that we are appropriate to life and its requirements. It is the confidence in our ability to think and cope with the basic challenges of life and in our right to be successful and happy. Self-esteem has two interrelated components: A sense of basic confidence in the face of life's challenges (self-efficacy) and a sense of being worthy of happiness (self-respect). To have high self-esteem is to feel confident and appropriate to live. When self-esteem is low, we are often manipulated by fear. The 6 pillars of self-esteem according to Nathaniel are: The practice of living consciously that is living responsibly toward reality. It entails an active mind, an intelligence that takes joy in its function, being in the moment without losing the wider context, reaching out (rather than withdrawing) to relevant facts, interpretations and emotions. The practice of self-acceptance.Self-acceptance simply means to be on my side or for me. Self-acceptance entails compassion; being a friend to self. Self-esteem suffers if we are in a rejecting relationship with our physical being. The practice of self-responsibility. Self-responsibility is not only essential but also a manifestation of self-esteem. What one needs to know is the difference between what is within their control and what is not. The practice of self-assertiveness.Self-assertiveness is honouring my wants, needs and values and seeking their appropriate expression in reality. It is tested by what we stand for, not what we are against. The practice of living purposefully; to live without purpose is to live with the mercy of chance because we have no standard by which to judge what is and is not worth doing. The practice of personal integrity. When our behavior is congruent with our professed values when ideals and practice match, we have integrity. Perseverance and courage are necessary for the road map to building good self-esteem. The energy for this commitment can only come from the love we have for our life. This love is the beginning of virtue. The seventh pillar of self-esteem! Esther W. Njaramba The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives.|njarambaesther3@gmail.com
02:49
July 06, 2022
Health Column: LEAVE NO ONE ISOLATED; “EVERY MIND MATTERS” Important Notes for Mental Health Awareness
Health Column: LEAVE NO ONE ISOLATED; “EVERY MIND MATTERS” Important Notes for Mental Health Awareness
Mental health is a state of wellness of the mind, meaning the ability of one to cope with stress. According to WHO, a person who is mentally healthy can work productively and fruitfully and is able to contribute positively to the community. Mental well-being is characterized by autonomy in decision making on various life issues, good interpersonal relationships, the ability to exhibit a good perception of reality, and having problem-solving skills. On the flip side, mental illness encompasses abnormal thought, perception, emotions, behavior and relationship with others. Mental health disorders include depression, bipolar disorder, schizophrenia, dementia, and eating disorders such as anorexia. In 2020 the Ministry of Health (MOH) Kenya estimated that one in every ten people suffer from a common mental illness. The number escalates to one in every four people among patients attending routine outpatient services. A task force put together by the ministry of health urged the government to declare mental health a national emergency in Nairobi. Their findings alluded that Kenya has a high burden of mental illness due to ill health, psychosocial disability and premature mortality with huge gaps in access to care. Majority of Kenyans associate mental illness with negative narratives. People with mental illness have been portrayed as unpredictable, unsociable, dangerous or violent, thereby perpetuating misconceptions, misinformation and stigma. To change this narrative, communities need to be sensitized through training, and education in order to prevent the stigma and get more people to open up about their issues, and hospitals should have centers that incorporate a psychiatry unit. The journey towards transforming mental health care systems in Kenya has notably gathered momentum following the launch of the Kenya Mental Health Action Plan (2021-2025). The document outlines a four-point broad plan to boost mental health structures as well as increase funding. It prioritizes strengthening of mental health leadership and governance, implementation of strategies for the promotion of mental health and prevention of mental, and substance use disorders, ensuring access to comprehensive, integrated and high-quality mental health services as well as strengthening mental health systems, including health information and research. I believe that every one of us can make a difference, in impacting a positive attitude in people in regard to mental health and this can only be done if the society is empowered by knowledge. With increasing suicidal cases, it is paramount that every mind matters, and no one should be left isolated and/or stigmatized. Lydia Nyakio | britneynyaks@gmail.com The writer is an aspiring Nurse who is passionate about educating the public on various health issues and ensuring they all attain good health status.
03:00
June 06, 2022
Cooperative Business: BRANDING IN THE COOPERATIVE SECTOR Being a Step Ahead
Cooperative Business: BRANDING IN THE COOPERATIVE SECTOR Being a Step Ahead
The Cooperative sector in Kenya has come a long way since it was established in 1908, and so has the corporate world in general. This sector has experienced tremendous growth in its product offerings and evolved from the provision of products only to that of services. However, one area that it is still lagging in is its branding. The demographic of those interested in the services offered by Cooperatives has shifted to much younger customers. The allure of SACCOs, in particular, has rocked the Kenyan microfinance market, creating an influx of younger clientele. Youth are drawn by artistry, creativity, and free expression, aspects that are lacking in the advertising plans of many Cooperatives. On the other hand, older customers are more concerned about functionality. Therefore, marketing to this diverse audience poses some interesting dynamics for cooperatives. Currently, the lack of appeal to youth audiences is the biggest challenge for Cooperatives when it comes to branding. Most of these institutions were set up in an era when their target customers were only concerned with the services they offered. Therefore, with the new interest that youth have in Cooperatives, many are out of their depth! So, the million-dollar question is: how can Cooperatives brand themselves to appeal to a broader customer base? First, the days of poorly done graphics and ad content are long gone. Many Cooperatives customers nowadays are not just looking for who has the best services. They are also looking for who is giving the best user experience. One of the biggest markers of this is a brand that has excellent brand appeal in its marketing materials. Therefore, Cooperatives must have flawless graphics and copy with a wow factor. Second, brand presence is everything. Nowadays, it is not just the best brands that get the biggest customer base. It is also those that are visible and constantly on the customer’s face. As such, Cooperatives that want to generate user interest have to be intentional about being seen. They have to utilize avenues like social media, radio, television, billboards, and print media to catch attention. Finally, a dismal brand identity is inexcusable. Having a logo, slogan and brand that looks archaic rebuffs many Cooperative customers today. Therefore, these institutions must get a modern look aligning with the current branding trends. Ultimately, Cooperatives have to up their branding game to remain relevant in the current markets! Jackson Macharia | jackson.macharia@digicreative.co.ke He is a brand strategist and digital content creator who helps individuals and businesses thrive in today's modern markets by enhancing their branding and marketing.
03:25
June 06, 2022
Financial Markets: CAUTION! FINANCIAL FEES AHEAD Introduction of Account Management fees by CDSC
Financial Markets: CAUTION! FINANCIAL FEES AHEAD Introduction of Account Management fees by CDSC
Kenya's financial space has always exhibited developments thanks to technology. Most significant developments have been in the fintech sector where numerous intermediaries, both local and international have sought a piece of Kenya’s multi-billion sector as soft loan providers, payment service providers, mobile-based insurance providers, not forgetting savings and fund management. As such, financial inclusion is progressively being achy. An aspect often overlooked is the issue of transaction fees and other costs associated with them. Local Retail investors have always faced numerous challenges accessing Kenya’s capital markets. When people trade shares, they pay several levies and commissions to different market players who include, the stockbroker, the CMA, the CDSC and the taxman. Earlier in May 2022, the CDSC announced plan to introduce a monthly account management fee of Kes 100. This could see the corporation make 1.8bn in revenues. This comes at a time when investor wealth has shrunk owing to the poor stock performance. Foreign investors have also been disposing their holdings as they look for opportunities in developed markets. As such, local investors are keeping their holdings in the deep. Such maintenance fees should only be effected in case the service custodial role requires routine maintenance but in this case, there are little to no additional services that warrant its introduction. After an investor outcry, this levy was suspended pending further consultation. Another aspect that often goes unnoticed is the tax regime. Previously, the gains from stock-trading were tax-exempt. Things changed in 2015 when capital gains tax was introduced. The tax charge for local investors is 5% of the net gain. Trading also attracts VAT meaning that the investor has to pay these fees together with the taxes mentioned. Such levies increase an investor's total cost calling for a higher price movement in order to realize a profit. This could be the reason behind huge investments in land and real estate. As trading costs increase locally, international markets are seeing scrapping off of brokerage commissions with the advent of online trading apps such as Schwab and Robinhood. Owing to the fact that they are available online, they have attracted traders across the world in search of performing stocks unavailable in their countries. With these retrogressive fees being applied in a developing market, the market risks tapping into the tech-savvy youthful population. Financial inclusion especially in the domestic market is key for wealth creation. The government and sector players should be at the forefront of making sure that they not only attract new listings but also local and foreign investors. Brian Sikuku |bransikafrica@gmail.com The writer is an investment professional interested in financial markets, alternative investments and financial education.
03:50
June 06, 2022
Advertising Feature: PHONE AND COMPUTER MAINTENANCE BY KONSTRA ENGINEERING
Advertising Feature: PHONE AND COMPUTER MAINTENANCE BY KONSTRA ENGINEERING
I spend more time with my personal computer and phone than I spend with any other resource for work, entertainment or learning. These technological devices have formed a part of me and in many ways, I am incomplete without them. I have thus come to appreciate with time that I need to maintain my laptop and my phone to remain efficient at my work. I also need to continuously upgrade both software and hardware parts of my computer to derive maximum utility when using it. With these basic needs in one’s exposure to information technology equipment, you realize that having a reliable provider of maintenance services is just as critical as having a doctor. Choosing a service provider for maintenance of your phone and computer is however not as easy as walking into a shop to buy candy. You need to first trust whoever you are giving your equipment to service. The technician should be well trained and experienced enough to handle your valuable assets. Remember a mistake during the repair of your computer can be so costly. There is thus no room for second-guessing. You also need to find a service provider who is rational, human and willing to engage you in a conversation. When you talk to your computer technician, you will be able to benefit from their knowledge of technological trends in the market, better ways of giving your computer a long life and getting software updates done on a timely basis. You want a guarantee of great service, assurance of the amount of time that it will take to get your computer or phone repaired and to feel safe that your technician is doing the right thing. Konstra Engineering in Nairobi is one firm that offers quality engineering and technology solutions. The firm has specialized in customized computer building, repairs and maintenance, IT solutions, Electrical and Electronics solution and Mechanical Solutions. Konstra Engineering has invested in quality customer service that includes mobility of its Engineers and technicians and a quality guarantee commitment that is inherent in their business DNA. The most outstanding strengths of Konstra Engineering are that all its team members are highly trained and qualified experts and that each of its clients is assigned a relationship manager to follow up on user satisfaction after buying a computer from them or after consuming their maintenance service. Contact Konstra Engineering via (+254) 0705635097 or find them on Facebook and Twitter. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
02:53
June 06, 2022
Webinar Review: ROLE OF INSURANCE TO CURB UNFORESEEN CIRCUMSTANCES Hosted by KCB Biashara Group on 27th July 2021
Webinar Review: ROLE OF INSURANCE TO CURB UNFORESEEN CIRCUMSTANCES Hosted by KCB Biashara Group on 27th July 2021
We cannot talk about insurance without discussing the concept of risk as risk is the reality that calls for insurance. A risk is a situation/action that involves exposure to danger that can possibly result in loss or injury. In reference to a hazard, risk could also refer to the degree of likelihood that harm will be caused. Risk management is a planned approach to dealing with risks that can affect one’s business. It involves identifying all possible risks and calculating the cost of protecting oneself against them. Risks can be personal, involve family or involve a business. Personal risks for example if not taken care of may end up risking the business or the family hence insurance for all dimensions is key. Some of the ways to minimize business risks include Installing Security systems for example alarms, CCTV, motion sensor lights, Training one’s team to ensure they are aware of health and safety procedures and rules for example during a fire, Appointing a health and safety officer who reports issues and conducts regular inspections. Insurance is one form of risk management; it is a contract represented by a policy that provides financial protection or reimbursement against losses. In other words, it is the technique of transferring the risk of a person or organization to another by means of a contract. It not only provides payment of claims for the majors but also defense coverage in the form of investigation attorneys and occasionally expert witnesses. A risk matrix is an important tool that helps understand the likelihood of the risk happening versus the risk impact.In finding an insurance company, the first step is to find an insurance agent whom one can trust for their recommendation on issues such as the company’s financial rating and their personal experience with the company among others. Independent agents help to determine the best value for one’s money. In conclusion, it is important to note that the company provides the policy, bills one for the premium, and pays the covered losses. One has to consider the value of the coverage offered, not just the premium that they will pay. Having insurance helps to: indemnify one against losses, manage cash flow and certainty, comply with legal requirements, promote risk control activity and efficient use of the insured’s resources, decrease one’s social burden and create support for the insured’s credit. Every business needs insurance! Esther W. Njaramba |njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives.
03:37
June 06, 2022
Law Review: BIG LOSS FOR CAR IMPORTERS Disharmonized Calculation on Age Limit Remains
Law Review: BIG LOSS FOR CAR IMPORTERS Disharmonized Calculation on Age Limit Remains
Foreign used cars are cheaper and in good condition compared to locally used cars. Therefore, more people prefer importing foreign used cars. The relevant stakeholders such as KRA, KEBS and NTSA have produced various regulations and statutory requirements that govern the importation of foreign used cars by car dealers. The importation of such vehicles should comply with the KEBS requirements provided for under Legal Notice No. 78n of 15th July 2005 and Kenya Standard Code of Practice for Inspection of Road Vehicles. The main cause of disagreement that saw the Car Importers Association of Kenya file a suit in the form of a petition in Court is the 8 years or less age limit from the year of registration. The car dealers argued that there is disharmony in the method used by KRA and KEBS to determine the 8 years. Due to the above disparity, car dealers have incurred huge economic losses when paying import duty. The other major loss resulting from the disparity is a rejection of certain vehicles hence preventing them from entering the Kenyan market. The car dealers had filed a constitutional petition seeking to compel KRA and KEBS to harmonize their methods of computing the 8-years age limit for importation of cars. The court noted the disparity given that KRA starts counting the eight years at the beginning of the year when the car is registered. KRA’s computation criteria, therefore, disadvantages dealers who have registered their cars months after January. KEBS on other hand bases its computation on the month when the car was registered hence a bit reasonable. Justice John Mativo, while dismissing the case, acknowledged the existence of the disparity but went ahead to state that the car importers were inviting the court to legislate which is a preserve of parliament. The KRA mode of computation means that a car seller will have to pay different import duties on two vehicles bearing the same year of manufacture. Consequently, the court threw the ball back at the petitioners to initiate legislative reforms of the car import regulatory regime. The reforms if initiated and implemented will ensure that the car dealers minimize losses incurred due to high import duties. As a result, the car import business will improve hence creating a source of employment and livelihood for more people. Boaz Bwire Onyango|bwireboaz@gmail.com The writer is a lawyer, an Advocate of the High Court of Kenya and an enthusiast in legal research and analysis of emerging legal issues affecting the business environment in Kenya and Globally.
03:21
June 06, 2022
Economy Watch: KENYA, GLOBAL HUB FOR FINTECH INNOVATION.
Economy Watch: KENYA, GLOBAL HUB FOR FINTECH INNOVATION.
Little Kenyan unseen firms using technology have reached underserved markets and have emerged as the fastest growing business in Africa. The Idea of banking has existed for centuries and has continued to evolve with dynamic human needs. According to the Inaugural FT rankings, Nairobi Kenya has been ranked as the third-largest home for quickest expanding fintech companies in the African continent. The majority of financial services companies have integrated technology into their operations to improve their service delivery. These fintech companies are seeking to tap African unbanked populations or markets that have been previously underserved or ignored. Fintech simply refers to the integration of technology into offerings by financial service companies to improve their use and delivery, think of digital lending, payments, and digital wealth management. In today’s digital age we have seen a major transformation in the financial service industry. What was for many decades an unchanging industry is now constantly evolving with banks battling to keep up the tech- integration. Kenyan financial markets have undergone major technological changes driven transformations: Online banking- Have you ever transacted from your bank remotely? Electronic payments have enabled clients to conduct financial transactions through institutions, smartphones, or websites. In Kenya, the online banking revolution has caused a restructuring of the traditional banking model with mobile and internet banking being the most active transaction channel with over 54% of the total number of transactions conducted. Financial sectors view technological innovation as cans of improving efficiency and reducing costs. Mobile Money: Thinking of Mpesa right? Mpesa platform is simply an electronic service that allows you to send and receive money using a mobile phone. In Kenya, the Mpesa platform was introduced in 2007 through Safaricom M-PESA platform which has been a game-changer since its inception. Communications Authority of Kenya (CAK) data shows that Kenya’s mobile penetration rate stood at 100% with active subscribers being 64.5% of the population. Fintech regulation is however becoming complex and intrusive. Financial institutions have faced multiple regulatory jurisdictions and regulators requesting a large amount of data from firms. The purpose of these is to adopt compliance with strict financial regulations to the growth and pace of the most innovative companies, in a way that does not smother the fintech sector with rules but also does not diminish consumer protection Peter Kipkirui |kipkiruironoh11@gmail.com The writer is a Kenyan economist working in the cooperative movement space
03:25
June 06, 2022
Opinion Column: WHY YOU NEED TO GET YOUR LIFE INSURANCE
Opinion Column: WHY YOU NEED TO GET YOUR LIFE INSURANCE
A life insurance policy is a contract between an insurance company and an individual where the policyholder pays a premium to the company, in case the person dies, the beneficiaries are paid a lump sum known as death benefit which caters for burial and funeral costs. With the emergent trends and increase in the rate of chronic illness, most people have developed diseases such as cancer, diabetes and hypertension. The treatment and lifelong management of these diseases have been a burden to many families. This policy can help reduce these costs. There are several types of life insurance including; whole life insurance, Insurance for burial and funerals, credit life insurance, mortgage life insurance etcetera. My focal point is Whole life insurance that offers protection for the rest of your life. A portion of the premium one pays is utilized and generates cash over time. The premium rates are fixed and the rate of the payable amount is also fixed. Why then should I take this policy? A whole life insurance policy has a constant premium rate that doesn’t change. An important living advantage of this policy is the cash value which accumulates as you contribute your monthly premiums and it grows slowly over the years. This money can be available to you at any point in your life and it is guaranteed to always increase and never go down. There is a provision in which a whole life insurance plan can pay dividends in addition to the assured cash value. A lot of individuals always opt to either use this to pay part of their premiums or even reinvest it in the policies. Finally, life insurance has an advantage when it comes to payment of tax, the death benefit is usually exempt from tax. There are also some disadvantages in relation to this policy like it has a higher payment of premiums and as compared to term insurance, it has a lower death benefit. This insurance policy often invests the premium of the policyholder where it sees fit. A person with good investment ideas may opt to evaluate the market and invest his cash in a sector that earns the highest benefit. It goes without saying that the benefits related to taking this insurance policy outweigh the risks therefore it is necessary for one to get a life insurance cover and this is dependent on individuals’ abilities and needs. Prayer Major | wapukhamajor@gmail.com The writer is a student at Karatina University pursuing a Bachelor of Science degree in nursing. She is also passionate about leadership and media.
02:49
June 06, 2022
 Book Review | THE LEADER WHO HAD NO TITLE – ROBIN SHARMA
Book Review | THE LEADER WHO HAD NO TITLE – ROBIN SHARMA
This is a modern fable on real success in business and in life. The author delivers his work in a fictional story involving a hero, Blake Davis who is a student to his mentor, Tommy Flinn who then introduces him to four teachers, who teach him profound leadership insights in form of conversations summarized by acronyms. The main theme of the book is summarized by the letters LWT i.e. Lead Without a Title. While titles and structures help to maintain order, each one in any team ought to always assume personal responsibility, by becoming the CEO of their own roles and leaders within their current positions. There are four natural powers and five rules that one needs in order to lead: The power to go to work each day and express their absolute best. The power to inspire, influence and elevate each person they meet by the gift of a great example. The power to passionately drive positive change in the face of negative conditions. The power to treat all stakeholders with respect, appreciation and kindness and in so doing raise organizations culture to best of breed. The five rules are summarized by the acronym IMAGE: Innovation, Mastery, Authenticity, Guts and Ethics. Turbulent times build great leaders, an old saying goes, “when the going gets tough, the tough get going.” One cannot reach the place of breakthrough without breaking down. SPARK was the acronym for this conversation. Leading without a title has so much to do with being a light in a dark and turbulent world. S for speaking with candor, P for prioritize, A for adversity breeds opportunity, and finally K- always remember to offer Kudos. The deeper your relationships, the stronger your leadership. The main business of business is to connect with and add value to people; money follows contribution. It is all about people! One cannot afford not to be spending time relating with the people they spend most of their working hours with. HUMAN acronym comes in handy to remember this concept: Helpfulness, Understanding, Mingle, Amuse and Nurture. To be a great leader, first become a great person. You cannot energize anyone around if you have no energy yourself. Personal leadership has seven fundamentals: learning, affirmations, visualization, journaling, goal- setting, exercise and nutrition. The acronym for this conversation was SHINE i.e. See clearly, Health is wealth, Inspiration matters, Neglect not your family and Elevate your lifestyle. Esther W. Njaramba |njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives.
03:31
May 17, 2022
 Health Column | MARKET INFLATIONS CRIPPLES KENYAN’S FOOD SECURITY
Health Column | MARKET INFLATIONS CRIPPLES KENYAN’S FOOD SECURITY
Many Kenyans are currently caught in the grip of heightened food prices engendered by the currently market inflations that have steadily been escalating. Kenyans have protested on social media about the high cost of living using the #LowerFoodPrices in vain. They criticize the government for failing to stem the rise in the prices of everyday items. In March, the Kenya National Bureau of Statistics (KNBS) reported a 9.2% food inflation rate, which is predicted to increase further with the increase in fuel cost. This means a greater majority of Kenyans are and will be unable to put food on the table. In 2021 Kenya was ranked 87/116 qualifying countries on the 2021 Global Hunger Index. In the same year, 2.6 million Kenyans were said to be in a food insecurity crisis. This is termed a ‘serious’ food and nutrition insecurity situation. Food and nutrition security means that all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life. In the whole country, prices of basic food items like milk, bread, sugar, and maize flour have spiked sharply in recent months, making it difficult for Kenyans to afford the recommended three meals per day. While these frustrations on social media are collective, the financial squeeze is more painful on a personal level. Those hit hardest by these increased costs are the vulnerable. The pressure to shift to cheaper, sugary, salty and fatty food alternatives in order to have enough to eat may be enormous. Those who need to manage their diets to control diabetes, heart conditions and so on may face the prospect of worsening health. If, as expected, these food price rises become the ‘new normal’, even fit, healthy people would risk developing chronic disease as a result. Moreover, there can be poor educational attainment, poor mental health and social isolation, or increased mortality rates. Both short-term and long-term policies that have been enacted by the government should be implemented. Some households might require emergency food assistance by the government and donors, food subsidies, cash transfers, food for work and school feeding programs, adjustment of trade and tax measures, enhancement of agricultural production by providing agricultural input subsidies etcetera. At a household level, families need to budget, cut on junks, enrich foods and preserve the leftovers, and invest in kitchen gardening. Argwings Chagwira Muliro | am.chagwira@gmail.com The writer is a nutrition and wellness professional who is focused on conducting detailed nutrition consultations and creating personalized meal plans to meet the needs of his clients
03:00
May 17, 2022
 Industry Review | REMAKING TWITTER & BECOMING ELON MUSK
Industry Review | REMAKING TWITTER & BECOMING ELON MUSK
In the just ended decade, big names in digital media ownership included Mark Zuckerberg of Facebook, Larry Page of Alphabet, Bill Gates of Microsoft and Jeff Bezos of Amazon. These among others in big-tech companies have shaped how information is organized and consumed around the world.They have also added impetus to conversations around data privacy, freedom of speech and e-commerce from their innovative applications such as Facebook, YouTube, LinkedIn and Amazon that bring communities together. These companies have grown their shareholder’s equity majorly from advertisements and selling of data. Between 2011 and 2020, most of these companies were in their growth stages implementing subscription strategies and clearing barriers from governments to operate in different jurisdictions. From 2021, the oligopolistic big tech sector is witnessing change of strategies and business models from most of these companies. Facebook for instance rebranded to Meta in a bid to regain trust from the public on its commitment to uphold data protection laws and to offer better the experience of using its products. Starting January 2022, a new kid has come to the block with a mission to democratize freedom of speech on social media and to make social media work for its users rather than for government policy makers and a few board members running the company. Elon Musk disclosed his 9% stake in twitter through a statutory filling with the US. Securities and Exchange Commission. This also implied that Elon Musk was the largest non-institutional shareholder of twitter and deserving a seat on twitters board. Musk however turned down an offer by twitter’s CEO Parag Agrawal to join the board. Since the start of April 2022, Elon Musk has publicly engaged twitter users on how they want twitter to function. He thinks twitter should not only depend on income from advertisement but also innovate to earn revenue. Elon Musk’s strategy to take over twitter from public listing to private ownership is timed and fueled by his wealth and influence in corporate governance. With immense success in Tesla, SpaceX, The Boring Company, Starlink and OpenAI, Elon Musk who is currently the world’s wealthiest person has attracted trust from leading lenders like Morgan Stanley Bank in purchasing twitter shares at premiums as high as 38%. His negotiation skills and mastery of organization politics has earn him credits in convincing twitter board to lift “poison pill” defense strategies from his hostile takeover plan of twitter. Rick Okinda | Okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
03:07
May 17, 2022
 Advertising Features | THE CHECKLIST FOR CHOOSING YOUR NEXT HOME
Advertising Features | THE CHECKLIST FOR CHOOSING YOUR NEXT HOME
What questions do you ask yourself when buying chocolate or a favorite snack? Are you fascinated by the colour, packaging, taste and how it is displayed in the candy shop? At what point do you evaluate the prices? How do you feel when you try a new brand that is highly priced but delivers little or no satisfaction? Your answers are not different from mine. In my explanation, a rational person is a utility maximizer. This is why we sometimes find ourselves moving from one shop to the next to just get a pair of black leather shoes. When looking for a home to buy or rent, the work of moving from one property to another could be tedious and without sufficient advice, it may not help the buyer to make a decision. This is why you need an advisor you can trust. One that listens to your specifications, offers the best advice and helps you to meet your goals. When choosing your next home, you need to have clear priorities on what you want in a house. You will first need to know what the market is offering in terms of available standards and prices. Market prices are often determined by forces of demand and supply. This means that prices will go up when there are few houses available and a high number of willing buyers. Secondly, scrutinize the property thoroughly to grasp a full understanding of it. This works best through an inspection that can be done physical or virtual on a video call. Get to know hidden expenses that may arise and how well it suits your taste for a home. The third box in the checklist is an appraisal of market price in comparison to the price given in a valuation report. Look at comparative sales in the area, affluence of the location, legal description, improvements made and land use. It is also key to investigate the title and transaction documents of the property and check for government regulations affecting the property. Government regulations maybe inform of zoning forest areas, flood zones, road reserves and compliance with construction regulations. Fairview Realty is a Nairobi based firm that understands how real estate brokerage functions. It has brought creative property marketing through clarity of communication, building on a tradition of trust and putting the customer first. Reach Fairview Realty via +254736579665 or on social media platforms and their website; www.fairviewrealty.co.ke. Rick Okinda | Okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
02:53
May 17, 2022
Law Review | THE COPYRIGHTS (AMENDMENT) ACT 2021 A BIG WIN FOR ARTISTS IN KENYA
Law Review | THE COPYRIGHTS (AMENDMENT) ACT 2021 A BIG WIN FOR ARTISTS IN KENYA
Kenyan artists now have a big relief after the Copyrights (Amendment) Bill 2021 was signed into law on 4th April 2022. Section 2 of the Act defines ring-back tunes to mean subscription music or a tone that is played by a telecommunication operator to the originator of a call. The Act also contains a new revenue sharing formula between the artists and other stakeholders in the industry. Pursuant to section 30C of the Act, the parties to a ring-back tune are to share the net revenue from the sales of the ring back tunes at different percentages with the artists getting the larger percentage. The premium rate service provider will get a share of 7% while the telecommunication operator is to get 16%. The artist or the copyright holder will get 52 % of the revenues earned. The new law establishes the National Rights Registry as an office within the copyrights board to perform duties such as digital registration of rights holders and digital registration of copyrights works among others. The registry is in the form of an online portal that will allow any person to access the copyrighted works upon payment of the prescribed fees whereby such amount is channeled to the rights holder. According to the promoter of the Bill which has become a law, Hon Gladys Wanga, the main objective of the law is to amend the Copyright Act of 2001 to provide a fair formula for sharing revenue from ring back tunes between the artists who are the copyrights holders and the telecommunication companies such as Safaricom and Airtel. Pursuant to the new law, the artist is made the main beneficiary by getting a greater share of revenues collected. The Act also repeals provisions on takedown notice in case of copyright infringement incidences, removes the ambiguity in the role of internet service providers, provides for application for injunctions to cure copyright infringements and align the Copyrights Act with other existing legal remedies. The changes introduced by this new law will stabilize the creative industry and increase income for the artists hence boosting the economy at large. Artists will utilize the improved income to set up various businesses and platforms such as established music records and labels that will sign in other upcoming artists on a contractual basis. The overall effect will be a source of employment for young and talented youths who are currently jobless. Boaz Bwire Onyango | bwireboaz@gmail.com The writer is a lawyer, an Advocate of the High Court of Kenya Trainee and an enthusiast in legal research and analysis of emerging legal issues affecting business environment in Kenya and Globally.
03:21
May 17, 2022
Business Biography OF TRAILBLAZING LEGACIES! - Sanda Ojiambo
Business Biography OF TRAILBLAZING LEGACIES! - Sanda Ojiambo
Ms. Ojiambo comes from a family of achievers, but not just any kind; the trailblazing ones. Her late father, Dr. Hillary Ojiambo, was Kenya’s first cardiologist. Her mother, Prof. Julia Ojiambo, was Kenya’s second female elected Member of Parliament and the first female assistant minister. Sanda has three siblings consisting of a doctor, a lawyer, and a consultant management trainer. She speaks highly of her upbringing and attributes the support and inspiration she received to her success, now being the first African CEO of the UN Global Compact. Sanda did her O levels in England and proceeded to pursue a BA in Economics and International Development at McGill University. After that came an MSc in Public Policy and Development Economics from the University of Minnesota. Her career decision was also majorly influenced by her experience growing up in Kenya, as she would get involved in various community development programs. After her master’s degree, Sanda worked in Somalia for five years. She worked with CARE International and the UNDP office in Somalia as a Program Coordinator and Consultant respectively. She then joined the Planned Parenthood Federation of America in 2002 and two years later moved to the International Planned Parenthood Federation. She served as the Director of Programs in the Africa Regional Office, reaching over 40 countries in sub-Saharan Africa. In 2008 Sanda joined Safaricom and worked with the company for 11 years. Among her key moments during the period was the inauguration of the M-Pesa Foundation Academy. At Safaricom, she also got exposed to sustainability as the Head of Sustainable Business & Social Impact and worked together with the UN Global Compact when Safaricom became a member company. As the CEO and Executive Director of the UN Global Compact, Sanda works with businesses the world over to bring to realization the Sustainable Development Goals. She proposes that businesses must embrace working together to achieve these goals. Specifically for African Businesses, she puts forth that it would be impossible to survive should they choose to act unilaterally. She also emphasizes the need to move from ambition to action and accountability. Through the UN Global Compact, she can provide businesses with a system that helps them in this transition by allowing them to set goals and provide feedback on the same. According to Sanda, having a purpose-driven profit mindset is what will help businesses contribute to the SDGs and the 2030 vision. Purity Buyanzi | puritybuyanzi@gmail.com The writer is an aspiring Financial Analyst, passionate about leadership and mentorship.
03:17
May 17, 2022
 Economy Watch | THE DEBITS AND CREDITS OF PRESIDENT KIBAKI
Economy Watch | THE DEBITS AND CREDITS OF PRESIDENT KIBAKI
Many Kenyans believe that Kenya’s economy was at its best during the reign of the late President Mwai Kibaki. Dr. Mwai Kibaki who was an economist from Makerere University in Uganda excelled in managing Kenya’s economy between 2002 and 2013 thanks to his academic and professional background and sufficient experience in national treasury prior to his presidency. During Kibaki’s reign, there was a global recession which began in the United States as a result of deregulation of the financial industry. There were also internal civil wars in the country which were fueled by tribalism in Kibaki’s government, unevenness in sharing national resources between regions and mistrust among politicians in the then ruling party. Despite all these challenges in Kibaki’s 10-year tenure as the country’s chief executive, the gentle Kenyan politician managed to place Kenya in the top 12 list of Africa’s largest economies with a moderately low appetite for foreign debt yet with fairly significant investment in infrastructure. Just like John Myriad Keynes, a great classical economist whose ideologies are taught in business schools today, Kibaki believed in free markets and in liberalization of the economy through policy interventions. President Kibaki opened up commercial lending in the country by providing sound regulations of the money markets through the Central Bank of Kenya. Kibaki also grew revenue collections by expanding the tax collection base. He borrowed from the West and the East based on affordability of loans and reasonableness of terms and conditions. Kibaki’s success in public debt management went a long way in managing inflation levels and stabilizing the shilling against other currencies. Unemployment rate and poverty index of Kenya compared to other East African countries was slightly higher throughout Kibaki’s regime indicating that the gap between the rich and the poor existed at very wide margins. This could be attributed to the capitalistic nature of Kenya’s economy whose seeds had been sowed by Presidents Moi and Jomo Kenyatta in Kenya’s years of infancy. In my qualitative analysis of Kibaki’s performance as briefly summarized in this column, I found a leader who understood economics of the country in theory and in practice. The consummate economist set the stage for Kenya to take off as an economic powerhouse in Africa and as a significant participant in global trade. His policies on management of the economy are widely admired across political divides, private sector leaders and the electorate of his time. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
03:25
May 17, 2022
 Webinar Review | ETHICS, SELF-CARE AND BURNOUT PREVENTION Hosted by Dr Dawn Elise Snipes on 11th July, 2019
Webinar Review | ETHICS, SELF-CARE AND BURNOUT PREVENTION Hosted by Dr Dawn Elise Snipes on 11th July, 2019
Paulo Coehlo’s quote, “When you say ‘yes’ to others make sure you are not saying ‘no’ to yourself,” summarizes the theme of this webinar. Over and over again, ethics and self-care need to constantly be at the top of our to-do lists otherwise our productivity in any business will be compromised. We need to intentionally and deliberately pursue behaviours that not only match our moral codes but those that promote our well-being too. Burnout is associated with suboptimal care and reduced mental and physical health care. It was first spotted among those in the “helping profession” but it is now also reported among workers and other professionals who develop depression-like symptoms often due to stress-related to their vocational roles. Some signs and symptoms include physical and emotional exhaustion, insomnia, impaired concentration or memory loss, physical symptoms e.g. hypertension,absence of positive emotions, substance use, cynicism, lack of resilience/patience and forgoing important personal activities. Consequently, this impacts one’s health, their interaction with customers, co-workers and family, their attitude and general life satisfaction. The causes of burnout maybe and are not limited to excessive workload, emotionally draining work, lack of support, resources, rewards or control, unclear or ever-changing requirements, pessimism and perfectionism, value conflict, reluctance to delegate, high achieving type A personality, work-life imbalance and unpleasant working environment. Malasch Burnout Inventory (MBI) is commonly used for self-assessment exploring three components: exhaustion, depersonalization and personal achievement. There are individual and system strategies that may aid to curb burnout: periodic self-assessment, enforcing realistic boundaries, mindfulness and meditation, healthy breaks and exercises, journaling, planning and to-do lists, practicing deliberate gratitude, being aware of personal negative feelings towards certain clients, identifying what upsets you about them and appreciating that it may not mean you are bad- remember all behavior is a form of communication. Organizations and institutions need to: grant their employees paid time off, increase staff capacity and provide a reasonable workload for each, organize frequent retreats, improve communication, perform efficiency audits, ensure proper work-life boundaries are maintained, increase staff input on changes and decisions and have an efforts-reward balance. It is good to note that burnout occurs through stages: honeymoon, onset of stress, chronic stress, burnout and habitual burnout. When one is self-aware, they can notice unusual changes in their body or environment and rectify them before burnout becomes habitual. Burnout work environments are a reality but burnout doesn't have to be. Esther W. Njaramba |njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives.
03:37
May 17, 2022
Opinion column | SAVE LIKE A RICH MAN IN BABYLON
Opinion column | SAVE LIKE A RICH MAN IN BABYLON
A strong saving culture and financial responsibility are key to a better tomorrow. Most people know these words by heart but have scanty knowledge on how to go about building their wealth and attaining the ultimate financial freedom. Wealth is defined not just as the riches that one has but the amount that can be able to sustain you after your job is lost or income stops flowing. As much as savings is a topic that is becoming a cliché, I would like to bring it into a new light. Research has shown that countries with a high savings rate can withstand financial shocks and channel more funds toward the critical sectors of the economy. Georges Clason’s book, the richest man in Babylon, he states a law of wealth that I find very relevant today that he who does not spend all his money but keeps a certain amount of it gold comes more easily to him unlike he who spends all his income does gold avoid. Similarly, Warren Buffet says “always pay yourself first.” The percentage of savings is a variable but it should not be less than 10% of all your income. In my opinion, saving is an intentional discipline. Information on hidden rules about the social classes’ notes that the poor people think that money is to be spent, the middle class thinks money is to be managed and the rich think that money should be invested. Human wants are insatiable, we can discipline ourselves to utilize the 90% to meet our needs effectively once we have developed this culture it will no longer be a strain and we will not lack anything we used to have before we started saving. Budgeting for your finances helps you find loopholes where your money is leaking. Budget for all your expenses and strictly stick to it as it will help you control your expenditures and be more financially responsible. Savings should not be buried underground rather they ought to be multiplied. You can choose to save in financial institutions such as banks and SACCOs. When saving, remember that you save where your principal amount is safe, reclaimable, and earning a good interest for you. Finally, only take advice from people who are experienced in handling money, do not experiment with your treasure. I believe a man’s wealth is not in the purse he carries think about that. Prayer Major | wapukhamajor@gmail.com The writer is a student at Karatina University pursuing a Bachelor of Science degree in nursing.
02:49
May 17, 2022
Financial Markets | MAKING IT RAIN AT THE NSE – An Overview of Banking Sector Performance
Financial Markets | MAKING IT RAIN AT THE NSE – An Overview of Banking Sector Performance
In late December 2021, Kenyan banks reported record profits and dividends making them one of the best-performing companies on the bourse. To put it into context, the sector recorded Kes.197.6 bn net income with the total issued dividends topping 51.7bn. One might wonder how this is possible owing to the fact that the economic effects of Covid 19 are still being felt across every sector. This issue delves deeper into why this performance has been so impressive that many wonder whether they (banks that posted massive profit declines in the prior period) operate in an economy different from that of the other players. Even before the pandemic, the world economy had shrunk with large economies experiencing an economic slowdown. With the pandemic, credit was frozen and most loans proved uncollectible. As per IFRS 9, banks had to foresee credit default thereby, passing huge provisions for loan losses.This saw the banks post a net cumulative profit of 107.3bn. As the restrictions eased, customers continued servicing their loans, allowing them to lower these provisions (by as much as 70%). The net effect was increased net income. Another reason could be attributed to income diversification. Most banks have leveraged on technology to meet the ever-changing customer needs. As such, banks have strived to increase non-interest income. This has seen the income growth over time, becoming an element with a significant impact on their mandate. Also worth noting is that these banks have developed an insatiable appetite for government debt. This has guaranteed a constant stream of income at a time when our government has become a net borrower. Cost reduction has also played a significant role in boosting profitability. In comparison to 2020, banks cut their operational costs by as much as Kes.42bn. This is seen in the transition to online platforms as well as soft mobile phone loans. Banks have been closing unprofitable branches in a move that has saved lease costs. With mobile and internet penetration growing daily, most branches are set for closure. Over the years, the Kenyan market has been the major contributor to the sector's mandate. With the EAC now connecting the Indian Ocean to the Atlantic Ocean, local banks have been on an expansion spree. This has seen regional entities contributing more revenue and profit. For instance, Equity Bank's expansion into the DRC has seen to it that one third of the revenues came from one of Africa's most populous countries where they are ranked second in terms of assets. This growing trend will see the exposure of our locally owned banks reduce as regional entities' contributions increase The banking sector has always played a crucial role in the success of any economy and its performance is a good indicator of economic success.Going forward, banks should increase lending to SMEs to guarantee a significant impact on the general economy. Brian Sikuku |bransikafrica@gmail.com The writer is an investment professional interested in financial markets, alternative investments and financial education.
03:50
May 17, 2022
Law Review: TRANSFORMING OWNERSHIP OF SECTIONAL PROPERTY IN KENYA Sectional Property Act 2020
Law Review: TRANSFORMING OWNERSHIP OF SECTIONAL PROPERTY IN KENYA Sectional Property Act 2020
The repealed Sectional Property Act of 1987 was unpopular to developers because of its harsh provisions favouring the property's purchaser.Before the enactment of the Sectional Properties Act of 2020, developers of off-plan townhouses and sectional units used to register the specific units under long term leases which amounted to ownership. The current law is appealing and attractive to the developers due to modification of harsh provisions such as the one that required the property buyers to deposit the initial amount with a trustee instead of paying it directly to the developer. The Sectional Properties Act, 2020 applies in respect of land held on freehold title or on leasehold title where the unexpired residue of the term is not less than twenty-one (21) years, and there is an intention to confer ownership. The law requires registration of sectional plans, which ought to describe two or more units and be presented to the Land Registrar. The new law protects the purchaser by establishing a corporation that allows the unit owners to manage the apartment, flat or townhouses. The Act provides that a sectional plan should be accompanied by an application for registration of a corporation and a list of the owners of the units, which can be updated from time to time. Once a sectional plan is registered, the registrar is required to close the register of the mother title of the land where the sectional property sits and open a separate register for each unit described in the sectional plan. The registrar will then issue a certificate of title if the property is freehold or a certificate of lease if the property is leasehold in respect of each unit of the sectional plan. The owners will then acquire shares in the formed corporation to own the common spaces as tenants in common in shares proportional to the unit ownership. The above law streamlines owning sectional properties in Kenya. Consequently, more investors will venture into the real estate business as developers of sectional units, improving the economy and making it easy to own homes in Kenya. The unit owners will also be able to take a loan using the certificate of ownership as security, hence boosting financial inclusion in the country. Onyango Bwire Boaz | bwireboaz@gmail.com The author is an enthusiast in research and analysis of emerging legal issues that affect business Environment both in Kenya and globally.
02:59
April 09, 2022
Economy Watch: GLOBAL TRADE AMIDST RUSSIA -UKRAINE WAR
Economy Watch: GLOBAL TRADE AMIDST RUSSIA -UKRAINE WAR
The war between Ukraine and Russia has yet again put the global economy at the verge of collapsing even before the world fully recovers from disruptions caused by the COVID19 pandemic. For the past two years, unexpected events have significantly changed the way we do our things. The International Monetary Fund has warned that the fight between Russia and Ukraine could pose a great economic threat that could hurt the anticipated post-covid 19 recoveries. Global economy profoundly remains affected by the negative impact of the pandemic. However, there is slight stability in the second half of 2021 amid Omicron that threw the global markets into a frenzy. Countries that have economic links with Ukraine and Russia are at particular risk of scarcity and supply disruption and are most affected by the increasing commodity supply. Recently the US government promised to sanction Russia for potential retaliation and this has already seen a push down of stock markets and driven up gas and oil prices. This clash could cause dizzying spikes in energy and food prices, fuel inflation fears and spook investors, a combination that threatens investment and growth in economies around the world. For Kenya’s economy alone Kenyans have been forced to dig deeper into their pockets because of the cost of fuel due to the strengthening of the dollar relative to Kenya shillings meaning that the country will spend more on imports. This has seen the cost of fuel rise by ksh.5 and a total jump in oil prices which has hit $100 per barrel. The world’s major economies, from Russia to the US are experiencing a multi-year high in inflation levels due to shortages in the supply of commodities whose demand is growing because of lifting covid-19 restrictions. For Kenya, food prices are expected to rise while imports will suffer delay in delivery. Manufacturing Industries may experience imported inflation which could put further pressure on the shilling against the US dollar. To mitigate the ongoing war the European Union should speedily find a solution to the war to salvage the already suffering world economy caused by Covid -19 pandemic. Peter Kipkirui |kipkiruironoh11@gmail.com The writer is an Economist working with Maisha Bora Sacco Society Ltd.
02:45
April 09, 2022
Book Review: START WITH WHY by SIMON SINEK How Great Leaders Inspire Everyone to Take Action
Book Review: START WITH WHY by SIMON SINEK How Great Leaders Inspire Everyone to Take Action
Sinek describes his book as one ‘about a naturally occurring pattern, a way of thinking, acting and communicating that gives some leaders the ability to inspire those around them’. He depicts different situations where one person or group got ahead of another just because they started with the end in mind. Martin Luther King, the Wright brothers, and Apple are such examples. He later goes on to explain why inspiration, as opposed to manipulation, is a long-term strategy in any endeavour. Unlike inspiration, manipulation of employees and consumers can only last so long and needs to be repeated over and over. This, therefore, leads to the core of inspiration: Why. To help readers understand, he uses The Golden Circle, which is in essence three circles, each inside another. The outer circle shows what, which everyone has figured out. These are the products, services, and functions of a company or person. The middle circle indicates the How, which is the process or strategy through which said services are offered. The most crucial aspect however is the innermost circle, indicating why…Why do you do what you do? It alludes to purpose more than anything else, and once discovered and defined allows one to think and act from the inside out. Biologically speaking, it is also the ‘Why’ (feeling) part of a human brain that informs decisions and behaviour, not the ‘What’ (thought) part. Having understood the various elements of the Golden Circle, the key now lies in implementing them in the right order: 1. why do it? 2. How to do it? 3. What (Result of the Why)? According to Sinek, clearly defining the Why of a business or idea attracts people of the same mindset and differentiates believers from passers-by. After this, what follows is defining the ‘how’ of the idea, which basically means having a practical and realistic person or mindset to give guidance. The how puts the why to the ground and produces results. Once these two are established, the next and greatest challenge begins: staying true to the Why.The ability to remain consistently committed to the why is what makes successful leaders. It is what inspires others to follow. The Why becomes the metric by which decisions are analysed? The result of this is that we start assessing ourselves from an internal perspective, seeking to be better, anticipating to outdo ourselves every day! Purity Buyanzi | puritybuyanzi@gmail.com The writer is an aspiring Financial Analyst, passionate about leadership and mentorship
03:16
April 09, 2022
Advertising Feature: ERUKO SACCO: DEEPENING FINANCIAL ACCESS IN TURKANA COUNTY
Advertising Feature: ERUKO SACCO: DEEPENING FINANCIAL ACCESS IN TURKANA COUNTY
Availability and equality to access financial services is key for development of grass-root economies across the country. Access to timely, appropriate and affordable financial products and services promotes financial inclusion which is a key enabler for growth of businesses and for personal development of individuals. In Turkana County, Eruko SACCO Limited is on the frontline to register members, mobilize savings and pursue economic opportunities in the agribusiness sector to maximize returns for members. The SACCO which has its offices in Lodwar town has seen its membership growing overtime and is now present in all the seven sub-counties of Turkana. The Vision of the SACCO is to be a leading community empowering organization through initiatives that promote sustainable and diversified livelihoods. Eruko SACCO is regulated by the Sacco Societies Regulatory Authority and is governed by a board of nine directors who are elected in an AGM. To execute its mandate of economically empowering its members, Eruko SACCO engages in bee-keeping and production of honey for sale, manufacturing of soap and detergents from natural aloe-turkanensis plants that grow in Turkana County and advancing loans to its members. The SACCO is on a continuous membership recruitment exercise. For one to become a member, an application form must be completed and submitted to the secretary of the society. Ordinary members are required to pay Kes.500 to join while membership by prescription can be attained by paying an entrance fee of Kes.10, 000. Upon admission of an ordinary member, a monthly savings of at least Kes.500 shall be required from members. Members can access loans twice their Savings after a six months period of consistent saving. Loans attract an interest rate of 12% per annum and must be guaranteed by a member of the SACCO. Eruko SACCO is a true vehicle for development in North Western Kenya and its impact is being felt right from the grass-root level. The SACCO has strategic partners supporting its development and has enjoyed stability thanks to good leadership. Start your journey of saving and unlocking economic opportunities together with likeminded people by joining Eruko SACCO. Contact the SACCO via erukoinvestco.ltd@gmail.com or call +254 718 250 315 for enquiries at Eruko SACCO. Rick Okinda | Okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs
03:15
April 09, 2022
Webinar Review: FUNDAMENTAL INSIGHTS ON PROPERTY INVESTMENT IN KENYA Hosted by Chams Media in partnership with Purple Dot International on 26th January, 2022
Webinar Review: FUNDAMENTAL INSIGHTS ON PROPERTY INVESTMENT IN KENYA Hosted by Chams Media in partnership with Purple Dot International on 26th January, 2022
The webinar presenters were: Renu Hunjan a real-estate marketing strategist, Austin Waga head of mortgagees Stanbic bank and Adeel Madhani a legal expert practicing with Mohamed Madhani & Co Advocates. Together, these panelists equipped attendees with critical information on matters property investment. An investment possession is a real estate property, purchased with the intention of earning a return on the investment, either through rental income, the future resale of the property, or both. The property may be held by an individual investor, a group of investors, or a corporation. For third parties, a license allows access to a property at a fee. It could also be a long-term endeavor or a short-term investment. Investment property is also a term that may be used to describe other assets purchased for the sake of future appreciation such as art, securities, land, or other collectibles. Robert Kiyosaki says, “Real estate investing, even on a very small scale remains a tried and true means of building an individual’s cash flow and wealth”. People, especially Kenyan investors have always had faith in real estate. Anyone interested in property investment of whatever kind, ought to establish at full length, the when, why, what and how of what they desire. The legal requirements for anyone interested in the ownership of any investment are an identifying document (ID or Passport) and a Kenya Revenue Authority (KRA) pin. It is important for any prospective buyer to do their due diligence before any commitment; this involves a thorough background search, finding someone locally to physically check things on the ground as photos can be deceptive at times, hiring an independent advocate, personally checking on the property developer, pegging payment on construction milestones and if possible having the bank do it's due diligence too. It is safer and easier to purchase properties that are fully managed. It is also critical to consider whether one’s goals can still be achieved, especially putting into consideration a country’s tax obligations. For land purchase, it is important for one to have a physical title deed and also ensure a search is done to verify that they are the rightful owner. For other properties, it’s better to have a sublease than a share certificate. Finally, those interested in mortgages ought to understand the bank requirements and be aware that the lending bank has to consider their residential status and whether their income is sustainable and verifiable. Esther W. Njaramba |njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist who works with individuals and groups to see to it that they lead satisfying and happy lives
03:30
April 09, 2022
Health Column: Nutrition Awareness Month: “Eat right with a Nutritionist’s advice”
Health Column: Nutrition Awareness Month: “Eat right with a Nutritionist’s advice”
A long time ago, Hippocrates, the father of modern medicine said, “Let thy food be thy medicine, and thy medicine be thy food.” This sentiment still rings true in our modern day. Every year in March, the Academy of Nutrition and Dietetics observe a “Nutrition Month” that stresses the importance of a balanced diet and exercise. It promotes the transformative powers of healthy food choices, by encouraging using a registered dietitian (RD) to develop and stick with a healthy eating plan. Between what you hear on TV and read in the news, eating well can seem like a real challenge that doesn't have to be. A RD will partner with you to develop a safe and realistic eating plan that you can stick with for the long haul. To guide and motivate you, dietitians use creative and out-of-the-box strategies to help with meal planning, grocery shopping and mindful eating. What an ophthalmologist does for your eyes, a dietitian does to keep your digestive system and body running smoothly, making sure you're getting the proper nutrients and helping you tailor an eating plan that works best for you. Whether your goal is weight loss, healthy eating, or boosting iron intake. Dietitians work in a range of fields including patient care; mostly in hospitals to offer disease-specific therapeutic interventions, community and public health, and national level to influence policy making, private sector to offer consultancy to groups and individuals, food industry, sports, and research and teaching. Anyone can call themselves a nutritionist. However, only an RD has completed multiple layers of education and training established by the Kenya Nutritionist and Dietitians Institute. All RDs must have gotten a four-year degree; a specially designed, accredited nutrition curriculum, completed an extensive supervised program of practice at a health care facility, foodservice organization or community agency, passed a rigorous licensure exam, and maintained continued education credits throughout their career. In addition, some RDs may have certifications in specialized fields, such as sports, pediatric, renal, oncology or gerontological nutrition. Do you want to lose or gain weight? Are you pregnant, looking to become pregnant or just had a child? Are you looking for ways to maintain your health in your older years? Are you an athlete looking to boost performance? Do you have a health condition such as diabetes, high blood pressure, stroke, any allergies etcetera? Then you need to seek the expert, science-based advice of an RD. Argwings Chagwira | am.chagwira@gmail.com The writer is a Registered Dietetian Nutritionist who offers consultation services in nutrition and wellness.
04:07
April 09, 2022
Industry Review: WORKER COOPERATIVES, ANSWER TO THE FUTURE
Industry Review: WORKER COOPERATIVES, ANSWER TO THE FUTURE
According to the Population and Census survey carried out in 2019, the data from the exercise revealed that individuals under the age of 35 comprised of 75 percent of the 47.6 million total population. The survey also indicated that the labor force aged 15 to 64 years, made up for 57 percent of the total population in Kenya, of which 29 percent comprised of the youth. This shows that youths have potential capabilities of shaking up the cooperative sector and leaving a footprint in the sand of the industry for other youths to follow. A worker co-op is a form of co-operative where the members are employees, as the management is concentrated on the commercial aspect of the business, they focus on the social-economic aspect of the workers. Worker cooperatives can provide ways for organizing new forms of work with less dependence on the employer and increased flexibility and collaboration among workers (ILO). Members contribute funds to the cooperative and share ownership costs and liabilities that include but are not limited to risks of ownership. Worker cooperatives are similar to service cooperatives in the sense that, worker co-ops are a type of service co-op offering services to other businesses. Through the lens of the unemployment rate among the youth in Kenya that was 7.17% as of 2019, worker cooperatives which are becoming embraced globally as an opportunity to take on the service based entrepreneurial journey becomes ideal for youths with start-ups. In addition to the benefits that a worker co-op offers to a youth in Kenya is the creation of a workspace for them to combine their talents, ideas, and perspectives to achieve common goals such as creating jobs for other youths, performing community service, or promoting workplace democracy. What makes it successful? Yet the key components that determine the success of worker cooperatives are trust, communication, and cooperation because members form the policies that dictate the cooperative’s daily and long-term operations. Therefore, the question that should really be lingering in the mind of the youth to answer for himself or herself is not whether to join a worker cooperative or not but rather, when he or she will join one. Natasha Kahihia | kahihianjoki@gmail.com The writer is a young co-operator at Co-optkam Consulting and an ardent researcher in matters concerning the youth and their influence in the Kenyan society
02:49
April 09, 2022
Opinion Column: IS YOUR BUSINESS ONLINE?
Opinion Column: IS YOUR BUSINESS ONLINE?
Digital migration of businesses into the online space is now a survival tactic that must be embraced by every entrepreneur who wants to keep going. You need to market, display goods, order or showcase services and get paid via digital platforms. Online presence does not necessarily imply that one closes their shop, but that you tap into the traffic users on the streets of digital media to get new customers and business partners. With Online, entrepreneurs. With online, entrepreneurs have been able to reach a larger audience and get more customers and with effective digital marketing strategies, most of them have seen the sales of their products go high. As an entrepreneur, having social media pages for your business is not enough. It is necessary to set the priorities and objectives of your business right so that you can be aware of what you want to achieve. The advantages that come with having your business online include; selling your products, finding new customers and retainingng the existing ones. How then can you create an online presence? List your business on a local directory. It is possible to list your business for free on Facebook, Bing or Google my business. This will help your business in a way that when people search for your business it will show up. Building a website can also be beneficial as it can have more information on the business such as opening hours, the products sold, the location of the business. The website can also include a call to action like “buy now” to encourage the customers to purchase your products. It’s also necessary to know how your customers feel about the products they bought from you so getting a review page where they can rate on the website can help you market your business. Setting up social media pages such as Facebook, Twitter and Instagram. These platforms are usually effective in connecting to customers. Social media platforms can also be very good in offering customers special deals. Finally, always use analytics to track down what you are doing and ensure if it is a marketing strategy then it is an effective one. The disadvantage that may result from having your business online is that in case your site crashes no one can access your products and sometimes customers can be impatient when the shipping of the product is delayed. In conclusion, I believe it is the responsibility of every business to use online tools to serve the existing customers and connect to new ones while remaining relevant in the online space. Prayer Major W. | wapukhamajor@gmail.com The writer is an author, a creative content writer, a scriptwriter who is passionate about media and leadership.
03:06
April 09, 2022
Business Biography :THE NITTY-GRITTY OF A SCIENTIFIC BANKER Jeremy Awori
Business Biography :THE NITTY-GRITTY OF A SCIENTIFIC BANKER Jeremy Awori
Jeremy Awori was born in Kenya in 1971 to a Kenyan father and a British mother. Whilst his father was an engineer, his mother practised law. He has two siblings; a sister and a mentally handicapped brother, whose condition he says has highly contributed to how he (Jeremy) views life and people. In his early years, Jeremy was extremely shy and started swimming to hide it. At the age of 9 he was already a professional swimmer and competed for Kenya while boosting his confidence. After his secondary school education, Jeremy flew out to the University of Manchester and pursued a Bachelor’s degree in Pharmacy. He attributes his choice of course to the tutelage he got from his father, which moulded him into who he is today. He then worked as a Pharmacist while saving up for his master’s degree. When the time came, he decided to try something new to broaden his career options, so he relocated to Canada and pursued an MBA in Finance and International Business at McGill University. Jeremy got an opportunity to work at Standard Chartered Bank (SCB) Canada after his MBA. The then CEO was trying his best to keep the branch operational and Jeremy performed outstandingly in his role. This led to a promotion as the head of retail banking, SCB Kenya, at only 28 years old. Soon after, he was transferred to SCB UAE, the fourth largest StanChart market then, as the head of consumer banking. Three years later he was promoted to Regional Sales Director, Middle East, South Asia & Africa. This was followed by yet another promotion to CEO and MD, SCB Tanzania, which was his last role with the bank. At the peak of his career, Jeremy was offered two options, one at SCB Dubai and the other at Barclays Bank Kenya. His pick was based on two reasons. The first was he wanted his children to experience life at home, as they had mostly lived abroad. The second was that he was passionate about contributing to Kenya and Africa, and that is where he wanted his story to lie.And so Mr. Awori became the next CEO and MD of Barclays Bank Kenya in 2013. He confesses that the bank needed more work than he expected, but is glad that it gave him a far more challenging job. Seven years later, the bank rebranded to ABSA Bank with Jeremy still at its head. Purity Buyanzi | puritybuyanzi@gmail.com The writer is an aspiring Financial Analyst, passionate about leadership and mentorship
02:60
April 09, 2022
Financial Markets: UNCERTAINTY AND FINANCIAL MARKETS
Financial Markets: UNCERTAINTY AND FINANCIAL MARKETS
We live in an interconnected world thanks to international trade. This interconnectedness has always guaranteed free movement of capital and resources thereby meeting the different needs of the world’s population. International trade heavily relies on the concept of free trade and stability. As such, any instance of political instability as well as unfavourable regulations usually results in capital flight. Previously, markets have always reacted to geopolitical events and this is set to continue since political stability and free markets lay the backbone of international trade. We therefore, focus on what happens when there is uncertainty in the financial markets. In 2017, after the nullification of Kenya’s presidential polls, the stock exchange shed more than 10% of its previous trading, prompting a halt in trading. This was majorly driven by sell-off in the listed blue-chips. Bearing in mind that our market is dominated by foreign investors, any uncertainty would result in a sell-off. This was replicated in the 2020-2021 period when most investors sought for safeguards against the coronavirus pandemic. Data from the said period indicated that foreigners were net sellers which ended up boosting local investor’s holdings in certain companies such as KCB. Another negative effect of uncertainty in any country would result in their currency depreciating against the dollar. Since international trade is settled in dollars, any uncertainty forces sell-offs. With this huge sell-off by foreign investors, there is increased demand for foreign currency which puts pressure on our local currency. As such, it will cost you more to buy the dollar due to increased demand. This is the same effect the Russian Ruble is going through as investors and companies dump their securities. Any country suffering from internal issues is normally isolated from the global system with ramifications such as sanctions and being shut from the global payment system. Trade sanctions might impede free flow of capital and goods as foreign companies are not allowed to trade with the sanctioned country. A case example is Zimbabwe who have borne sanctions for the longest time after the government’s infringement on property rights. Another case example is Russia who have been locked out of the global payment and settlement system (SWIFT) for invading a sovereign state. Any uncertainty be it global or local, shall automatically result in negative effects towards the local economy. These effects often lead to isolation as capital always goes where there exists security and attractive returns. Brian Sikuku | bransikafrica@gmail.com The writer is an investment professional interested in financial markets, alternative investments and financial education.
03:08
April 09, 2022
Webinar Review: IMPLEMENTING A TRIUMPHANT SALES PLAN
Webinar Review: IMPLEMENTING A TRIUMPHANT SALES PLAN
Hosted by Bemerc Consults on 13th January, 2022 This was a master class webinar to help any sales person increase their sales from what they’ve previously sold. The presenter was Mercy Maina Kimani, the Performance Coach and Team Leader at Bemerc Consults. In the Webinar, Mercy shared essential pillars necessary for the realization of any business vision, the first one being a consideration of where one is coming from and where they intend to go hence sales goal setting. The goals have to be SMART in that they are Specific in terms of the processes and resources , Measurable by objective data, Attainable in that they can be achieved, Relevant to the vision and Time bound by a deadline. Once goals are set, a goal road map for each objective ought to be established. In the road map for each goal, one should consider the obstacles that are likely to hinder the achievement of that goal. It is healthy to view the obstacles as hindrances within one’s capacity, not some external locus of control. That perspective of analyzing obstacles will pave the way to the solution step of how to overcome the obstacles so as to realize the goal(s). If coming up with a solution proves difficult, then consultation with a coach, mentor or counsellor then comes in handy. Another thing to consider is feedback parameters for one’s business. Reviews, whether done daily, weekly or monthly help a great deal in providing feedback. They provide a platform to analyze one’s plan(s) versus the reality of what they have been able to execute in that plan hence prepare better for tomorrow’s goals. Maximizing repeat sales is also a winning strategy for any serious salesperson. These are things customers buy in order to replace the same services or products they had bought and consumed previously. Customer loyalty, that is trust plus quality customer relationship spearheads repeat sales. If one’s business model does not allow repeat sales due to its nature, then strategies such as leads and referrals would help to keep the business going. In conclusion, the webinar attendees were also taught the proven ways to position themselves as trusted advisors (focus on mutual benefit) rather than as product pushers (focus on price) . A trusted advisor is characterized by their communication skills, optimistic attitude, self-control, professional competence, confidence, customer-focused service provision and value addition. These attributes need to be seen at all levels of interactions; personally, relationally and professionally. Esther W. Njaramba | njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist whose work is to help individuals and groups lead satisfying happy lives.
04:04
March 09, 2022
Opinion Column: HAVE YOU GOTTEN THE JAB?
Opinion Column: HAVE YOU GOTTEN THE JAB?
The economic viability of the COVID-19 vaccination program The emergence of COVID-19 has posed an unprecedented challenge to the world’s economy and the healthcare delivery system. There has been an emphasis on the use of non-pharmaceutical measures such as physical distancing, hand washing, and wearing of masks to reduce the spread, but efforts have been made to produce vaccines that will play a role in reducing transmission. At the peak of the pandemic, most countries worldwide resolved to a suspension of their economic activities, popularly known as “lockdown” with the aim of stopping the spread of Covid19. This led to severe economic losses as governments in sub-Saharan Africa were cut off from revenue due to freezes in economic activities and tax relief measures to enable businesses to survive. IMF data available up to December 2020 revealed that the pandemic caused a median 15% drop in the monthly tax revenues compared to the previous years. What is the economic viability of the COVID-19 vaccination program? Currently, the statistics of the reported COVID-19 cases in Kenya are at 385000, with a death toll of 5621 since the onset of the pandemic. There has been an unequal distribution of COVID-19 vaccines worldwide. Wealthier countries have paid trillions in stimulus to prop up faltering economies. Now is the time to ensure vaccine doses are quickly distributed, all barriers to increasing vaccine manufacturing removed, and financial support is secured so that vaccines can be distributed equitably and a truly global economic recovery can occur. The government of Kenya has set up a strategy that aims at vaccinating the entire adult population by mid-2022. One of the drawbacks of this initiative is that the vaccines available are multi-dose vaccines that require a cold chain storage system to be viable by the time they get to the individuals. We are faced with the challenge of inadequate storage facilities. Nevertheless, the government of Kenya has made efforts to ensure that vaccines are available to all. It is a good move as it will reduce the overall number of people who succumb to the infection. The economic benefit it will have is that there will be no lockdown because we have noted a decrease in the reported number of new cases since the start of the vaccination program. One fact remains: when we get the vaccine, we will still have to use non-pharmaceutical measures to protect ourselves until we all acquire herd immunity. A healthy nation is a wealthy nation. Prayer Major | wapukhamajor@gmail.com The writer is a student at Karatina University pursuing a Bachelor of Science degree in nursing.
03:24
March 09, 2022
 Law Review: END OF PROXIES IN COMPANY OWNERSHIP IN KENYA
Law Review: END OF PROXIES IN COMPANY OWNERSHIP IN KENYA
Brief Overview and Impact on Businesses in Kenya The Statute Law (Miscellaneous Amendment Act) 2019 amended the Companies Act 2015 to require all companies to introduce a register of beneficial owners. To effect the amendment, the Government enacted the Companies (Beneficial Ownership Information) Regulations, 2020 as subsidiary legislation to the Companies Act on 18 February 2020. The Business Registration Service (BRS) issued a public notice notifying all officers of companies and authorized persons that the beneficial ownership E-Register had been operationalized with effect from 13 October 2020. Every company in Kenya must now lodge a register of beneficial owners with the Registrar of Companies. A beneficial owner is defined in the Regulations as any natural person who ultimately owns or controls a legal person or whose behalf transactions are made. A beneficial owner can also be a person who directly or indirectly holds at least 10% of the issued shares in a company. It could also be a person who possesses the direct or indirect power to appoint or remove a director of the company or indirectly or directly exercises significant influence or control; and directly or indirectly exercises a minimum of 10% of the voting rights in a company. The register of beneficial owners should contain particulars of each beneficial owner, including the date when a natural person became a beneficial owner, the date on which a person ceased to be a beneficial owner, and any other relevant details the registrar may require. The implications of the Regulations on the business environment in Kenya are that Companies in Kenya will now have more significant administrative burdens and costs associated with keeping a register of members and creating and maintaining a record of beneficial owners. The drafting of legal documents relating to ownership, such as shareholder agreements and, in particular, reserved matters, will need to consider concentrated shareholding structures and the definition of control. The operationalization of the E-Register is likely to impact a significant amount of ongoing transactions by tying other services offered on the BRS to beneficial ownership compliance. The positive impact of these regulations is that the established E-Register of beneficial owners will help create transparency in ownership of companies in Kenya hence reducing corruption through proxies, money laundering, and other syndicates committed behind the corporate veil. The regulation is still new; hence more time is needed to assess the implications of the disclosure obligation on companies. Onyango Bwire Boaz | bwireboaz@gmail.com The author is an enthusiast in research and analysis of emerging legal issues that affect business Environment both in Kenya and globally.
03:31
March 09, 2022
Industry Review: COOPERATIVES IN THE CHANGING WORLD
Industry Review: COOPERATIVES IN THE CHANGING WORLD
Over the years the International Cooperative Alliance (ICA) has acted as the voice of cooperatives worldwide. Established in 1895, ICA represents an estimate of three million cooperatives. It’s a platform for cooperatives to collaborate more effectively through networking and exchange of ideas. ICA has its presence in Africa  and the continental headquarters are in Nairobi, Kenya. A cooperative is a people-centered enterprise jointly owned and democratically controlled by and for its members (with a common bond) to realize their common economic, social, and cultural needs as well as aspirations. Even then, it is important to note that with changing times we have cooperative societies with an open bond (they might not be having same background) but they have a common goal. The bloodline of cooperatives is collaboration managed by its stakeholders who may include members, workers and associations. According to the world cooperative monitor, at least 12% of the world’s population are members of cooperatives. Labour statistics also indicate that cooperatives employ approximately 10% of the working population. The three hundred largest cooperatives mutual collectively generate $2.146 billion in revenue while providing the services and infrastructure that society requires to survive. Poverty and food insecurity problems are better solved through cooperatives due to the strength in unity that comes with these movements. International Labour Organization (ILO) estimates that about half of the world’s rural agricultural produce is sold through cooperative societies. This increases revenues and local expertise by creating and passing on business experience because they are run by and for local people. Profits are reinvested in the cooperative, the local community, or distributed to the cooperative’s members. Strong cooperative networks allow practitioners from all over the world to share their knowledge and best practices. Cooperatives are also pivotal in creating decent jobs. They employ about 100 million people worldwide, and 3 billion rely on them for their livelihood. Providing low-cost financing credit unions and other financial cooperatives provide long-term financing to persons who are unable to access traditional banks. Credit unions offer a safe approach to savings and loans because they are run by and for people in the community, and they lend cautiously. Cooperative businesses are based on the philosophy of mutual help. They aren’t just about uplifting the members economically, but also morally and socially. Membership instills a spirit of independence, cooperation and tolerance. Livingstone Otieno | malivinto@gmail.com The writer works with cooperative societies as a provider of solutions that help in stabilizing management and operations of SACCOs.
03:50
March 09, 2022
 Health Column: DON’T BUY DECEITS AND SABOTAGE YOUR WEIGHT LOSS PLANS
Health Column: DON’T BUY DECEITS AND SABOTAGE YOUR WEIGHT LOSS PLANS
Have you been sipping green tea, lemon tea, been on fad diets, skipped some meals, or been practicing intermediate fasting in an attempt to cut down your weight? As mentioned previously, the basic premises to healthy living is eating a balanced diet while remaining physically active, and burning more calories than those consumed. The seemingly “simple” and healthy road to weight loss is actually an arduous and long-term process. Therefore, it becomes enticing to substitute sensible diets and exercise regimens with unhelpful ideologies such as fad, Paleo, Atkins, etcetera, that promise quick results, but have deleterious outcomes. A popular myth on weight loss is taking hot or warm water mixed with lemon. Some believe that the water temperature will help burn body fats. This is not biologically possible. Water is important for our Hydration, and Healthy Kidneys, but no matter its temperature, it cannot burn body fats. Skipping meals and taking less than the recommended 3 meals a day can actually result to an increase in weight rather than the expected weight loss. The body needs energy for daily use. When denied, it switches to a coping mechanism. Taking the regular 3 meals a day ensures enough supply of energy from the carbohydrates we take, while skipping meals makes the body to preserve as much as it can from what we take in order to use it through gluconeogenesis as a source of energy. This facilitates weight gain. Fad diets are clearly extreme and often irrational plans that lack valid evidence and scientific research. Aside from being unhealthy, they are ineffective. High-fat diets promote short term weight-loss, but most of the loss is caused by dehydration. As the kidneys try to destroy the excess waste products of fats and proteins, water is lost. High fat diets are low in calories, causing the depletion of lean body mass with little fat loss. Drastic reduction in carbohydrates causes the body to believe that it is being starved. Continued practice of these extreme diets risks one to CVDs and may cause irrevocable damage to the liver and kidneys. Seeking hotkey weight loss aids is ineffective however long you’ll persist. A proper diet should place long-term health before immediate results.Reducing caloric intake enables one to maintain the body weight, whilst physical activity enables one to burn the excess body fat and therefore, weight loss. This is a long-term journey that requires discipline. Don’t buy deceits! Argwings Chagwira Muliro | am.chagwira@gmail.com The writer is a nutrition and wellness professional who is focused on conducting detailed nutrition consultations and creating personalized meal plans to meet the needs of his clients
03:32
March 09, 2022
Financial Markets: DAY TRADING AT THE NAIROBI SECURITIES EXCHANGE
Financial Markets: DAY TRADING AT THE NAIROBI SECURITIES EXCHANGE
The Nairobi Securities Exchange is one of the fastest developing bourses on the African continent attracting foreign investors looking to tap into emerging economies. The last decade saw several listings as well as roll-out of new products such as derivatives and the commissioning of a new trading system. In 2021, the bourse received authorization for launching day-trading. Simply put, Day-trading is the phenomenon whereby an investor/trader buys and sells their shares within the same day. Before, one had to wait for three working days for settlement of any trade. Day-trading is therefore poised to boost trading activity as well as attracting the youth into stock trading. Despite the funfair on its launch and the 5% discount offered on the second leg of trading, day-trading transactions only accounted for 3.4% of the trades through January. In a market that trades about Kes.22bn worth of shares monthly, day-trading only saw Kes.784 million worth of shares traded. This investor apathy could be attributed to the following: High transaction costs: When trading on the NSE, there are several fees levied by the broker, the regulators as well as the exchange. This translates to about 2% of the value transacted. With the NSE only offering a 5% discount on a day-trading transaction, the fees are seen to erode any little gains realized. To put this into perspective, the price of a stock has to gain by more than 5% within the day to incentive a trader to sell it within the day. This is a rare occurrence bearing in mind that only a handful of blue-chip stocks change hands daily thus a 5% gain hardly attainable. Inactivity on some counters: in some of the listed companies, major shareholders control as much as 70% of the share leaving only 30% available to the public. Of the free float say half of it is held by institutional investors (funds) leaving a very small portion of the shares available to the public. As such, counters like WTK, Kapchorua, Kakuzi and Limuru Tea can go for days without their shares changing hands. The floor is therefore left with very few market movers such as Safaricom, Equity and KCB. To ensure that day-trading takes off, the NSE has to lower the transaction costs by say 50% as it is in developed markets. Also, the bourse ought to ensure adequate free float as well as attracting new listings. This will see investors diversify their holdings and take up day trading which will boost the bourse’s revenues. Brian Sikuku |bransikafrica@gmail.com The writer is an investment professional interested in financial markets, alternative investments and financial education.
03:21
March 09, 2022
Business Biographies: REVISITING PERFORMANCE WITH PURPOSE Indra Nooyi
Business Biographies: REVISITING PERFORMANCE WITH PURPOSE Indra Nooyi
From being a young ambitious immigrant to rising to the World’s Most Powerful Women lists, Indra has seen it all. Yet despite the challenges she faced under the different labels she wears, she has somehow managed to rise graciously and leave her mark in the corporate world and beyond. But what exactly has her journey been like? Sixty-six-year-old Indra Nooyi was born in Madras State in India. After her secondary school education, she attended the Madras Christian College and graduated with a Bachelor’s degree in Physics, Chemistry, and Mathematics in 1974. Two years later she got her Post Graduate Diploma from the Indian Institute of Management, Calcutta. Nooyi then moved to the United States in 1978 to pursue a Master’s degree in Public and Private Management from Yale School of Management. Nooyi’s career started in India where she held product manager positions with two companies. While in the States, she worked with companies like Boston Consulting Group, Motorola, and Asea Brown Boveri before joining PepsiCo in 1994. She was the Senior Vice President, Strategic Planning at first, and then became the company’s President and CFO in 2001. Twelve years after joining Pepsi, she was named CEO, allowing her to shape a company she had come to personalize as her own. With Indra in charge, PepsiCo’s revenue moved from $35 billion to $63.5 billion, an 80% increase. In her own words, market capitalization rose by $57 billion whilst shareholders received about $79 billion in cash returns. Indra afterward resigned as CEO in 2018 and as Chairman in 2019, fulfilled and ready to venture into different fields. Despite her various achievements as CEO, what is most notable about Indra’s leadership is the ‘Performance with Purpose’ strategy she used. She decided to not only think about the long-term growth of the company but also achieve it in a way that is friendly to society and the environment. Thus she began projects like using recyclable material and producing healthy snacks for consumers. She has also advocated for executives that are involved in a company head, heart, and hands. In modeling the heart aspect, she got to know employees’ families and built an environment that allowed young family builders to also be important contributors to work, without having to sacrifice either. This is well captured in her recently published memoir: My Life in Full: Work, Family, and Our Future, a must-read for executives and laymen alike! Purity Buyanzi | puritybuyanzi@gmail.com The writer is an aspiring Financial Analyst, passionate about leadership and mentorship
03:21
March 09, 2022
Book Review: REVERSE INNOVATION – Vijay Govindarajan & amp; Chris Trimble
Book Review: REVERSE INNOVATION – Vijay Govindarajan & amp; Chris Trimble
Create far from home win everywhere Reverse innovation is the main subject to this exquisite book as the authors strongly believe it is the pathway to success, especially for emerging economies. History has it that multinationals would innovate in wealthy countries like the USA and then sell their products to poor countries like India; reverse innovation according to the two authors is working against that historical grain by doing the exact opposite. They believe it is time that innovation begins in developing economies as it trickles up to developed countries.Therefore, instead of exporting, why not innovate in emerging economies? In other terms, reverse innovation involves meeting the needs of developing nations by producing goods as inexpensive models and then repackaging the same as low cost innovative goods for developed nations to buy. Dominant logic is a concept quite discouraged in this book as dated thinking inhibits reverse innovation. It challenges leaders and institutions to challenge their status quo and only work with past strategies with clear revision and critical analysis. This is in tandem with George Santayana’s quote that goes “those who do not remember the past are condemned to repeat it”. Reverse innovation begins by identifying need gaps in any space that one desires to see transformation. There are five need gaps discussed in the book: the performance gap, the infrastructure gap, the sustainability gap, the regulatory gap and the preferences gap. These gaps between emerging economies and the rich world are so substantial that emerging economy needs can only rarely be addressed simply by making adaptations to rich world products. This therefore calls for capturing opportunities in the poor world by starting from scratch (clean-slate innovation) in order to maximize trends that will close the gaps. It is critical to remember that reverse innovations flow uphill in two ways: marginalized market which happens immediately and mainstream market which takes time. All innovation is about assessing needs and developing solutions hence the crucial integration of sales and marketing. Strategy, global organization and project organization too are good markers to always look at when innovating in reverse. In conclusion, reverse innovation efforts test the commitment, resilience and passion of the Innovators. Equally they test the gumption and long term vision of whom the innovators report to and of the organization as a whole. The goal should always be “value for money to value for many” reverse innovation is not optional it is the oxygen! Esther W. Njaramba | njarambaesther3@gmail.com The writer is a passionate Counselling Psychologist whose work is to help individuals and groups lead satisfying happy lives.
03:37
March 09, 2022
Advertising Feature: DO I NEED AN ACCOUNTANT IN MY BUSINESS?
Advertising Feature: DO I NEED AN ACCOUNTANT IN MY BUSINESS?
Bigger companies set up accounting departments which are fully supported to execute book keeping, recording of transactions, reconciliation of books and preparation of financial statements consistently and continuously. They also set up control mechanisms through policies that govern the management of resources, procedures for resource utilization and a calendar for performing functions such as budgeting, large scale purchasing, stock taking and reconciliation of bank statements. Internal audit teams are also key in helping the accounting department and other personnel involved in operations to adhere to policies of your business regarding financial management. Regardless of size, the accountant for your business should be competent enough to understand the Generally Accepted Accounting Principles (GAAPs), International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and for public institutions and bodies; your accountant should have the full knowledge of International Public Sector Accounting Standards (IPSAS). These set of policies will help in creating a business whose financial reporting is of good quality and reliable for use in decision making by owners, managers, the tax man and the strategy team. While it is desirable to all entrepreneurs that they organize their books of accountants professionally, it is also important to note that hiring an accountant may not be affordable to many small and medium sized entities. These implies that alternative routes to the Promised Land should be employed. The first route is installing accounting software in the computer of a staff member in charge of operations or administration where an accountant is absent. Accounting software such as QuickBooks, Sage, Tally and SAP are easy to use given proper training to your staff members. Second, train your staff to accurately capture data and to conduct librarianship for your accounting files for easy retrieval. You also need to train your staff on how to navigate the KRA itax portal, how to prepare budgets, how to do bank reconciliations and how to run ETR receipts. Training works well for a fairly big staff of at least five people. For smaller companies, the best option could be outsourcing a firm that can perform tax advisory, bookkeeping and financial management at a fee. iGrand Business Plans Limited is one such firm and your accountant is reachable via okinda.p@igrandbp.com. Rick Okinda | okinda.p@igrandbp.com The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs.
03:08
March 09, 2022
Advertising Feature: MINERAL WATER BOTTLING AT THE TURKWEL GORGE, LODWAR
Advertising Feature: MINERAL WATER BOTTLING AT THE TURKWEL GORGE, LODWAR
Lodwar is the administrative capital of Turkana County in North-Western Kenya which is characterized by moderate to high temperatures throughout the year. When driving in the roads of this vast county, you’ll meet epic scenes of hills, semi-desert vegetation, cluster settlements and goats enduring the heat and sun that falls in this semi-arid region. The lands of this sunny countryside are split by great rivers and boarders the shores of the world’s largest desert lake. When touching down at Lodwar Airport, you’ll see the magic Turkwel River flowing across the town. This is a scene to behold for a lover of nature. By the time you land in the town and begin your stay there, you