- Firms donate to Asian Fintech event to be held in Nairobi:
The Asian Fintech event bringing up to 5,000 delegates to Nairobi has received a financial boost with several corporates donating funds towards its sponsorship. Regional bank KCB Group donated Sh10 million while telco Safaricom and Standard Chartered Bank dished out Sh5 million each. Central Bank of Kenya Governor Patrick Njoroge who received the donations said technology had helped improve lives with Kenyan innovations being replicated across the globe due to their positive impact. “In matters fintech, Kenya is the pacesetter in innovations and its simulation with payment platform running on fintech platforms. The difference fintech is making to millions of people in Africa and billions around the world is momentous,” he said. Speaking during the occasion, Safaricom Financial Services Officer Sitoyo Lopokoiyit said the two-day event presents Kenyan innovators with a global platform to showcase their products with an eye on how Safaricom’s M-Pesa supported the startups to commercial their products.
- Taxman sets stage for new water tax:
The Kenya Revenue Authority (KRA) is preparing to raid drinking water and other beverages from September in an effort to raise an additional Sh3.6 billion from excise tax following introduction of additional excise stamps. The roll-out of Excisable Goods Management System (EGMS) will see manufacturers from September 1 required to affix the new generation excise stamps on bottled water, juices, soda, energy drinks, non-alcoholic beverages, food supplements and cosmetics. The move comes as the taxman, who has perennially missed tax targets, moves to seal revenue leaks against the backdrop of ever higher collection targets set by the Treasury. Past attempts by the KRA to roll out the system have failed after its implementation was opposed in court. On Tuesday, KRA said it is engaging manufacturers for a smooth roll-out of the system.
- Nairobi hosts conference on financial technology:
Kenya is set to host a financial technology conference next week at a time sector players are under pressure to innovate and outpace existing traditional brick and mortar model. The two-day meeting in Nairobi to be held from July 15, is expected to bring together high-level policymakers, business leaders, economists and financiers to explore sustainable financial services innovations from emerging African and Asian markets. It is jointly organized by the Central Bank of Kenya and the Monetary Authority of Singapore and comes after a similar one in Singapore last year. “The festival, which is christened Fintech in the Savannah, draws inspiration from the third annual Singapore Fintech Festival that was hosted by the MAS in November of 2018,” said a brief from the organizers. “It shall bring together participants who include visionary speakers and icons drawn from across Africa, Asia and other parts of the globe to exchange ideas, forge partnerships and nurture thriving fintech ecosystems.”
- World bank offers top SMEs Sh1.5bn:
The World Bank has offered Sh1.5 billion in grants to 750 businesses that will win in the 10-week online competition, MbeleNaBiz. Country director Carlos Felipe said the nationwide competition targets businesses that show potential to scale, generate profits for founders as well as new jobs for Kenyan youth. “Of the 850,000 jobs created last year, 83 percent came from the small and medium enterprises (SMEs) segment in Kenya. That means helping SMEs access credit could facilitate expansion, hence more jobs created as it happened in Nigeria where a similar programme saw nine jobs created in every SME we funded,” he said. Trade and Industry Secretary Peter Munya said thorough scrutiny will be done for SMEs that apply to participate in the competition with a view to selecting genuine start-ups that have for long missed growth targets due to lack of credit. Mr. Munya said collaboration between government and the private sector was key to the programmer’s success, adding that the competition will favour small enterprises whose activities are aligned to the Big Four agenda.
- Logistics firms Mombasa facility gets port status:
Marine logistics firm Comarco Group is set to have its 16-acre Mombasa facilities designated as a private port, a move that has seen the company secure a series of lucrative contracts. The company’s operations fall under the export processing zone (EPZ), allowing it to import equipment such as cranes and loaders duty-free besides receiving tax relief for repairs and maintenance of its vessels. The majority of the work being undertaken by Comarco has been outside Kenya and the company’s three subsidiaries –Comarco Properties (EPZ) Limited (CPL), Kenya Marine Contractors (EPZ) Limited (KMC) and Comarco Supply Base (EPZ) Limited (CSB) were set up to take advantage of incentives offered in the special economic zones. Comoro’s impending designation as a private port will now allow the company to import and export cargo for clients, making full use of its storage facilities. The company says in a trading update that it has obtained the consent of the Kenya Revenue Authority (KRA) to gazette its Mombasa port area as an entry and export area for customs purposes by the Commissioner of Customs and Border.
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
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