KDC became the first Kenyan financial institution to receive a Certificate of Acceptance to commence the journey of achieving the highest level of sustainability certification under the Sustainability Standards and Certification Initiative (SSCI) program.

KDC was admitted into SSCI Program by the European Organisation for Sustainable Development (EOSD) during the World Development Finance Forum 2021, held in Karlsruhe, Germany on 3rd December 2021. The certificate was received on behalf of KDC by Kenya’s Ambassador to Germany H.E. Tom Amolo.

Commenting when he received the SSCI Certificate of Acceptance, KDC Interim Director General Christopher Huka said that the award is a demonstration of the Corporation’s strong commitment to influencing positive market transformation and leadership in sustainability.

“The SSCI Certificate of Acceptance is an acknowledgment and recognition of the commitment of Kenya Development Corporation to embark on a holistic sustainability journey with the aim of playing a key role in modernizing and transforming Kenya’s economy and driving sustainable national development leveraged on the 4th industrial revolution,” Mr. Huka said.

The Sustainability Standards & Certification Initiative (SSCI) is a global initiative for implementing and maintaining holistic, universally accepted, and executable across-the-board sustainability standards. The standards are established by consensus among stakeholders and adopted voluntarily by value-driven financial institutions.

KDC is a member of the Association of African Development Finance Institutions (AADFI) which has partnered with the European Organization for Sustainable Development (EOSD) to enable African DFIs obtain sustainability standards certification.  The certification’s objectives are creation of strong and resilient financial institutions with capacity for efficient mobilization and deployment of funds for accelerating the sustainable development of national economies.

The new Government-owned entity is projecting to grow financial support to SMEs from KSh 4.52 billion in 2021 to KSh 29.44 billion by June 2024.

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Ms Karimi was named CEO of the Year during the recent Think Business Insurance Awards 2020, becoming the first woman to receive the honour.

She was an honoree in the Angaza Awards for Women to Watch in Banking and Finance in the East African Community. She was also listed as one of Business Monthly 2021 Top 25 Most Powerful Women in C-Suite Impacting Business.

Ms Karimi said: “I am honoured and humbled to receive these three prestigious business awards. I believe women are showing that there is a new and different way to lead, built on creativity, courage and respect for people and the planet.

“Leadership is also collaborative and I would like to give my heartfelt thanks to all of my colleagues at APA Apollo who make it such an inspirational place to work.

“The last year has been the most challenging of my career, as it has been for many. Receiving these awards is a wonderful encouragement to continue our task ahead of insuring happiness for all our clients.”

Catherine was appointed as the CEO of APA Life, a part of Apollo Group in 2017. She was the first female to take up the CEO’s role in the Apollo Group. Catherine’s illustrious rise to this role follows an exceptional career in the insurance industry from 1998.

The judging panels of the three awards were all impressed with the significant financial success of APA Life under Ms Karimi’s leadership in an increasingly tough market environment.

Catherine has overseen a period of unprecedented commercial performance and growth showing strong financial results. With her at the head, APA Life has continued to raise the bar by setting industry-standard in extraordinary customer service, delivering on the brand promise of Insuring Happiness and driving innovation.

The judges also praised how, in these turbulent times, she is stepping forward and taking the lead in steering the business through the digital transformational change, showing great care and consideration for its people as APA continues to show the way to insure happiness.

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Speaking during the signing ceremony, Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings stated that, “With this facility from African Guarantee Fund, whom we share a mission of supporting women MSMEs, we will be strongly positioned to continue to offer our customers particularly women in business access to funding at a time when the COVID-19 pandemic continues to impact negatively on businesses. Women MSMEs are key players in driving livelihoods for the majority of families, communities and growth of the economy.

“This support in the form of a guarantee fund will mitigate the credit risk Equity is exposed to as we continue to work with women MSMEs to navigate through these uncertain times and keep the lights of the economy on. This will ensure livelihoods and opportunities within the economy continue to accelerate as we revitalize economic activities to enable the economy to bounce back amidst the rollout of the vaccine. Our commitment is to continue working with MSMEs to finance them to recover and thrive, and where necessary transform and adapt their businesses to the changing environment and seize new business opportunities.”

In response to the COVID-19 crisis, Equity launched an offensive and defensive approach to support customers to sustain themselves while innovating alongside MSMEs who are leveraging on the opportunities that have presented within the crisis.

The Group committed to loan repayment accommodation for up to 45% of the customers whose cashflows and operation cycle was deemed likely to be negatively impacted during the COVID-19 pandemic.

Equity made the prudent decision to ensure cashflow was not impaired and in its third-quarter 2020 results, reported a 30% growth in its loan book in support of its customers who saw opportunities for green shoots and diversifications in the COVID-19 environment. Most of the new opportunities funded were in the manufacturing of PPE’s, logistics, online businesses, agro-processing, fast-moving consumer goods and agriculture value chains.

Equity’s prudent approach to conserving its cashflow and supporting MSMEs through the COVID-19 crisis has provided confidence to its lending partners.

AGF Group CEO Jules Ngankam said, “Our partnership with Equity Group is of great significance to the economies of Kenya, Rwanda, Uganda and the DRC given our mutual focus on the SME sector which has massive potential to drive economic growth. This partnership will also foster sustainable development particularly for women-led/owned businesses who will be supported under our Affirmative Finance Action for Women in Africa initiative and green business who will be supported under our Green Guarantee Facility. Working with Equity Group indeed provides us with a broad opportunity to create impact alongside their various initiatives.”

This is the fifth tranche for Equity Group after having signed a $50 million USD (Ksh 5.5 Billion) loan facility with IFC in September; a $100 million USD (Ksh 11.0 Billion) from Proparco in October and a EUR 125 million (Ksh 16.5 Billion) loan facility signed two weeks ago with the European Investment Bank and a US $100 Million (Ksh 11 Billion) Credit Facility with Leading European Development Banks DEG, FMO and CDC-UK to fortify credit flows and liquidity to MSMEs totaling Ksh 52.25 Billion.

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Dubbed the ‘Clean Cooking Project’, the initiative aims at supporting learning institutions to install modern technologies for cooking that are environmentally safe such as steam-based cooking, biofuels, sustainable biomass and Liquid Petroleum Gas (LPG). Equity will provide financing for the equipment and other installation costs based on an institution’s needs.

Speaking during the launch of the initiative at Alliance High School, Equity Group Managing Director and CEO, Dr. James Mwangi said, “Wood-fuel is not a sustainable model for our planet as it has led to adverse environmental degradation and depletion of our much-needed forest cover. Lack of appropriate financing and innovative technologies has been the biggest barrier to clean energy transition. To close this gap, we have decided to partner with learning institutions to facilitate them access and install more environmentally friendly cooking and lighting facilities”.

According to the Clean Cooking Alliance of Kenya (CCAK) study on ‘Use of Biomass Cookstoves and Fuels in institutions in Kenya report of 2018’, 97% of primary and secondary schools use firewood derived from forests as cooking fuel. This counters the Kenya government efforts of attaining the constitutional requirement of 10 percent forest cover.

“We decided to create a more integrated programme to ensure trees would grow to maturity and not be used as an energy source. For us to migrate from wood-based fuel solutions in our institutions, we require a concerted effort from the management of the various institutions, energy technology providers, end-users and government agencies. We encourage institutions and organizations to take this route and lead the way so that we can protect our environment. Equity will walk with you on this journey,” added Dr. Mwangi.

CCAK estimates that 1 million metric tonnes of wood-fuel is used by primary and secondary schools every year with a value of KES 10 billion. The increased over-reliance on wood and charcoal as the primary sources of fuel by institutions requires urgent attention for Kenya to reduce greenhouse gas emissions by 30% by the year 2030 under the Intended Nationally Determined Contribution (INDC).

Education Cabinet Secretary Prof. George Magoha, who presided over the launch, said, “Alliance High School has traditionally used wood for cooking, harvested from trees in its compound. With the installation of clean cooking infrastructure, the school can now reap the benefits of cleaner and environmentally friendly cooking solutions. This is a project that is transformative and in line with the Government’s agenda. When you look at the negative effects of climate change you will understand its importance. My call today is for all schools in Kenya to quickly follow suit and embrace clean energy solutions. This will contribute in reversing environmental degradation, save costs and improve health outcomes. If all schools switched to cleaner alternatives, we will not only preserve our trees but will also significantly reduce our carbon footprint.”

By transitioning to cleaner fuels like LPG, institutions can realize up to 40% savings in their cooking and lighting budget with better health and environmental outcomes, improved kitchen hygiene and motivation of workers.

“I am very grateful to Alliance High School, Equity and its technical partners for making it possible to have Alliance transition from a heavy consumer of wood fuel to modern and cleaner cooking technology that preserves the environment. The school’s kitchen will be used as a model for all institutions that want to adopt this technology,” added Prof. Magoha.

Equity is fully committed to working with all learning institutions in Kenya for them to realize the multiple benefits of modern and clean energy.

Last year, Equity committed to planting 35 million trees to contribute and rally the country towards the achievement of 10% forest cover. Out of the 35 million trees, Equity intends to plant 20 million in learning institutions. So far, Equity has planted 3.2 million trees, 2 million of which has been planted in 2,133 schools across the country. This is in support of the government initiative to achieve the 10% forest cover. Kenya Forest Service (KFS) and the Ministry of Environment & Forestry are supporting Equity through technical assistance on seedlings requirements for different geo-ecological zones, adoption of forest blocks that require rehabilitation and other logistical support.

Equity through the Foundation is promoting and driving conservation and smart use of natural resources by expanding forest cover, improving water security and promoting the use of renewable energy and energy-efficient technologies. So far 780,000 households and businesses have been supported to access clean energy products including solar panels for lighting and heating in homes, schools and hotels.

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In addition to these design developments, Total Lubricants contributes to the Group’s ambition to become the responsible energy major. “A reduction in the weight of packaging will prevent the emission of 9,500 tons of CO2 equivalent* each year resulting to raw materials savings.

The new Lubricants packaging will be unveiled by the Kenyan long-distance runner and marathon record-holder Eliud Kipchoge who is Total Kenya’s brand partner.

“We have always offered products that are customer centric,” said Olagoke Aluko, Managing Director, Total Kenya PLC. “But today’s consumer needs customized information about products and how to use them, this has led us to innovate and redesign our lubricants packaging by giving them a new shape, color and label. We have achieved our goal, and the results are at par with our lubricant’s performance — in other words, excellent!”

Packages at the forefront of innovation

The Total Lubricants package upgrade is a major step forward incorporating innovative features that reinforce the proven authenticity of Total products.

Consumers can now identify the product they need immediately, with the new color coding: Platinum for top-tier, Silver for mid-tier and Bronze for entry range products. Buyers can zoom in on the product they need by checking the new label, which is much clearer and easier to read.

Unique labels designed to look like a car dashboard

The essential product information curves around the brand name, similar to a car dashboard, displaying the viscosity, manufacturer approvals and a QR code that can be used to confirm the product’s authenticity in a flash. It’s a product label unlike any other and an advancement in relaying information about Total lubricants.

Better ergonomics for an enhanced customer experience

The new packs offer a new design with a more ergonomic handle that makes it easier to carry and a tamper proof cap functionally redesigned to make it easier to fill the oil sump during oil change or oil top up service.

The new packages are being rolled out gradually as from last year December in every Total service station and authorized distributor outlet across the country and beyond.

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The campaign will see Safaricom customers enjoy more internet for less on Kenya’s best network. Both Prepay and PostPay customers can access their personalised data bundles on *544# under the option “0” – Special Data Deals. Upon purchase of the bundle, which is available every day until 23rd May 2021, customers will instantly receive a bonus of 500MB data valid until midnight of the same day.

“Safaricom exists to transform lives. By expanding our network coverage, giving our customers more data for less and availing affordable 4G devices, we seek to empower more Kenyans to tap into the opportunities that come with internet access,” said Peter Ndegwa, Chief Executive Officer, Safaricom.

Growing demand for data has seen Safaricom partner with Google to enable its customers to acquire quality 4G devices via flexible payment plans. Currently, the Neon Ray Pro, which is bundled with free WhatsApp for 3 months, is available at all Safaricom shops, Masoko.com and dealer outlets at a discounted price of KES 3,999/- while stocks last. Customers can also acquire the device by making a deposit of KES 500 and paying KES 20 daily for the balance.

Last month, Safaricom was ranked by umlaut as having the best network for data and calls across the country for the fourth year in a row. The mobile operator has been aggressively expanding its 4G coverage with a goal of having 100% of its network on 4G. In 2020, Safaricom rolled out more than 1,600 new sites, bringing its 4G reach to more than 92 per cent of the country’s population.

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Equity Group, the EIB and the EU chose to have the loan facility in Kenya Shillings to match the operating currency of SME businesses and eliminate the risk of foreign exchange while the EUR 20 million grant allows capacity building on the borrowing clients to derisk lowering the risk of default and hence allowing affordability by adoption of low-risk priced interest rates.

In response to the COVID-19 crisis, Equity launched an offensive and defensive approach to support customers to sustain themselves while innovating alongside MSMEs who are leveraging on the opportunities that have presented within the crisis. The Group committed to loan repayment accommodation for up to 45% of the customers whose cashflows and operation cycle were deemed likely to be negatively impacted during the COVID-19 pandemic. Equity made the prudent decision to ensure cashflow was not impaired and in its third quarter 2020 results, Equity reported a 30% growth in its loan book in support of its customers who saw opportunities of green shoots and diversifications in the COVID-19 environment. Most of the new opportunities funded were in manufacturing of PPE’s, logistics, online businesses, agro-processing, fast moving consumer goods and agriculture value chains.

In announcing the latest loan facility, Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings Plc stated, “The impact of the COVID-19 pandemic started as a health crisis, which quickly became an economic and humanitarian crisis that has seen almost 40% of Kenyan small business owners negatively affected by the great economic mechanism of coping, managing, mitigating and containing COVID-19 during the shutdown in business. Equity’s goal is to keep the lights of the economy on by ensuring firms and businesses remain open, sustain employment and by keeping markets open for goods and services thus facilitating a quick recovery of businesses and the economy at large. This funding adds oxygen to the real economy through funding of enterprises under the `Young Africa Works’ Program where Equity, Mastercard Foundation and the Government of Kenya are working to create 5 million jobs for women and young people through entrepreneurship over the next five years.

The facility extends over the entire period of the program’s 5 years, ensuring the matching of long-term investment by SMEs to emerge stronger post the COVID-19 period.

The financing package through the EUR 20 Million grant covers amongst other initiatives, the provision of technical assistance to enhance Equity Bank’s capacity to assess, execute and monitor longer-term investment projects in the agriculture value chains and further develop its longer-term agricultural financing activities with a focus on youth and woman while enhancing their capacity to lower their credit risk and hence the interest rate at which they will obtain credit.

Speaking on behalf of the European Investment Bank, Vice President Thomas Ostros said, “New EIB and EU support for leading Kenyan partner Equity Bank will help entrepreneurs, business and agricultural small holders across Kenya to access finance and better withstand the economic challenges and business uncertainties caused by COVID-19. Today’s new agreements demonstrate Team Europe and Kenya joining forces to beat COVID-19 and help business flourish.”

The ability of Equity to attract funding from global agencies such as the European Investment Bank and the European Union speaks to Equity’s global standing, reputation and trust to support economic stability during the COVID-19 pandemic. Equity plays a central role in the global development agenda due to the interconnected nature of the economy and its ability to deliver strategic results due to its size and capacity. The facility also indicates the confidence that global lenders have in the Kenyan economy.

Equity not only wants to support export MSMEs but also those in the domestic economy and hence has borrowed in Kenya Shillings to ensure no mismatch in currency fluctuations which will further support the domestic market and protect it from exposure to the exchange rate. Both European institutions will support Equity’s lending to MSMEs, which acknowledges that the COVID-19 outbreak has been a shock to Kenya’s MSMEs. MSMEs eligible for Equity’s lending through the facility will be active in high-growth market sectors which serve to create new manufacturing or distribution activities in the economy as well as strengthen and develop eco-systems around existing industrial activities.

“As an inclusive regional financial institution these facilities strengthen Equity’s position to further enhance the strength of MSMEs who are key actors in value chains and ecosystems of the real economy in agriculture, trade, manufacturing, health and MSME sectors. By ensuring their survival and growth the MSMEs will continue to protect jobs, create more jobs and support lives and livelihoods in society, serving to create resilience as the pandemic subsides, as vaccines become available in Kenya, and as market growth returns,” said Dr. Mwangi. “We value our long-term partnership with the EIB and the European Commission who have walked with us and our customers on our path for sustained human development for many years including their investment to scale our focus in agriculture through Kilimo Biashara. We thank them for supporting our efforts to strengthen the role of MSMEs to stimulate the economy back to prosperity, and hence support lives and livelihoods through market growth.”

The guarantee complements Equity’s program with Mastercard Foundation, Young Africa Works, of creating 5 million jobs especially for youth by providing $4.2bn in funding to MSMEs coupled with capacity building in Financial Literacy, Entrepreneurship, Digital Literacy and business development services including mentorship, coaching and market linkages support. Equity is collaborating with MSME support organizations such as the Kenya National Chamber of Commerce and Industry (KNCCI), Kenya Association of Manufacturers (KAM), Kenya Private Sector Alliance (KEPSA) as well as Micro and Small Enterprises Authority (MSEA).

This is the third tranche for Equity Group after having signed a USD $50 Million facility with IFC in September and a USD $100 Million facility from Proparco in October bringing the total to USD $275 Million, USD $150 Million and EUR 125 Million – an equivalent of bringing Kshs 33 Billion to fortify credit flows and liquidity to MSMEs.

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The programme is open to both continuing and graduate students with intakes four times a year. The first lot of students joined the Bank on Monday morning at a brief ceremony presided over by DTB Group Chief Executive Officer and Managing Director, Nasim Devji.

Speaking at the event, Ms Devji outlined the thinking behind the Job Shadowing Programme: “We aim, with the Job Shadowing Programme, to give the students who are still in university as well as graduates to see for themselves how the world of work operates. This is to encourage the youth to engage themselves in potential career avenues, and help harness the talent of youth in this country”.

Ms Devji said the Bank aims to enable students make informed decisions about their career of choice and enable graduates who have completed their studies to get a chance to experience the real working world firsthand.

DTB Head of Human Resources, Lillian Ngala, said the Bank seeks to play a critical role in ensuring graduates have the right skills for the workplace.

“At DTB we’re committed to enriching lives and give these students a chance to experience the work place. We want to bridge the gap between the theory students are given in school and bringing in the practical experience of the world of work. This is the first cohort of this year, with three more to follow each quarter,” said Ms Ngala.

The first cohort of students has been recruited in partnership with accredited universities such as the University of Nairobi, Mount Kenya University, Jomo Kenyatta University of Agriculture and Technology, Strathmore Business school and Management University Africa. The students will go through a two-week program and all students will be entitled for stipend.

The students began with a comprehensive one-day orientation at DTB’s head office on Mombasa Road and were thereafter placed in various branches and departments of the Bank, where they will gain work exposure for a period of two weeks.

DTB will cascade the Job Shadowing programme to all parts of the country from the second cohort moving forward.

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The solution will aid HELB to promote responsible spending with the funds locked for specific allocations, such as tuition or library fees only accessible to the specific Paybill account of the recipient’s University or TVET institution. The students upkeep allowance can now also be transferred into the student’s M-PESA wallet for everyday use.

“Technology today is not only revolutionizing every aspect of our lives but also creating opportunities to enhance efficiency and accountability. We are pleased to support the Higher Education Loans Board to deploy a solution that suits the digital lifestyle of students in tertiary institutions,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.

Students can access the system through HELB USSD and the mobile app once completed from where they will view their loan allocations, current balances, statements and make payments.

HELB disburses over KSh 15 billion to over 200,000 beneficiaries annually. Part of the loan is usually channelled directly to the learning institution to settle part of the tuition and accommodation fees while the rest is sent to the student for upkeep.

The solution will create efficiencies for all stakeholders by reducing queues during registration as students can now pay through their mobile phones. There will be effective management and monitoring of all loans throughout the loan lifecycle.

“The rollout of this smart solution marks a major milestone in our digitisation journey. It not only enhances efficiency in our operations but also enables us to step up the experience of beneficiaries, who are digital natives. The solution will allow the student to access and make transactions within the solution’s ecosystem,” said Charles Ringera, HELB’s Chief Executive Officer.

The platform grants HELB visibility of funds from various sources, which it can aggregate, reconcile real-time and report to its financiers. Continuing students can receive notifications and utilise a financial planning tool on the portal; while those who have graduated can track their repayments and generate statements.

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Among the schools are Katiko Primary School which got 5 new classrooms and Jeriman Lokitaung which received 2 classrooms. Nariding Nursery School and Katongun Mission Station each had one classroom constructed and furnished.

Lolobo, Lokutumo and Loreamatet Primary Schools each had one classroom constructed and furnished under the Accelerated Learning Programme (ALP), a literacy and numeracy programme being implemented by Safaricom Foundation and Zizi Afrique Foundation. Nakiria Primary School also had a library constructed under the ALP Programme.

“Safaricom Foundation intervened in these schools to support pupils access a conducive environment for learning as most were learning under trees and makeshift structures. We are also looking to improve the literacy levels of children in this county through the Accelerated Learning Programme we are implementing with Zizi Afrique Foundation. We believe that education is one of the ways to transform lives, “said Joe Ogutu, Chairman, Safaricom Foundation.

Learners in Katilu Mixed Primary School also received desks and chairs, while visually impaired students in Katilu Integrated Primary School benefitted from furnishing works. Kilokony Eboyor, a local community organization, was equipped with more than 500 books for learners they support.

The total investment in the school projects was KES 21 million.

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