Newsroom Archives | Biz Post Daily https://bizpostdaily.com/category/features/ Your Daily Brands Insight Wed, 06 Nov 2024 07:59:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://bizpostdaily.com/wp-content/uploads/2022/01/cropped-BP-Fav-32x32.png Newsroom Archives | Biz Post Daily https://bizpostdaily.com/category/features/ 32 32 Kenya Opens Doors to Digital Nomads with New “Class N” Work Permit https://bizpostdaily.com/2024/11/06/kenya-opens-doors-to-digital-nomads-with-new-class-n-work-permit/ https://bizpostdaily.com/2024/11/06/kenya-opens-doors-to-digital-nomads-with-new-class-n-work-permit/#respond Wed, 06 Nov 2024 07:59:50 +0000 https://bizpostdaily.com/?p=7083 The Kenyan government is making a play for the growing digital nomad market with a brand new work permit specifically designed for remote workers. The Ministry of Interior and National Administration recently announced the introduction of the “Class N – Digital Nomad” permit, a significant change to the Kenya Citizenship and Immigration Regulations, 2012. This […]

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The Kenyan government is making a play for the growing digital nomad market with a brand new work permit specifically designed for remote workers.

The Ministry of Interior and National Administration recently announced the introduction of the “Class N – Digital Nomad” permit, a significant change to the Kenya Citizenship and Immigration Regulations, 2012.

This exciting development, effective October 1, 2024, removes a major hurdle for expatriates seeking to live and work remotely in Kenya.

Previously, obtaining a Kenyan work permit required a local employer sponsor. This new regulation, as outlined in the Kenya Citizenship and Immigration (Amendment) Regulations, 2024, eliminates this requirement, opening doors for individuals working for companies based outside of Kenya.

What you need to apply:

The application process for the Class N permit requires the following:

  • Valid National Passport: Your passport must be current and valid.
  • Proof of Remote Work: Documentation demonstrating your employment with a non-Kenyan company and your remote work arrangement.
  • Assured Annual Income: Applicants must demonstrate an annual income of at least $55,000 from sources outside of Kenya.
  • Proof of Accommodation: Evidence of secured housing in Kenya.
  • Clean Criminal Record: A certificate of good conduct from your country of habitual residence.

It’s important to note that while this permit allows you to live and work remotely in Kenya, you cannot engage in any employment or income-generating activities for companies registered within Kenya.

Economic Boost for Kenya:

Professional services firm PwC has lauded this move as a positive step towards attracting global talent and boosting Kenya’s economy. They predict a positive impact on several sectors, including:

  • Tourism: Longer stays by digital nomads, often accompanied by family and friends, are expected to inject more money into the tourism sector and local economies, particularly in popular tourist destinations.
  • Real Estate: Increased demand for rentals and co-working spaces is anticipated, stimulating growth in the real estate market.

Challenges and Future Outlook:

While the introduction of the Class N permit is a welcome development, PwC notes some crucial missing details. The current regulations don’t specify the cost of the permit or its duration, making it difficult for potential applicants to compare it with other visa options. For the permit to truly succeed and attract digital nomads, PwC suggests shorter processing times, a longer validity period, and lower fees compared to a standard visitor visa.

The Kenyan government’s move to embrace digital nomads is a promising sign. As more details emerge regarding costs and processing times, the Class N permit has the potential to position Kenya as a prime destination for remote workers seeking a vibrant and welcoming environment. We will continue to monitor developments and provide updates as they become available.

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Nairobi Hospital Doctors Threaten to Go on Strike, Demanding Resignation of Hospital Board https://bizpostdaily.com/2024/09/16/nairobi-hospital-doctors-threaten-to-go-on-strike-demanding-resignation-of-hospital-board/ https://bizpostdaily.com/2024/09/16/nairobi-hospital-doctors-threaten-to-go-on-strike-demanding-resignation-of-hospital-board/#respond Mon, 16 Sep 2024 06:42:26 +0000 https://bizpostdaily.com/?p=7018 Doctors at the Nairobi Hospital have issued a notice threatening to down their tools if the hospital’s board of directors does not resign by midnight tonight. The doctors, represented by the Kenya Hospital Association and the Admitting Staff Association, cite concerns over governance and a desire to “save the Nairobi Hospital” as the driving force […]

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Doctors at the Nairobi Hospital have issued a notice threatening to down their tools if the hospital’s board of directors does not resign by midnight tonight.

The doctors, represented by the Kenya Hospital Association and the Admitting Staff Association, cite concerns over governance and a desire to “save the Nairobi Hospital” as the driving force behind their ultimatum.

This announcement comes ahead of an already scheduled Extraordinary General Meeting of the Kenya Hospital Association, set to take place on September 18th at the Radisson Blu Hotel – Upper Hill.

The doctors are urging all members of the association to attend this meeting, which will be crucial in determining the future of the hospital.

The doctors allege a “crisis in governance” at the Nairobi Hospital, directly blaming the current board of management. They are demanding an immediate resignation of the board and have vowed to continue their strike until their demands are met.

Impact on Patients:

This impending strike will have a significant impact on healthcare services at the Nairobi Hospital. Starting midnight, the hospital will cease accepting new admissions. Doctors will only be attending to:

  • Patients currently admitted in the wards
  • Emergency cases
  • Patients at their private clinics

Call for Public Support:

The doctors are appealing to the public for support in their fight to “save the Nairobi Hospital.” They are urging anyone who values quality healthcare to rally behind them and demand the resignation of the current board. The doctors believe that a change in leadership is necessary to ensure the continued provision of high-quality healthcare at the Nairobi Hospital.

This is a developing story, and we will continue to provide updates as they become available.

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UNHCR Launches Funds Drive Targeting Ramadan Season to Raise Money to Upgrade Living Conditions in Daadab Refugee Camp https://bizpostdaily.com/2024/03/07/unhcr-launches-funds-drive-targeting-ramadan-season-to-raise-money-to-upgrade-living-conditions-in-daadab-refugee-camp/ https://bizpostdaily.com/2024/03/07/unhcr-launches-funds-drive-targeting-ramadan-season-to-raise-money-to-upgrade-living-conditions-in-daadab-refugee-camp/#respond Thu, 07 Mar 2024 16:05:26 +0000 https://bizpostdaily.com/?p=6857 The United Nations Refugee Protection Agency, UNHCR, has today unveiled a partnership with the country’s private sector to help raise funds for upgrading shelter and sanitation facilities at the Daadab Refugee Camp during the Ramadan season. The Dadaab Refugee Complex currently hosts more than 335,000 refugees, the vast majority coming from Somalia. UNHCR and partners […]

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The United Nations Refugee Protection Agency, UNHCR, has today unveiled a partnership with the country’s private sector to help raise funds for upgrading shelter and sanitation facilities at the Daadab Refugee Camp during the Ramadan season. The Dadaab Refugee Complex currently hosts more than 335,000 refugees, the vast majority coming from Somalia.

UNHCR and partners are looking at raising USD 300,000 to enable them to continue providing access to clean water to tens of thousands of refugees and host community members in Dadaab, in addition to providing shelter kits to the most vulnerable families.

UNHCR Deputy High Commissioner, Kelly Clements, who is currently visiting the country, called upon Kenyans and businesses to come forward and join hands with UNHCR to help those who are most in need.

I am delighted to be in Nairobi to help kickstart the 2024 Ramadan Campaign with our key private sector partners and faith leaders. This year, the campaign aims to raise funds to support water and shelter needs for thousands of families currently residing in Dadaab Refugee Camp. Campaigns such as this one provide a much-needed lifeline for individuals who have been forced to flee and communities hosting them. We have witnessed tremendous support for last year’s campaign, enabling us to ensure access to water for more than 100,000 people living in Dadaab. For this year, we call upon people and businesses to come forward and join hands with UNHCR to help those who are most in need,” said Kelly T. Clements, UNHCR Deputy High Commissioner.

Funds raised through last year’s campaign in Kenya have enabled UNHCR to maintain seven out of the 22 existing boreholes in Dadaab through quick replacement of submersible pumps, overall maintenance, and security costs for those seven boreholes. This ensured the operational continuity of boreholes and sustained water supply to more than 100,000 people.

Safaricom, Dubai Islamic Bank Kenya, Eastleigh Business Community, and Khoja Community have already joined the initiative.

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PwC Report: Internet Advertising Spend in Kenya to Surpass TV after 2026 https://bizpostdaily.com/2023/09/19/pwc-media-entertainment/ https://bizpostdaily.com/2023/09/19/pwc-media-entertainment/#respond Tue, 19 Sep 2023 10:10:11 +0000 https://bizpostdaily.com/?p=6632 According to a recent report, traditional TV and home video will continue to dominate Kenya’s advertising industry, maintaining its stronghold until 2027. The PricewaterhouseCoopers (PwC) Entertainment & Media (E&A) Outlook report forecasts that the combined value of traditional TV and home video will reach USD 430 million (Sh63.25 billion) in 2026, reflecting a growth of […]

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According to a recent report, traditional TV and home video will continue to dominate Kenya’s advertising industry, maintaining its stronghold until 2027.

The PricewaterhouseCoopers (PwC) Entertainment & Media (E&A) Outlook report forecasts that the combined value of traditional TV and home video will reach USD 430 million (Sh63.25 billion) in 2026, reflecting a growth of USD 12 million (Sh1.77 billion) from this year’s USD 418 million (Sh61.49 billion).

Nonetheless, the report anticipates that internet advertising will rapidly gain ground and is poised to bridge the gap, reaching USD 429 million (Sh63.11 billion) by 2026.

It suggests that by this time, the margin between traditional TV and home video and internet advertising will narrow to just USD 1.2 million, paving the way for internet advertising to claim the top spot in subsequent years.

In addition, the report predicts a significant shift in advertising trends, with music and radio (valued at Sh21.48 billion) surpassing newspapers and consumer magazines (valued at Sh21.33 billion) in advertising space by 2023. It also foresees video games outperforming newspapers and consumer magazines in the same year.

Despite these shifts, the report underscores that internet access will continue to be the largest segment in Kenya’s E&M market throughout the forecast period.

The growth of the video game sector in Africa, particularly in Nigeria, Kenya, and South Africa, can be attributed to Africa’s youthful and tech-savvy population.

Remarkably, 40% of South Africa’s population engages in gaming, while Nigeria and Kenya follow closely with 23% and 22%, respectively. Notably, the majority of gamers in African markets prefer mobile devices for their gaming experiences.

Furthermore, the report outlines a promising future for the Entertainment and Media (E&M) industry in Africa, highlighting the potential of the metaverse and non-fungible tokens (NFTs).

According to Meta, the metaverse has the potential to make substantial contributions to the economies of Sub-Saharan African countries like Nigeria and Kenya, with estimates suggesting it could generate approximately USD 40 billion (Sh5.8 trillion) in economic activity.

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Standard Chartered Nairobi Marathon Celebrates 20 Years of Running https://bizpostdaily.com/2023/07/10/standard-chartered-nairobi-marathon-celebrates-20-years-of-running/ https://bizpostdaily.com/2023/07/10/standard-chartered-nairobi-marathon-celebrates-20-years-of-running/#respond Mon, 10 Jul 2023 14:21:46 +0000 https://bizpostdaily.com/?p=6525 Standard Chartered, in partnership with Athletics Kenya, announced the launch of the 20th edition of the Standard Chartered Nairobi Marathon over the weekend. This prestigious event has become an iconic part of Kenya’s sporting calendar and has made a significant impact over the past two decades. The marathon aims to provide a platform for elite […]

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Standard Chartered, in partnership with Athletics Kenya, announced the launch of the 20th edition of the Standard Chartered Nairobi Marathon over the weekend.

This prestigious event has become an iconic part of Kenya’s sporting calendar and has made a significant impact over the past two decades.

The marathon aims to provide a platform for elite athletes, promote community engagement and local economic development, inspire fitness and wellness, encourage innovation and collaboration, and have a positive environmental impact.

A Milestone Celebration

The 20th edition of the Standard Chartered Nairobi Marathon is being held under the theme “20 years of running.”

This milestone not only marks two decades of the bank’s commitment to organizing an internationally recognized sporting event but also celebrates the support of partners, sponsors, and dedicated runners who have helped build a brighter future generation.

The Nairobi Marathon has played a pivotal role in promoting talent and providing a launchpad for young Kenyan athletes to kickstart their sporting careers.

Many of these athletes rely on the marathon, which is approved by the International Association of Athletics Federations (IAAF), to showcase their abilities and improve their livelihoods.

Since 2019, Standard Chartered has invested KShs 311 million in its FutureMakers initiatives, benefiting over 24,000 individuals.

Race Details

The physical Standard Chartered Nairobi Marathon will take place on Sunday, October 29, 2023, at Uhuru Gardens, with the Southern Bypass as the race route.

Additionally, satellite marathons will be held in Kisumu, Mombasa, and Eldoret from October 22 to October 29, 2023.

The marathon features six race categories: 42km male and female, 21km male and female, 10km male and female, 21km wheelchair male and female, 5km Family Fun Run, and the Corporate Relay Challenge.

The organizers aim to have 25,000 runners participate in the physical marathon this year. To be part of this incredible event, you can register on the official website, www.nairobimarathon.com, until October 15, 2023.

The registration fee is KES 2000, and late registration after October 10, 2023, will require a fee of KES 2500.

Supporting Future Generations: The registration fees collected from the marathon will be directed towards the Standard Chartered Futuremakers programs, which focus on empowering the younger generation to learn, earn, and grow. In 2022 alone, the marathon raised a record contribution of KES 37 million for the FutureMakers initiative.

Sustainability and Beyond

Sustainability is a key focus for the Standard Chartered Nairobi Marathon. Beyond being a sporting event, the marathon aims to minimize negative impacts and drive positive change.

In 2022, over 20,000 runners participated, and more than 25,000 seedlings were distributed across the country as part of environmental protection measures.

The bank’s sustainability efforts are documented in its first sustainability impact report, launched in 2021.

To commemorate the 20th anniversary, the marathon will feature several unique initiatives. These include a 20-year journey museum, showcasing the marathon’s evolution and impact.

The event has also partnered with the Anti-Doping Agency of Kenya (ADAK) to maintain IAAF standards and ensure integrity. Additionally, aerial surveillance cameras will be deployed to monitor the races and chip technology will be utilized.

 

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Empowering African Researchers: Unveiling Research SPRING, the Game-Changer for African Research https://bizpostdaily.com/2023/05/29/empowering-african-researchers-unveiling-research-spring-the-game-changer-for-african-research/ https://bizpostdaily.com/2023/05/29/empowering-african-researchers-unveiling-research-spring-the-game-changer-for-african-research/#respond Mon, 29 May 2023 08:37:11 +0000 https://bizpostdaily.com/?p=6435 Research PLUS Africa, a prominent research organization dedicated to promoting equity, diversity, and inclusivity, has unveiled an innovative collaborative platform called Research SPRING. Designed to empower African researchers and revolutionize the research landscape in the continent, Research SPRING aims to foster collaboration, co-creation, and knowledge exchange among diverse stakeholders. With a focus on building a […]

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Research PLUS Africa, a prominent research organization dedicated to promoting equity, diversity, and inclusivity, has unveiled an innovative collaborative platform called Research SPRING.

Designed to empower African researchers and revolutionize the research landscape in the continent, Research SPRING aims to foster collaboration, co-creation, and knowledge exchange among diverse stakeholders.

With a focus on building a robust local evidence base and curating impactful knowledge products, this platform aspires to shape the future of research and evaluation in Africa.

A New Era for African Research
Research SPRING signifies a new era for African research, driven by Africans themselves. By bringing together researchers from across the continent, the platform seeks to generate cutting-edge research that addresses the unique challenges and opportunities in Africa.

Through collaboration and co-creation, Research SPRING aims to bridge the gap between research and practice, catalyzing the adoption of data-driven solutions and interventions that drive socio-economic development.

The Vision of Research PLUS Africa
Mokeira Masita, Founder and CEO of Research PLUS Africa, expressed her excitement about Research SPRING, emphasizing the importance of collaboration and co-creation in advancing research.

She believes that by empowering African researchers and promoting knowledge exchange, significant advancements can be made, leading to socio-economic growth on the continent.

Research PLUS Africa has been a pioneer in promoting equitable, inclusive, and locally-driven research in Africa, and Research SPRING is an extension of their commitment to these principles.

Decolonizing Research and Evaluations
Research PLUS Africa, celebrating its 10-year milestone, recognizes the historical biases, power imbalances, and knowledge gaps stemming from colonial legacies in research.

As part of an ongoing process, the organization is dedicated to learning, unlearning, and taking concrete actions to dismantle colonial structures within the research community.

They invite stakeholders and partners in the research space to join this movement toward decolonizing research and evaluations, ensuring that diverse perspectives, cultures, and knowledge systems of African people are reflected in research and evaluation processes.

By fostering collaboration, co-creation, and knowledge exchange, the platform aims to empower African researchers and generate impactful research that drives socio-economic growth on the continent.

With a commitment to decolonizing research and evaluations, Research PLUS Africa emphasizes the importance of inclusive and locally-driven research practices that respect diverse perspectives and knowledge systems.

The future of African research is bright, and Research SPRING is set to play a vital role in shaping it.

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Introducing TECNO’s Magic Skin: Elevating Design and Functionality in Smartphones https://bizpostdaily.com/2023/05/02/introducing-tecnos-magic-skin-elevating-design-and-functionality-in-smartphones/ https://bizpostdaily.com/2023/05/02/introducing-tecnos-magic-skin-elevating-design-and-functionality-in-smartphones/#respond Tue, 02 May 2023 12:41:35 +0000 https://bizpostdaily.com/?p=6363 Leading mobile phone manufacturer, Tecno,  has released a new video titled ‘Don’t Stop Creating: Magic Skin for a Better Design’. This video showcases their new technology called “Magic Skin”, which will be used on the body of TECNO’s phones, including the CAMON, SPARK, and POP series, to provide African consumers access to the latest global […]

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Leading mobile phone manufacturer, Tecno,  has released a new video titled ‘Don’t Stop Creating: Magic Skin for a Better Design’.

This video showcases their new technology called “Magic Skin”, which will be used on the body of TECNO’s phones, including the CAMON, SPARK, and POP series, to provide African consumers access to the latest global trends in smartphone design innovation.

TECNO is dedicated to becoming the most admired technology brand for young-at-heart consumers worldwide by continuously striving to innovate and improve product design.

With Stop At Nothing as its brand spirit, TECNO never stops innovating to create modern and stylish products for global consumers, bringing them the beautiful taste of a better future through fashionable design.

Magic Skin is a significant milestone for TECNO in 2023, offering both premium texture and unparalleled functional benefits.

The incorporation of this technology elevates functionality and visual allure, transcending the boundaries of practicality and aestheticism.

A piece of black Magic Skin. Photo Credit: TECNO

Magic Skin is a unique blend of polymers and micro-particles that create a skin-friendly, stylish and easy-to-clean coating.

This material has become a staple in high-end yacht and automotive interiors, boasting a sleek modern design and buttery-soft texture.

The Magic Skin has undergone thorough testing including for stain resistance and extreme elements like freezing weather, high temperatures and waterproof tests among others.

As Tecno stops at nothing to innovate, Tecno users now also have an opportunity to stop at nothing with their creativity – not heat, not freezing temperatures and definitely not wet conditions.

TECNO’s unwavering commitment to innovation has propelled the brand to new heights in design, establishing itself as a trailblazer in the industry.

Magic Skin is an innovative technology that combines polymers and micro-particles to produce a coating that is friendly to the skin, stylish, and easy to clean.

With this technology, TECNO devices are poised to exceed the boundaries of both practicality and aestheticism.

Smartphones require both advanced technology and appealing designs to be successful. Magic Skin provides a unique blend of functionality and visual allure, ushering in a new era of elevated user experience.

This technology is already a mainstay in high-end yacht and automotive interiors. It boasts a sleek, modern design and buttery-soft texture that is visually stunning and easy to clean.

TECNO believes that designing products is as important as their functionality in creating a better future. Lucia Liu, Chief Brand Officer at TECNO, credits their “stop at nothing” philosophy for the company’s success in delivering products that push the limits of design and aesthetics.

TECNO Won Global Awards. Photo Credit: TECNO

Innovation is an integral part of TECNO’s DNA, and they are committed to their “Don’t Stop Creating” mantra. Magic Skin is evidence of their unwavering dedication to pushing boundaries and exploring new creative frontiers.

TECNO will continue to innovate in design and establish itself as a trailblazer in the industry with Magic Skin as a testament to their commitment.

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Ogilvy Africa launches Project Disposafely for Gertrude’s Children’s Hospital – An initiative for Safe disposal of Medicines and Pharmaceutical Waste https://bizpostdaily.com/2023/04/06/ogilvy-africa-launches-project-disposafely-for-gertrudes-childrens-hospital-an-initiative-for-safe-disposal-of-medicines-and-pharmaceutical-waste/ https://bizpostdaily.com/2023/04/06/ogilvy-africa-launches-project-disposafely-for-gertrudes-childrens-hospital-an-initiative-for-safe-disposal-of-medicines-and-pharmaceutical-waste/#respond Thu, 06 Apr 2023 19:20:03 +0000 https://bizpostdaily.com/?p=6246 Ogilvy Africa has announced the launch of a new campaign for Gertrude’s Children’s Hospital aimed at tackling the growing issue of medicine and pharmaceutical waste disposal. The initiative is designed to promote awareness on the care of medicine and safe disposal mechanisms to ensure the safe collection and disposal of unused and expired medicines aimed […]

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Ogilvy Africa has announced the launch of a new campaign for Gertrude’s Children’s Hospital aimed at tackling the growing issue of medicine and pharmaceutical waste disposal.

The initiative is designed to promote awareness on the care of medicine and safe disposal mechanisms to ensure the safe collection and disposal of unused and expired medicines aimed to prevent medical waste from ending up in the hands of the public or contaminating our soil and water systems.

“We are delighted to support Gertrude’s Children’s Hospital in developing this scalable model for safe pharmaceutical waste disposal,” adds Vikas Mehta, CEO Ogilvy Africa. “There is a serious lack of awareness amongst the general public about the health hazard we create every time we throw away old medicines in our garbage cans. DispoSafely is an attempt to bring about systematic behavior change that would protect our environment and reduce public health risks.”

“When we recklessly dispose of pharmaceutical products, we not only contaminate the land and water, but we also risk fueling the dangerous trade of reselling these products to vulnerable communities, thereby endangering both the environment and populations. This initiative is a step forward towards achieving a sustainable and healthier future for all,” said Dr. Robert Nyarango, Chief Executive Officer Gertrude’s Children’s Hospital.

Despite policy guidance on pharma waste disposal, there is a lack of execution in the public domain. The low public awareness of disposal mechanics, lack of infrastructure for collecting and safe disposal of pharma products, high cost of waste management, and dumping of pharma and medical waste into garbage all contribute to the problem.

Recent research in low and middle-income countries show increased availability of unused or expired pharmaceuticals, especially post-COVID.

A study by MDPI suggests that more in-depth research is necessary in Africa. Based on the study conducted in Nairobi, the findings show that knowledge of the safe disposal practices of unused medicines is relatively weak.

“A large percentage of respondents believed that throwing unused medicines in the garbage bin (28%) or flushing them down the toilet (25%) was an acceptable disposal practice. Therefore, there is an urgent need for an awareness campaign to educate the public on the importance of safe disposal practices for pharmaceutical waste to protect human health and the environment,” said the study.

 

To address these issues, Ogilvy Africa and Gertrude’s Children’s Hospital have developed DispoSafely, a three-pronged program that aims to increase consumer awareness, facilitate the collection and disposal of unused medicines through accredited chemists in Nairobi, and provide social gratification for safe drop-offs. Infrastructure for the safe disposal of unused and expired medicines will also be created.

Commenting on the project, Ogilvy Africa’s Chief Creative Officer, Delna Sethna, said: “As a creative agency, we are always searching for ideas that can truly make a difference in the world.

DispoSafely is one such idea. It is essential that we promote the safe disposal of expired and unused medicines to protect our environment and prevent harmful substances from ending up in our water systems, landfills, or even the black market.

We are honored to be part of this initiative and aim to create a significant impact by promoting a change in behavior on how we dispose of medicines and pharma-waste.”

Through this initiative, Gertrude’s Children’s Hospital and its satellite clinics in Nairobi will be used as drop-off points for unused and expired medicines and pharmaceutical products for safe disposal and incineration.

While the initial rollout will be in Nairobi, Gertrude’s Children’s Hospital and Ogilvy Africa are open to partnering with more organizations from across the country to scale up the safe collection and disposal of pharma-waste.

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Central Bank Governor warns Banks against engaging in predatory lending practices https://bizpostdaily.com/2023/03/30/central-bank-governor-warns-banks-against-engaging-in-predatory-lending-practices/ https://bizpostdaily.com/2023/03/30/central-bank-governor-warns-banks-against-engaging-in-predatory-lending-practices/#respond Thu, 30 Mar 2023 05:41:40 +0000 https://bizpostdaily.com/?p=6239 Central Bank of Kenya (CBK) Governor, Dr Patrick Njoroge, has warned commercial banks against engaging in predatory lending practices. In a press release issued on Tuesday, the governor said that such practices could lead to a surge in non-performing loans, hurting the financial sector’s stability. “Predatory lending practices by banks can lead to a rise […]

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Central Bank of Kenya (CBK) Governor, Dr Patrick Njoroge, has warned commercial banks against engaging in predatory lending practices. In a press release issued on Tuesday, the governor said that such practices could lead to a surge in non-performing loans, hurting the financial sector’s stability.

“Predatory lending practices by banks can lead to a rise in non-performing loans and put the stability of the banking sector at risk,” said Dr Njoroge. “We urge commercial banks to be responsible and avoid such practices that may lead to financial distress for both the borrowers and lenders.”

The CBK governor also noted that the regulator had observed some banks offering unsustainable loan repayment terms to borrowers, which could lead to defaults. He further warned that such actions could damage the country’s credit culture and undermine financial inclusion efforts.

“We have noted some banks offering unsustainable loan repayment terms that may lead to defaults and impair the credit culture,” said Dr Njoroge. “Such actions undermine financial inclusion efforts and create unnecessary stress on borrowers.”

The governor called on commercial banks to adhere to responsible lending practices and ensure that they lend to borrowers who have the capacity to repay their loans. He also urged borrowers to take out loans that they can comfortably service and to avoid over-indebtedness.

“We encourage commercial banks to lend prudently and ensure that borrowers have the capacity to service their loans. We also urge borrowers to take out loans that they can comfortably service and avoid over-indebtedness,” said Dr Njoroge.

The CBK governor’s warning comes as the country’s financial sector grapples with a surge in non-performing loans. According to the regulator’s latest data, the ratio of non-performing loans to total loans in the banking sector rose to 14.1% in December 2022, up from 12.7% in December 2021.

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KenSAP secures Sh 8.5 billion worth of scholarships from top American universities for Kenyan students https://bizpostdaily.com/2022/10/29/kensap-secures-sh-8-5-billion-worth-of-scholarships-from-top-american-universities-for-kenyan-students/ https://bizpostdaily.com/2022/10/29/kensap-secures-sh-8-5-billion-worth-of-scholarships-from-top-american-universities-for-kenyan-students/#respond Sat, 29 Oct 2022 06:06:34 +0000 https://bizpostdaily.com/?p=5918 The Kenya Scholar Access Program (KenSAP) has this year reached a milestone after generating a total value of more than Ksh. 8.5 billion in financial aid since its inception in 2004. Being in operation for more than 18 years, KenSAP has placed more than 250 Kenyan scholars at the most competitive and selective universities in […]

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The Kenya Scholar Access Program (KenSAP) has this year reached a milestone after generating a total value of more than Ksh. 8.5 billion in financial aid since its inception in 2004.

Being in operation for more than 18 years, KenSAP has placed more than 250 Kenyan scholars at the most competitive and selective universities in North America, including Harvard, MIT, Princeton, Stanford, Yale, and 47 more universities. The value of university financial aid they’ve generated since 2004 is more than Kshs 8.5 billion.

The announcement was made during the 4th KenSAP annual charity dinner gala held in Nairobi.

Speaking during the dinner gala, the Principal Benefactor and Chairman of KenSAP’s Board of Directors, Charles Field-Marsham, advised the scholars to “take full advantage of the extraordinary opportunities presented to them when they study abroad, and apart from focusing on only academic excellence, they should pursue leadership training, networking, and global exposure”. The Chairman also urged stakeholders and partners to collaborate to realize the dreams of Kenya’s high-achieving youth.

“We started as a university access program but now, we’re also a university preparation program and a professional development program for our students and alumni. Most of all, we are a community of peers, alumni, and partners that our students can turn to for support throughout their lives.

We believe that as our students and alumni grow older, the KenSAP Alumni Network will become more influential and will increase its impact on Kenya and the surrounding region,” added Alan Davidson Executive Director KenSap.

KenSAP provides access to world-class higher education for high-achieving Kenyan high school graduates from disadvantaged backgrounds and marginalized communities who would otherwise have no chance to pursue such opportunities in global institutions across the world.

Each year, KenSAP selects about 20 students from more than 1000 highly qualified applicants. Just to apply, candidates must rank among the top 1⁄10 of 1% of all test takers on the KCSE.

But KenSAP’s selection process, like that of the universities to which its students apply, is holistic, taking into consideration a range of criteria beyond the purely academic, such as family background, extracurricular accomplishments, commitment to community development, and leadership potential.

The selected students spend about 20 weeks in residential training free of charge, with KenSAP covering all of their costs of attendance.

In this training program, they prepare for university entrance exams, attend American-style seminar courses, learn about America and its universities, and are guided through the complex university application process.

Since 2006, every student taken into the program has earned admission, with full financial aid, to a distinguished American college or university.

Once KenSAP students are admitted to the university, KenSAP continues to support its students. KenSAP places students into pre-university internships in Kenya and conducts an extensive college readiness and college orientation program for its students.

Once the students are in the United States, the program conducts an orientation for new arrivals, organizes reunions that combine career-oriented seminars with social networking, and offers academic counselling and alumni mentorship programs.

With long-term impact in mind, KenSAP has become very active in career development and has helped place dozens of alumni in rewarding jobs and internships in Kenya. Since its inception in 2004, more than 80 beneficiaries have returned to Kenya to work at leading companies and institutions.

Because of the support the program gives its students, and because of its remarkable college admissions track record, KenSAP has long been the first option for talented Kenyan students hoping to pursue higher education in the US.

The program began when Kenyatta University Professor Mike Boit and American journalist friend John Manners (Founding Executive Director) initiated a successful pilot scheme with a group of five students which later was scaled t0 15-20 students after the founding sponsor Charles Field-Marsham stepped in to ensure sustainability for the program, providing 95% of its funding until 2017, when he led the program to a more sustainable fundraising approach.

Since 2017, KenSAP has expanded its fundraising to include several corporates in Kenya, individual donors in Kenya and around the world, and KenSAP alumni. KenSAP alumni have given more than $250,000USD back to KenSAP, and they are aiming for higher annual targets in the future.

This initiative by KenSAP comes at a time when private and public stakeholders are being called upon to embrace sustainable practices by adopting the UN Sustainable Development Goals (SDGs) as a guide to assist in the attainment of inclusive and equitable quality education and promote lifelong learning opportunities for all.

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