Author: David Indeje

The Africa Telecommunication Union (ATU) announced the launch of the ATU Africa Innovations Challenge 2020. The challenge is targeted at identifying and supporting young African innovators who have developed mobile applications useful for benefiting the fight to contain COVID-19 in Africa. The top prize winner in the competition is expected to carry home a cash award of USD 5000 aside from being engaged in other mentorship and partnership programmes.  “This challenge will be instrumental in recognizing, testing and highlighting disruptive innovations and new business models that have the capacity to redefine Africa,” said the ATU Secretary-General Mr. John OMO. Omo…

Manufacturers should adopt digital technology faster to adjust to the new normal for sustainability, SYSPRO Africa Head of Solutions Engineering Deirdre Fryer said. “For a long time, we have been talking about digital transformation. In some business circles, it was not well understood; in others, it was just ignored. But now, we are suddenly seeing people and businesses beginning to develop an interest in digital transformation. It has now become a re-ignited topic, one that people are paying attention to and want to explore,” noted Ms. Deirdre. She was speaking during a webinar series hosted by SYSPRO to assist Kenyan…

Kenya Airways on Friday said that its losses during the first half of the current fiscal has widened to Ksh 21.07 Billion, as against losses of Ksh 8.05 Billion it had incurred during the same period last year. Its total revenues fell to Ksh 30.21 billion while passenger numbers dropped to 1.1 million, and passenger revenues declined to Ksh 20.23 billion. READ Kenya Airways Estimates Revenue Loss of  $500M by December Kenya Airways Projects KSh40Bn Lose in Revenue in 2020 Kenya Airways Chief Executive Forecasts 76pct Travel Market Lose by December “During the first half of 2020, operations were severely…

Absa Bank Kenya on Thursday posted an 85 percent fall in net profit at KSh588.9 million for the half-year ended June compared to KSh3.8 billion a year earlier due to a rise in provision and contingencies. The lender said it realised the half-year Normalised profit after tax of Ksh 1.2 billion excluding an exceptional item of Ksh 1.7 billion which it incurred as part of the just-concluded separation and brand transition to Absa. It said it has restructured loans worth KSh57 billion, representing 28 percent of its loan book. READ Barclays Spend KSh910 million in Re-brand to ABSA,  Posts 14pct…

Diamond Trust Bank Kenya on Thursday reported a 36 percent decline in its profit after tax to Kshs 2.6 billion for the first half of the year compared to Ksh 4.1 billion. This was attributed to a decline in total interest income and an increase in operating expenses due to increased loan loss provisioning. Loan provisions surged 249.2 percent year on year to KSh1.9 billion. Non-Interest Revenue grew 5.9 percent and 1.2 percent growth in Net Interest Income. READ Diamond Trust Bank Kenya Receives KSh500 million Covid-19 SME Support Loan from IFC Diamond Trust Bank Q1 Profit Jumps But Non-Performing…

Kenya President Uhuru Kenyatta says the country’s economy has fared well in spite of some sectors having been hard hit due to Covid-19. According to the Head of State, the majority of Kenyans have exercised a reasonable level of civic responsibility in observing COVID Protocols. “I must admit that we have done better than we expected. For instance, even under COVID, the economy has grown by 4.6 percent compared to 5.5 percent last year,” said Kenyatta in his eleventh presidential address on COVID-19 pandemic. “The current economic indicators, without doubt, are lower- but definitely far better than we ever anticipated.”…