Faulu Microfinance Bank has introduced a Money Market Fund (MMF) to offer customers flexible and profitable investment opportunities. The fund, managed by Old Mutual Investment Group, provides access to short-term financial instruments with a current yield of 16.32% per annum. With a minimum investment of Sh1,000, the MMF aims to broaden investment access for Faulu customers. “This launch broadens the access of our clients to high-quality investment opportunities,” said Ouma Faulu Bank’s CEO. The bank’s strategic move is underpinned by a Sh900 million capital injection from Old Mutual Group, strengthening its financial position and expanding its product offerings. Additionally, Faulu…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Bayer has transformed its East African business model by outsourcing distribution to Imperial Distributors. This strategic move allows Bayer to concentrate on medical affairs and stakeholder engagement while enhancing product accessibility. German pharmaceutical company Bayer has streamlined its East African operations by outsourcing transportation, warehousing, and distribution to Imperial Distributors. This strategic move allows Bayer to concentrate on medical affairs, regulatory compliance, and stakeholder engagement. The partnership, dubbed “Smart Serve,” aims to enhance product availability and accessibility across Kenya and the wider East African region. By leveraging Imperial’s distribution expertise, Bayer expects to reduce lead times and expand market reach.…
A Kenyan court has issued a temporary injunction halting the implementation of the government’s new digital identity system, Maisha Namba. “Pending the hearing and determination of this Application, a conservatory order be and is hereby issued staying/halting the further and continued implementation of the Unique Personal Identifier (Maisha Namba), 3rd Generation National Identification Card (Maisha Card), Maisha Digital ID and Maisha Database,” read the statement in part. The ruling by High Court Judge, L.N Mugambi follows a petition challenging the constitutionality of the Maisha Namba rollout from filed by Haki na Sheria. “Should the respondents be allowed to proceed with…
Equity Group and the World Food Programme (WFP) signed a deal to provide financial resources and training to small-scale farmers in Africa. The agreement aims to improve food security and transition communities from relying on food aid to self-sufficiency. Key components of the agreement include training and facilitating access to loans through Equity Bank subsidiaries – Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia – and providing technical assistance to processors and entrepreneurs in the agricultural value chain. The program will also train farmers on climate-resilient practices, regenerative agriculture, and financial management and offer…
The Capital Markets Authority (CMA) has greenlit new trading rules for 2024 at the Nairobi Coffee Exchange (NCE). These regulations aim to streamline operations and create a fair playing field for all licensed participants in the coffee value chain. Key Changes to the NCE Trading Rules 2024 The rules have introduced penalties for violations to deter misconduct during coffee auctions. Users, brokers, and buyers who break the rules risk losing their trading licenses. Mandatory implementation of the Direct Settlement System (DSS) for coffee transaction settlements. This ensures a dedicated account for managing coffee proceeds and facilitates timely payments to growers.…
The Kenyan High Court has ruled that golf clubs and similar recreational clubs are exempt from paying Value Added Tax (VAT) on membership fees and entrance fees. Justice Nixon Sifuna distinguished between “capital” (club funds) and “income” (profit from services). Membership fees are considered contributions to maintain club facilities, not payment for services, and thus not subject to VAT. Clubs Challenged Tax Demand The Kenya Revenue Authority (KRA) had demanded VAT on membership fees from several clubs, including Sigona Golf Club and Thika Golf Club. However, the clubs argued they were exempt as non-profit organizations. The Tax Appeals Tribunal sided…