Business News Highlights

Devolution Ministry in move to push country’s GDP up by 10 per cent as state moves to eradicate poverty

The Ministry of Devolution and Planning has launched the second strategic plan for the National Government’s Constituency Development fund (NG-CDF) seeking to propel the country’s GDP growth by 10 per cent over the next one year.

Cabinet Secretary for the Ministry of Devolution Mwangi Kiunjuri, who was represented by his Permanent Secretary Saitoti Torome, said both the NG-CDF and attainment of ISO 9001:2008 certification would — by 2017 — improve basic standards of how business owners relate to their customer thus pushing the country’s economy by a slight 10 per cent.

GPF partners with corporate organizations to award innovative students in Kenya

The Global Peace Foundation, in partnership with Airtel Kenya has organized a four day Innovators Boost Camp dubbed ‘Raising Moral and Innovative Leaders for Economic Independence’. The programme targets students from top schools in the country and is aimed at providing up to 60 Leap Hubs Students with mentorship and investment opportunities. The affair will run up until August 18, 2016

Speaking while addressing over 1,000 students yesterday at Alliance Girls High School in Kiambu County during the opening of the Boot Camp Programme, ICT Cabinet secretary, Mr. Joseph Mucheru said innovation within the technology sector is now a driver for economic growth.

SITA introduces fast, secure connectivity communication system to help Kenya Airways optimize service delivery

SITA, a global air transport communications provider, has partnered with national carrier Kenya Airways to help the airline build its renewed focus on cost optimization and modernization. Through SITA Connect, the airline will have access to high-speed, secure connectivity communication linking employees and sales offices around the world to Kenya Airways’ central systems and applications to manage everything from reservations, check-in and boarding.

Mbuvi Ngunze, Group MD and CEO of Kenya Airways said that the airline needed a single communications partner that could take care of all its connectivity requirements. Using SITA’s common-use infrastructure eliminates the complexity of dealing with local telecom providers while enabling Kenya Airways to connect securely to their central systems and applications from any airport in the Airport Hub network.

Majority of Kenya Power customers prefer mobile money payments

Mobile money is the most preferred mode of payment among electricity consumers, new data from energy provider Kenya Power has revealed. An internal analysis by Kenya Power done between July 2015 and June 2016 revealed that mobile money platforms accounted for 59.6 per cent of all transactions involving payment for electricity.

In the previous year, payments through the medium took up 54.8 per cent of the total transactions, up from 43.46 per cent in the year ending June 30, 2014, stated the report. The analysis comes at a time when the firm is diversifying its means of collecting revenue to ease payment processes for customers.

High interest rates hit motor industry hard, GMEA says

General Motors East Africa (GMEA) has experienced a dramatic shift that has led to a decline in the industry’s volumes by 30 per cent due to high interest rates. Since the end of last year, Rita Kavashe the Managing Director GMEA says that the closure of three banks early this year and high interest rates led the vehicle manufacturing industry to slow down.

Kavashe said the industry manufactures 32,000 units per annum on a single shift but due to the decline experienced so far, the company is likely to close at 14,000 units at the end of the year. The company has also announced plans to venture into the Common Market for East and South Africa (COMESA) market as they are still negotiating on the acceptance of their products locally.

 

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