Business News Highlights

SMEs to benefit from new KBA initiative

Small and Medium-sized Enterprises are set to benefit form a Kenya Bankers Association (KBA) Initiative that seeks to promote financial literacy among members of the public. SMEs, along with budding entrepreneurs will be given the opportunity to gain financial proficiency following the launch of a new television programme.

The programme, dubbed ‘360 Changing Lives’, will see ordinary Kenyans within the SME sector get seed capital from KBA and financial lessons to help them access funds from the banking industry. Participants will receive seed capital of up to Sh35,000 to purchase equipment for their business and a scholarship for a financial literacy course worth Sh15,000. At the end of the 13-week programme, the winning participant will receive a Sh300,000 grant from the KBA to be used to scale up their business.

Britam opens fresh case against Cytonn Directors

Britam Asset Management has opened a fresh case against four former executives who are now working as Directors for financial services firm, Cytonn Investments. Britam is seeking to deregister the Directors in a bid to relieve them of their roles as accountant, advocates and financial analysts for allegedly colluding to rob the former company of Sh7 billion.

Britam claims in its complaint that the four former executives had, before resigning, formed firm Cytonn Investments, a competing, and hijacked clients with multi-billion shilling projects for their new firm. It also claims that the four Cytonn directors illegally transferred Sh1.1 billion from Britam’s accounts to real estate firm Acorn Group. This is the second time that Britam is seeking punitive action against the  four having sued them in a case that is still pending in court.

Kenya Railways floats contract for replacement of schools displaced by SGR construction

Kenya Railways has called on companies to apply for a contract to replace 10 schools that will be affected by the construction of the Standard Gauge Railway (SGR) linking Mombasa to Nairobi. The winning firm(s) will construct 10 new schools to replace those damaged or demolished during the construction process. Kenya Railways has requested bids from companies to build the 10 schools, which will be located in among, other places, Kajiado and Kwale.

The Mombasa-Nairobi SGR is the biggest infrastructure project in Kenya since independence. It will shorten the passenger travel time from Mombasa to Nairobi from more than ten hours to a little more than four hours. Freight trains will complete the journey in less than eight hours.

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