Business highlights – August 18 2017 – M-Pesa loses over Ksh400 million due to election jitters

Business highlights – August 18 2017 – M-Pesa loses over Ksh400 million due to election jitters

Nakumatt suspends striking staff:

Chain retail Nakumatt Supermarkets has suspended 30 employees who also risk being dismissed for participating in a two-week strike.

The workers were among others who downed their tools two weeks ago protesting the non-payment of their June and July salaries.

The retailer issued show-cause and suspension letters to the employees with an ultimatum of August 22 to explain why they should not be dismissed.

The retail chain which accused the employees of economic sabotage termed the strike as illegal.

Nakumatt argues that the employees went on strike illegally since their union, Kenya Union of Commercial Food and Allied Workers (KUCFAW), had not instructed them to do so.

Nairobi, Dar trade tiff weighs down on dairy sector:

Kenya’s milk exports to Tanzania declined by a massive 80% between 2014 and 2016 on account of a protracted row between the two countries.

Statistics from the Kenya Dairy Board (KDB) indicate that indicates exports to Tanzania dropped to Sh130 million last year from Sh648 million the previous year.

Tanzania, which is one of Kenya’s key milk markets has imposed tariffs that make it hard for Kenyan milk to access the market. Dar-es-Salaam levies Sh10.25 for every kilo of milk exported.

KDB managing director Margret Kibogy said the tariffs should be abolished as they contravened the spirit of East African protocol that allows goods from regional states to access any of the market without restrictions

M-Pesa loses over Ksh400 million due to election jitters:

Safaricom money transfer platform M-Pesa lost an estimated Ksh414 million in the past two weeks on the back of poll jitters before and after the release of the results for the hotly contested presidential seat.

The telco’s chief executive Bob Collymore that cash flow during the period was significantly slow as most users who depend on daily wages did not have money to transfer.

Like most businesses, most M-Pesa agents remained closed while others reduced the cash they were holding as most people stayed at home fearing a violence flare-up.


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