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BangBet Kenya: The Ultimate Online Gaming and Betting Destination in Kenya

by Daily Trends
written by Daily Trends

Online gaming and betting have taken the world by storm, and Kenya is not an exception.

The country has seen a surge in the number of online gaming and betting platforms that cater to all types of players.

Among these websites, BangBet Kenya stands out as one of the best online gaming and betting destinations in Kenya.

This website has been gaining popularity in the online gaming and betting industry, with many players considering it the ultimate gaming and betting platform in Kenya.

Launched in 2019, BangBet Kenya has quickly gained a reputation for its user-friendly interface, extensive game selection, generous bonuses, and excellent customer support.

The website is licensed and regulated by the Betting Control and Licensing Board (BCLB), which ensures that all its operations are fair, transparent, and secure.

The website caters to all types of players, from beginners to experienced players, and offers a variety of games and betting options.

One of the key factors that make BangBet Kenya the ultimate online gaming and betting destination in Kenya is its extensive game selection.

The website offers a wide range of games that cater to all types of players, including sports betting, virtual sports, casino games, and live dealer games.

The sportsbook section of the website offers betting options for a variety of sports, including football, basketball, tennis, rugby, and cricket.

The virtual sports section offers betting options for virtual football, horse racing, greyhound racing, and more.

The casino section of the website is packed with a wide range of games, including slots, table games, and live dealer games.

The slots section offers a wide variety of games, from classic slots to video slots, with different themes and features.

The table games section offers games such as roulette, blackjack, baccarat, and poker.

The live dealer games section offers games such as live roulette, live blackjack, and live baccarat, giving players a real-life casino experience.Another key factor that makes BangBet Kenya the ultimate online gaming and betting destination in Kenya is its commitment to responsible gambling.

The website offers tools and resources to help players gamble responsibly, such as self-exclusion, deposit limits, and reality checks.

One unique selling point (USP) of BangBet Kenya is its mobile app. The app is available for both Android and iOS devices and offers a seamless gaming experience on the go.

The app is easy to use, fast, and offers all the features and games available on the website. The app also offers exclusive bonuses and promotions for mobile users.

BangBet Kenya is also known for its excellent customer support.

The website has a comprehensive FAQ section that answers most common questions. If players have any further questions or issues, they can contact the customer support team via live chat or email.

The customer support team is available 24/7 and is responsive and helpful.

The website also offers a variety of bonuses and promotions for players. New players can enjoy a welcome bonus when they sign up and make their first deposit.

The website also offers reload bonuses, cashback offers, and free spins promotions for existing players. The website also has a loyalty program that rewards players for their loyalty.

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Business

Introducing The Next Big Thing: Infinix Hot 30 To Be Launched In Kenya On April 7

by Daily Trends
written by Daily Trends

The Latest Smartphone from the Infinix HOT Series! Get ready to experience the cutting-edge technology and innovative features of the HOT Series newest smartphone.

With its sleek design and powerful performance, this device is set to revolutionize the world of mobile technology.

Equipped with the latest hardware and software, this smartphone boasts a high-speed processor and advanced camera system that will capture every moment with crystal clear detail.

Whether you’re an avid photographer, a social media influencer, or simply someone who loves to stay connected on the go, this device has everything you need. But that’s not all! The HOT’s Series newest smartphone also comes with a range of exciting features designed to enhance your user experience.

From a sleek and intuitive interface to an advanced security system, this device has it all. And with Infinix’s commitment to youth empowerment, it was only right to invite students from Universities all over the country to share an innovative experience.

Infinix kicked off on high gear since they launched the #MuHOAT Dance challenge, with top 3 finalists standing a chance to win a cash prize at the launch on ,7th April.

The launch will feature performances by the faves amongst Genzers mostly with brand’s commitment to promoting talent and creativity as young as possible. Infinix has in addition partnered with like minded brands like Fanta and Blaze by Safaricom.

So get ready to experience the future of mobile technology. Stay tuned for the official launch of the Infinix HOT 30 and be the first to get your hands on the hottest device of the year!

For more details visit: http://www.infinixmobility.com/

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Business

Long Con: How Mandago Administration Colluded With KCB, Agents To Fleece Uasin Gishu Parents In A Scholarship Scam

by Daily Trends
written by Daily Trends

In May 2021, the Uasin Gishu County Government partnered with Tampere University, Finland, in a programme that would see students from the devolved unit airlifted to live, study and work in the foreign country.

It was a dream come true for many, given the yearning of young Kenyans to join universities overseas.

Many, especially those from humble backgrounds, had enthusiastically applied for the opportunity, hoping it would save them from the tedious immigration processes that come with obtaining travel documents.

The first batch of learners left the country in September 2021, three months after the deal was signed – the 51 students were to pursue medicine and other science-related courses: 25 were going to pursue degree courses and 26 were to pursue diplomas.

The icing on the cake was that the successful applicants in the programme were guaranteed employment in Finland upon completion of their courses.

Because of this, many families took a chance, organising fundraisers to raise the fees to enable their sons and daughters to pursue the dream that would alleviate them from their challenging backgrounds. 

The county government went ahead to open an account – the Uasin Gishu County Government Overseas Trust Fund – at KCB Bank to collect the tuition fees the students were required to pay.

Under the deal, the devolved unit was to act as a guarantor for the students in their respective universities in payment of their tuition fees.

The county government agreed to collect money from the parents and remit it as a lump sum, thus there was no agreement between parents and the universities to pay the tuition fees directly to the institution.

On September 14, 2021, former Governor Jackson Mandago (now the county senator) flagged off the first batch of 51 students to travel to Finland to study in a partnership that sought to produce qualified health personnel for the international labour market, while at the same time addressing youth unemployment.

Some of the parents are demanding a refund of their money terming the entire arrangement a scam.

The complaints prompted the formation of an ad hoc committee to establish the legal framework on which the Finland scholarship programme was anchored. The team is looking into whether there is a memorandum of understanding between the county government and the targeted Finland universities. 
The committee was informed that 202 students are in Finland under the programme, which was to be implemented at Tampere, Jyvaskala and LUT universities, among others. According to the county education department, Max-global acted as the agent in the recruitment of students and the county stood in for the bank statements for the students.

Committee Findings

The ad-hoc committee has recommended disciplinary action against officials implicated in the scam. It has further recommended a refund of money paid as fees by parents under the much-hyped Uasin Gishu students airlift programme.

The committee found out that senior County officials colluded with Kenya Commercial Bank (KCB) and agents to fleece parents of millions in a Finnish scholarship scandal that saw learners airlifted and dumped in Europe.

Following its investigation, the team, whose report was endorsed by the county assembly for consideration, now wants the Ethics and Anti-Corruption Commission (EACC), the Directorate of Criminal Investigations (DCI), and other relevant agencies to move in and investigate the implicated senior county officials for forgery, abuse of office and integrity.

The committee led by Mr Gilbert Chepkonga has endorsed the recovery of the stolen money to support some of the students who are said to be stranded in Finnish universities.
According to the report, the Uasin Gishu County Government, under the stewardship of former Governor Jackson Mandago, now the Uasin Gishu Senator, opened the ‘Uasin Gishu County Government Overseas Trust Fund’ account in Kenya Commercial Bank (KCB) for purposes of receiving tuition fees for the students benefiting from the scholarship programme.
Protesting parents led by Mr Reuben Chepses Koech told the committee those who applied for the opportunity were required to pay an interview fee of Sh6,500, but were not issued with receipts for the payment.

The students were then required to pay 8,650 euros — equivalent to Sh1.19 million in school fees, Sh80,000 accommodation fee for three months, Sh30,000 insurance fee, Sh49,000 for a visa, Sh5,000 for Covid test and 100,000 for their flights.

The eligible candidates were issued with acceptance letters from their respective universities, while the County Government of Uasin Gishu issued them with a certificate of full scholarship.

On September 14, 2021, Mr Mandago flagged off the first batch of 51 students to travel to Tampere to study in various fields, in the partnership that sought to produce qualified health personnel for the international labour market, while at the same time addressing youth unemployment.

However, according to the report by the committee, the implementation of the programme was a highly guarded secret that even then-county head of Education Joseph Kurgat was kept in the dark, despite it being under his docket.
Mr Kurgat told the committee that the programme was not discussed at the county Cabinet level and no policy framework was tabled for Cabinet approval.

Case with KCB

While accusing KCB officials of being part of the bigger plot, the committee is demanding a forensic financial audit of the Uasin Gishu Education Overseas Trust Account at the KCB Eldoret East branch, and that county employees mentioned as beneficiaries of the transactions from the account be suspended pending investigations.

According to bank statements tabled before the committee, several individuals, including senior county officials are among the irregular beneficiaries of funds meant for the students.

“The County Executive to engage the services of an independent and reputable external forensic auditor to audit the account and report back to the county assembly within 30 days.

The forensic auditor’s term of reference shall be to analyse the financial data to look for evidence of the crime,” said the report.

The committee further wants KCB to investigate and take necessary action against its staff for professional negligence, by allowing the Uasin Gishu Overseas Education Trust Account to be opened without conducting due diligence.

The report reveals that some trustees heavily benefited financially from withdrawals from the account, although they were not entitled to a monetary benefit.

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Business

Stephen A. Newton joins Ad Dynamo by Aleph as Managing Director for Africa 

by Daily Trends
written by Daily Trends

Ad Dynamo by Aleph has appointed Stephen A. Newton as its managing director for Africa. Newton will prioritise pan-African expansion and assisting Ad Dynamo by Aleph’s  partners in overcoming the challenges of doing business across the continent.

Ad Dynamo by Aleph is Spotify, Twitter, Snap, and  Yahoo’s  exclusive media buying extension in Africa. As an enabler of digital advertising in emerging markets, the organisation is helping to break down barriers. 

“As both  a developing market and a continent with a rapidly growing population, Africa is poised to house not only a sizeable portion of the world’s population but also a sizeable portion of the world’s eligible workforce,” says Newton. “I am excited to play a part in implementing Aleph’s goal of breaking barriers.” 

“At Ad Dynamo by Aleph, we plan to continue to grow in anticipation of our partners’ needs and solidify our position as a preferred partner,” he adds. “We will build where they need us using tried and trusted methodologies, and we will continue to collaborate to create platforms that reduce the friction associated with doing business in these markets.”

Newton, an entrepreneur at heart, has more than 25 years of experience leading EMEA businesses across the digital space. He is currently on a number of advisory boards for startups and mid-sized African companies that work in different parts of the online space. He is also the chairman and co-founder of The Illuminate Africa Group Ltd., a consulting firm that helps companies achieve their African expansion goals.

Newton has worked as managing director of Google South Africa, vice president and managing director of the Ad Exchange for Google-bought DoubleClick EMEA, managing director of Africa for PostivoBGH, chief executive officer of Date.ce, and interim chief operating officer of Universal Music Group Africa.

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Business

How Tech Can Help Stimulate Micro Economies

by Daily Trends
written by Daily Trends

By Veerakumar Natarajan, Country Head, Zoho Kenya

Technological progression plays a crucial role in fostering economic growth. A lack of access to technology can hinder local economies, particularly in developing countries such as Kenya and other African nations.

Access to technology can be a game changer for businesses in less urban areas, providing a range of benefits that can help them thrive and expand. For instance, by leveraging tools that automate tasks and utilizing e-commerce platforms, businesses can tap into new markets and streamline operations. Additionally, technology that facilitates the gathering and analysis of data can be particularly valuable, as it allows businesses to gain valuable insights into their own performance and the broader market.

Armed with this information, they can make informed decisions that improve processes, enhance the customer experience, and optimize growth. By leveraging technology in this way, businesses can boost their competitiveness and increase their chances of success, even in a rapidly changing environment. The integration of technology at the micro-economic level can mitigate inequality and foster wealth creation in economically challenged areas, ultimately contributing to overall macroeconomic development and greater stability and long-term growth for both individual businesses and the communities they serve.

Growing small businesses

The most obvious area where technology can have a significant micro-economic impact is among small businesses. This is especially important in markets like Kenya, where statistics from the Kenya National Bureau of Statistics (KNBS) show that the SME sector employs at least 86% of the Kenyan population and contributes about 45.5% to the country’s gross domestic product.

These SMEs not only create employment opportunities, but also play a crucial role in developing the communities in which they operate. They provide a platform for local talent to showcase their skills and can act as catalysts for attracting other businesses to the region, fostering a supportive ecosystem for economic growth.

To make their work easier, SMEs can use technology to their advantage. For example, SMEs can automate time-consuming tasks like inventory management. Similarly, e-commerce tools can significantly expand the reach of SMEs, particularly in remote areas. By leveraging real-time business intelligence, small business owners are able to free up valuable time to focus on their core competencies and drive business growth.

Zoho prioritizes serving underrepresented segments, specifically small businesses in regions that are frequently overlooked. The company places a strong emphasis on providing affordable and accessible technology solutions to meet the needs of these businesses.

Fostering entrepreneurship through low code

With low-code and no-code tools, entrepreneurs do not need to rely on expensive developer resources to build the applications they need. Low-code platforms offer a graphic development environment that allows entrepreneurs to build and test their applications, using snippets of pre-written code, allowing for a far quicker development process.

Additionally, because low-code platforms eliminate some of the more complex parts of the application development process (such as creating frameworks and linking databases), it becomes easier and faster for entrepreneurs to take their solution to market.

Empowering communities

With internet connectivity, a startup can function from anywhere. By opening their offices in small towns or rural areas, they can reduce their operational costs significantly, gaining a longer runway to operate. When companies hire local talent, they are empowering individuals to contribute to their communities and address local issues more effectively instead of them needing to seek employment elsewhere. The retention of highly skilled and talented youth within the community can lead to innovative solutions and drive empowerment for local populations.

Micro matters

From afar, the positive shifts technology brings to individual businesses, entrepreneurs, and community organizations may appear small, but they can have cumulative effects. With enough momentum, these effects can ripple from the community to the municipal, provincial, and even national levels.

Therefore, while it is important to evaluate national macroeconomic policies critically, the influence that technology can have at the micro-economic level should not be overlooked or undervalued.

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Business

AAK Unveils New Brand Identity Aimed At Delivering Better Farming, Better Food & Better Health

by Daily Trends
written by Daily Trends

The Agrochemicals Association of Kenya (AAK)/ CropLife Kenya unveiled a new brand identity today that more strongly reflects the ongoing transformation on its strategy towards delivering “Better Farming, Better Food, Better Health” to its stakeholders.

In the wake of changing global food and health needs, AAK will continue focusing on ensuring “human well-being through food, nutrition and health, and the sustainable use of our ecosystems.”

At the heart of this rebranding is a new logo and identity that communicates and reaffirms AAK’s/CropLife Kenya’s positioning and philosophy of sustainable high-quality food production and associated health benefits.

“Food and health needs have changed the world over, requiring us to reinforce our positioning in line with these changes and market expectations,” said Patrick Amuyunzu, the AAK Chairperson. “To this end, we are excited to inform you of the proposed sharpened positioning and benefits of AAK as seen through the eyes of our stakeholders.”

Speaking during the unveiling of the new brand identity during a breakfast meeting held in Nairobi, Mr. Amuyunzu said that as the leader in pest management, AAK is building on its position as a “reliable and trusted source” of information and networking for all stakeholders.

“AAK is a facilitator, collaborator and reliable advocate of the policies and strategic linkages for improved food production and positive social contribution,” It will broaden its appeal and be able to expand to a new space. Today’s event will help increase relevance and value and drive growth to our members – Mr. Wachira Mureithi, Vice Chairperson of AAK

The new brand image resonates with offering solutions… not just issues of crop protection. “Our new position in the market will be a brand that reinforces our commitment to human well-being (food, nutrition & health) and sustainable use of ecosystem services and is envisaged to drive and solidify AAK as the authority in the market on matters concerning sustainable farming practices.”

Our new brand outlook will also build and leverage on our international partnerships with CropLife international, CropLife Africa Middle East and other development partners, so as to further achieve our common objectives.

The AAK stakeholders and membership is drawn from the Ministry of Agriculture, the Pest Control Products Board (PCPB), partners, and AAK member companies. AAK would like to reiterate its commitment to work with the government and all its stakeholders towards the delivery of 100% food security, safety, and nutrition commitment in a sustainable manner now and in the future.

AAK has a rich history spanning 64 years with a focus on improving the lives of Kenyans through the provision of life-changing technologies for farmers.

In 2005, AAK registered CropLife Kenya as a shift towards alignment with the global pesticide industry. AAK is therefore a member of CropLife Africa Middle East and consequently a member of CropLife International, which is the global representative of the pesticide and plant science industry.

The association stewards its products throughout their life cycles, from manufacture, distribution and use. In addition, following product use, the industry has developed programs to collect and recycle empty containers, to train pesticide users, extension agents, agrodealers and manufacturers in the responsible use of pesticides, AAK also runs awareness programmes to protect end users from the negative effects of counterfeited pest control products among other initiatives.

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Business

Understanding Youth Entrepreneurship in Kenya: Why FinTech is an Attractive Sector

by Daily Trends
written by Daily Trends

By Didi Onwu, Managing Editor of the Anzisha Prize

Boasting one of the fastest growing economies in Africa, Kenya is on the rise to become a powerhouse of innovation on the continent.

This is largely in part due to the country’s thriving culture of entrepreneurship and its significant startup ecosystem.

Kenya has a long and storied history with entrepreneurship as the country’s early start to independence led to the growth of its informal sector and meant many Kenyans were self-employed in their own small enterprises.

As such, the government sought to facilitate the development of the informal sector and, in 1973, officially recognised the role of entrepreneurship in creating employment, driving innovation, and opening opportunities in the country.

Today, with access to unparalleled levels of support through some form of acceleration or incubation, Kenya’s around 308 startups have helped to position the country as one of the “Big Four” startup ecosystems in Africa, alongside Egypt, Nigeria and South Africa.

In fact, 45.5% of startups in the country have taken part in either local or international accelerators or incubators compared to 45.1% of startups in Nigeria, 38.6% in Egypt and only 25% in South Africa.

While the country maintains a diverse startup ecosystem across industries such as mobility, logistics, agriculture, technology, and energy, as a pioneer of mobile money payments across the continent (which has since experienced a phenomenal boom) it’s no surprise that financial technology (FinTech) is the biggest sector of Kenya’s startup space, with FinTech ventures making up more than 30% of the country’s startups.

FinTech currently constitutes three times the market share of the next biggest startup sectors in the country including Agri-Tech, e-health and e-commerce. 

Financial services innovation lies front and centre of Kenyan entrepreneurship

Since its emergence in Africa over a decade ago, FinTech has enraptured the continent by revolutionising the way consumers save, pay, invest, and access financial services. Today, the continent accounts for three quarters of the world’s mobile money and peer-to-peer transactions by volume and more than half the world’s mobile money customers can be found in Africa. This showcases significant appetite from consumers across the continent for fintech solutions.

One of the biggest reasons for FinTech’s rising popularity is that the sector has proven itself to be a major catalyst for enabling more inclusive and accessible financial services.

With more than 400 million adults in Africa excluded from the formal financial services, or reluctant to use them due to excessive costs, mistrust, and because many feel these services are not really designed to serve them, fintech solutions are making great strides in lowering barriers to financial services, such as cost, while also increasing speed and accessibility. 

According to FT Partners’ latest FinTech in Africa Report, the Kenyan government’s commitment to financial inclusion and innovation has been the biggest driver in the growth of the country’s FinTech sector.

Through initiatives such as the Regulatory Sandbox which enabled FinTech companies to operate in a testing environment for a year prior to regulatory approval, Kenya has ensured significant access to financial services – with a higher banked population than other countries in sub-Saharan Africa – while enabling the country to become one of the continent’s primary technology hubs.

The growth and popularity of mobile payment service provider M-Pesa is one of the biggest testaments to the success of this government-led support of entrepreneurship and innovation.

Challenges and opportunities for young entrepreneurs

Young Kenyans are increasingly harnessing their country’s growing tech prowess to go into business for themselves. In particular, many young entrepreneurs across the country are leveraging the opportunities that the ever-expanding FinTech sector has to offer. 

At Kenya’s leading institution for business and accounting, Strathmore University, many students are interested in pursuing traditional career tracks like joining the ranks of major financial firms, but quite a few are just as eager to start their own enterprises.

This includes entrepreneurs like the 20-year old Collins Kathuli who co-founded FinTech Kyanda in 2020 with the aim of offering the cheapest access to financial services for both businesses and individuals by leveraging the power of technology.

Kyanda has since partnered with banks, telcos, and utility and financial institutions to offer consumers omnichannel payment solutions through a single platform enabling utility bill payments, payment collection and disbursements, and more. 

However, as startups need to continuously operate at an incredibly fast pace, driven by the need to innovate and deliver increased value to customers, maintaining a growth momentum often requires them to scale up as quickly and effectively as possible.

But many challenges lie in the way of these entrepreneurs’ journeys to scaling up their businesses for their growth and development. This includes high taxes, unclear or burdensome regulatory requirements, and skills gaps in the workforce.

Young entrepreneurs therefore require access to the right tools and resources needed to do so, as well as easier connection to financing and opportunities.

Supporting the local startup ecosystem is vital to accelerating access to opportunities for the country’s youth, as well as the positive impact that entrepreneurship continues to bring to local economies.

While startups might seem small, their impact on an economy can be astronomical. This impact can be seen not only in their contribution to a nation’s GDP but also in innovation, employment growth and opportunities, as well as cost benefits to consumers because of increased competition. 

Ensuring that startups in Kenya can scale effectively could see the country become a leading entrepreneurship hub in Africa, and lead to the growth of the country’s economy, competitiveness, and digital innovation.

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Business

Former Giant Sacco Fighting For Survival Following Rapid Membership Loss

by Daily Trends
written by Daily Trends

At one point in time, it was the darling of the Savings and Cooperative organisations in the country.
With the murder of a former senior official still lingering in the minds of people in the country, there is very little to help in the image control of the organisations that once enjoyed the personal support of former President Daniel arap Moi, at the height of the one-party Kanu era.

Its employees were ranked on the same pedestal as Kenya Revenue Authority (KRA) and Central Bank of Kenya (CBK).

Now, the monolith is clutching on weak straws as it struggles to breath its last. Literally.

The former financial giant Harambee Sacco Society Limited is fighting for survival following a rapid membership loss that has left it on the brink of collapse.

How times change? Kenya Police staff bolted to form the fastest growing Kenya Police Sacco and now, the once moribund Kenya Defence Forces are in the process of revamping the outfit that was almost sunk by Harambee Sacco, thanks to the senior managers who serve

In the last three years alone, they have lost over 17,000 members, leading to a Sh4.82 billion payout.

This latest development comes in the backdrop of endless reports of mismanagement and fraud which threw the Sacco into a tailspin and from the look of things,everything seems headed south for Harambee Sacco.

The Chairman Mr Macloud Malonza and CEO Dr. George Ochiri on a courtesy visit to the IG NPS Mr. Japhet Koome at the IGs office. Photo/Courtesy

It is equally regrettable that some of the common malaise in the country’s corporate world has caught up with Harambee Sacco, where dues to the statutory organisations like the National Social Security Fund (NSSF) and the hospital insurer are not updated.

The majority of its clients are drawn from the military, National Police Service, National Youth Service, national and county governments, parastatals and departments and constitutional bodies.

The management led by Chief Executive Officer (CEO) George Ochiri and Chairman Macloud Malonza, the vice chairman of Cooperative Bank Kenya have attributed the biting exits to retirements within the civil service cadres.

Before his appointment as the Harambee Sacco CEO, Ochiri served as the former chief executive of the Safaricom Sacco.

Close industry players attribute some of the problems to a poor work ethics and laisezz faire approach by leading managers of the organisation, something that exposes Ochiri’s culpability in the running of the organisation.

Harambee’s financial report for the year 2021 showed that ongoing departures are largely founder members who make up the most loyal segment of its membership.

The records further show that the Sacco’s operation costs increased from Sh274.49 million to Sh2.166 billion in 2021 due to higher financial expenses and personnel expenses.

However, its annual revenue for 2021 surged to Sh4.2 billion having recorded a 32 per cent growth attributed to an increase in loan uptake, while the firm disposed of assets to boost liquidity.

The growth of members’ deposits and savings was hindered by almost equivalent withdrawals, where the society paid out a total of Sh1.42 billion to members who withdrew in 2021, compared to Sh1.32 billion paid to members who left the Society in 2020.

For the year 2021, the loan book contributed to 81 per cent of the revenues, with loans and advances going up by 11 per cent from Sh21.87 to Sh24.38 billion in 2021.

In 2017, Harambee Sacco Limited deficit before tax rose to Sh1.39 billion compared to Sh197.2 million surplus before taxation in 2016.

Needless to say, the institution has regularly been in the cross-hairs of the Sacco Societies Regulatory Authority (SARSA).

In 2012, a SARSA inspection found that the Harambee was in an acute liquidity crisis having failed to meet nearly all prudential parameters.

They had a negative core capital and had material variances between the outstanding loan portfolio reports and provisions for loan losses, at the time.

In 2015, an official at the Sacco (name withheld) was sent on compulsory leave while an interim audit of controversial expenditures and inconsistent questionable figures of Front Office Savings Activities (FOSA) loan totalling Sh3bn was underway.

He was temporarily forced out just three days before the deadline for submitting reconciled FOSA loan report to SARSA.

The audit targeted three lines of alleged cash fleecing conduit of imprest, I Owe You, a summary balance sheet detailing bank records of loans paid up in cash and a marketing vote.

The Sacco management had committed to avail reconciled financial records particularly explaining inconsistent figures of the Sh3bn FOSA loan.

In the past, Harambee Sacco Limited has been embroiled in controversies of massive financial scams and unresolved murders of senior officials.

For instance, former Finance Manager, the late Benson Ojiambo, was murdered at point-blank range by a lone gunman in Embakasi, Tassia Estate along Outering Road on October 29, 2012.

A week prior to his death, Ojiambo was set to appear before the Agriculture, Co-operatives parliamentary committee for questioning over the alleged financial scams, and massive fraud cover-ups as revealed in SARSA’s confidential report in 2012.

The late Ojiambo was in charge of reconciling collections from the cashiers and ATM withdrawals with the computer entries and had prepared to present a report on the ATM scheme to the parliamentary committee.

Ordinarily, SACCOs are allowed to borrow a maximum borrowing of 25 per cent of the total value of assets upon an AGM authorisation through a resolution by all members.

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Business

KURA Director General’s Mistress Incensed After Mising Road Deal

by Daily Trends
written by Daily Trends

The Kenya Urban Roads Authority (KURA) Director General’s Mistress is on the spotlight for influencing tenders in the government parastatal over a deal gone sour.

The KURA Director General Silas Kinoti’s mistress who works as a clerical officer in the authority was incensed after a tender was awarded not in her favour.

The DG’s mistress Judy Mose is said to have threatened to revenge after a roads tender in which she had a direct interest was awarded to a different contractor despite the fact that the Director-General had assured her of the tender.

A furious Mose has sworn to teach the Acting Director, Urban Roads Planning and Design Engineer Jacinta Mwangi for frustrating her efforts of landing the deal.

Mwangi is not happy with Mose’s tricks in the multibillion roads agency whose mandate is the management, development, rehabilitation and maintenance of national urban trunk roads.

The Acting DG has been insisting that public procurement laws must be followed to the latter as she sealed loopholes used as corruption.

Trouble started when the authority floated tender number KURA/RMLF/CE/056/2020-2021 for the Periodic Maintenance of Lot 7 Roads Nanyuki/Sweet Waters Road /Ngoro/ Theru/ Nanyuki Road in Nanyuki Municipality worth KShs 14.2 million.

The tender was awarded to a contractor by the name Kaboi Building Contractors Ltd on October 12, 2020, to the disappointment of Judy, who immediately stormed the Director-General Engineer Silas Kinoti’s office to protest.

A tweet by prominent and controversial lawyer Ahmednasir Abdullahi who has a twitter following of 2 million followers raised the alarm and attracted attention on the influence that the junior officer at the authority has courtesy of her alleged love relationship with the DG.

Kenyans went viral with Ahmdnasir;s tweet and challenged the Directorate of Criminal Investigation (DCI) and the Ethics and Anti-Corruption Commission (EACC) to take necessary action at the KURA headquarters

Kenyans on Twitter have exposed KURA DG Mistress who influences Tenders and has been having an affair with the KURA DG who is under the heavy spotlight for trying to extend his term illegally. A Viral Tweet by Lawyer Ahmednasir ignited the debate that has been trending on Twitter for two days now as Kenyans turn the heat on DCI and EACC, demanding immediate action on the scandals.

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Your Salaries Are Not Safe! How Cooperative Bank is Stealing From Millions of its Customers

by Daily Trends
written by Daily Trends

Kenya’s Co-operative Bank may have lost around 18,000 customers in the first half of 2022-23, following a plethora of accusations and poor publicity precipitated by its own internal poor controls and alleged corruption.

A banking insider told reporters he regarded the loss of any customer as a “irreparable damage” but argued the numbers leaving were not as bad as might have been expected, given the negative publicity that has hounded the bank.

“When you consider what the bank has gone through I don’t think it’s a bad outcome, but I certainly don’t want to appear, or nor am I, complacent about it,” the banker said.

The recent move, by some members of the Kenya Military, Police and Prisons services follows the varying charges on the RTGS. This, compared to the rest of the players, gives the bank hefty profits for a service offered freely by industry players,” says an insider with knowledge of the goings on.

“In most cases, when an employee is paid his or her salary, it is expected that the transfer is done free of charge. But, in the case of Cooperative Bank, they charge an amount, which is its right meaning is theft or rip-off. The bank is simply stealing from millions of its customers and you can imagine the money they collect at the end of the month,” says a member of the Armed Forces, Mwangi Daniel.

The customer loss was revealed on after the bank reported a narrower profit for the first six months of 2022-23.

Hot on the heels of a case of the bank charging Sh42 for alert messages, a case in Migori County where the bank unleashed auctioneers on a customer and case where a dead client.

In January social media influencer Pius Kinuthia reported that a family in Mogori sued the bank for damages, something that took the social media community by storm leading to the affected family suffering irreparable losses.

The move to sue the Migori branch manager invited a public outcry but as usual, the bank’s PR Department responded with hubris and condescending messages.

In another case, a customer accused the bank of deducting money from the mother’s account while the elederly customer was criticalluy ill in hospital.

Coop Bank, in their usual reply template, said in a message signed off by FN: “Hello, please DM the account holder details incluing the account number, mobile number and the date they visited Maua branch so we may do a follow up.”

A customer Edwin Ochieng said that money was educted from his account without his knowledge.

The bank was left fighting for its survival after a massive capital shortfall was exposed in June last year following a failed bid to buy of branches from loss making Jamii Bora Bank one of the worst performing financial institutions in the country.

Jamii Bora was rescued when investors including Saccos and farmers agreed to a recapitalisation which meant Co-op Group went from outright owner to holding just a small percent stake.

The bank’s problems were exacerbated when current Managing Director and CEO Gideon Muriuki was named in many cases and innuendos touching on his ownership of land and other property, including a case on his private life that generated lurid headlines in Kenyan social media platforms.

The negative publicity likely resulted in some customers becoming disillusioned with the bank, which had built its reputation around ethical credentials such as not investing in weapons, tobacco and alcohol manufacturers.

Despite that, insiders say Co-op Bank attracted nearly 10,000 new customers during the period, leaving it with a net loss of 28,199 current or checking account holders, equivalent to nearly 2 percent of the total.

Kenyans are often reluctant to move between banks because of the perceived difficulties involved, although new rules that guarantee the paperwork will be completed within seven working days have lifted the number switching.

Kenya’s third-biggest lender reported a pretax profit of more than Sh11 billion compared with a slight change over the same period the previous year, though banking insiders attribute the figures to massaging of the accounts.

“It is not rosy at the bank. Things have not been good and the net effect is that the management, using position and influence in the industry can make the figures glossy as they can be. Afterall, it is a private entity, only regulated by the Central Bank of Kenya,” says an insider.

Co-op Bank also said its core Tier 1 capital ratio, a key measure of financial strength, stood at 11.5 percent at the end of June and was expected to be significantly above the previous guidance of 10 percent at the end of 2020.

The bank raised an additional Sh400 million from investors in May after its Tier 1 ratio slipped to 7.2 percent, dangerously close to the 7 percent absolute minimum required by the financial regulator.

“A large proportion of our cost is in people and, consequently, we will continue to see job reductions. There have been one or two redundancy programmes and I believe there will be one or two more in that respect,” he said.

An independent review commissioned by the bank, published in April, concluded that the root of the bank’s problems lay in its 2009 takeover of the Jamii Bora Bank and poor management controls.

On the other end, it is claimed in many places that the bank made a hefty donation to the Kenya Kwanza campaign during the last General Elections in which William Ruto floored ODM leader an Azimio Presidential candidate Raila Odinga.

During the last days of the campaign run, Coop Bank CEO Muriuki is alleged to have visited the Hustler Campaign headquarters with a donation of Sh200 million, though some people quote a different figure.

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How To Make Money Online in 2023

by Mustafa Juma
written by Mustafa Juma

Making money online can be a great way to get started in your career, and there are many different ways to do it.

Whether you want to start a blog and sell advertising, or set up an online store and sell products, there are endless opportunities to make extra money from home or online.

Here are just some of the ways you can make extra money online:

Start a blog

This is a great way to start making money online if you have a passion for writing and want to write about a particular topic that you’re interested in.

Your blog could focus on a hobby that you have, such as cooking or gardening, or you could write lifestyle blog posts about things that are important to you, such as travel or fitness.

Once your blog is established, you can start selling advertising space on your blog to companies who are interested in reaching your target audience.

This is called affiliate marketing, and it’s a great way to make money from your blog without having to create any products of your own.

Open an online shop

If you want to start selling products online, you can set up your own online store using Etsy or Shopify.

You’ll first need to set up a store with your products, then promote your store through social media and various marketing strategies.

As your sales increase, you can make more money by upselling to your customers by offering related products, as well as charging higher shipping fees.

Sell photos online

If you have a good eye for photography, you could make money by selling your photos online on sites like Shutterstock and iStockPhoto.

You will need a high-quality camera to take good-quality photos, so if you don’t have one already you will need to invest in one to get started.

Selling your photos online is a great way to earn passive income that you can build up over time.

Create YouTube videos

If you enjoy creating videos and sharing them on YouTube, you could make money by creating entertaining videos that people watch and share with their friends.

To make your videos more appealing, you could also incorporate product reviews into your videos to help people find the best products on the market.

  • Collaborate with other creators

Another way to monetize your YouTube channel is to collaborate with other YouTube creators on a collaborative video.

This allows you to reach a wider audience by promoting other people’s content on your channel, and it also gives both of you an opportunity to make money from your collaboration by sharing ad revenue from the video.

Start a podcast

If you enjoy watching podcasts, you could start your own podcast and share your passion for a particular topic with your listeners.

Sponsorships are the most common way podcasters make money. This is when the podcast promotes the sponsor during the show.

You probably hear your favorite shows plug their advertisers a few times in every episode.

How much you earn from a sponsor depends on the number of downloads your episodes earn. Sponsors pay on a cost per mille basis (mille is Latin for “thousand”). Rates range from $18 to $50 CPM, though hugely popular podcasts can pull in a lot more.

Freelance Writing

There are several online academic and article writing platforms such as Iwriter, Upwork, Fiverr, Bluecorp. etc, where you can make good use of your writing skills to make money.

You can make over 1,000 shillings from such writing platforms.

Forex Trading

Forex trading is all about buying and selling currencies online. It is a platform where traders and investors exchange, buy and sell world currencies.

It is a lucrative venture that however needs you to get some proper training before you start making a fortune. Various online platforms offer such training services at a fee.

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Angry Kenyans Contemplate Quitting Cooperative Bank Over Illicit E-Banking Charges

by Daily Trends
written by Daily Trends

Kenyans banking with the Co-operative bank of Kenya are angry over what they have termed as illicit charges applied by the bank on their e-banking services.

The Co-operative Bank of Kenya charges clients a total of Sh22 to buy Safaricom credit worth Sh10.

The deductions include a Sh10 for the airtime, Sh10 (bank charges) and Sh2 (excise duty).

Clients have been voicing oppositions over high charges, coming at a time when a majority of them are facing tough economic challenges induced by the coronavirus.

A section of them have taken to social media to claim that they will soon dump the bank over the hiked charges.

MPs increased excise duty on airtime and data to 20 percent from 15 percent, which is expected to earn the Government Sh8 billion from operators such as Safaricom, Telkom and Airtel.

Central Bank of Kenya (CBK) reinstated charges on transfer of funds from Banks to MPesa wallets, representing a win for financial institutions.

On March 16 2020, the Government waived charged as part of an emergency plan to encourage mobile money transaction at the height of Covid-19 pandemic.

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The 10 Richest People in The World In 2022

by Mustafa Juma
written by Mustafa Juma

Forbes puts the number of billionaires in the world at 2,668 in 2022.

Those who make it to the list are mostly founders of technology giants, with much of their wealth still invested in the companies they started.

With so much of their wealth in publicly traded stocks, the net worth of the richest can fluctuate with market valuations.

Bernard Arnault, co-founder, chair, and CEO of LVMH Moët Hennessy Louis Vuitton, is the richest person and the richest man in the world with a net worth of $172.9 billion.

Behind Arnault is co-founder and CEO of Tesla, Elon Musk who recently bought Twitter.

Below are the 10 wealthiest people on the planet as of the same date, according to the Bloomberg Billionaires Index.

1.Bernard Arnault

Bernard Arnault profile, age, Residence, Networth

Age: 73

Residence: Paris

CEO and Chair: LVMH

Net Worth: $172.9 billion

Christian Dior Ownership Stake: 97.5% ($132 billion total)

Other Assets: Moelis & Company equity ($25 billion public asset) and $10.3 billion in cash

French national Bernard Arnault is the chair and CEO of LVMH, the world’s largest luxury goods company. LVMH brands include Louis Vuitton, Hennessey, Marc Jacobs, and Sephora.

Most of Arnault’s wealth comes from his massive stake in Christian Dior SE, the holding company that controls 41.2% of LVMH. His shares in Christian Dior SE, plus an additional 6.2% in LVMH, are held through his family-owned holding company, Groupe Familial Arnault.

An engineer by training, Arnault first showed his business acumen while working for his father’s construction firm, Ferret-Savinel, taking charge of the company in 1971. He converted Ferret-Savinel to a real estate company named Férinel Inc. in 1979.

2. Elon Musk

Elon Musk profile, age, Residence, Networth

Age: 51

Residence: Texas

Co-founder and CEO: Tesla

Net Worth: $168.5 billion

Tesla Ownership Stake: 15% ($63.6 billion)

Other Assets: Space Exploration Technologies ($46.9 billion private asset), The Boring Company ($3.33 billion private asset), Twitter ($20.2 billion private asset)7

Elon Musk is the second-richest man in the world. He was born in South Africa and attended a university in Canada before transferring to the University of Pennsylvania, where he earned bachelor’s degrees in physics and economics.

Two days after enrolling in a graduate physics program at Stanford University, Musk deferred attendance to launch Zip2, one of the earliest online navigation services. He reinvested a portion of the proceeds from this startup to create X.com, the online payment system that was sold to eBay and ultimately became PayPal Holdings.

In 2004, Musk became a major funder of Tesla Motors (now Tesla), which led to his current position as CEO of the electric vehicle company. In addition to its line of electric automobiles, Tesla produces energy storage devices, automobile accessories, and, through its acquisition of SolarCity in 2016, solar power systems. Musk is also CEO and chief engineer of Space Exploration Technologies (SpaceX), a developer of space launch rockets.

In 2020, Tesla shares soared 740% to propel Musk up the wealth rankings. In December 2020, Tesla joined the S&P 500, becoming the largest company added. In January 2021, Musk became the richest person in the world—a title he held till December 2022, when his net worth fell due to a decrease in Tesla’s share price over the year.

Musk asked his Twitter audience on Nov. 6, 2021, whether he should sell 10% of his Tesla stock, framing the issue as a response to criticism of unrealized capital gains as a means of avoiding taxes. He proceeded to sell shares worth $16.4 billion over the remainder of 2021.

Thanks to the surge in Tesla shares in 2021 and private transactions boosting the reported valuation of SpaceX, Musk’s lead in the global wealth rankings continued to grow. His net worth hit a high of $340 billion in November 2021.

In April 2022, Musk began a campaign to take Twitter private, which culminated in a $44 billion buyout. Musk planned to fund the deal with $21 billion of his own capital. In the run-up to the buyout announcement, Musk sold 9.6 million shares of Tesla, valued at roughly $8.5 billion.

In July 2022, Musk decided to back out of the Twitter buyout. Twitter filed a lawsuit against Musk to force the buyout to go through. Musk countersued the company but then reversed course and declared he was willing to buy Twitter after all. The deal officially closed in October 2022, giving him an almost 80% stake in the company.

3.Gautam Adani

Gautam Adani profile, age, Residence, Networth

Age: 60

Residence: Gurgaon, India

Founder and Chair: Adani Group

Net Worth: $125 billion

Adani Enterprises, Adani Power, and Adani Transmissions Ownership Stakes: 75% each ($72.45 billion)

Other Assets: 66% of Adani Ports & Special Economic Zone ($12.2 billion public asset), 61% of Adani Green Energy ($22.6 billion public asset), 37% of Adani Total Gas ($18.1 billion public asset).

Gautam Adani, the founder of Adani Group, surpassed Mukesh Ambani in March 2022 as the richest person in Asia. Through his ownership of the Adani Group, Adani owns major stakes in six key Indian companies, including a 75% stake in Adani Enterprises, Adani Power, and Adani Transmissions, as well as a 66% stake in Adani Ports & Special Economic Zone, 61% stake in Adani Green Energy, and a 37% stake in Adani Total Gas.

Adani entered the power generation market in 2009 with Adani Power. Adani created Adani Enterprises in 1988 to import and export commodities. In 1994, his company was granted approval to develop a harbor facility at Mundra Port, which is now the largest private port in India.

Adani dropped out of college and previously worked in the diamond trade. Adani now has the largest port operator, closely-held thermal coal producer, and coal trader in India. In 2020, he purchased a 74% stake in Mumbai’s Chhatrapati Shivaji International Airport, India’s second-busiest airport.

4. Bill Gates

Bill Gates profile, age, Residence, Networth

Age: 67

Residence: Washington

Co-founder: Microsoft.

Net Worth: $115 billion

Microsoft Ownership Stake: 1.3% ($26 billion)

Other Assets: $55 billion in cash and billions over multiple other companies.

While attending Harvard University in 1975, Bill Gates went to work alongside his childhood friend Paul Allen to develop new software for the original microcomputers. Following this project’s success, Gates dropped out of Harvard during his junior year and founded Microsoft with Allen.

The largest software company in the world, Microsoft, also produces a line of personal computers, provides email services through its exchange server, and sells video game systems and associated game devices. It has recently invested heavily in cloud services.

Gates shifted from the company’s CEO to the role of board chair in 2008. He joined Berkshire Hathaway’s board in 2004. He stepped down from both boards on March 13, 2020.

Bill Gates has much of his net worth in Cascade Investment LLC. Cascade is a privately-held investment vehicle that owns a variety of stocks including Canadian National Railway, Deere, and Republic Services, as well as private investments in real estate and energy.

5. Jeff Bezos

Jeff Bezos profile, age, Residence, Networth

Age: 58

Residence: Washington

Founder and Executive Chair: Amazon

Net Worth: $114 billion

Amazon Ownership Stake: 10% ($89.9 billion)

Other Assets: Blue Origin ($9.15 billion private asset), The Washington Post ($250 million private asset), and $14.5 billion in cash.

In 1994, Jeff Bezos founded Amazon.com in a garage in Seattle, shortly after he resigned from the hedge fund giant D.E. Shaw. He had originally pitched the idea of an online bookstore to his former boss David E. Shaw, who wasn’t interested.

Though Amazon originally started out selling books, it has since morphed into a one-stop shop for everything under the sun and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon’s pattern of constant diversification is evident in some of its unexpected expansions, which include acquiring Whole Foods in 2017 and entering the pharmacy business the same year.

Bezos owned as much as 16% of Amazon in 2019 before transferring 4% to his former wife, MacKenzie Scott, as part of their divorce proceedings. In 2020, Amazon’s share price jumped 76% on the heightened demand for online shopping amid the COVID-19 pandemic. On July 5, 2021, Bezos stepped down as CEO of the e-commerce giant, becoming its executive chair.

On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Daemen completed Blue Origin’s first successful crewed flight, reaching an altitude of more than 66 miles before landing safely. Bezos’ wealth peaked at $211 billion in the same month.

6. Warren Buffett

Warren Buffett profile, age, Residence, Networth

Age: 92

Residence: Nebraska

CEO: Berkshire Hathaway

Net Worth: $108 billion

Berkshire Hathaway Ownership Stake: 14% ($107 billion)

Other Assets: $1.10 billion in cash.

The most famous living value investor, Warren Buffett filed his first tax return in 1944 at age 14, declaring earnings from his boyhood paper route. He first bought shares in a textile company called Berkshire Hathaway in 1962, becoming the majority shareholder by 1965. Buffett expanded the company’s holdings to insurance and other investments in 1967.

Widely known as the Oracle of Omaha, Buffett is a buy-and-hold investor who built his fortune by acquiring undervalued companies. More recently, Berkshire Hathaway has invested in large, well-known companies. Its portfolio of wholly owned subsidiaries includes interests in insurance, energy distribution, and railroads as well as consumer products.

Buffett is a notable Bitcoin skeptic.

7. Larry Ellison

Larry Ellison profile, age, Residence, Networth

Age: 78

Residence: Hawaii

Co-founder, Chair, and CTO: Oracle

Net Worth: $93.7 billion

Oracle Ownership Stake: 40%+ ($68.3 billion)

Other Assets: Tesla equity ($7.56 billion public asset), $17.2 billion in cash.

Larry Ellison was born in New York City to a 19-year-old single mother. After dropping out of the University of Chicago in 1966, Ellison moved to California and worked as a computer programmer.

In 1973, he joined the electronics company Ampex, where he met future partners Ed Oates and Bob Miner. Three years later, Ellison moved to Precision Instruments, serving as the company’s vice president of research and development.

In 1977, Ellison founded Software Development Laboratories alongside Oates and Miner. Two years later, the company released Oracle, the first commercial relational database program to use Structured Query Language. The database program proved so popular that SDL would change its name to Oracle Systems Corporation in 1982. Ellison gave up the CEO role at Oracle in 2014 after 37 years. He joined Tesla’s board in December 2018 and stepped down in June 2022.

Oracle is the world’s second-largest software company, providing a wide variety of cloud computing programs as well as Java and Linux code and the Oracle Exadata computing platform.

Oracle has acquired numerous large companies, including human resources management systems provider PeopleSoft in 2005, customer relationship management applications provider Siebel in 2006, enterprise infrastructure software provider BEA Systems in 2008, and hardware-and-software developer Sun Microsystems in 2009. In December 2021, Oracle agreed to buy medical records software provider Cerner for $28.3 billion in cash.

8. Mukesh Ambani

Mukesh Ambani profile, age, Residence, Networth

Age: 65

Residence: Mumbai, India

Owner: Reliance Industries

Net Worth: $89.6 billion

Reliance Ownership Stake: 42% ($90.1 billion total)

Other Assets: $410 million in real estate.

Mukesh Ambani is the chairman and managing director of Reliance Industries, the world’s largest oil refiner and one of the world’s most valuable companies.

The conglomerate was founded by Ambani’s father, Dhirubhai Ambani in 1966 as a textiles company and is now one of the leading segments of India’s economy. Reliance’s operations include oil and gas, petrochemicals, refining, retail, and media.

About half of Ambani’s wealth is derived from his stake in Reliance, which amounts to 42% of the public company. He owns Antilia, a real estate complex in Mumbai that’s worth $410 million. Ambani also owns the Mumbai Indians, a professional cricket team.

In 2016, Ambani launched a 4G phone network across India, netting more than 420 million subscribers, and is planning to launch 5G services.

9. Steve Ballmer

Steve Ballmer profile, age, Residence, Networth

Age: 66

Residence: Washington

Owner: Los Angeles Clippers

Net Worth: $89.3 billion

Microsoft Ownership Stake: 4% ($80.6 billion total)

Other Assets: Los Angeles Clippers ($3.16 billion private asset), $5.5 billion in cash.

Steve Ballmer joined Microsoft in 1980 after Bill Gates convinced him to drop out of Stanford University’s MBA program. He was Microsoft’s 30th employee. Ballmer went on to succeed Gates as Microsoft CEO in 2000. He held the position until stepping down in 2014. Ballmer oversaw Microsoft’s 2011 purchase of Skype for $8.5 billion.

Ballmer owns an estimated 4% of Microsoft, making him the software giant’s largest individual shareholder. In 2014, shortly after stepping down as Microsoft CEO, Ballmer purchased the Los Angeles Clippers basketball team for $2 billion

Ballmer lived in the same dorm and on the same floor as Bill Gates while the two attended Harvard University.

10. Larry Page

Larry Page profile, age, Residence, Networth

Age: 49

Residence: California

Co-founder and Board Member: Alphabet

Net Worth: $86.9 billion

Alphabet Ownership Stake: 6% ($72.8 billion total)

Other Assets: $14.1 billion in cash.

Like several of the tech billionaires on this list, Larry Page embarked on his path to fame and fortune in a college dorm room. While attending Stanford University in 1995, Page and his friend Sergey Brin came up with the idea of improving Internet data extraction. The duo devised a new search engine technology they dubbed Backrub after its ability to assess links to a page.

From there, Page and Brin went on to found Google in 1998, with Page serving as CEO of the company until 2001, and again between 2011 and 2019.

Google is the world’s dominant Internet search engine, accounting for more than 92% of global search requests. In 2006, the company purchased YouTube, the top platform for user-submitted videos.

Page was among early investors in Planetary Resources, a space exploration and asteroid-mining company. Established in 2009, the company was acquired by blockchain firm ConsenSys in 2018 amid funding problems. He has also shown an interest in flying car companies, investing in both Kitty Hawk and Opener.

Shares of Google soared almost 50% in 2021, moving Page and Brin up the billionaire list. Page’s net worth went from just below $52 billion in March 2020 to the current $86.9 billion.

Who Are the Top 10 Richest People in the World?

The top 10 richest people in the world are:

Bernard Arnault

Elon Musk

Gautam Adani

Bill Gates

Jeff Bezos

Warren Buffett

Larry Ellison

Mukesh Ambani

Steve Ballmer

Larry Page

Who Is the World’s Richest Man in 2022?

As of December 2022, the world’s richest man is Bernard Arnault, the co-founder, CEO, and chair of LVMH. He took over the top spot after Elon Musk’s net worth dropped due to the declining value of Tesla’s stock.

Who Is the Richest Woman in the World?

The richest woman in the world is Francoise Bettencourt Meyers. As of December 2022, her net worth is $73.6 billion. Her net worth is derived from her holdings in L’Oreal, the world’s largest cosmetics company.

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Norsad Capital and TLG Capital establish a $400mn African credit platform

by Daily Trends
written by Daily Trends
  • A joint partnership encompassing $400mn in assets under management focused on African small and medium enterprises
  • The partnership will allow for building and enhancement of the capabilities of both firms by sharing, presenting, and co-investing in well-structured credit investment opportunities with strong layers of downside protection and equity upsides embedded.
  • Both companies are long-standing investors in the region and alongside financial return, aim to create strong social impact by financing primarily the mid-market growth companies that are profitable, stable, and are poised to expand but lack the required financing to do so.

Norsad Capital and TLG Capital announced today the beginning of a partnership to cement the market leading private credit platform for medium sized companies across sub-Saharan Africa (SSA).

The partnership will allow for building and enhancement of the capabilities of both firms by sharing, presenting, and co-investing in well-structured credit investment opportunities with strong layers of downside protection and equity upsides embedded.

This partnership will, amongst others, further promote syndication opportunities and platforms, risk participation structures, jointly offer larger ticket sizes, and provide a balanced capital offering with a mix of senior and subordinated debt. 

Norsad Capital and TLG Capital aim to leverage each other’s structuring and legal expertise, including a presence in SSA, to provide the ideal financing solutions for their clients.

Both companies are long-standing investors in the region and alongside financial return, aim to create strong social impact by financing primarily the mid-market growth companies that are profitable, stable, and are poised to expand but lack the required financing to do so.

The alliance will have combined assets under management of circa US$400 million towards investments in mid-sized companies in sub-Saharan Africa.   

Norsad Capital’s aspiration is to positively impact the lives of 100 million Africans by 2030 and target companies that can generate positive social impact and deliver strong financial returns – “profit with purpose”.

Norsad has invested over US$500 million into over 160 companies over its 32-year history.

TLG Capital aims to unlock $5 billion in African economic growth by investing in SMEs to accelerate their growth into Pan-African titans.

Operating with the conviction that great entrepreneurs are transforming Africa’s future, TLG has completed more than 30 investments to date and has exited more than 20 (notably, all with positive IRRs ranging from 6%-35%). 

Kenny Nwosu, Chief Executive Officer of Norsad, said, “Our purpose as an organisation is to build a better Africa by providing financing to mid-market growth companies that contribute towards the continent’s economic growth and improvement.

“This partnership with TLG Capital is a demonstration of two entities that have over the years noted that lack of access to finance for businesses in Africa limits their ability to expand.

“We will be bringing our joint expertise to address some of the issues demonstrating our commitment to create sustainable impact in the region.

“Our relationship with TLG Capital has been fostered over time and we are excited to be working with an organisation that shares our vision and is flexible enough to experiment and drive growth in Africa.” 

Zain Latif, Partner, and Co-Founder of TLG, said “Norsad is a well-known, well-respected institution within the African investment landscape, and we have known each other for years.

“It is therefore a pleasure to announce we will be working closely going forward, particularly given Norsad have been investing in credit deals in Africa for over three decades, longer than anyone else we have come across.

“Norsad’s focus on creating a positive social return across the regions it invests in also speaks to TLG’s mandate, and we look forward to a bright future together. As we continue to build on our venture financing deals, Norsad is the right partner to help drive that narrative over the next few years.”

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Twitter User Alert: Your Account to Witness a Big Drop In Follower Count, Here is Why

by Mustafa Juma
written by Mustafa Juma

Twitter users may soon witness a massive follower count drop on their accounts.

This is after the new Twitter owner Elon Musk Thursday morning announced that the micro-blogging platform is currently purging a lot of spam or scam accounts.

As a result, Elon Musk warned that Twitter users may see a drop in their follower account.

“Twitter is purging a lot of spam/scam accounts right now, so you may see your follower count drop,” tweeted Elon Musk.

Elon Musk has been promising Twitter users that he will get rid of the accounts that deal with spam and scam.

He also claims that bots are big problem for the platform. We can’t be certain if this purge will also decrease the overall presence of bots on the micro-blogging platform.  

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“You Will Burn In Hell,” Moses Kuria Fires Back At Kenyans Reacting To His GMO Death Risk Remarks

by Mustafa Juma
written by Mustafa Juma

Trade Cabinet Secretary Moses Kuria has fired back at Kenyans reacting to his recent GMO death risk remarks.

This is after a conversation erupted online in response to Trade CS Kuria’s remarks on why the government lifted the ban on GMOs despite the life threatening risks.

In his remarks Thursday, the CS said as it stands, Kenyans are staring at death courtesy of a myriad of risks and there’s nothing wrong with adding GMOs on the list of risks.

Moses Kuria spoke during a press conference at which he announced that the government will soon allow a six-month duty free importation of 10 million bags of GMO and non-GMO maize for food security.

The remarks went viral in a video clip that was widely shared on social media platforms, sparking mixed reactions.

However, MMoses Kuria seems unshaken by the mixed reactions Kenyans have expressed.

Through his official Twitter handle, Kuria on Saturday afternoon said those against his remarks were “rich idlers and Twitterati with a bowl of pizza and fishfingers” who don’t care about those dying of hunger.

He rremarked that the attackers of the government’s GMO policy will equally burn in hell.

“It is completely callous for rich idlers and Twitterati with a bowl of pizza and fishfingers to continue attacking our GMO policy while Hustlers are dying of hunger and poisoned donkey meat. You will burn in hell, ” CS Moses Kuria remarked.

The government early last month lifted the 10-year ban on importation and open cultivation of GMO food crops and animal feeds.

However, there are several risks associated with the consumption of genetically modified organisms. 

The main concerns involve allergies, cancer, and environmental issues, all of which may affect the consumer.

GMOs are also thought to contribute to antibiotic resistance.

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