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Business

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

by Daily Trends February 16, 2023

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.

February 16, 2023 0 comment

Business

Former Giant Sacco Fighting For Survival Following Rapid Membership Loss

by Daily Trends February 6, 2023

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.

February 6, 2023 0 comment

Business

KURA Director General’s Mistress Incensed After Mising Road Deal

by Daily Trends January 24, 2023

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.

January 24, 2023 0 comment

Business

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

by Daily Trends January 22, 2023

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.

January 22, 2023 0 comment

Business

How To Make Money Online in 2023

by Mustafa Juma January 11, 2023

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.

January 11, 2023 1 comment

Business

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

by Daily Trends January 11, 2023

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.

January 11, 2023 0 comment

Business

The 10 Richest People in The World In 2022

by Mustafa Juma December 19, 2022

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.

December 19, 2022 0 comment

Business

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

by Daily Trends December 13, 2022

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.”

December 13, 2022 0 comment

Business

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

by Mustafa Juma December 1, 2022

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.

Twitter is purging a lot of spam/scam accounts right now, so you may see your follower count drop
— Elon Musk (@elonmusk) December 1, 2022

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.

December 1, 2022 0 comment

Business

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

by Mustafa Juma November 19, 2022

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.

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 (@HonMoses_Kuria) November 19, 2022

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.

November 19, 2022 0 comment

Business

Joshua Oigara Appointed Stanbic Bank CEO

by Mustafa Juma November 16, 2022

written by Mustafa Juma

Former Kenya Commercial Bank (KCB) Managing Director Joshua Oigara has been appointed as Chief Executive Officer for Stanbic Bank Kenya and South Sudan.

His appointment takes effect from December 1, 2022.

Oigara left KCB after serving for nine years.

He had spearheaded the company to greater heights during his time with the institution. He had seen the bank grow its revenues substantially, and his role in building partnerships with other companies, including Safaricom had also allowed the bank to expand its offerings, including products such as KCB M-PESA, and its stake in overdraft Fuliza alongside NCBA.

Oigara will report directly to Standard Bank East Africa Regional CEO, Patrick Mweheire.

Stanbic bank is a member of the Standard Bank Group.

Oigara’s appointment follows the exit of the current MD Charles Mudiwa who retires later this year.

Mudiwa plans to retire after a long and illustrious career at the bank spanning more than two decades.

The bank said in a statement on Tuesday that the retirement will take effect on December 31.

November 16, 2022 0 comment

Business

Bluebird Aviation to Help Ease Flight Disruptions Caused By KQ Pilots’ Strike

by Mustafa Juma November 7, 2022

written by Mustafa Juma

Bluebird Aviation is ready to help ease the current flight disruptions that have been caused by the ongoing Kenya Airways (KQ) pilots’ strike.

The airline in a press statement announced that it is ready to take up passengers on charter flights.

Bluebird Aviation General Manager Captain Hussein Mohammed said all passengers currently stranded in various airports should try out the airline’s unrivalled experience with more customised services.

“ We are ready to take in passengers on charter flight basis. We welcome all passengers currently stranded in various airports to come and savour our unrivalled experience with more customised services,” said Captain Mohammed.

Kenya Airways on Saturday requested its passengers to cancel their tickets for other available airlines.

The KQ pilots have gone on a strike to protest against failure to implement pay rise.

November 7, 2022 0 comment

Business

Fly 748 Flight Bookings Soar Amid KQ Pilots’ Strike

by Daily Trends November 6, 2022

written by Daily Trends

Fly 748 has seen an increase in flight bookings.

This is after Kenya Airways asked its passengers to opt for available airlines following aviation workers and pilots strike that kicked off Saturday.

KQ Pilots are protesting against failure to implement a pay rise.

Dozens of flights were disrupted at Jomo Kenyatta International Airport (JKIA) in Nairobi after Kenya Airways (KQ) pilots went on strike to protest the withdrawal of their provident fund by their employer.

The Kenya Airline Pilots Association (Kalpa), which draws a bulk of its membership from KQ, called for industrial action to protest non-payment of monthly pension contributions for staff, failure to implement pay agreements (CBA), and alleged victimisation of its members.

Fly 748 Managing Director Moses Mwangi in a statement sent to newsroom said the airline begun experiencing a surge in bookings from Saturday as he affirmed the airline has the ability to take up extra capacity.

“Over the last 24 hours we have experience rise in bookings including dignitaries. We will continue to monitor the situation and open more flights as the need arises,” said Mwangi.

“While the situation is to our advantage and other domestic operators, we hope that the current impasse at the national carrier will be resolved soonest, meanwhile we want to assure passengers that we have the capacity to ease current disruptions” he said.

Since June 2020, Fly 748 has been on an aggressive domestic routes expansion from flying to the Mara only, to now flying to flying daily to Malindi, Ukunda, Mombasa and twice weekly to Kisumu to support growth of business and leisure tourism.

November 6, 2022 0 comment

Business

Itel Kenya Launches The Highly Ranked Itel S18

by Daily Trends October 29, 2022

written by Daily Trends

Itel Kenya has launched the highly ranked itel S18, a compact and stylish smartphone that is their flagship 4G model as opposed to all other existing models.

The series that was unveiled at an event held at Serena Hotel on Friday succeeds itel S17 from late last year.

This year itel received a number of global recognitions from industrial media and organizations.

First is, among this year’s Top 100 Most Admired Brands in Africa that was announced by African Business magazine.

Itel was also recognized by the Titans of Tech Awards as 2022 Best Tech Company of the Decade for their continuous contribution over the decades in bringing tech innovation and products to the African market.

As a warmhearted brand advocating love and corporate social responsibility, itel gained the Most Committed Brand to Humanitarian Service Award by African Brand Congress 2022.

“S18 was designed to help users create their unique and fancy videos in an easier way. With selfie and vlog trend on the rise, itel has an in-depth research on short video shooting functions to encourage everyone become a lifestyle vlogger without downloading other video clip apps,” said Ray Fang, the country manager.

The country manager also added that “S18 is the beginning of itel’s brand new 4G experience, which means that itel will keep providing better innovation and service supported by the Android 12 (Go edition) .We are glad about the prospects, opportunities and user experience that the smartphone will create in their day to day interaction.

“Mr Patrick “Marketing Manager” For the past years, thanks to your relentless support and company, we have been able to achieve numbers of remarkable milestones and expand our presence in over 50 emerging markets globally. In 2022, itel remains No.1 Global Smartphone brand under $100 and No.1 global feature phone brand.”

October 29, 2022 0 comment

Business

Fly 748 Eyes More Flight Bookings in 2022 Last Quarter

by Mustafa Juma October 28, 2022

written by Mustafa Juma

Renown airline Fly 748 has projected an increase in flight bookings in the last quarter of 2022.

In a press statement sent to news rooms Friday, the airlines Managing Director Moses Mwangi said people are also looking to travel even more post-Covid 19 pandemic as aggressive marketing campaigns by tourism and travel industry stakeholders following the lifting of COVID-19 restrictions are helping drive up numbers.

“The travel and tourism industries are giving travelers more reasons to fly and visit destinations not only like how they used to travel before COVID-19. It is now beyond this and we are glad that people are also looking to travel even more post-pandemic,” said Mwangi.

Africa’s international arrival numbers have reached 60 percent of 2019 levels, the same level as global figures on strong pent-up demand and easing or lifting of travel restrictions.

This is according to the latest UNWTO World Tourism Barometer.

Mwangi who was speaking on the sidelines of this year’s Getaway 2022 Tourism Fair being held at the Sarit expo Center and running from the 28th – 30th October showcased Fly 748’s exciting travel packages.

“We are here to showcase exciting travel packages for our existing and new customers, this is plartfom that helps our wider initiative of demistifying air travel in the country,” he said.

This annual fair gives Sarit Centre shoppers the perfect opportunity to interact and book holiday packages with Kenya’s leading hotels, resorts, lodges, tented camps, airlines, & tour and travel operators for the Christmas season and beyond in a comfortable and secure environment.

Over the last two years the airline has been on an aggressive domestic routes expansion from flying to the Mara only.

Now the operator flys daily to Malindi, Ukunda, Mombasa and Kisumu to support growth of business and leisure tourism.

October 28, 2022 0 comment

Business

PELUM Kenya: GMO Not Safe For Human Consumption

by Pauline Waswa October 19, 2022

written by Pauline Waswa

The lifting of the ban on Genetically Modified Organism (GMO) food in Kenya has attracted mixed reactions among Kenyans and different organizations that advocate for consumption of indigenous food.

The cabinet that lifted the ban noted that they have done a wide consultation from the experts and as a way to control hunger that is being experienced in different parts of the country, they settled on giving it a try to increase the response to the drought ravaging parts of the country.

Safety of GMO

PELUM Kenya, an organization that comprises 57 different groups and advocates for small farmers to embrace agro ecology conducted training on farmers from Rift-Western Kenya Zone to sensitize them on GMO and why them, as agro ecological champions are against it.

Beth Omae who is the zonal coordinator said that in agro ecology, they embrace art, science and technology but as champions, they want to ensure that food security is enhanced in the country.

“There was a test that was done by a scientist called Erick Seralini whereby he tried the GMO maize on some rats and they turned out to have a big tumor in their body and that’s evident that it is not safe for human consumption. We want to make sure that we have food that is safe and good for our health,” she said.

Agro ecological champions

She went ahead to ask the government to engage the agro ecological champions for them to put across their opinion on why they are against the decision of allowing the discussion of GMO being incorporated in the agriculture system in the country.

The Anglican Development Services (ADS) western region led by Samuel Akollo, the programs manager also disputed the decision by the cabinet saying that the government should look at the food security in wholesomeness and ensure the actualization of the constitution article 11 section 3b.

The article says that the parliament will enact legislation that will protect the indigenous seed and plant varieties for the community and the useful of the community but as per now nothing has been done to protect the ecosystem.

Akollo noted that the government needs to sit with the stakeholders and discuss the safety of the indigenous seed and the safety of GMO on human health.

October 19, 2022 0 comment

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