NAIROBI, Kenya: June 29, 2021 – The fourth edition of the Agribusiness Deal Room has been launched
on Tuesday June 29, 2021 at a virtual event organized by the Alliance for a Green Revolution in Africa
(AGRA).
The Agribusiness Deal Room is a match making platform at the annual AGRF Summit that convenes
different stakeholders to facilitate partnerships and investments in African agriculture. The Deal Room
specifically supports governments and companies with access to finance and partnership opportunities.
Since it was founded in 2018, the Deal Room has directly provided over 400 companies with targeted
investor match-making and hosted more than 800 companies to explore networking opportunities. It
has also supported 17 governments with investor engagements. Over the last three years, public and
private actors have jointly presented an aggregate capital of US$ 11 billion in investment opportunities
at the Deal Room.
‘The huge potential of the agricultural sector on the continent remains unmet, with agriculture being
the engine of African economies. We designed the Deal Room to build the capacities of SMEs while at
the same time connecting them with sources of financing. We are looking for investments and
partnerships that will unlock the sector’s potential across the continent.’ Dr. Fadel Ndiame, Deputy
President, AGRA
Providing keynote remarks Dr. Beth Dunford, incoming Vice President for Agriculture, Human and Social
Development at the African Development Bank said that across the continent, there is a growing class of
“agripreneurs” who are looking for investment, partnerships, technical knowhow and financing to scale
up their business.
“The African Development Bank is excited to grow its partnership to this initiative. The Agribusiness Deal
Room compliments our efforts to expand finance for agribusiness to enable SMEs to grow and attract
new and innovative sources of sustainable capital,” she said.
This year, the AGRF Agribusiness Deal Room will focus on addressing the challenges in agricultural
lending to SMEs and investments towards government flagship priorities, as one of the strategies for
meeting the objectives of continental and global frameworks including the 2021 UN Food Systems
Summit, Africa’s Agenda 2063, the Malabo Declaration, the Sustainable Development Goals, and the UN
Climate Change Conference (COP26).
“Kenya welcomes investors and is well positioned to provide you with the right tools and dedicated
support to ensure that your investment projects remain sustainable and profitable.” Dr. Moses Ikiara,
Managing Director, Kenya Investment Authority.
Month: June 2021
Maisha Developments breaks ground on outer Nairobi apartments with post-Covidsales
Nairobi, 29th June 2021: Maisha Developments has this week continued the counter-cyclical success of
real estate projects within the Tilisi master-planned development in outer Nairobi, breaking ground on
259 apartments with over a fifth already sold, even as other Nairobi developers announce they are
postponing new builds.
The two- and three-bedroom apartments will be completed within two years as phase one of
apartment schemes Maisha Mapya and Maisha Makao that will offer nearly 600 apartments on
completion.
“These two schemes offer a new level of value for first-time and more established buyers, with
apartments that start at just Sh4.4m, but come with gardens, swimming pools, gyms, sports courts,
club houses, convenience shops and private parking spaces. These kinds of features are never normally
available in apartments in that price range,” said Mr Kavit Shah, CEO of Maisha Developments.
The apartments also offer a low-cost way into the Tilisi development itself, which is characterised by
parks and green spaces, jogging and cycling circuits, as well as a school, shopping mall, and many acres
of stand-alone villas, all set beside the junction of Waiyaki Way and the Southern ByPass.
“Covid has certainly hit buying power, but whenever real estate demand dips it is the least attractive
property that ends up unsold in a thinner market. Exceptional offers, which, for instance, deliver larger
and better-quality apartments or provide a serene and spacious setting with strong infrastructure,
continue to attract buyers by presenting unusual buying opportunities,” said Mr Shah.
The current pandemic has also favoured outer Nairobi as more people have moved to working from
home or working fewer days in offices, increasing the appeal of the lower costs and greater space
beside the city’s ring roads.
he Maisha schemes are set over 10 acres within Tilisi and are just the latest of a series of highly
successful projects launched at Tilisi after ALP West, grade A warehouses by African Logistics
Properties and Tilisi Views, luxury villas by Tilisi Developments.
“The key to success in real estate remains the creation of properties that give buyers a different and
better lifestyle at the best possible price point,” said Mr Shah.
In order to aid speed and quality, Maisha Developments is also using front-end technology for the
build, with the apartments built using aluminium foamwork that remain relatively new in Kenyan
construction, but which are now amongst the leading building technologies in developed markets and
a key element in the green building movement.
NO PAY INCREASE TEACHERS TO GET MORE MATERNITY AND PARTENITY DAYS
By Clive Ayuko
Nairobi, Kenya 29th June 2021
The Kenya Union of Post Primary Education Teachers and the Kenya National Union of Teachers today evening at a Nairobi hotel rejected a proposal offered by the Teachers Service Commission the 2020-2021 collective bargaining agreement.
The offer by the Teachers Service Commission which the two trade Unions rejected proposed acceptance of transfer requests for teacher couples, a pre-adoptive leave of 45 days, an increase in paternity leave days from the current 14 days to 21 days and 90 to 120 days for maternal leave days and an affirmative action for teachers working in Arid and Seni arid Regions.
Speaking shortly after the address by the trade Union leaders the Commission Chief Executive Nancy Macharia blamed the inability to effect a salary increase on the Covid19 pandemic and the negative effect the same has had on the performance of the economy.
NCBA, Simba Corp sign asset finance deal.
Nairobi, June 28th,2021: NCBA Bank Kenya PLC has today signed an asset finance deal with Simba Corp that will see the lender finance up to 95% of all commercial and personal vehicles sold by Simba Corp.
In a bid to ease the financial load in the current business environment, new and repeat customers will in addition enjoy discounted loan facility fees. The Small and Medium Enterprise sector, which is the largest employer in Kenya, will be the biggest beneficiary of this unique financing deal, which will run for six months.
The partnership will offer customers a 13% interest rate per annum on reducing balance over a maximum tenor of 60 months. In addition, customers will receive a grace period of 60 days after the vehicle release date before loan repayment.
According to Lennox Mugambi, Group Director, Asset Finance and Business Solutions; “This asset finance deal comes at the right time during this pandemic period when businesses are slowly recovering from the ripple effects. At NCBA, we are on a continuous journey to forge partnerships that are beneficial to our customers. The businesses that take up this deal will also benefit from the discounted all-inclusive insurance package offered by NCBA Insurance Agency (NCBA IA).”
“The insurance package provides swift and seamless settlement of loan repayment for grounded vehicles under repair and a back to dealer agreement for all accidental/partial theft cases including spare tyre. It also includes goods in transit coverage; unlimited third party liability claims with nil excess and accommodates personal accident claims.”
“It is at a time like this that our commitment towards supporting our customers to achieve the numbers that matter to them truly stands out. While the current economic environment is still fluid and continues to change on a daily basis some for better and others for tougher times, our highest priority and commitment to sustain our customers’ businesses remains unwavering.” He added.
On his part, Naresh Leekha – Simba Corp Managing Director, Motors noted: “Financing has been a key driver for businesses to take up assets that will help them scale up their production and recover after a period of suppressed economic activity due to Covid-19.”
“We envision this partnership with NCBA will help our customers get the vehicles they need for their businesses. The 60 day repayment holiday will also enable them to manage their cash flows.” He concluded.
The partnership takes advantage of the relief from logistical disruptions experienced by new vehicle dealers, including the local franchise holder for Mitsubishi and Fuso, in Q3 previously caused by the Covid-19 pandemic.
15 Youth Led Not For Profit Organizations Unveil Collaboration
By Clive Ayuko
Nairobi, Kenya 25th June 2021
In a bold step seen to be geared towards combining synergies 15 youth led civil society organizations yesterday evening at a Nairobi, Hotel unveiled a partnership dubbed “Youth together under one Voice”
The organizations to include Haki Africa, Siasa Place, Pawa 254,Y Act, Africa Youth Trust, Tribeless youth, Elgon Youth Professionals, Global Platform Kenya, Footprints for change, Dada Power, Run for Office, VSO, Youth and Success Association, Youth Alive and Emerging leaders will collaborate in a number of areas to advance the youth agenda in Kenya.
Zamara calls for more inclusive pension sector and bolder pension reforms
Nairobi, Kenya – 24th June 2021… Government has been urged to spearhead the growth and further development of the pensions industry through bolder policy reforms to build back a more resilient and inclusive pensions industry post Covid-19.
Speaking at the official opening of a two-day Pension Conference organized by Zamara, Zamara Group CEO, Sundeep Raichura called for bolder policy measures including making pension contributions compulsory and significantly increasing the tax breaks for the sector.
“The monetary limit on tax deductible pension contributions has remained at K Shs 20,000 per month for the last 18 years and this needs to be significantly increased or removed to increase long term savings in the country” said Raichura. Adding that, “We can increase long term domestic savings critical to fuel economic growth and create jobs much faster if we implement bolder pension reforms of the type that several countries in Africa such as Ghana, Nigeria and Malawi had implemented.”
Raichura also said there was an urgent need to extend pension coverage to the uncovered informal sector especially with 85% of the workforce in the informal sector. “An informal sector worker has as much if not higher need than their formal sector counterpart to provide for or be protected against the loss of income earning capacity in old age” said Raichura adding that Zamara has solutions to enable tech-based enrollment and flexible savings by informal sector workers.
RBA CEO Nzomo Mutuku said that whereas the pensions sector was hit with the Covid-19 pandemic, the industry still registered growth to cross the K Shs 1.4trn mark. Mutuku urged pension fund trustees and providers to consider innovating new products to enable Kenyans benefit from the favorable regulations implemented by RBA. He lauded pension trustees who had included provision for post-retirement medical savings in their schemes especially given the plight of retirees without medical cover. He also decried the lack of effective communication to pension fund members. “Pension fund members need communication beyond their benefit statements if they are to better plan their retirement” said Mutuku.
The two-day conference attended by more than 250 delegates including trustees from more than 100 retirement funds, regulators and industry players addressed critical questions on how pensions funds can thrive and be more
Transparency International, Accountancy Institute and Amnesty International Condemn Sacking of Corruption Whistle Blower
Nairobi, Kenya 23rd June 2021
By Clive Ayuko
The Institute of Certified Public Accountants Kenya, Transparency International and Amnesty International early yesterday morning condemned the sacking of Spencer Sankale Olachike, a senior accountant working for the The Masai Mara University who in 2019 made public corruption activities taking place at the Institution. Making a statement during the press conference Transparency International Programme Officer Ms Wakesho Wakalilo termed the action as an attempt to interfere with a key witness in a matter that is currently in the high court of Kenya.
Also speaking during the event Chairman of ICPAK Mr. George Mokua said; “the institution will provide monthly stipend to the sacked member to ensure that he meets his financial needs”. Mr Mokua also called for the immediate reinstatement of the member a point that was also echoed by Amnesty International Chairperson Renee Ngamau who also called on the University Council Board led by Acting Vice Chancellor Prof. Onyango Kiche Magak to lead the process.
Ms. Renee also called on Kenyans working in various sectors o come forth and report cases of corruption calling for the enactment of Whistleblower protection bill and urging the government to strengthen the public defenders fund.
Kenya currently ranks 124 out of 180 of countries taking part
in corruption perception index by transparency international
Britam partners with fintech app KOA to enable more Kenyans to access savings and investments
Partnership is the first Digital Independent Financial Advisors (IFA) agreement
Nairobi, June 21st 2021– Britam Asset Managers and Kenya-based fintech startup KOA, have today announced a partnership to offer customers access to low risk investment opportunities.
This partnership is the first of its kind in the market of a Digital Independent Financial Advisors (IFA) agreement. IFAs are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products.
The Koa app makes it easy for customers to start their savings and investment journey with the Britam Money Market Fund in under 2 minutes. Through the partnership, Koa users can start saving with as little as Ksh100 and watch their money grow and multiply with Britam’s Money Market Fund.
Britam Asset Managers’ Principal Officer, Jude Anyiko, said the partnership will expand the firm’s omnichannel strategy and deliver a superior customer experience.
“Britam Asset Managers is delighted to partner with Koa to rollout the country’s first digital IFA agreement. This partnership will enable Britam deliver its digital savings and investment solutions in ways that are attractive, engaging, and intuitive allowing us to access new emerging markets,” said Anyiko.
He added: “This Partnership is part of Britam Asset Managers’ broader initiative to develop innovative products that support savings and investment penetration in the region.”
Koa’s Co-Founder and COO Delila Kidanu, said that the Koa App is designed to offer Kenyans an easier way to put money aside towards their personalized savings goals, encourage more people to gain control of their finances and offer a higher interest rate as compared to other savings products in the market.
“Once goals are set, Koa lets users know how much they need to save each day, week, and month to reach their goals. Through this partnership with Britam Asset Managers, Koa users can access low-risk and high growth savings and investment opportunities. This will not only enable them to reach their goals faster, but also create long-term financial resilience.” said Kidanu.
“The idea of formal savings is often perceived as intimidating, inconvenient and difficult to start for a lot of young Kenyans. Koa is the only digital savings companion that makes it easy to start saving instantly and remain committed through personalized savings goals. Our goal is to put Kenyans on a clear and visible path toward financial freedom,” said Kidanu.
Savings is Koa’s first step into the digital financial services foray. Through partnerships and financial literacy programs, Koa is looking to fill existing market gaps and be the go-to financial companion for the Kenyan youth. Building trust and delivering great user experience for its high-interest savings products is Koa’s first priority, while also leveraging other distribution channels to reach more customers. Kenya is the company’s first market, with expansion plans to grow across the region.
Britam recently rolled out its 2021-25 Strategic Plan which seeks to enhance customer experience by becoming more customer centric. As part of its new strategy, Britam is seeking to capitalize on its investments in technology to expand its customer base to drive growth.
“Backed by investment in a robust IT system, Britam is today well placed to accelerate its digital programmes to ensure customers continue to access our products and services in a seamless manner. By creating a technology led strategy that prioritizes customer demands and overall customer experience, Britam has been able to provide innovative solutions through seeking digital partnerships”, Anyiko said.
Savings is a key component in building financial resilience. While Kenyans are no strangers to the idea of saving, a Geopoll survey showed that only 34% of Kenyan respondents indicated that they save frequently. According to the survey, mobile money is the most popular savings platform, accounting for 54%, followed by bank accounts (48%) while chamas ranked third.
Two Kenyans appointed to African Green Infrastructure Investment Bank Advisory Board
Nairobi, Kenya – 15th June 2021… Former Prime Minister Raila Odinga and Sundeep Raichura Zamara Group CEO and have been appointed as Advisory Board members to the African Green Infrastructure Investment Bank (AfGIIB). The announcement was made during the G-7 African Investor Summit held on the sidelines of the just completed G7 Summit in Cornwall.
The African Green Infrastructure Investment Bank (AfGIIB) initiative is an African Union-convened, African institutional investor-led, global finance initiative, to catalyze private capital for Africa’s green transition, in the run-up to COP27 in Africa and beyond. Hon Raila Odinga is the African Union High Representative for Infrastructure Development and Sundeep Raichura is the Chairman of the Kenya Pensions Fund Investment Consortium (KEPFIC). The Advisory Board is tasked with the mandate to champion and create a specialist green infrastructure investment platform to support the continent’s green transitions, create jobs, increase the continent’s share of the industrial green global economy whilst at the same time delivering globally competitive risk-adjusted returns for its investors.
Welcoming the establishment of AfGIIB, Hon Raila Odinga reaffirmed his support for initiatives of this type that catalyze more investments into infrastructure in Africa and more so support and accelerate Africa’s transition to a greener and more resilient economy.
Speaking at the summit, Sundeep Raichura said “As we build back better and focus on long term recovery post Covid-19, sustainability in investments is going to be critical and institutional investors such as pension funds can play a pivotal role in creating a more sustainable economy by having a focus on the green agenda in their investment decisions”.
“The emerging need to reassess investment allocation by Kenyan pension funds presents an opportunity to revisit nature-based and sustainable solutions for more resilient physical infrastructure to mitigate climate change and physical risks,” added Raichura.
The African Green Infrastructure Investment bank (AfGIIB) Advisory Board will also serve as an influential green investment mobilization avenue for the continent, even as the continent prepares to host the UN Climate Change Conference (COP27) in 2022.
Kenya’s GDP projected to recover to 5.3% in 2021, says NCBA Economic Outlook report
- Improved distribution of vaccines could see Kenya vaccinate about 7.5% of the population by end of 2021.
- NCBA continues to collaborate with the government and other players through the Credit Guarantee Scheme in order to enhance access to credit by MSMEs
Nairobi, June 16th 2021: Kenya’s Gross Domestic Product (GDP) is projected to recover to 5.3% in 2021, says NCBA Economic Outlook report.
The report by NCBA Group attributes this growth to increased activity in education (32%), construction (7.3%), ICT (7.7%), health (6.0%) and agriculture (4.0%) sectors.
According to the report, some upside will stem from a low base and therefore the multiplier effect on incomes could be comparatively low.
The report further cites that vaccination remains a major policy imperative in achieving a strong, sustainable, and inclusive growth which, subject to vaccine availability, could enhance confidence latter in the year.
According to John Gachora, Group Managing Director, NCBA Bank: “We see prospects for growth vary widely across sectors depending on the degree of exposure to the pandemic, scope for adaptability and policy support. Covid-19 vaccination will undoubtedly remain the main economic policy for sustained recovery, complemented by interventions from government and the Central Bank.
Even then, the report notes that the government may only achieve a vaccination coverage of 7.5% of the population this year, assuming vaccine production and distribution improves significantly in the second half. In the meantime, the country will be subject to episodes of lockdowns although this may be clustered.
To this end, “….the start-stop economic scenarios occasioned by the pandemic may keep economic growth below the country’s potential. We are glad that the government allocated KES 14.3Bn towards vaccination. This may enhance coverage and confidence in the latter quarters of the year, subject to vaccine availability,” noted Mr. Gachora.
“To complement and further support the government, the bank continues to collaborate with the government and other players through the Credit Guarantee Scheme in order to enhance access to credit by MSMEs, providing some cushion against the pandemic aftershocks,” noted Mr. Gachora.
“From the rigorous analysis and findings by our Economist, growth expectations could swing between 7.6% on a more optimistic scenario and 3.2% on a worst case. This reflects the persistent uncertainty presented by the pandemic and underscores the need for flexibility and continued support from the government and the central bank,” concluded Mr. Gachora.
Other economic sectors that we expected to register slow growth include – transport and storage, manufacturing, wholesale, and retail recording 0.7%, 1.6%, 2.5% respectively.
The report also predicts the country may not achieve herd immunity until 2023 at the earliest. This may sustain the pandemic related uncertainties.
The whistling African 
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