Covid-19 testing Temporarily suspended at Malaba and Busia border
24 January 2022
Good morning. Hope you had an exciting weekend.
If you’re hanging out with folks who don’t already get the email notification from ConversationStarter, you might want to share this with them.
FOREIGN EXCHANGE RATE
Covid-19 testing Temporarily suspended at Malaba and Busia borders to ease traffic
Uganda’s Ministry of Health temporarily suspended Covid-19 testing at the Malaba and Busia land borders, in an attempt to ease traffic flow into Uganda.
Uganda had initially called for mandatory Covid-19 testing for all incoming travelers, including truck drivers in December 2021. This was to protect the country against the spread of the Covid-19 Omicron variant.
However, the suspension resulted in delays and long queues of trucks a few Kilometres from the Malaba border post.
CAPITAL MARKETS
Capital Markets Authority admits Sycamore Capital into the regulatory sandbox to test its mobile application
Sycamore capital has developed a Cashless mobile application that makes it easier for retail investors to invest in Unit trusts. The Company will get the chance to test out the mobile application for 6 months in the CMA (Capital Markets Authority) sandbox.
“The Cashlet App if successfully tested and rolled out in the open market, will play an important role in driving investor participation in the capital markets through collective investment schemes (CIS)” - CMA Chief executive
COVID-19
1. Kenya extended the suspension of all passenger flights from the United Arabs Emirates (UAE) by another week
The extension of the ban is retaliation to Dubai ’s failure to lift a ban on air travellers from Kenya. The Kenya Civil Aviation Authority extended The flights’ suspension to today (24 January 2022).
On 10 January, Kenya suspended all inbound and transit passenger flights from UAE. The ban does not, however, affect cargo flights that are normally flown by carriers such as Kenya Airways and Emirates from the UAE into Kenya.
2. Kenya invites bids from companies for the development of a Covid-19 Factory
Kenya is seeking to recruit a consultant and a firm to design, build, commission and maintain a fully-fledged vaccine manufacturing facility in the country.
As a result, Kenya has invited firms globally to bid for the construction of a Covid-19 vaccine plant. The global tender was floated through an advertisement by the Kenya BioVax Institute.
KFC
KFC identifies a Potato variety that can be grown locally to meet its standard
Finally! some good news for potato farmers.
The National Potato Council and KFC have identified a potato variety that Kenya farmers can now grow to supply the US-based fast food chain.
The National Potato Council announced that it had began talks with a processor who will put up infrastructure to support cutting and freezing of chips before being sent to KFC.
Currently, there are no processors in Kenya producing frozen chips, forcing KFC to import them from South Africa and Egypt.
BUSINESS
Dealings in Scrap metals (including export) banned by President Kenyatta
On Wednesday, President Kenyatta announced that no dealer would be allowed to engage in the export, import or any dealings in scrap metal until proper guidelines are put in place to regulate the sector.
The announcement comes at a time where Kenya is witnessing an increase in vandalism on power lines across the country that resulted in the recent nationwide power blackouts.
The President also ordered the National Police Service to begin a crackdown on illegal scrap metal dealings in Kenya.
BANKING
I&M Bank launches an unsecured lending Solution
I&M bank announced the launch of an automated system which will make it quicker and more convenient for its customers to access unsecured loans.
Under the system, customers can acquire loan facilities from a minimum of Ksh 50,000 up to a maximum of Ksh 3 Million, without providing any collateral or guarantor as security payable in a period of up to five years.
Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined within the platform using a number of unique parameters.
TOURISM
Tourists arrivals in Kenya increased in 2021
The Tourism Cabinet Secretary stated that Kenya’s tourism earnings grew by 65.4% last year to Ksh146.51 billion compared to Ksh 88.56 billion in 2020,
2021 Statistics
The USA was the top source market for tourists with 136,981 arrivals.
Uganda was second with 80, 067 arrivals.
Arrivals from Tanzania were 74,051.
Arrivals from The United Kingdom were 53,264.
In the period of January to September 2021, the Tourism Research Institute (TRI) report noted that bed occupancy rates increased to 4,138,821 compared to the same period in 2020 where occupancy rate was at 2,575,812.
ADDITIONAL CONVERSATION STARTERS THIS WEEK
Did you know that most of the money sent to Kenya from abroad is sent to Mothers? - See this Twitter thread by Mwango capital of the Diaspora Remittances Survey by the Central Bank of Kenya.
Equity Till Number platform works with all mobile wallets - Equity has introduced a new product, One Till Number, that enables Merchants to receive payments from customers using Mpesa, Airtel Money, PesaLink, Equitel and Equity Mobile using the One Equity Till Number.
The Kenya Revenue Authority ‘s Voluntary Tax Disclosure Programme (VTDP) beats expectations - a report from KRA revealed that the taxman netted Sh5.89 billion in the first full year of its amnesty programme which cushions tax cheats from penalties and legal suits when they voluntarily disclose information.
The 5 richest Kenyans - A report by Oxfam International, a global charity organisation that fights inequality, revealed the top 5 richest Kenyans.
The list is based on data from Wealth-X, an organisation that tracks the records of the world’s wealthiest individuals. (data was up to date as at November 30, 2021.)
1. Sameer Naushad Merali - Worth $790 million.
2. Bhimji Depar Shah - Worth $750 million
3. Jaswinder Singh Bedi - Worth $680 million.
4. President Uhuru Kenyatta- Worth $530 million
5. Mahendra Rambhai Patel- Worth $430 million.
START-UP Focus - COPIA Global raised $50M for expansion in a Series C equity round led by Goodwell Investments. The Kenyan company intends to use the funding to grow its model across East Africa, mainly Kenya, Rwanda and Tanzania.
Copia is a platform that offers you a service to get a variety of quality, affordable goods upcountry conveniently in 2 – 4 days.
Price of LPG gas skyrockets - Prices of gas cylinders have jumped 48% over the last year or almost Ksh1,000 since January last year.
Currently, a 13-kg cylinder of gas from Total was retailing at Sh2,995, Rubis K-gas Sh2,950 and Shell/Vivo’s Afrigas Sh2,990.
Some companies have attributed the price jump to the reintroduction of 16% VAT and global fuel price. However, the price increases have far outpaced the tax increment (more than triple the 16 percent value-added tax (VAT) introduced by the government on the commodity.)