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Treasury Tables Ambitious 3.6 Trillion Budget in Economic Recovery Push1 ORPORATEKeeping Your Business In Mind JUNE 2021 EDITION Kshs. 200, US$ 2 ISSN 2305-5561 11 9 772305 556001 Treasury Tables Ambitious 3.6 Trillion Budget In Economic Recovery Push1 Initiative to Equip 50,000 Small Business Owners With Digital Skills Kicks off XXXXXXXXX Audit Firm Seeks Green Light for Ambassador Ukur Yatani, Importation National Treasury Cabinet Secretary of COVID-19 Vaccines CORPORATE WATCH | JUNE 2021 EDITION www.corporatewatch.co.ke You can now contribute directly into your NSSF account through M-PESA. This is a fast, easy and convenient way to increase your contributions through your mobile phone. Simply follow the instructions listed below to do so: PROCEDURES ON HOW TO MAKE A CONTRIBUTION USING 2 Step 1 Step 2 Step 3 Step 4 M-PESA Payment Enter Business Enter Account Send Money Services Number Number Withdraw Cash Pay Bill 333300 XXXXXXXXXX Buy Airtime M-Shwari Payment Services My Account Go to your M-PESA menu Select Pay Bill in the Enter Business Number Enter NSSF Number and select Payment Services M-PESA Menu which is 333300 you wish to pay for Step 5 Step 6 Step 7 Enter Amount Enter PIN Pay Bill 3200 **** Pay Bill 333300 You will. Received a text Account message confirming that XXXXXXXXXX the amount has been sent Kshs 3200 to NSSF. OK Enter the amount you wish to pay Enter your M-PESA PIN Confirm details are correct for (Between Kshs. 200 – 70,000) and press OK National Social Security Fund P.O. Box 30599-00100, Nairobi, Kenya | Main Line 020 2729911, 2710552 | Toll Free Line 0800 2212744 Email info nssfkenya.co.ke | Website www.nssf.or.ke JUNE 2021 EDITION | CORPORATE WATCH Initiative to equip 50,000 small 16 business owners with digital skills kicks off Government, industry players to collaborate on enhancement of compliance 18 on Covid-19 rules INCHCAPE Kenya Launches BMW 3 22 Motorrad (Motorcycle) CONTENT Dealership Absa Bank kicks off school donations drive 26 SportPesa to 46 special needs Foundation schools donates maternity equipment in AAR Insurance CSR rolls out 30 Covid-19 vaccine 32 medical cover CORPORATE WATCH | JUNE 2021 EDITION ORPORATEKeeping Your Business In Mind Editor’s Note JUNE 2021 EDITION Kshs. 200, US$ 2 ISSN 2305-5561 11 9 772305 556001 Treasury Tables Ambitious 3.6 Trillion Budget In Economic Road to economic recovery: Recovery Push1 Initiative to Equip 50,000 Small Business Owners With Digital Skills Kicks off XXXXXXXXX Audit Firm The 2021/2022 Budget Seeks Green Ambassador Ukur Yatani, Light for National Treasury Cabinet Secretary Importation of COVID-19 enya’s economy is picking up speed after the Covid -19 shock. However, Vaccines CORPORATE WATCH | JUNE 2021 EDITION the pandemic has left deep imprints on the country’s fiscal and debt www.corporatewatch.co.ke Kpositions. Like many other countries around the world, Kenya was hit hard by the COVID-19 shock. The disruption in global trade and travel, and the EDITOR containment measures put in place to limit the spread of the virus, meant that Allan Mkuywa economic activity contracted sharply in Kenya in the second quarter of 2020. ASSOCIATE EDITOR Ker Mogallo School closures, curfews, and restrictions on public gatherings transformed daily life. Some lost their jobs, while many more felt the pressure from a loss COMMERCIAL DIRECTOR of income. For the most vulnerable, this pressure translated into real hardship. Adhyambo Odera CONTRIBUTORS While economic activity is picking up, many challenges remain. Public health is Irene Atieno still under pressure with the rollout of COVID-19 vaccines just getting started. Felix Boyd 4 Higher poverty has set back progress towards Kenya’s development goals. Francis Zyder Kenya’s fiscal and debt positions have also worsened, adding to difficulties that Catherine Muema Joan Wambui existed even before the shock. KJ Odongo Moses Cheruiyot The 2021/2022 Budget tabled by CS Treasury Ukur Yatani will prioritise the Fred Odhiambo health of Kenyans and create jobs. CS Yatani has proposed the allocation of MARKETING Sh14.3 billion to facilitate the roll-out of Covid-19 vaccines to create herd Kiptanui arap Maina immunity, in addition to the Sh7.6 billion appropriated in the 2020/21financial [email protected] year budget. This is aimed at making it possible for as many people as possible to return to work and contribute to nation building a after the interference caused DESIGN & LAYOUT Smartex Creative Graffix by Covid-19. [email protected] +254 721 496 922 In this budget, the Health sector bags 121 billion, as the country seeks to procure more vaccines in the quest to immunize the masses against the corona virus. CIRCULATION Esbon Okong’o Other sectors boosted by the budget include the Agricultural sector to ensure food security. Manufacturing is also a big winner with great boosts to ensure jobs PUBLISHERS for Kenyans. Smartbound East Africa Limited ADVERTISING Send us your feedback on this edition, as we focus on making great strides Smartbound East Africa Limited towards economic recovery. See you in July! For inquiries contact us: th Swao Mururi Standard Building, 6 Floor P.O. Box 37671 - 00100 Stand-in-Editor Nairobi-Kenya Tel: 020 7866887 Email: [email protected] CORPORATE WATCH is published monthly by Smartbound East Africa Limited. The magazine strives www.corporatewatch.co.ke to ensure that companies and other institutions get a veritable platform to highlight their activities, challenges and successes and help build a positive business operation and investment climate across the Continent. CORPORATE WATCH accepts the information contributed by author and advertisers as factual and correct and that the views carried therein does not necessarily reflect the opinion of the publisher. Reproduction of published material in whole or part is prohibited but those wishing to do so must obtain Talk to the editor: express permission of the publisher. [email protected] JUNE 2021 EDITION | CORPORATE WATCH BANKING & FINANCE Family Bank Gets CMA Nod To Raise Ksh 8 Billion To Anchor Its Growth Strategy The lead transaction advisors are NCBA Investment Bank and Genghis Capital, PricewaterhouseCoopers (PwC) as the reporting accountants, MTC Trust and Corporate Services Limited as the Note Trustees, Mboya Wangong’u & Waiyaki Advocates as the legal advisors and Tim- Sky Media Services as the Media and Public Relations consultants. This issuance comes after the Bank successfully redeemed its five and a half years (5 and ½ year) Medium Term Note worth KES 2.0188 billion on 19th April 2021. In Summary Family Bank CEO Rebecca Mbithi • The Bank targets to 5 By Felix Boyd to 2020. Interest Income continues to raise KES 4 billion be the Bank’s primary revenue stream in its first tranche amily Bank has today received contributing on average 77% of total with the balance to be formal approval from the Capital income, over the past five years. There raised within the next FMarkets Authority to raise up has also been an impressive increase in to KES 8 billion in tranches through non-funded income, which has grown five years in various a multi-currency Medium Term Note by a compounded annual growth rate of tranches/series. (MTN) by way of public offer to 4.9% over the past five financial years strengthen its capital base and support from KES 2.1 billion in 2017 to KES 2.6 • Family Bank’s Profit lending. billion in 2020. before tax over the past The Bank targets to raise KES 4 billion The growth is mainly attributed to a five financial years in its first tranche with the balance to significant increase in foreign exchange grew at compounded be raised within the next five years in trading income and fees and commissions annual growth rates various tranches/series. on loans and advances. On the balance sheet side, the Bank has recorded of 21.3% from 2016 to “We are positioning the Bank for the impressive growth in total assets at a 2020. second phase of growth as per our 2020 compounded annual growth rate of 6.9%, – 2024 strategy anchored on growth customer deposit at 13.9%, shareholder • Through this capital and stability of the bank. Through this funds at 1.3% and loans and advances raising, the Bank is capital raising, the Bank is eyeing to at 3.1% over the past five financial years eyeing to strengthen its strengthen its capital base to support during the period 2016 to 2020. lending to micro, small and medium- capital base to support sized enterprises and heavily invest Ms Mbithi also added, “We are confident lending to micro, small in technology infrastructure while of the Bank’s upward trajectory of growth and medium-sized en- diversifying our product and market not only backed on our financial strength, offerings,” said Family Bank CEO our footprint as Kenya’s fourth largest terprises and heavily Rebecca Mbithi. bank in branch network but also the invest in technology in- competence of the Board, Management frastructure while di- Profit before tax over the past five and staff coupled with strong market financial years grew at compounded offering necessary to scale the Bank’s versifying its product annual growth rates of 21.3% from 2016 growth’s ambitions.” and market offerings. CORPORATE WATCH | JUNE 2021 EDITION COVER STORY Treasury Tables Ambitious 3.6 Trillion Budget In Economic Recovery Push The CS went ahead to reassure Themed “Building back better: Strategy for resilient and that Kenya’s public debt, currently sitting at over Sh7 trillion is sustainable economic recovery and inclusive growth, the sustainable. 2021/2022 budget presented to the parliament of Kenya The country is banking on increased by Cabinet Secretary National Treasury Ambassador allocation and tax incentives to key job-creating sectors such as Ukur Yatani promises to turnaround Kenya’s economy.
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