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Business

Farmers move away from Hustler Fund as alternative borrowing rises
Business

Farmers move away from Hustler Fund as alternative borrowing rises

Launched in 2022, the Financial Inclusion Fund, commonly known as the Hustler Fund, was designed to provide affordable loans ranging from Sh100 to Sh50,000 to support small businesses and informal sector workers. It was intended to ease access to quick credit for daily operations such as buying inputs and paying labour.

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State push on quarries lifts mining revenue to Sh3.8bn
Business

State push on quarries lifts mining revenue to Sh3.8bn

The fall in 2024 followed the exhaustion of titanium deposits, which brought an end to one of Kenya’s most important mining ventures in Kwale. Over an 11-year period, Base Titanium shipped about 5.2 million tonnes of mineral sands, including 3.89 million tonnes of ilmenite, 804,000 tonnes of rutile, and 295,000 tonnes of zircon, in addition to other smaller mineral exports.

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Government to scrap license fees for selected NYOTA youth traders
Business

Government to scrap license fees for selected NYOTA youth traders

MSMEs Development Principal Secretary Susan Mang’eni said on Thursday, April 9, that the waiver will apply to NYOTA beneficiaries who have completed mentorship and officially started running their businesses. She added that counties had earlier committed to supporting the initiative by offering similar relief within their areas of jurisdiction.

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CBK Governor Kamau Thugge during past function. PHOTO/Kenya Banking Insights
Business

CBK retains 8.75pc lending base rate as Middle East conflict lifts oil

Kenya’s inflation remained under control in March, coming in at 4.4 percent. This is below the midpoint of the official target band of 5±2.5 percent. The MPC linked the lower inflation to reduced prices of key processed foods, including sugar and maize flour, which helped ease pressure on households.

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Google introduces Gemma 4 AI models for devices and high-end systems
Technology

Google introduces Gemma 4 AI models for devices and high-end systems

Google said the models are designed to support advanced reasoning and can carry out agent-style tasks by connecting with external tools and software. The models are developed using research aligned with the systems behind Gemini 3 and are compatible with a broad range of hardware, including smartphones, laptops, developer machines, and accelerator-based systems.

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Final quarter pressure: KRA targets Sh932bn to hit trillion-shilling goal
Business

Final quarter pressure: KRA targets Sh932bn to hit trillion-shilling goal

The push comes after the authority recorded Sh2.038 trillion in the first nine months of the financial year, marking the first time it has surpassed the Sh2 trillion mark within that period. Even with the milestone, the figure still trailed the Sh2.122 trillion benchmark, leaving a deficit that now places added urgency on the final quarter.

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CS Mbadi outlines e-mobility plan amid Middle East tensions
Business

CS Mbadi outlines e-mobility plan amid Middle East tensions

Following the escalation, several Gulf states closed parts of their airspace and introduced restrictions on shipping, particularly through the Strait of Hormuz. Iran also blocked the strait, a key global passage used for transporting a significant share of the world’s oil and liquefied natural gas.

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Mobile phones. PHOTO/ IT WEB
Business

Smartphone sales dip as users delay replacement

Despite fewer new purchases, smartphones remain the dominant technology in Kenya. By December, there were 48.7 million smartphones in use, compared to 29.6 million feature phones, showing that internet-enabled devices still drive most mobile activity.

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Sacco leaders face scrutiny over foreign travel and financial reporting practices
Business

Sacco leaders face scrutiny over foreign travel and financial reporting practices

Cooperatives Principal Secretary Kiburi Kilemi noted that a number of Saccos have formed working arrangements with travel firms that lead to frequent benchmarking trips abroad, which he said often fail to deliver meaningful value to members. He urged Sacco leaders to instead focus on learning from strong-performing institutions within the country, rather than relying on international travel.

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Pius Mwendwa takes over as acting KPC boss following arrest of Joe Sang
Business

Pius Mwendwa takes over as acting KPC boss following arrest of Joe Sang

Sang’s arrest is tied to an ongoing investigation into claims surrounding the procurement and supply of fuel that is alleged to fall below required standards. The probe has also drawn in other senior officials in the energy sector, among them Petroleum Principal Secretary Mohamed Liban and Energy and Petroleum Regulatory Authority Director General Daniel Kiptoo.

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