NAIROBI STAR Monday, 3 September 2007 23 STAR BIZ · 2009-09-12 · Speaking during an award...
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BY PETER KIRAGU THE KENYA Commercial Bank is committed to devel- opment of entrepreneurship in the country. Speaking during an award ceremony for the AIESEC young entrepreneurs pro- gramme at a Nairobi hotel, the bank’s chairman Susan Mudhune said that the bank would continue to dedicate resources to empower com- munities besides offering them essential banking serv- ices. Mudhune announced that the bank had set aside Sh1.5 million to support AIESEC programmes for 2008 since the bank was satisfied with the way the organisation had spent Sh1.2 million it was given this year. “We launched the KCB initiative in 2006 to enhance entrepreneurship and training as a way of boosting econom- ic development,” she said. She added that the bank had the network, resources and commitment to partner effectively with Kenyans in various ways for mutual benefit. At the function, winners of the African Young En- trepreneurs Business Plan competition which ran for four months were announced. They were awarded cash prizes of between Sh10,000 and Sh50,000. The purpose of the compe- tition was to present entrepre- neurship as a viable option for youth empowerment by developing the skills needed to start and run a business. AIESEC is the world’s larg- est student-run organisation found in 102 countries and over 800 universities around the world. The main objective of AIESEC is to help young people to discover and de- velop their potential. AIESEC Kenya has existed for the last 37 years. BY PETER KIRAGU FAMILY Bank is exploring ways of spreading its business operations outside Kenya, the bank’s acting chief executive officer, Peter Kinyanjui has announced. “We are hopeful that we shall in the near future cross the borders and become a re- gional financial institution,” said Kinyanjui adding that this would enable the bank live up to its mission of “positively transforming people’s lives by providing micro and other financial services through ef- ficient, quality and reputable practices.” Kinyanjui was speaking during a dinner hosted by the Organisation of Women in In- ternational Trade (OWIT). The bank is today partici- pating in its first ever clear- ing house activities, after its admission into the Clearing house. The bank has also estab- lished an international bank- ing department to deal with international banking services such as trade finance prod- ucts, international transfers and foreign cheque clearing. And these are some of the major undertakings by the 23- year-old bank which recently changed named from Family Finance Building Society to Family Bank enhancing the competition for the small and medium entreprise clients cur- rently tightly held by Equity Bank. Kinyanjui said the bank would continue supporting initiatives developed by or- ganisations such as OWIT by helping them realise their ob- jectives and those of its mem- bership. He said the bank would do this by offering them financial advisory services, affordable products and services tailor- made to suit their needs, in- ternational banking and trade services, funding for projects, provision of working capital and any other related financial services. “I encourage OWIT mem- bership to take advantage of the many training and person- al development programmes being offered by friends of your institution, because it is the only way one would un- derstand the changing busi- ness environment, which is becoming difficult to predict,” he observed. Kinyanjui also announced that the bank would soon launch a women entreprise development fund to support women activities at subsidised rates. OWIT was formed in 1990. Practical tips on handling personal finance NEWS YOU CAN USE, EVERY DAY. STAR BIZ KCB gives Sh1.5m to young entrepreneurs NAIROBI STAR Monday, 3 September 2007 23 FAMILY BANK TO GO REGIONAL PHOTO/NJUE MURIMI PHOTO/NJUE MURIMI LIBERALISATION and a conducive regulatory regime have seen Kenya’s informa- tion and communication technology sector record tre- mendous growth. Nevertheless, internet use remains low and is currently restricted to business and high income individuals. But entreprising and enlightened internet speculators have begun aggressive measures aimed at bridging this huge gap. One of the latest initiatives is the launch of creative web- sites that utilise a new move- ment called Web 2.0. This basically means that consum- ers have changed the way the internet is used and what it offers. At the forefront of the initiatives is Kenya’s own E-bay-like online auction site. Kenya Online Auction (www.kenyaonlineauction. com) which uses Safaricom Mpesa to enable users to buy, sell and bid on items listed on the site. The site also offers users a cost effective way of setting up their own online shop where they can sell their goods and services through Mpesa. Jua kali is one of the sec- tors generating job opportu- nities in Kenya. Now there is a website dedicated to the sector (www.juakali.info). The site contains a database of business ideas. Users can contribute their own ideas on the forum and submit any of their own plans online. Kenya is on the brink of an internet revolution. There is huge opportunity for people to generate income through the web that it will permeate so- ciety in the same way that it already has across the globe,” said Simon Hewett, the sites’ manager. Campaign on to boost use of Internet Lydia Waithaka, outgoing OWIT chair shares her experiences at the organisation during a Family Bank sponsored dinner held at Grand Regency. It was Donald Rumsfeld, former US Defence Secretary, who once said: “There are known knowns, known unknowns and unknown unknowns.” He was talking about the Iraq war but this applies to investment too. As an investor in any market, you need to be aware of the scope of your knowledge and to constantly increase that bank of knowledge. You also need to know what you don’t know and recognise that there are some things you can never know. That way, your questions will be more pointed and intelligent instead of just following the next fellow’s tip. There is a lot of noise around and you need to filter the noise out and make rational and well- judged decisions. Now, I have found that in my more than 20 years of trading, my knowledge is most profitably employed in a market where I can physically go and test its merits. So right now, I prefer owning TPS shares because I can go and sit in the Nairobi Serena and see for myself what is going on. The case is different with holding shares in the Intercontinental chain, where I have little opportunity to check things for myself. Having said that, clearly there are times when it is compelling and necessary to look at other opportunities. How can you go about it? First, look for sustainable long term growth. GDP is probably the best measure. Now take the top 10 countries and that is your starting point. And here you find China, India, Brazil and of course, Sub Saharan markets. Then drill down into those economies and look for the internal growth markets. You certainly do not find UK or US real estate in the picture! For me, China is the front and centre. The emergence of China, which has been key for our Continent, is a long term story and it affords compelling opportunities. And I would certainly recommend that you all pay attention and do some research on that market and its companies because it will be very rewarding. The NSE sprouted wings on the back of Kenya Re refunds which totalled in excess of Sh7 billion. We will set a new all time high by early next year, at the latest. Aly-Khan Satchu www.rich. co.ke is the author of the book, Anyone Can Be Rich, available in local book shops. INVESTING IN FOREIGN MARKETS ▼ 1 TO SELL Mumias Sugar (Sh39.50) Results confirm the nadir is behind us. Comesa worries are overblown. Buy for medium term. KPLC (Sh240) Its beginning to gain traction. Buy for medium term. Diamond Trust (Sh100) Regional footprint and the rights issue confirm the Bank’s ambition. Express (Sh25) There is talk of a Chinese take over. Highly Speculative. Nation (Sh259) Its facing an enormous insurgent threat. Shares go up and down and readers are advised that this column represents Mr Satchu’s personal opinions. 4 TO BUY ▼ Susan Mudhune, KCB Chairman
Transcript of NAIROBI STAR Monday, 3 September 2007 23 STAR BIZ · 2009-09-12 · Speaking during an award...
BY PETER KIRAGU
THE KENYA Commercial Bank is committed to devel-opment of entrepreneurship in the country.
Speaking during an award ceremony for the AIESEC young entrepreneurs pro-gramme at a Nairobi hotel, the bank’s chairman Susan Mudhune said that the bank would continue to dedicate resources to empower com-munities besides offering them essential banking serv-ices.
Mudhune announced that the bank had set aside Sh1.5 million to support AIESEC
programmes for 2008 since the bank was satisfi ed with the way the organisation had spent Sh1.2 million it was given this year.
“We launched the KCB initiative in 2006 to enhance entrepreneurship and training as a way of boosting econom-ic development,” she said.
She added that the bank had the network, resources and commitment to partner effectively with Kenyans in various ways for mutual benefi t.
At the function, winners of the African Young En-trepreneurs Business Plan competition which ran for
four months were announced. They were awarded cash prizes of between Sh10,000 and Sh50,000.
The purpose of the compe-tition was to present entrepre-neurship as a viable option for youth empowerment by developing the skills needed to start and run a business.
AIESEC is the world’s larg-est student-run organisation found in 102 countries and over 800 universities around the world. The main objective of AIESEC is to help young people to discover and de-velop their potential.
AIESEC Kenya has existed for the last 37 years.
BY PETER KIRAGU
FAMILY Bank is exploring ways of spreading its business operations outside Kenya, the bank’s acting chief executive offi cer, Peter Kinyanjui has announced.
“We are hopeful that we shall in the near future cross the borders and become a re-gional fi nancial institution,” said Kinyanjui adding that this would enable the bank live up to its mission of “positively transforming people’s lives by providing micro and other fi nancial services through ef-fi cient, quality and reputable practices.”
Kinyanjui was speaking during a dinner hosted by the Organisation of Women in In-ternational Trade (OWIT).
The bank is today partici-pating in its fi rst ever clear-ing house activities, after its
admission into the Clearing house.
The bank has also estab-lished an international bank-ing department to deal with international banking services such as trade fi nance prod-ucts, international transfers and foreign cheque clearing.
And these are some of the major undertakings by the 23-year-old bank which recently changed named from Family Finance Building Society to Family Bank enhancing the competition for the small and medium entreprise clients cur-rently tightly held by Equity Bank.
Kinyanjui said the bank would continue supporting initiatives developed by or-ganisations such as OWIT by helping them realise their ob-jectives and those of its mem-bership.
He said the bank would do
this by offering them fi nancial advisory services, affordable products and services tailor-made to suit their needs, in-ternational banking and trade services, funding for projects, provision of working capital and any other related fi nancial services.
“I encourage OWIT mem-bership to take advantage of the many training and person-al development programmes being offered by friends of your institution, because it is the only way one would un-derstand the changing busi-ness environment, which is becoming diffi cult to predict,” he observed.
Kinyanjui also announced that the bank would soon launch a women entreprise development fund to support women activities at subsidised rates. OWIT was formed in 1990.
Practical tips on handling personal fi nance
NEWS YOU CAN USE, EVERY DAY.STAR BIZ
KCB gives Sh1.5m to young entrepreneurs
NAIROBI STAR Monday, 3 September 2007 23
FAMILY BANK TO GO REGIONAL
PHOTO/NJUE MURIMI
PHOTO/NJUE MURIMI
LIBERALISATION and a conducive regulatory regime have seen Kenya’s informa-tion and communication technology sector record tre-mendous growth.
Nevertheless, internet use remains low and is currently restricted to business and high income individuals. But entreprising and enlightened internet speculators have begun aggressive measures aimed at bridging this huge gap.
One of the latest initiatives is the launch of creative web-sites that utilise a new move-ment called Web 2.0. This basically means that consum-ers have changed the way the internet is used and what it offers. At the forefront of the initiatives is Kenya’s own E-bay-like online auction site. Kenya Online Auction (www.kenyaonlineauction.com) which uses Safaricom Mpesa to enable users to buy, sell and bid on items listed on the site. The site also offers users a cost effective way of setting up their own online shop where they can sell their goods and services through Mpesa.
Jua kali is one of the sec-tors generating job opportu-nities in Kenya. Now there is a website dedicated to the sector (www.juakali.info). The site contains a database of business ideas. Users can contribute their own ideas on the forum and submit any of their own plans online. Kenya is on the brink of an internet revolution. There is huge opportunity for people to generate income through the web that it will permeate so-ciety in the same way that it already has across the globe,” said Simon Hewett, the sites’ manager.
Campaign on to boost use of Internet
Lydia Waithaka, outgoing OWIT chair shares her experiences at the organisation during a Family Bank sponsored dinner held at Grand Regency.
It was Donald Rumsfeld, former US Defence Secretary, who once said: “There are known knowns, known unknowns and unknown unknowns.”
He was talking about the Iraq war but this applies to investment too.
As an investor in any market, you need to be aware of the scope of your knowledge and to constantly increase that bank of knowledge. You also need to know what you don’t know and recognise that there are some things you can never know. That way, your questions will be more pointed and intelligent instead of just following the next fellow’s tip.
There is a lot of noise around and you need to fi lter the noise out and make rational and well-judged decisions. Now, I have found that in my more than 20 years of trading, my knowledge is most profi tably employed in a market where I can physically go and test its merits. So right now, I prefer owning TPS shares because I can go and sit in the Nairobi Serena and see for myself what is going on. The case is different with holding shares in the Intercontinental chain, where I have little opportunity to check things for myself.
Having said that, clearly there are times when it is compelling and necessary to look at other opportunities. How can you go about it? First, look for sustainable long term growth. GDP is probably the best measure. Now take the top 10 countries and that is your starting point. And here you fi nd China, India, Brazil and of course, Sub Saharan markets. Then drill down into those economies and look for the internal growth markets. You certainly do not fi nd UK or US real estate in the picture!
For me, China is the front and centre. The emergence of China, which has been key for our Continent, is a long term story and it affords compelling opportunities. And I would certainly recommend that you all pay attention and do some research on that market and its companies because it will be very rewarding.
The NSE sprouted wings on the back of Kenya Re refunds which totalled in excess of Sh7 billion. We will set a new all time high by early next year, at the latest.
Aly-Khan Satchu www.rich.co.ke is the author of the book, Anyone Can Be Rich, available in local book shops.
INVESTING IN FOREIGN MARKETS
▼ 1 TO SELL
Mumias Sugar (Sh39.50) Results confi rm the nadir is behind us. Comesa worries are overblown. Buy for medium term.
KPLC (Sh240) Its beginning to gain traction. Buy for medium term.
Diamond Trust (Sh100) Regional footprint and the rights issue confi rm the Bank’s ambition.
Express (Sh25) There is talk of a Chinese take over. Highly Speculative.
Nation (Sh259) Its facing an enormous insurgent threat.
Shares go up and down and readers are advised that this column represents Mr Satchu’s personal opinions.
4 TO BUY
▼
Susan Mudhune, KCB Chairman
