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Archive for February, 2014

Investment in Kenya ??

25 Feb

investmentTourism is among the top three domestic exports of Kenya along with tea, flowers and coffee.Tourism dominates the services sector claiming 25% in the industry.

Th tourism sector has thrived in a region that is scarred by bad publicity thanks to terrorist attacks and violence.  The US embassy bombing in 1998  prompted countries to advise their citizens not to travel to the East African region and the recently the deadly siege on a Kenyan  Mall .

Tourists mainly from Europe are attracted to the coastal beaches and the game reserves, notably, the expansive Tsavo East National Park and Tsavo West National Park (20,808 square kilometres) in the southeast.This represents potential.

I personally think that there is so much potential for growth in the industry and in the country as a whole. The regulatory environment is also condusive for investement. The Kenyan government is investment friendly and invites foreign participation in that regard.

Looking at this extract from the Kenyan Tourist Development Corporati  website “The Government policy aims at extending facilitation measures in favor of private sector investment through The Ken Invest, which is a ‘one-stop shop’ for the facilitation and processing of foreign investment….Kenya provides the following guarantees to local and foreign investors:

Guarantee Against Expropriation

The Constitution of Kenya provides guarantee against expropriation of private property, which may occur for reasons of security or public interest. In such a case, a fair and prompt compensation is guaranteed.

Repatriation of Capital and Profits

Capital repatriation, remittance of dividends and interest are guaranteed to foreign investors under the Foreign Investment Protection Act (FIPA) – Cap 518. Investors can repatriate:

- After tax profits, including retained profits which have not been capitalized;

- The proceeds of the investment after payment of the relevant taxes;

- Principal and interest associated with any loan.”

An increasingly significant portion of Kenya’s foreign inflows is from remittances by non-resident Kenyans who work in the US, Middle East, Europe and Asia. So in my next post I will be investigating how an prospective investor say a non-resident Kenyan can invest watch your money grow in your home country.

investment

 

 

 

 
 

How to go about sending money to Kenya via mukuru.com

20 Feb

Mukuru.com has understood the biggest consumer need. The assurance that a product is worthy hence the £600 limit given to a new customer who is sending money to Kenya from the UK. It is kind of a test drive to get a feel of the whole mukuru.com service.

All you have to do is just visit www.mukuru.com and register with your full name, email address mobile number and your country-ONLY. The website is easy to navigate and has a funny cow which kind of makes you think of the great wild beast migration of Kenya- OK so you now you can send money to Kenya.

How to you pay in the UK

£         Online transfer

£         Card payments

How to collect money in Kenya

£         Money is collected as Kenyan Shillings via M-pesa or it goes into bank accounts

£          It takes 2-3 working days.

They have a support call centre for assistance with any queries or even the whole process can be done over the phone as well if you don’t fancy your hands freezing typing on keyboard. The weather is terrible in UK, hope the floods get better soon.

 

 
 

History of Kenyan Currency

13 Feb

1800-1850 A Mediterranean influence with a European twist

Maria Theresa Thales were introduced in the Kenyan coast. The Thales were the 18th and 19th century silver coins used by Indian, Greek and European merchants at the Eritrean and Kenyan Coasts. Despite the supposedly popularity, The Thales were unable to penetrate upcountry

1896 Indians

During the building of the Kenya-Uganda railway the Indian rupee was used to pay the Indian workers. And this currency managed to move inwards and became acceptable by the African population who in their various mother tongues called it different names such as the “Rupia” or “Pesa”

1897 The British

Harry Jackson, the leader of the British East Africa Protectorate (B.E.A.P.) introduced a new currency called the “Specie” and “Pice” this currency did not last very long

1905 Indians again

Indian Rupee was made the official currency of Kenya and Uganda

1920 Indians almost taking over

Indian Rupee was abolished after Kenya became a crown colony. The East African Protectorate Rupees were adopted under the advisory of the bank of England however it was short-lived as the East African Florins were introduced instead

1922 True sovereignty

The shilling equivalent was introduced in all the 3 East African countries namely Kenya, Uganda and Tanganyika now Tanzania. After independence interim currencies were introduced, the bank notes were referred to as Lake Victoria money because of the background of Lake Victoria on the notes. A number of coins were also minted and were referred to as the “Uhuru” coins since they too had no head or monarch on them.

1966 Advent of the Kenyan Shilling

Kenya began printing ad minting its own currency in 1966 under the mandate of the central bank of Kenya in the Central bank of Kenya Act cap 491.The initial issue of Kenya Shilling notes were in the denominations of 5,10,20,50 and 100shilling, but has progressively changed.

Denominations in circulation are as follows:

Coins:- 5cent, 10cent,50cent,1 shilling,5shilling,10 shilling,20 shilling,40 shilling

Notes :-50 shilling, 100 shilling,200shilling,500shilling,and 1000shilling.

 
 

TEGLA LOROUPE Peace Foundation:Women making a difference

07 Feb

Women and children are deemed the most vulnerable in societies world over.In Kenya women are getting involved in making decisions for their communities.

Tegla Leroupe is one such woman, she has redefined vulnerability and has taken her abilities and all the resources that she has gathered through her own success in her running career.Tegla is a 3 time World Half Marathon Champion among other several National and International titles.

She could have settled abroad and lived a cushioned life, maybe sending money here and there to Kenya. To send money was not enough she never forgot life and the people she had left back home she had to do something bring back what had made her famous and let it make a huge difference to men and women and children in Kenya.

She established the TEGLA LOROUPE Peace Foundation in 2003.The foundation’s mission “to improve peace building, livelihoods and resilience of poor people affected by and vulnerable to conflicts and civil strife in the world”

In a country that has had its share of violence, initiatives like this especially driven by women has gone a long way in improving the lives of people and also providing a bridge to those that cant be there to help and lend their helping hand, through donating .

Remittance to Kenya  has improved in the East African country in recent years and various innovations with regard to transfers from abroad  has emerged. Its so amazing even l and ordinary can transfer money to Kenya and support this exceptional work.

 

 
 

Mukuru.com -City life

03 Feb

Nairobi is the largest city in East Africa and a commercial hub.About two thirds of Kenya’s capital city of Nairobi live in slums . This means that if one lives in Mukuru kwa Jenga for instance , they neither  do not have  electricity, sanitation  nor running water, and live in a tiny single room -possibly sharing one pit latrine toilet with more than 500 people. Going to work, one would most probably take a motorcycle and have samosas or a miniature kebab for lunch and then after work this middle class Kenyan would probably be cooking ugali (a stiff cornmeal porridge), also called pap by South Africans and sadza by Zimbabweans, which would be served with meat (chicken, beef or goat) ,  a vegetable stew perhaps.