Fintech Association Of Kenya

On 1st November 2024, Cabinet Secretary for the Ministry of Investments Trade and Industry, Hon. Salim Mvuryaannounced that the draft Business Laws (Amendment) Bill, 2024 has been submitted to the National Assembly for consideration.   The Bill aims to, among other things, incentivise and de-risk private investments, enhance consumer protection and fair trade, improve performance of the export sector and provide mechanisms for quality assurance of manufactured products.   Partner Peter Kamero has written an update summarising the three salient provisions in the bill and their implications on foreign investment, finance and employment sectors   Read the full article here: https://lnkd.in/g-j3NYS8 #WeAreSpencerWest | #WeAreSpencerWestKenya | Spencer West Kenya

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This Week In Fintech....

𝐉𝐮𝐛𝐢𝐥𝐞𝐞 𝐇𝐞𝐚𝐥𝐭𝐡 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐖𝐢𝐧𝐬 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐘𝐞𝐚𝐫 𝐀𝐰𝐚𝐫𝐝 𝐟𝐨𝐫 𝐆𝐞𝐧𝐝𝐞𝐫 𝐄𝐪𝐮𝐢𝐭𝐲 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞 Jubilee Health Insurance has earned the Organization of the Year award at the 2024 The Women on Boards Network Kenya (WOBN) Awards, earning recognition for its achievement of 50% female representation in senior leadership and board positions. Under CEO Njeri Jomo's leadership, who was also named CEO of the Year 1st Runners-Up, the company has implemented comprehensive gender equity initiatives beyond traditional workplace policies. The insurance provider has established several innovative programs, including the Mums Club, which supports women throughout motherhood, and the Man's Council Committee, which addresses men's workplace issues. These initiatives complement the company's pioneering inclusion of menopause coverage in staff benefits and the creation of gender-friendly workplace environments that accommodate mothers, babies, and children. Jubilee Health Insurance's commitment to gender equity extends into community outreach through partnerships like Standard Chartered's GOAL initiative supporting young women in underserved communities. The company's Afya Mashinani initiative provides free medical care and services such as breast cancer screening, demonstrating their broader commitment to women's health beyond their immediate workforce. CEO Njeri Jomo emphasized that the award reflects their dedication to making diversity and inclusion integral to daily operations rather than mere ideals.  #WOBNAwards2024 #GenderEquity #Inclusion #Leadership #WomenInBusiness #CorporateExcellence #JubileeHealth #DiversityMatters

𝐀𝐅𝐒 𝐚𝐧𝐝 𝐏𝐚𝐲𝐓𝐢𝐜 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐞 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦 𝐂𝐚𝐫𝐝 𝐏𝐫𝐨𝐠𝐫𝐚𝐦 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 Arab Financial Services (AFS), Middle East and Africa region’s digital payment solutions provider and fintech enabler, has partnered with PayTic ,a Software-as-a-Service company specializing in end-to-end automation of process-heavy card program operations, to enhance card program management by integrating back-office automation models, including chargeback management, scheme and custom data reconciliation, scheme fee optimization, and regulatory reporting services. This collaboration aims to streamline daily operations, increase productivity, reduce risks, and add value for AFS's existing clients and regional banks. AFS's expansion is supported by a USD 50 million funding round secured in October 2024, approved by shareholders to strengthen its market position and support its development plans. The investment is intended to facilitate operational expansion, enhance product offerings, and drive innovation in digital payments. #AFS #PayTic #DigitalTransformation #FintechInnovation #Automation #CardManagement #BankingTech #MiddleEastFinance #PaymentsInnovation

𝐁𝐫𝐞𝐞𝐠𝐚 𝐒𝐞𝐜𝐮𝐫𝐞𝐬 $𝟓𝟐𝐌 𝐓𝐨𝐰𝐚𝐫𝐝 $𝟕𝟓𝐌 𝐀𝐟𝐫𝐢𝐜𝐚𝐧 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐅𝐮𝐧𝐝 Breega, a European venture capital firm, has secured $52 million toward its new $75 million African fund, with plans to complete fundraising by the end of year. The firm has established offices in Lagos and Cape Town, Its partners Melvyn Lubega and Tosin Faniro-Dada oversee operations in these locations. The fund aims to invest in major African startup hubs including Nigeria, Egypt, South Africa, Kenya, and various Francophone countries. The investment strategy focuses on seed-stage investments ranging from $100,000 to $2 million, with 30-40% of the fund reserved for follow-on rounds. Backed by high-net-worth individuals, tech entrepreneurs, and institutions including Bpifrance and FMO, Breega has already invested in nine African startups over the past two years, including Kenyan fintechs Sava and Kwara, and Ugandan digital loan provider NUMIDA. The fund's investment focus aligns with Africa's projected population growth from 1.5 billion to 2.5 billion by 2050, targeting sectors crucial for development including agritech, edtech, healthtech, fintech, logistics, mobility, and energy. #VentureCapital #AfricanTech #StartupFunding #InnovationAfrica #Fintech #Healthtech #Agritech #BreegaAfrica #AfricanStartups

Spectators accustomed to loud blast of exhaust sound from rally car engines were left confused as all the first 12 rally 1 cars from factory teams left the flag-off point of the 2024 World Rally Championship (WRC) Safari Rally Safari Rally at the Kenyatta International Convention Centre with muted sounds like small toys before coming back to life upon entering Parliament Road. The muted cars was the effect of the hybrid system, an 87-kilogram plug-in device introduced in the WRC in 2022 on all top-tier Rally 1 cars as part of the Federation Internationale De’I’ Automobile’s (FIA) clean energy and climate action sustainability objective, and the first step for rallying to transition to full clean green energy propulsion in the near future. It helps reduce carbon emissions, and provides a power boost Alongside hybrid power, Rally1 cars run on 100 percent sustainable fossil-free fuel. With a renewable blend of synthetic and bio-fuel components, the fuel is the first of its kind to be used in an FIA motorsports world championship. The decision, made in November, aims to attract more manufacturers beyond Toyota, Hyundai, and M-Sport Ford by eliminating the costly 87-kilogram hybrid system introduced in 2022 for sustainability. The rule change will remove the hybrid system's additional 100 brake horsepower while maintaining performance through weight reduction, returning cars to their previous 380bhp output. The decision follows challenges with the Compact Dynamics-supplied hybrid units and increased safety requirements introduced at the Acropolis Rally. While Rally 1 cars will continue using 100% sustainable fuel, the removal of hybrid technology could make top-tier rallying more accessible to private buyers, though Rally 2 and 3 car regulations remain unchanged. Read on more: https://lnkd.in/dETZbi4j

𝐌𝐞𝐥𝐫𝐨𝐬𝐞 𝐀𝐫𝐜𝐡 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐬 𝐓𝐢𝐜𝐤𝐞𝐭𝐥𝐞𝐬𝐬 𝐏𝐚𝐫𝐤𝐢𝐧𝐠 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 Melrose Arch , an upscale suburb in northern Johannesburg, has announced the implementation of a ticketless parking system set up to launch on December 1 2024.The system, developed in partnership with Parket , will do away with paper tickets, offering visitors a seamless, cashless parking experience through advanced number plate recognition technology. The modernization initiative provides users with two convenient payment options: through the Parket smartphone app, which enables automatic processing after registration, or via digital pay stations where visitors can enter their plate numbers and complete payments using Snapscan, Zapper, or credit cards.This flexibility ensures accessibility for all users, whether they prefer mobile app convenience or traditional payment methods. Operations Director Reiner Henschel said the innovation aligns with Melrose Arch's commitment to operational sustainability and technological advancement in its commercial and residential sectors. The transition to the new system will be progressive , with manual pay points being phased out in three months, to allow users time to adapt to the latest technology while maintaining accessibility during the changeover period. #SmartParking #TechInnovation #MelroseArch #SustainableLiving #DigitalTransformation #Johannesburg #CashlessSolutions #UrbanInnovation

How it feels when you pay with cash...

𝐍𝐞𝐰 𝐊𝐄𝐁𝐒 𝐌𝐨𝐭𝐨𝐫 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐈𝐦𝐩𝐨𝐫𝐭 𝐑𝐮𝐥𝐞𝐬 𝐭𝐨 𝐓𝐚𝐤𝐞 𝐄𝐟𝐟𝐞𝐜𝐭 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟓 The Kenya Bureau of Standards (KEBS) has established new motor vehicle importation rules set to take effect in January 2025, specifying that only Right-Hand Drive (RHD) vehicles first registered after January 1, 2018, will be permitted entry into Kenya.  Based on the eight-year age limit requirement under clause 2.5 of KS 1515:2000, It applies to all importers, including returning residents and diplomatic staff. The implementation framework requires vehicles to comply with KS 1515:2000 (Kenya Code of Practice for Inspection of Road Vehicles) and must be accompanied by a Certificate of Roadworthiness (CoR) when imported from countries where KEBS has established inspection agencies, including Japan, UAE, UK, Thailand, Singapore, and South Africa the CoR, issued by Quality Inspection Services Inc. Japan (QISJ), serves as a crucial document in the verification process, with certificates for vehicles first registered in 2017 becoming invalid after December 31, 2024. KEBS has emphasized that vehicles arriving after the December 31, 2024 deadline without meeting these requirements will face rejection at the importer's expense. This enforcement is part of KEBS's broader mandate under the Standards Act, Cap. 496, and aligns with Legal Notice No.78 of April 28, 2020, concerning verifying conformity to Kenya import Standards. The new regulations include a structured inspection procedure at ports of entry, requiring importers to notify KEBS staff who will conduct inspections and sample testing and ultimately approve compliant vehicles for entry.   #KEBS #CarImportRules #VehicleStandards #KenyaAutomotive #RHDVehicles #Compliance #AutoRegulations