Stanbic Bank Kenya has launched the Stanbic Money Market Fund (KES) and the Stanbic Fixed Income Fund (USD) following approval by the Capital Markets Authority earlier this year.

The funds will be managed by SBG Securities Limited, a subsidiary of Stanbic Holdings Plc.

This launch marks Stanbic Bank’s official entry into asset management through its newly established Insurance and Asset Management Unit, with plans to introduce more investment products in the future.

This initiative aligns with the Bank’s strategy to offer comprehensive solutions, creating a seamless, one-stop financial services hub tailored to meet the specific needs of our clients through a range of client-centric products and services.

It also supports the Bank’s purpose to drive growth by providing meaningful solutions.

With minimum investments of KES 1,000 and USD 100, the funds are designed for investors seeking to diversify their portfolios and achieve long-term growth with minimal risk and high liquidity.

Clients’ investments will be managed by a team of seasoned investment professionals.

Commenting on this, Dr Joshua Oigara, Stanbic Bank Chief Executive Kenya and South Sudan said, “To drive growth, we must mobilise domestic savings and investments by strengthening our capital markets and developing investment products that cater to our people’s needs."

Adding "We need to create accessible entry points for investors, offering affordable and user-friendly solutions that lower barriers to investment. Our Asset Management unit is strategically positioned to deliver investment solutions that drive growth for both retail and institutional investors.”

"We strategically set up a fourth business unit called Insurance and Asset Management to ensure that we were offering a holistic suite of Banking and non-Banking solutions to our clients. Investing in Stanbic's Unit Trusts offers vast advantages, including expert management and diversification across various asset classes” said Anjali Harkoo, Head Insurance and Asset Management, Stanbic Bank Kenya.

"Licensed and regulated by the Capital Markets Authority, these funds adhere to stringent investment guidelines , ensuring stability and security for investors. Leveraging our extensive asset management experience across our Group network, we will implement best investment practices and utilise our robust internal capabilities to deliver value to our clients.” added Anjali.

The funds currently provide investors with an annualized yield of 15.12% for the Money Market Fund (KES) and 5.56% for the Fixed Income Fund (USD).

The Money Market Fund charges up to 2% in management fees, while the Fixed Income Fund charges up to 1%.

The funds will be available to both existing and new Stanbic Bank clients, catering to both individual and institutional investors.

Mombasa county has shut down the Frere town dumping site which has been eyesore for the residents for years.

The exercise , spearheaded by the Deputy Governor Francis Thoya, included a comprehensive community sensitization on the importance of environmental cleanliness and public health. Residents.

Speaking during the exercise, Thoya called on the local ward administrator to ensure that the area remains clean, free of garbage.

''It has taken us time to close this dumping site but we are thankful that we have finally managed. I now believe that the residents around here will live  peaceful and in good environment. We will see how to help those youth who were used to dumping waste here" said Thoya.

Adding " For us, we will leave immediately after so the work is now upon the ward administrator to ensure that no one dumps waste here again. As the county we will always be available and willing to help you whenever you need our help."

On his part Nyali sub county administrator Mohammed Abubakar called on the residents to take the responsibility of keeping the area clean.

"Just as your play your part as parents at home to ensure that your Children have good life, take up the responsibility to ensure that this place is clean. My office will work closely with all relevant stakeholders towards ensuring that this area remains clean and no one dumps waste again here."

According to the area elder Mzee Omar the move by the county government is timely.

"We would like to congratulate the Deputy Governor and the entire Mombasa county government for this bold move. This particular dumpsite has a history dating back to several years ago and has been a bother to us as residents." said Omar

Adding" We have lost do many tenants because of the dumping site, If you around here you will see many empty houses, people deserted this area leaving it to us who were born and raised here, I believe we will now be welcoming back the tenants and our houses will once again be full."

Mombasa industrialist and philanthropist Hasmukh 'Hasu' Patel was finally cremated on Sunday afternoon at a ceremony attended by several leaders from Kenya, Uganda and India.

The cremation took place at the Hindu Crematorium, Buxton, in line with Hindu customs.

The funeral procession of the tycoon which started at the Pandya memorial hospital few minutes past 9am brought Mombasa city at standstill as hundreds of residents who most have in one way or the other been touched by his charity gestures lined up the streets to say their final goodbye to a man who has touched many hearts not only in Mombasa but other neighbouring counties like Kilifi.

His body was placed in a chair, in a sitting position on a special vehicle well decorated with flowers, his close family members especially sons surrounding him on both sides while other family members at the back.

Among those who were with the body at the hearse was his former right hand man and religious leader Naran Mepani.

According to Mepani, they decided to give the late tycoon a special send off because of his status in the community and according to the hindu traditions.

"He was not just a normal person, he was like a king, in our Swaminarayan community we refer to him as Raja and that is why you see all this." Mepani told journalists during an interactive session at the late tycoon's home in Nyali.

Adding " This has never happened in Kenya, it only happens in India, to people who are highly regarded in the community. We always ensure that their corpses seat in a decorated hearse and there has to be a procession. This is also what happens to priests those who you see wearing orange clothes."

The body of the late businessman passed through four different Hindu temples where members of the respective temples came out with flowers and for special prayers.

"His status allows that he be taken through different temples on his way to the final place, the congregants at the temples have to come out and thrown flowers to the hearse carrying his body, symbolizing his status." explained Mepani.

The hearse carrying Patel's body was also escorted by several people living with disabilities who he mainly assisted especially with wheel chairs.

During his speech at the funeral service, Mombasa Governor Abdulswamad Nassir said he will present a request to the county assembly to have one of the roads and ECD centres in the county named after Patel.

Former president Daniel Moi's press secretary Lee Njiru has advised journalists to invest their earnings for easy landing upon retirement.

Speaking to journalists in Mombasa ,Njiru regretted that only a small percentage of journalists working in newsrooms have huge investments, therefore a majority end up living a miserable life and dying poor .

"I have established that only 1 percent of journalists put up huge investments,many end up being carried away by fame and incentives given to them by news sources,others end up too alcoholic and due to frustrations after leaving work,"he said.

Lee who served former presidents Jomo Kenyatta and Daniel Moi for over three decades said discipline,hard work, determination is paramount in the media sector for ones survival.

"Stop drinking alcohol, report to work on time,dress well, be consistent and ensure you deliver the best until nobody will victimize you anywhere, make people feel your work and they will fear it,"he said.

At times he says, journalists ego makes them think that they are equal to their bosses or sources thus forgetting to live within their means.

He is now urging practicing journalists to adjust accordingly and rethink about retirement.

" Am speaking to you as a father, colleague and grandfather to some of you,the work of a journalist if you are not careful you will perish, because when you work on a radio,Tv or a newspaper you grow horns, forget that the media house you are working for belongs to the owner,"he added.

Njiru said working for the head of state is a rare opportunity therefore it demands one to uphold much discipline and perseverance.

In his advice to practicing journalist the veteran spares no one saying retirement is awaiting them and many will end up suffering for failing to plan about their future.

"I would advise you,if you get any earnings invest it,the little you get make good use of it,I have seen many colleagues perish because of forgetting about life after retirement,"he said.

He added. "When l life is good build your own empire,don't live on borrowed fame,that media house belongs to the owner not yours,"he cautioned.

The veteran pressman advised parents and guardians to guide their children to take up marketable courses for job marketability.

He was responding to a question regarding the state of diminishing media jobs in the country.

"Relook at the marketability of the course,this world is very competitive and no one looks after you when you fail to get a job,"said Njiru.

Kenya plans to increase diaspora remittance to sh1 trillion by 2027 Prime Cabinet Secretary Musalia Mudavadi has said.

Mudavadi said that last year Kenyans working abroad sent home Sh.671 billion which was bigger than the traditional foreign income earners of tea and coffee combined signaling the new cash cow for the country.

Speaking during the Western Edition of the Kazi Majuu Job Fair in Vihiga County, Mudavadi said that the government has stepped up the number of those getting jobs so that they can benefit from the dollars through remittances.

“We want to push the remittance to a trillion in the next three years. Currently, Kenyans in foreign countries are increasing in number through our government’s intervention and bilateral agreements,” said Mudavadi.

He emphasized the critical role of youth employment abroad in enhancing Kenya’s foreign revenue and improving the livelihoods of families nationwide.
“If we do not continue to build diaspora remittances as a major resource, we risk a run on the Kenyan shilling,” he warned.
Mudavadi, also Cabinet Secretary for Foreign and Diaspora Affairs, said that Kenyans are in high demand globally due to their work ethic and fluency in language. He pointed out that even international call centers, such as Delta Airlines, employ Kenyans who work remotely from Nairobi’s Tatu City, earning salaries in dollars.

“We have some Kenyans working in cruises and they are earning an upward of sh250,000 to Sh 400,000 which is a tidy sum for you Kenyans,” said Mudavadi.
He stressed that discipline is paramount for the youth as they seek employment opportunities abroad.

He reminded them that Kenya is an open society, hosting global media giants like BBC and Al Jazeera Africa headquarters in Nairobi but cautioned that violence and extremist behaviors could undermine the credibility of Kenyan youth, making employers turn to candidates from other countries.

“Once you leave Kenyan soil, the law that applies is that of the country you are going to. You must respect it,” Mudavadi advised.
He urged the youth to maintain discipline, avoid reckless behavior, and honor their financial obligations, such as paying rent on time.

He said that Kenyans have been performing well globally, and it is essential to elevate the country's reputation further so that the Kenyan workforce is highly respected.

Mudavadi also emphasized the government's efforts to create job opportunities within Kenya. He highlighted Israel's interest in investing in Kenya’s agricultural sector through foreign direct investment, particularly in response to global food security concerns.

He mentioned that Israeli investors are keen to invest in large-scale farming in Kenya, a venture supported by both governments.

This partnership is seen as a response to dwindling food production, especially wheat, due to the ongoing war in Ukraine.
"Investors come where there is peace and stability. If I am an investor, I will not take my money where there is chaos," Mudavadi remarked.

Prime Cabinet Secretary acknowledged that capital is a very shy element, which flees at the first sign of danger. He called for a unified approach to ensure a conducive environment for investment and economic growth in Kenya.

PCS highlighted the importance of maintaining discipline among youth employed abroad, warning that indiscipline could tarnish Kenya's reputation. He cited examples of Kenyans being caught up in situations of indiscipline, leading to unnecessary diplomatic negotiations.

Mudavadi touched on the situation in Lebanon, where 26,000 Kenyans are currently employed. He expressed concern over the ongoing conflict in the region, stressing that the government's priority is the safety and welfare of its citizens abroad.

"It is our prayer that normalcy returns to the Middle East, as many Kenyans are earning a livelihood there and contributing to diaspora remittances," he said.

Mudavadi was accompanied by Vihiga County Governor Wilber K. Ottichilo, Principal Secretary for Diaspora Affairs, Ms. Roseline Njogu, MPs Charles Gimose, (Hamisi), Clement Sloya (Sabatia), Omboko Milemba (Emuhaya), Ernest Kagesi (Vihiga), Vihiga County woman Beatrice Adagala and East Africa Legislative Assembly lawmaker David Sankok.
Ms. Njogu said the government was keen to weed out unscrupulous employment agencies by ensuring that all them are registered under the National Employment Authority (NEA).

She urged the youth to remain vigilant and verify the credibility of agencies through the website. "Stay woke and do not be duped by rogue agencies," she cautioned.

Vihiga County Governor Wilber K. Ottichilo, called for expedited processing of passports and national IDs for the youth. He stressed that quick access to these documents is crucial for those seeking employment abroad.

He lauded Alex Chamwada, a notable advocate for youth empowerment, particularly through his ‘Daring Abroad program’. Chamwada's efforts in inspiring young Kenyans to explore opportunities abroad were recognized as contributing to the nation's prosperity.
"We are here to prepare young people because they are in demand globally. But we need to tell you the truth: choices have consequences," he said.

The event was attended by senior government officials, stakeholders, and both local and national leaders. The Kazi Majuu Job Fair aims to empower young Kenyans by connecting them with potential employers and providing resources to facilitate their entry into the global job market.

Former President Daniel Moi's press secretary Lee Njiru now says that Azimio leader Raila Odinga joining (AUC) as chairman  has no tangible benefit to the country.

Speaking in Mombasa during a meeting with journalists, Njiru termed the campaign for Raila to be the AU commission chair as a self glorification and all 'heat without light'.

"When we talk of Raila being the chairman of Africa Union commission chairman,in my opinion,Raila being the chairman it's for Kenya's glorification and has no tangible benefit to Kenya as a country,"said Lee.

Njiru said the clamour for unity  through (AUC) has been overtaken by time because all African countries are already dividend by culture, currency and languages.

He said since 1945, Africa dis-unity cracks have never been sealed.

"We need to ask ourself what will we benefit from Raila being the chairman of AUC, African has been talking about Pan-Africanism since pre-indipendence in 1945, but there has not been unity,"he added.

Njiru opined that Uniting African is not a easy task for Odinga , because there is no political will within (AUC) nations.

He accused international interference by foreign nations as the stumbling block to Africa Unity.

"I have been listening keenly to scholars talking eloquently about Africa unity,if you go all African countries they have different currencies, languages,then even if Raila ve ones chair of (AUC) it's meaningless because we are divided by culture, currency and languages,"said Njiru.

Njiru's sentiments came a day after the unveiling of Raila Odinga at statehouse .

The East Africa Community (EAC) leaders this week  gathered at State House, Nairobi, for the formal unveiling of former Kenyan Prime Minister Raila Odinga as the candidate for the chairperson of the African Union Commission (AUC), in a significant indication of regional backing.

President William Ruto had invited the regional heads of State to grace his grand unveiling of  Odinga.

The launch marked the start of  Raila Odingas official campaigns ahead of the February 2025 elections to replace outgoing chair Moussa Faki Mahamat.

EAC chairman and South Sudan President Salva Kiir Mayardit, Tanzanian’s President Samia Suluhu Hassan and Uganda’s Yoweri Museveni graced the event, signaling strong support for Odinga in the EAC. 

Rwanda’s State Minister for Foreign Affairs James Kabarebe and Burundian Prime Minister Gervais Ndirakobuca were also present.

Other prominent African leaders included former Presidents Jakaya Kikwete of Tanzania and Olusegun Obasanjo of Nigeria. Their presence underscored the regional and continental backing for Odinga.

Raila will contest for the AUC post against Djibouti Foreign Minister Mahmoud Ali Youssou, former Mauritius Foreign Minister Anil Kumarsingh Gayan and Richard James Randriamandrato, a former Madagascar Foreign Minister.

Prominent Mombasa Businessman and philanthropist Hasmukh 'Hassu' Patel is dead.

Patel popularly known in Mombasa streets as 'Mombasa Cement' was known for his gestures of clearing medical bills for families and sponsoring students to school by paying their school fees.

He was the proprietor of Mombasa Cement limited among other companies.

According to the family spokesperson Samir Bhalo, the late Patel breathed his last at 1pm (Thursday) as he was receiving treatment at the Premier hospital.

In an interview with one of the local dailies, Bhalo revealed that the late tycoon had been ill for two days. He died aged 58.

One of his biggest philanthropic activities was his Ksh700 million contribution to the conversion of the Kibarani dumpsite to a park.

His philanthropic effects have been felt beyond Mombasa county.

The news of his death was announced on Thursday by Mombasa leaders led by Mombasa Governor Abdulswamd Nassir.

"We have learned with sadness of the passing of businessman Hasmukh “Hasuu” Patel of Mombasa Cement Limited in Mombasa." posted Nassir

Adding "Mr. Patel will be remembered for his active participation in society affairs in Mombasa as well as his generous support for the underprivileged. I take this opportunity on behalf of the County Government of Mombasa to offer our deepest condolences to the family and friends of the departed. We will stand with you during this difficult time."

On his part Kilifi Governor Gideon Mung'aro posted "It is with great sadness that I learned of the passing of my dear friend and Mombasa Cement company owner, Hasmukh Patel, also known as Asuu Patel. He was a respected family man who always supported and cared for his community. My thoughts and prayers are with his loved ones, friends, and colleagues as they navigate through this difficult time. Rest in peace, my friend."

The Cabinet Secretary for Information, Communications and the Digital Economy Dr Margaret Ndung'u has called for the expedited review of media laws to address the evolving challenges facing the media sector in Kenya.

Speaking when she hosted the Media Council of Kenya (MCK) management at the Ministry headquarters in Nairobi , Dr Ndung'u emphasised the need for sound legislation around media operations, saying it will guarantee press freedom and responsible media consumption.

“The media’s role in informing, educating and entertaining their audiences is vital. Reviewing the media laws, including the Media Council Act 2013 is essential to strengthening media ecosystem”, noted Dr Ndung'u.

The CS at the same time urged media industry players to work together, adding that emerging dynamics in the media landscape calls for enhanced collaborations with various duty bearers.

“ I urge the media to unite and operate in a responsible manner and help in disseminating information and encouraging conversations on matters of national interest. This unity will also be critical in addressing various industry challenges”, said the CS.

Dr Ndung’u at the same time urged the media to utilise their power to educate the masses on the power of information technology and its attendant benefits as Kenya treads the digital superhighway.

Principal Secretary at the State Department for Broadcasting and Telecommunications, Ministry of Information, Communications and the Digital Economy Prof Edward Kisiang’ani commended efforts towards reviewing the media laws, saying it will ensure a robust media for Kenya.

“I am pleased with the ongoing efforts so far, including the formation of the taskforce to review laws governing media and ICT sector, which was a big step towards realising this objective. What remains is to agree and align the recommendations accordingly”, said Prof Kisiang’ani.

He commended the Media Council for its efforts towards promoting responsible journalism in the country, saying such efforts should be enhanced for the good of the industry and country at large.

MCK CEO David Omwoyo highlighted the Council’s achievements and future plans, he underscored the strategic importance of legislative review of media laws and affirmed the Council’s commitment to engaging media stakeholders.

“This review presents a strategic opportunity to invest in the growth of the media sector and the broader Kenyan economy. The Council remains at the forefront in setting media standards and ensuring compliance as outlined in the Media Act of 2013 and the Constitution of Kenya”, said Mr Omwoyo.

“There is an urgent need to reform and reinforce the legal frameworks governing media operations in Kenya. Outdated or restrictive laws must be aligned with international standards to ensure they do not infringe on press freedom”, noted Mr Omwoyo.

Newly appointed Chairperson of the recently reconstituted Media Complaints Commission Demas Kiprono said the Commission will remain steadfast in supporting efforts to ensure accountability in the media.

By Bryan Hamman, Regional Director for Africa, NETSCOUT

As Africa continues to embrace digital transformation, the continent is also becoming increasingly vulnerable to cyberthreats, particularly Distributed Denial of Service (DDoS) attacks.

These incidents, which disrupt the availability of networks, applications and services, are becoming a favoured tool among hackers looking to exploit vulnerabilities for malicious purposes.

Why do hackers use DDoS attacks?

DDoS attacks are emerging as a common and disruptive tactic across the continent, with several nations recently targeted by cybercriminals and hacktivist groups aiming to disrupt essential services and sow chaos. The motivations behind these attacks can vary widely.

In many cases, they are driven by financial gain, with attackers extorting businesses by threatening to sustain an attack unless a ransom is paid.

Cybercriminals often launch attacks with the intent to extort money from their targets, and these businesses, fearing the potential for brand damage, loss of reputation and significant revenue loss, often feel pressured to meet the attackers' demands. In some instances, these cybercriminals may also aim to sabotage competitors by disrupting their operations, giving themselves an unfair market advantage.

At other times, these DDoS attacks are apparently motivated by political or ideological beliefs, launched by hacktivist groups or state-sponsored actors to advance their goals or geopolitical interests. These attacks are designed to disrupt society's functioning, whether by disabling essential services or undermining public trust in institutions.

Last year, several Kenyan, Djiboutian, Ugandan and Nigerian organisations felt the wrath of hacktivist group Anonymous Sudan, with telecommunications, education and government organisations, amongst others, being heavily targeted.

After attacks in both Uganda and Kenya, Anonymous Sudan claimed that it was targeting the countries because of their alleged support of one of the groups in the civil fight against the Sudanese Armed Forces, a conflict that has raged in Sudan since April 2023. 

DDoS attacks can also be motivated by a desire for revenge. Cybercriminal groups may target organisations that they perceive as having acted against their interests or beliefs.

This type of cybercrime is not just limited to large corporations; small and medium-sized enterprises (SMEs) across Africa are also increasingly becoming targets. The cost of downtime, coupled with the potential ransom demands, can be devastating for these businesses, many of which may not have the resources to mount an effective defence against sophisticated cyberattacks.

The smokescreen effect

One of the most dangerous aspects of DDoS attacks is their ability to serve as a smokescreen for other cybercrimes.

While IT teams are focused on restoring service after a DDoS attack, hackers may be exploiting the chaos to breach other parts of the network, stealing sensitive data or installing malware.

This dual threat underscores the need for comprehensive cybersecurity strategies that can safeguard against DDoS attacks while also protecting other areas of the network.

Defending against the DDoS threat

For businesses and governments across the globe, the threat of DDoS attacks is real and growing. And as the digital landscape across the African continent continues to evolve, so too must our strategies for safeguarding it against those who would seek to exploit its vulnerabilities.

The best defence is a proactive approach to cybersecurity that includes robust DDoS protection. By investing in advanced cybersecurity solutions, local organisations can better protect themselves against the financial, operational and reputational damage that DDoS attacks can cause.

In a groundbreaking initiative to combat crime and social deviance in Kawangware, Rockey Africa Foundation has partnered with Crossover Basketball Ambassadors (CBA), a Kenyan non-profit Christian ministry, to sponsor a locally held basketball tournament.

The tournament held yesterday 24th, August 2024 at Gatina Primary Grounds in Kawangware, was a resounding success, drawing participation of 120 children and youth as low as 11 years old.

This partnership, supported by a KES 150,000 sponsorship from Rockey Africa Foundation, is part of a broader mission to create positive change in the community through sports and mentorship.

The tournament showcased intense competition across four categories: Under 11, Under 13, Under 15 (Boys and Girls), and Seniors. In the Under 11 category, Team Shaddy dominated Team Gitau with a 4-0 victory. Team Gitau bounced back in the Under 13 category, securing a 24-14 win over Team Shaddy.

The Under 15 Girls' match saw Team Gitau overpower Team Shaddy 45-29, while the Under 15 Boys' game ended with Team Gitau triumphing 40-19. However, in the Senior division, Team Shaddy took command, routing Team Gitau 94-64.

“This program, which we initiated last year, aims to combat crime and social issues like drug abuse in the slums. We have witnessed tremendous growth, with overwhelming support from the community as they continue to bring their children to participate. Today’s tournament drew over 120 kids and youth, and we extend our heartfelt thanks to our key partner, Rockey Africa Foundation, for their support in making this initiative a success.” Said Danniel Ochieng Omondi, Coach, CBA

The event not only showcased the athletic talent of the youth but also emphasized the role of sports in steering young people away from crime and deviant behaviors.

Crossover Basketball Ambassadors, founded in 2023, is dedicated to transforming lives in the slums through a holistic approach that combines sports, Bible study, and community service. Since its inception, CBA has seen encouraging growth, with 185 children currently enrolled in its basketball facility in Kawangware, next to Gatina Primary School.

The organization’s mission is to empower children and youth to become positive influences in their communities, breaking the cycle of crime and deviance that often plagues underserved areas.

Robert Kamau Wachira Rockey Africa’s CEO underscored the significance of this partnership: “By supporting Crossover Basketball Ambassadors, we are investing in a future where the youth of Kawangware can rise above the challenges of their environment and build a brighter, safer community.”

The partnership goes beyond just one tournament. CBA’s programs include basketball camps, which offer a week-long immersive experience combining basketball training with Bible study, as well as regular tournaments held during school holidays.

Additionally, CBA conducts Bible study sessions and community service initiatives such as clean-ups and tree planting, all aimed at fostering a sense of responsibility, discipline, and faith among the youth.

As CBA continues to make strides in reducing crime and promoting positive behavior in Kawangware, partnerships like the one with Rockey Africa Foundation are vital.

This collaboration is a powerful example of how community-driven efforts can create lasting change, giving young people the tools they need to lead lives of purpose and integrity.

Click on Rockey Africa to learn more about the foundation.