4. The Central Bank of Kenya is considering issuing a Central bank digital currency (CBDC) that will take on the the transaction fees currently charged on digital payments on platforms like M-pesa:
8. A small trip to Nigeria where Flutterwave [@theflutterwave] made waves by becoming the most valuable startup in Africa at ~USD 3B (Tripling the valuation in 1 year!)
The company was launched in 2016 btw & is now bigger, in valuation, than any listed bank in Nigeria!
9. We posted a chart showing Mwalimu sacco as the biggest SACCO in Kenya by asset size with KES 58B in assets.
10. Kenyan MPs petitioned the Treasury to include an additional KES 11.7B in the budget for free cars for each, a sendoff package for their aides & extra millions for a mortgage and medical insurance payments.
12. FYI, 2500 trees were brought down to pave way for the Expressway.
This week, Nema [@NemaKenya] gave the contractor, China Bridge and Road Corporation until the end of March to plant 3,000 assorted seedlings along the Expressway. Iko Kazi.
13. We also learnt that Kenyan taxpayers continued to pay the salaries of 50 doctors who were sent to work in Seychelles during the Covid-19 response campaign.
14. The National Oil Corporation of Kenya wants a KES 13B bailout from the National Treasury to partly to pay bank loans (KES 6.6B) and meet operating costs (KES 3B).
1/ Today in the Daily Nation is the story of Tuskys' fall from riches to rags.
The Big Q is Where did the money all go?
Tuskys seemed to be doing well for nearly a decade:
2/ But all unraveled by 2020 when covid hit and creditors came calling:
3/ "Over the past two years, Tuskys has sold goods worth Sh537 million โ slightly more than 1 per cent of the figures the giant retailer would hit before trouble started in 2020"
Assets- Valuable things in a business
Liabilities- Obligations to creditors
Equity- Obligations to owners
Revenue- Value generating activities
Expenses- Value sacrificing activities
Fun facts about Base Resources [@baseresources], the Australian company that does mining in Kwale:
1. It operates in Australia, Kenya and Madagascar:
It operates in Kenya under the name Base Titanium [@BaseTitanium].
2. The other subsidiaries:
3. On the Kwale Operations:
"Kwale Operations is designed to process ore to recover three main products: rutile, ilmenite and zircon.....The Companyโs Kwale Operations in Kenya is a consistent and efficient high margin operation."
This week, Timame Wanyoike [@timamenw] shares the best content she has consumed.
She is passionate about emerging tech, entrepreneurship, and innovation in Africa.
She leads startup engagement at @LiquidInTech through Liquid Labs.
Enjoy!๐
1. Defining a Product Managerโs Role Pt.1 [Article]
A great read for incoming, transitioning, and aspiring product managers offering a clear definition of the PM role and what it means for businesses in the continent.