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4G Capital launches in Uganda

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As part of its strategy to expand across the African continent, 4G Capital has announced the opening of its offices in Kampala as it seeks to provide credit to micro and small enterprises (MSMEs) across the country.

4G Capital has been operating in Kenya since 2013 by providing important financial literacy training blended with unsecured working capital credit.

The company offers unsecured loans to small businesses by using its proprietorial artificial intelligence system to establish correct levels of affordability. Customers receive valuable training in record keeping and inventory systems, financial management and customer relationship skills. As a result, according to a recent survey, 4G Capital’s customers in Kenya recorded an average revenue growth of 82% within one year.

By the end of 2018 the number of 4G Capital customer branches in Kenya reached 70, where over
$21m was disbursed over the course of the year. Collection rates have consistently remained above
the national average, at 94.08%.

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The company recently secured funding from FSD Uganda to conduct important research and support
its rollout across the country. The joint research will provide valuable disaggregated insights on the
finance gap nationwide that will ensure 4G Capital continues to tailor its solution to support those
most in need.

The MSME finance gap in Africa currently stands at $331bn according to the SME Finance Forum, an
IFC organisation. These small businesses contribute to over 50% of Africa’s combined GDP and more
than 80% of employment. But, despite their critical role, many MSMEs suffer from financial
exclusion and limited access to appropriate financial services resulting in inescapable poverty.

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Locust eradication operations to continue uninterrupted – KBC

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All locust eradication base camps are to continue operations unhindered by the Covid-19 restrictions.

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Retired Colonel Julius Ngera said that locust control centres are exempt, as the Government intensifies locust control measures amid growing concern over food shortage after the pests invaded most farms across the country leaving a trail of destruction in their wake.

According to the United Nations, the locust invasion was declared the worst in 70 years.

The voracious insects have a strong preference for gramineous plants such as millet and maize, with experts estimating that the insects are capable of destroying at least 200 tonnes of vegetation per day.

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As such the Government has been trying to stem the spread of the locust by among other conducting aerial spraying.

However, with the advance of Covid-19 and subsequent confirmation of positive cases here in the country, stakeholders are uncertain over continued efforts against the menacing pests.

According to Rtd.Colonel Julius Ngera, aerial spraying of areas invaded by locusts will continue uninterrupted by Covid-19 restrictions among others limits movement in and out of four hot spot Counties as well as a 7 pm to 5 am curfew.

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Currently, there are six bases in Isiolo, Marsabit, Garissa, Wajir, Masinga and Turkana that also carry out surveillance, monitor and conduct ground and an aerial spray of the desert locust across the country.

The Government is recruiting volunteers to bolster its efforts in eradicating the locusts

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KPA Advertises MD’s Position To Replace Manduku

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NAIROBI, Kenya, Apr 10 – The Kenya Ports Authority (KPA) has advertised the position of Managing Director to replace Daniel Manduku who resigned last month.

In a notice placed in one of the local dailies, KPA said it is seeking to recruit an individual with a high degree of integrity and professionalism.

The successful candidate, it said, will work on a three-year contract that is renewable based on performance and business requirements. 

“The authority is seeking to recruit an individual with impeccable administrative capabilities and strategic orientation to fill the position of managing director,” a part of the notice read.

Engineer Rashid Salim has been holding the post in an acting capacity after Manduku’s resignation.

Manduku resigned as the Kenya Ports Authority Managing Director on March 27, amid an investigation on questionable tenders.

“I do hereby tender my resignation, which I hope you will accept, effective 1st June 2020. I am immediately proceeding on terminal leave until then,” he said in the letter dated March 27.

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Manduku, who was under investigation for corruption was last month arrested by detectives from the Directorate of Criminal Investigations (DCI), but did not face charges because the chief public prosecutor had not approved his file.

He was arrested on March 2, by DCI detectives over a probe into leased extra storage space for containers by the agency in Nairobi in which taxpayers are said to have lost hundreds of millions.

Director of Criminal Investigations George Kinoti announced that his office was investigating tenders worth Sh2.9 billion at the port.

He said they had raised queries on how Sh500 million was spent on the Makongeni goods shed project, manufacture of concrete barriers at Sh1.4 billion and the Sh800 million Kisumu port revitalization project among others.  

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Africa to post negative growth for first time in 25 years : The Standard

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Covid-19 is driving sub-Saharan Africa towards its first recession in 25 years. 
According to the latest Africa’s Pulse, a biannual update on the region published by the World Bank, growth is forecast to fall from 2.4 per cent last year to between negative 2.1 per cent and negative 5.1 per cent in 2020.
In its analysis, the World Bank expects Covid-19 to cost the region between $37 billion (Sh3.9 trillion) and $79 billion (Sh8.4 trillion) this year.

SEE ALSO: China virus cases spike, 17 new infections reported

The factors behind this drop in revenue include disruptions to trade, especially for countries that rely heavily on commodity exports; a drop in foreign financing as sources like remittances and tourism dry up; and the disruption to business as governments institute measures that restrict consumption.
“The Covid-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,” said Hafez Ghanem, the World Bank’s vice president for Africa, in a statement yesterday.
“We are rallying all possible resources to help countries meet people’s immediate health and survival needs, while also safeguarding livelihoods and jobs in the longer term – including calling for a standstill on official bilateral debt service payments, which would free up funds for strengthening health systems to deal with Covid-19.”

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.  

The bank wants African government to put in place social safety nets that would boost food security, help workers who get laid off, and support small and medium businesses.
It recommends that regional policymakers institute measures that are cognisant of their economic realities, especially a reliance on the informal sector, high debt levels that limit their fiscal options, and their generally low operational capacity to respond to the health crisis.

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SEE ALSO: China confirms virus spreading between humans


Are you suspecting that you have coronavirus? Before you rush to the hospital, do this quick easy self-assessment test. #StayHome #WashYourHands HERE.

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