Personal banking pays

Peace be upon you, Kenya

Small is big: The whole country is focused on exam results (and peace deals) but my focus is on the banking sector: How do the four banks that have reported compare with estimates earlier estimates?

- 10. NIC - profit 1.05 billion realized against 1.1 billion estimated
- 3 Standard Chartered - 4.9b exceeds 3.5b
- 2. KCB 3.5b underachieving 4.3b
- Barclays 7.08b underachieving 8.5b*

The Kenyan corporate banking market is saturated and banks may have to go after smaller customers (personal banking and SME's) to continue to achieve super-profits. To prove it, look at KCB and Standard Chartered – Kenya’s No. 2 and 3 banks'. Two years ago (2005) they were virtually the same size 70 billion, and two years later (2007) KCB is 20 billion shillings larger in assets (112b ~ $1.6b) than standard chartered (91b) (corporate focus),

This vindicates Barclays who have gone for personal business and can expect an even better 2008/09 and, of course Equity Bank - who have overhauled the entire mid-size banks sector in four years)

I love exams: For some reason KCPE and KCSE results bring this blog's biggest single-day traffic - 5X normal (thanks to an obscure post) as parents and students hit google to search for how they can get results online.

opportunities
(some fin jobs, most from the daily papers)

- African Development Bank Young Professionals Program.d/l is 15/3 (details at the Economist )
- APA Insurance: head of business development, chief underwriter (general insurance) business developers (2). apply to recruitment@apainsurance.com
- Director of internal audit at East Africa development bank (based in Kampala). Apply through Deloitte - esd@deloitte.co.ug by 14/3
- Gulf African Bank: relationship managers, business bankers, credit analysts, database admin, IS auditor. Apply to Recruitment@gulfafricanbank.com by 5/3
- KCB: branch managers, call center manager, product development manager (S&L). apply to recruitment@kcb.co.ke by 5/3
- Kenya Airways: Commercial Director, Group Finance Director, Chief Operating Officer (and others)
- Kengen: business development & strategy director, operations director, finance & commercial director, internal audit manager, company secretary/legal & corp. affairs director, regulatory affairs director. apply through KPMG esdkengen@kpmg.co.ke by 14/3
- KIPPRA - young professionals (11). Apply to hr@kippra.org by 20/3
– KPMG: senior advisor – public sector & development, advisor – public sector & devt. (2) - talentrecruit@kpmg.co.ke by 3/3. also manager corporate finance & transactions services/l 12/3
– Safaricom: Business Intelligence Developer, Retail Sales Manager, Retail Centre Manager, Area Retail Manager (and others)

Barclays numbers

Kenya’s’ largest bank is first out of the door with year end announcement for what is expected to be a record profit year

Coldtusker used to run a financial gaffes, column and all the news outlets went with Barclays reported growth of 9% in pre-tax profits, when it was actually 7% (to about $101 million) from 2006.

The dividend was the same at 2006, you can expect good results in years to come, when the expansion pays offs (not in 2007 where expenses grew faster than income (37% to 24%). They threw all their funds into loans - up 43% in 2007; compare these results to 2005-06 when assets and loans were up 13% apiece.

Another news gaffe goes to the Standard who referred to a company called Centrum in their Saturday newspaper report on ICDCI’s name change to Centum Investments. The name confusion will continues for ex-ICDCI as long as spell checks are used.

ICDCI AGM

Shareholder woes: My first AGM this year is that of ICDCI which was held on Thursday February 21 at the Safari Park Hotel.

Sometimes it’s painful to be shareholder and today was one of those days. I’m out of practice and forgot to check in early – and arrived at the Hotel at 11.m. sharp only to find a very long queue outside. It would have been better to be a proxy today as that queue moved faster. But the company had only four computer stations to register any of its 40,000 shareholders who showed up – and I didn’t get processed till noon after spending an hour standing in the hot sun.

The meeting was almost over and I was able to catch a few comments by the MD and the Chairman of the company:

- On property: they sold two buildings in Nairobi, but are going to invest in the real estate sector again – and develop a building on a plot in downtown Nairobi
- On Eveready: it has not performed well (for shareholders) but by going public they are now able to liquidate part of their shareholding
- On Rift Valley Railways – its long term investment, but they hope to get return on the investment within 4 years
- On company’s sustainability in these tough political times- aim to diversify regionally, to minimize country specific risk
- one shareholder complained about late delivery of the meeting invitations & company accounts (through the post office) and the Chairman answered that they are concerned about the cost of printing and distribution of the company accounts – they may print abridged ones in future and e-mail others or put them on their web site

Hot Button issue was the proposed name change of the company from ICDCI to Centum Investments: almost all shareholders who spoke, on the matter opposed the name change of the company – some saying old is gold, new name is not African and can’t be translated, they don’t want to lose identity etc.

The Company Chairman was at pains to explain when one director Mrs. Pauline Muriuki stood up and exhorted shareholders to approve the name change. She said the company wanted to differentiate itself from (former parent) ICDC, and also Uchumi and the Government – saying negative stories/Matope that involved these companies affect the ICDCI share price. She also mentioned that the shares allow the company to go international (will be listed on the Uganda Stock Exchange. She said other companies had changed their names to reflect their new identities and had succeeded thereafter such as Unilever.

She was clearly worried as the company had already put in place a multi-million campaign for the new name which was yet to be revealed (a launch dinner to be held today but unfortunately coincided with the launch of CNBC Africa in Nairobi and was canceled) - also the company had already printed out shirts and gift items for shareholders with Centum to take home after the meeting

Is there shareholder democracy? : The Centum matter was eventually put to a vote on the floor, and passed, but the Chairman failed to ask if there were any opposers to the name change. The matter should actually have been put to a vote (with physical ballots). But would it have mattered anyway (since directors - businessman Chris Kirubi and ICDC (23%) combined own 50% of the company’s votes). Still it was a warning that companies should not take shareholders votes for granted

Goodies: Centum branded polo-shirt, tote bag and calendar. The Hotel had prepared a buffet lunch that was bland, and the company may have been better off handing out packed lunch boxes as the shareholders were unruly as they queued for the gifts and food

From Banks to Chips

IFC funds D-Trust diversification: Diamond Trust Bank will get a $45 million (Kshs. 3.2 billion) loan from the Investment Finance Corporation this year: a subordinated loan of $15 million; and $30 million for housing finance, on lending to SMEs, consumer financing, education/student loans, health-care, and agribusiness financing. (Note: I own shares in Diamond Trust)

Super Barclays: Barclays Kenya is the first bank to announce ‘its profits for 2007. They are up about 7% from the subdued profit of Kshs. 7 billion ($100 million), but the profits of Barclays makes in African Countries mean that the units are too expensive for Absa

From the Blogs
- Local TV leader KTN follows NTV by expanding into Uganda
- Just how free is free secondary education?
- Inflation update: One common item I missed in inflation tracker is Chips (French fries). They are a popular Nairobi meal that’s cheap, and filling, often goes well with a ¼ chicken from Kenchic. But the price of chips has shot up in the post election period – from 20- 30 shillings ($0.4) for a pack/plate, to abut Kshs. 50 – 60 ($0.85) at the same Kenchic joints. The price of cooking oil has also gone up by about 30 – 40% in supermarkets – which may be contribute, as would the availability of potatoes which were produced in clash-hit areas.

Depressing Banking

Banking can be depressing sometimes. People come to you with their dreams and business plans. They may look promising initially, but after going through the numbers, you have to tell them there's no way it’s going to work.

Entrepreneurs have such strong beliefs in their proposals;

They run around from bank to bank, each time rehearsing how to improve their funding request, and remembering what tripped them up at the last bank. But approaching each new bank, means a fresh start, explaining your dream again, what you have done, what it entails, and why it requires a small bit of funding to push it over the top.

But just because a bank has a product for group lending, "women entrepreneurs", "youthful entrepreneurs", "SME's", doctors or pilots, does not mean that you automatically qualify, just because you are the subject of a colouful brochure.

Some desperate entrepreneurs even throw in their house, ancestral farm, in as security to secure a loan, they also go to church/temple/mosque over the weekend, and run around looking for sweeteners to entice the bank, but the decision is made in a cold boardroom on Thursday or Friday that – you are not economically viable.

It's depressing to be a banker sometimes.

Elections & banking
Because it is not known how badly the political violence will go on and what effect it has had, there's an unofficial policy go slow on new lending as banks watch the existing loans for signs of trouble.

Banks have to think safety first, as it's not their money - it belongs to shareholders or depositors, and whatever is given out must be paid back and preferably without having to go to court.

The post-election mess needs to be sorted out, and not just for this month. Dr. Condi Rice has arrived and said that since the election did not 'produce a presidential result' it has to come from negotiations.

But we can't have a repeat of these events in 2012, 2017 or when we next hold presidential elections. We can't keep inviting and dis-inviting mediators. Otherwise banks will not give loans or will have their loans ending in November 2012 or November 2017 - so that their exposure is minimized come election time.

news briefs
- Stockbrokers Dog ate my homework excuse: Your stockbroker sold your shares and pocketed the money because he was broke. But that doesn’t mean he should go to jail, nor can you find out if he did it, how much he has stolen or and how long he has been doing it until the firm collapses!
- The fabulous Tinapa, advertised heavily on DSTV, may turn out to be a White Elephant
- Two KQ directors resign: If true, these KLM appointees replacements should be announced shortly
- Uchumi claim they are profitable and will soon publish their financial results. At least they have a better (though somewhat stale) website - than many super-profitable local companies who fail to do any updates after their site-launches.
- Diamond Trust Bank has petitioned to have new MP Kipkalya Kones declared bankrupt - which can eventually cause him to lose his parliamentary seat
- New mag: Kenya Weekly – a revival of the Weekly Review - out this week at 100/= each from Oakland Media - not NMG. Magazines in Kenya have a very short half life though.
- New university – the Pan African Christian University (Kasarani)
- Mumias Sugar company looking companies to transport sugar from Western Kenya. Good luck finding someone willing to risk a lorry on some of those routes.

Bank developments
- The IFC giving loans to profitable, registered SME companies – ranging from 3.5 million to 35 million shillings.
- Group accounts: Both K-Rep (Ungana) and Standard chartered (Diva chamma) have new accounts targeted at women’s savings groups (chamas)
– new branches: KCB has new branches in buru buru, garsen, kisumu west, isiolo as Barclays bank has a new one at the main Nairobi university campus

Opportunities
most from the daily papers
- BPO call centre training at KCCT: it takes 8 weeks and costs 40,000 shillings.

Jobs
- HR manager at Finlay's.apply to human.resource@finlays.co.ke by 29/2
- G4S; finance managers (3). Apply to career.move@ke.g4s.com by 27/2
Tax senior at HLB Ashvir. Apply through consult@hlbashvir.com
- IFAD regional economist. d/l is 8/3
- Regional grants manager at the international federation of Red Cross & Red Crescent societies
– KCB; Head of SME business, audit manager: group business, support & controls. Apply to recruitment@kcb.co.ke by 22/2
- Renaissance Capital: Associate, VP and Director positions
- Standard newspaper: part time professional contributors writers@eastandard.net by 27/2. Also writers and photo journalists
- Telkom Kenya; manager – financial accounting, manager – financial reporting, manager – credit control & revenue accounting, manager – financial systems; apply through pricewterhousecoopers at ess.ke@ke.pwc.com by 29/2

I-banker talks politics

Jeff Koinange has been running a show called Capital Talk on the new K-24 channel in Nairobi. It’s a 1-on-1 interview session, usually with politicians, but occasionally with business leaders. He seems more comfortable hosting these show than he did from say from upriver Nigeria with the rebels on CNN.

Last night he had Maina Mwangi, the CEO of Renaissance Capital, to talk about the future of investment banking in Kenya, impact that the political stalemate is having on the economy, and other issues

Some of Mr. Mwangi’s comments

- Renaissance is different from other investment banks such as Morgan Stanley (who are doing the Safaricom IPO) because they are here to stay. They have offices here; will have 50 staff, all East African, no expatriates here.
- The Politics must be fixed; we can’t be having upheavals every five years where lives are lost and property destroyed unnecessarily
- Impact on the economy is serious (i) tourism collapsed, at least for the next three years (ii) impact on transport sector has not been fully appreciated (ii) banks not hit yet, but will take a few months (iv) NSE is a sensitive indicator of the economy (There are about 1m shareholders and the market was down 15% in 3 weeks) as people buy shares as they are future profits of a company (v) forget about 8% growth this year
- Investors are worried, which is ok, but if the politics is not fixed, then they’ll be panic, which is bad
- Solutions for this year : (i) one was the Safaricom IPO which still can happen, and will give the government some breathing space and enable the budget deficit to remain manageable (ii) but forget about the sovereign bond - as the spreads are too wide now (iii) tax collection will have suffered, but no one knows how much yet (iv) new budget is needed for the country to factor in new spending for towns & businesses to be re-built, resettlement of people.

- Interest rates: The government will have to control borrowing otherwise that will hit interest rates which is critical; if they go up significantly, that will put the brakes on economic growth - as they make everything more expensive and reduce purchasing ability for housing, credit cards, personal loans, etc.

- Time: How much time do we have to sort out economic problems? more time than some pessimistic i-banks think,but less time than some government advisers think

- Renaissance will focus on the wholesale end of (i) consumer spending areas – this will show growth (ii) real estate. They are big in Africa and the Nairobi office runs a region from S. Sudan to Angola
- Kenya is a buying opportunity, if you think long term i.e. 10 – 15 years. Kenyans firms understand they have to go regional – and they have a head start
- Best case scenario: political solution found and hope & confidence can be restored among investors (including kiosk owners); Kenyans are successful business people as long as politics doesn’t interfere.
- Worst case scenario: no political solution; and economy goes into stagflation – nothing happened e.g. the NSE started 2007 at 5,000 and ended at 5,000. He said investment bankers can make money if and economy is going up, or going down, but not where it is stuck/going sideways

Related post: From January, some Renaissance earlier comments on the economy.

Valentine’s Gift

As a rule, I don't partake of this day. But to all the female readers, here’s a flower for you - which is a gift forward from Oprah’s site: You can download a free e-book of Women & Money, by personal finance guru, Suze Orman. The offer is for this day only and ends in the evening (US time)

Kutwa Tuesday: Capital Chickens

Capital rights issues come home to roost

Last October this post discussed banks' needing to raise share capital to support their rapid growth over the last five years. Since that time, Diamond Trust, NIC, Housing Finance, Equity and now KCB have all gone ahead and put plans in place to increase their share capital to catch up with their asset base.

KCB hopes to raise Kshs. 5 billion and hopefully this could spur some quality mid-tier banks, with foreign shareholding to step forward to the NSE listing place as well i.e K-Rep, Commercial Bank of Africa, Investment & Mortgages, Fina, Citibank and even Cooperative banks.

corporate news

KQ expands (From African Flyer blog) - Kenya Airways will from mid-year increase flights on routes in Africa (Ethiopia, Nigeria, Ghana), Mid-East (Dubai) and Far East (china, Hong Kong, Thailand)

Another stockbroker falls: This time it's another small firm – Nyaga stockbrokers. This is not unexpected, as problems were well known for over as year and had even been discussed in a stockskenya forum. The authorities (CMA) can’t pretend to act surprised as they had in the past considered taking action against the firm whose managers repeatedly sold investors shares without their knowledge – and when caught they would blame errors, and take their time correcting the situation, only to repeat the same up to last week.
- Though the NSE launched a 100 million rescue package, a Business Daily story mentions that as much as 820 million could be owed to clients.
- Other blogger takes: The KCIG has some suggestions for the capital markets authority while Coldtusker is dismayed by the pattern of bailouts of Nyaga Stockbrokers and Invesco Insurance after financial shenanigans.

OTC Bank shares: Are shares Family Bank available to buy on the over the counter?

New branches: coming soon Gulf Africa bank at Hughes Building - Kenyatta Avenue, and a new Family Bank branch opp. Yaya Center, Kilimani

Big radio opportunity: Kenya’s highest-rated radio show, Kiss FM
Big Breakfast Show (with Carol Mutoko) is looking for a new voice to join her on the show. Send a CV with a recording to md@kissfm.co.ke

SME Opportunities

EPZ incubation: The Kenya export processing zones authority (EPZA) has an incubator program which aims to convert SME's to major exporters. Previously companies located at the EPZ in Athi River had to be almost pure exporters (80%) to enjoy the benefits. But with the incubator program a company can start with exporting just 20% and progress to the 80% threshold within 4 years. Terms are; $50 application fee, $250 annual fee, 75% local shareholding, no more than 100 employees and no more than 40 million invested.

SEED Funding: The SEED Initiative has the SEED Awards 2008. Any group in a developing country, which is working in partnership with others to generate environmental and social benefits in an entrepreneurial way, is s eligible for a service (not cash) prize worth $25,000. D/L is 16 March.

SMME Award: The 2008 Africa SMME Awards; 6 winners (1) Industrial Sector Award; (2) Trade Sector Award; (3) Services Sector Award; (4) Best New Business Award; (5) Most Innovative Enterprise Award; and (6) Young Enterprise Award. All six category winners will become finalists for the overall African Union SMME of the Year Award - closing date for entries is 31 July. Africa's successful Small Medium Micro Enterprises (SMMEs) Managers / Owners who are creating jobs and improving the quality of life in their African communities can also contact author David Fick, E-Mail: (WhlgEagle@aol.com) to be featured in his next book, African Entrepreneurs in the 21st Century, Their Stories of Success (proposed publication, September 2008).

ICDCI now Centum Investments

name change
The former ICDCI will officially become Centum Investment Company Ltd. at the end of the month after the company’s AGM – ending years of confusion with ICDC – its former parent company.

Other than the name change, they are also adjusting their financial year end from June to March which means the year 2007-8 will end in March 08 – just 9 month long).

Last year was active for their investments, but the abbreviated year results could be badly hit by the post-election events. They had acquired shares in KQ, KPLC, Mumias, lightened on Eveready (largest shares block now KCB, Kenya Airways, EABL and Mumias) and sold off real estate (Kimathi House and Consulate Chambers) to improve liquidity. On the unlisted front, they acquired 10% of Rift Valley Railways (and will acquire another 10% from IFC over the next four years) and increased their stake in Kisii bottlers to 24% - so unlisted portflio is mainly two insurance and four coca cola bottling companies.

The Road to Namanga

Run for the border

After a month of being cooped up with elections and politics, it's a welcome opportunity to take a brief trip out of town.

The drive to Namanga is pleasant and with many causal things to observe. However it takes about an hour to leave Nairobi, owing to the traffic from the City Center up to before the airport.

The expansion of Mombasa Road (to three lanes) contributes to a major traffic jam as we pass the still-under-construction new Standard/KTN building, Vision Plaza - an office complex that was slightly ahead of its time, and is still looking to fill some vacant spaces, and Panari Hotel – host of an ice rink, Brazilian restaurant and affordable convenience for transit passengers. As we pass the Jomo Kenyatta Airport in early afternoon, one of new Fly 540 aircraft swoops in to land.

Traffic is slow, at the by-passes and diversions of what used to be Mlolongo infamous meat eating area, towards Athi River which now has an almost -complete cement factory by Tororo Cement who will be the fourth major local producer.

Then there's the Rattansi peace village, proposed site of new Hindu University of Kenya, and numerous single houses. Whatever real estate prices are in the area, they will probably triple in the next dozen years, after the by pass and dual carriage way roads are completed.

On into plains area with occasional zebra sightings. There are numerous chicken-rearing farms for Kenchic and flower estates. Flower farms are visible even from aircraft, and i wonder if it is possible for a media company to draw up some adverts to be displayed on these roofs for long-distance advertising.

Then the curio shops, some which say 'welcome' in German (and other languages) to attract tourists, a well-maintained railway, trains and wagons belonging to Magadi Soda Company. Magadi also have a trial farm growing jatropha seedlings, and this is the road to Amboseli which I wonder why it is not as world famous as the Masai Mara.

Amboseli, has arguably the same wild life concentration, is closer to Nairobi and has better road access. To (cap it all) it has Mt. Kilimanjaro as it's background.

Finally get to Namanga is about 130 kilometres from Nairobi (from where one can branch off to the gates of Amboseli 70km away, but on murram roads). Namanga is the border of Kenya and Tanzania, but a stop for petrol is not the best decision if you have a travel van. We get hit with high pressure Masai saleswomen – who I had read about but never met – they have very aggressive sales tactics aimed at tourists with dollars. They all chatter and take turns to persuade you to buy their trinkets - pressing beads or amulets to your arms or chest and refusing to take them back, saying they are gifts. Yeah, right!

On into no-man's land at the border. You have to fill out a departure form on the Kenya side and an arrival form on the tanzania side – all in a space of a 100 metres.

On both sides, there are border 'fixers' who are residents of this zone, and who traverse both country offices on foot helping people crossing with bureaucracy, currency, tax difficulties. If you don't use them, it can take over an hour to cross, with most of the delay comes from the insurance requirement for every personal vehicle at the border.

The Kenya side is the domain of Somali businessmen and they have imposed their law here; it's like a mini-Eastleigh, clean, orderly, no alcohol, but with tea houses and many super-markets with names like Libaan, Dubai, Taafrik, Mubarak, and Mandera.

The trans-border business acumen of Somali business people is something to be admired as even people in Dubai and China shop and collect their gods from Eastleigh. One day, after the political temperature has gone down, some local university should offer business classes on Somali, Kikuyu and Hindu business, trade, and management models -with business cases to study. I'd pay to attend that class

Namanga is also a mark of contract for two countries, and Kenya loses this time. The Tanzania side of the border is also clean and air-conditioned. But the pen's to fill out forms actually work and there is an eye-scan device for those requiring Tanzanian visa's. Once you step into Tanzania side, it's like you stepped in to coast province, with many buildings having Makuti (coconut thatch)roofs.

Also you can now buy roast tilapia fish and the chips are more generous and healthier than those on the Kenya side, with more drink varieties (Heineken, Pepsi).And that's a day at the border

Urban inflation index

back to normal

Compared to a year ago

This shows that not much changed for those in Nairobi able to travel around and shop properly at Uchumi that life is pretty normal as far as shopping is concerned.

Litre of petrol: 87.99 shillings (~$5.50 a gallon) and up 18% from a year ago (then 74.29) when you drive around Nairobi you can get prices from about 85 to 92 this week For petrol prices, I have been tracking a brand name station that tends to have slightly lower prices than may parts of the city where the price is at around 91 shillings. And these are expected to go up this year as are electricity bills which are already being billed at 12% higher for residential house. Energy Minister Kiraitu Murungi sounded out another warning yesterday to petrol companies to adjust the prices downwards when international oil prices drop – but the companies have, over the years ignored previous warnings from Ministers and government officials, and not passed on any savings to motorists.

Maize meal ugali (2 kg. unga) 52 shillings (50 a year ago)

Sugar (2 kg. Mumias pack) 150 shillings (no change from a year ago)
Fresh food prices have gone up also. Milk and bread have increased by a few shillings depending on where you shop. The prices of vegetables have gone up, some even up to 4X what they were before the election, but vegetable prices are seasonal and once supplies and fresh harvest kick in, the prices should adjust downwards.

Tusker beer: 120 shillings at local pub - up 20% (from 100 a year ago)
some pubs experienced shortages in the post-election period until the only beer they were left with was Guinness

(Safaricom) Mobile phone promotion: a year ago Safaricom had introduced Saasa - with 8 shillings per minute calls during off peak hours. This year they have extended the hours that off-peak applies, while rival Celtel has lowered the bar with 4 shilling per minute calls to 3 preferred numbers
What i really want from mobile company is for one tariff to focus on cheap data charges – SMS, Internet browsing – while voice can remain expensive

US Dollar exchange rate: 70.7 shilling to the dollar - unchanged (was 69.97 a year ago). But this is abnormal as it does not capture the the strength of the Kenya shilling which had appreciated to about 63 just before the election – from December it has lost 10% against the dollar and 17% against the Euro (overall it is 15% weaker against the Euro a year ago.

Record Bank profits expected

No doubt, there will be very strong, embarrassingly record profits (esp. from Equity Bank), which will shock Kenyan’s but the results are for the year (2007) which was virtually over by the time that the country plunged into chaos. The impact of the economic disruptions, violence, and framework may not be seen at banks until after June 2008. Meanwhile one bank that was in expansion mode has put off the program and staff recruitment until further notice.

SME Finance: EABS Bank, soon to be Eco Bank (after the West African bank takes over 75%), has partnered with Enablis to provide young and upcoming entrepreneurs with bank loans this year.

Check your own credit: what has been personal right for millions of US consumers is now available in Kenya – the self credit check. The service is offered by CRB Africa, Kenya’s leading credit reference bureau, but many here have no credit at all. Still it’s a free service, which someone should try out.

Corporate governance; KCB has an ethics help desk at its site to receive confidential reports on fraud and workplace abuses within the organization.

Bug-me-not: From the bankwatch blog comes results of a survey that shows bank customers do not want bothersome SMS’s sent to their phones that don’t add value or inform them much e.g. account balance messages that cost 30 shillings ($0.4). I think it would be useful to have services that tells you when a cheque is about to bounce, or the CFC chip card alerts which inform account holders each time their credit card is charged

opportunities
- EADB: Project Officers, Senior Project officers,
- I&M Bank: Credit Officer, Treasury Dealers/Officers, (Asset) Relationship Manager, (Liability) Relationship Manager, and Relationship Officer
- Inter Region Economic Network (IREN) : Webmaster, HTML text editors, Editor, Marketing Manager, and 3-month internships for year 2008. Apply to the Programs Manager, info@irenkenya.com by 15/2

Bloggers and forums

tribes & stocks: The recent closure of the popular mashada forums could easily have spilt over to the popular shares forum Stocks Kenya had the administrators not put out an appeal for Peace and Reconciliation in Kenya;

We have reduced focus on politics in the discussion forum as the forum it has been abused.

Thankfully it has maintained its tone for corporate and investment issues where the hot discussion topic is now East African Cables, not politics

And Mashada regulars are invited to visit ihavenotribe instead.

Media blogs: The Standard quietly added a blog page with star commentators late last year but without much fanfare and they are not given any prominence on the front page of the newspapers’ website. At least hen the Nation launched their blog page they ran a few columns in the paper itself to promote the feature.

Salute: To Afromusing for a small mention in the Economist on twittering.

New month, new hopes

seeking bloggers: Mediation talks are going on in Nairobi, and we hope for a better month than January. The last post I did was on winners - one of whom was Kenyans online who have been inspired by the political crisis to start blogging. I’d like to add new bloggers to the blog roll (the list on the right, below the advertisements) - an update of the list is long overdue and some blogs there have since become dormant. Regular readers are invited to submit any interesting blogs they have found (and which are likely to be running for the next few months at least) and I may do a write up of them

Other opportunities
most from the daily papers this week

TED Africa registration opens today

Import finance: the Government of Japan has through Kenya’s ministry of finance come forward with a 1.5 billion yen (884 million shillings) facility for Kenyan businesses to import raw materials and finished goods from Japan. Applications are on a first come, first served basis, minimum amount is 5 million shillings, maximum 40 million ($560,000) ; terms are down payment of 10% and finance is up to 90% to be repaid over 1 year and secured by a bank guaranteed. Info is from crown agents (crownagents@ke.crownagents.com)

Ford foundation scholarships: The 7th round of the Ford foundation international fellowships program is up and running. 48 scholarships are available to Kenyans – details online and D/L is 7/3
Jobs
- Credit analysts at Africa trade insurance company
Consolidated bank: branch manager, credit manager, credit admin manager, credit analysts. Apply though snail mail by 15/2
- Regional learning & development coordinator at Deloitte. Apply to hr@deloitte.co.ke
KCB: divisional director HR - apply through hawking associates by 11/2. Also investigators (frauds-forensics) and head of central services. Apply to recruitment@kcb.co.ke by 8/2
- Kenya Airways: Ramp Bus Operator,
Sales & Ticketing Agent, Multilingual In-Flight Attendant, Customer Service Agent, Qualified Pilots
Nimble Africa: industry experts (hospitality, financial, retail). Apply to recruitment@nimbleafrica.com by 10/2
- Safaricom: Area sales representative, M-PESA new business sales officer. D/L is 6/2
- Standard group: financial & commercial services director, group managing editor. Apply through PWC at ess.ke@ke.pwc.com by 15/2.
- USIU; management accountant, financial accountant. Apply to jobs@usiu.ac.ke by 15/2
- Independent financial advisors at Winton investments: Apply to jobs@wintoninvestments.com.

Media gags the public?

strange times these: The leadership forum has brought some great talks with great Q&A sessions with leaders like John Gakuo and Michael Joseph; but when we invite the Nation Media Group CEO Linus Gitahi to talk about Africa’s Competitive Advantage In The Global Market Place – he will respond to questions posed by the audience in advance. - strange change of format, and we don’t even know what he will say.