Kenya This Week: Conservation, Financial Progress, and Innovation

SBM Bank Champions Marine Conservation with New Card

SBM Bank Kenya has launched a sustainability-themed card featuring a sea turtle image to raise awareness about waste management along Kenya's coastlines. The initiative includes beach clean-ups in Diani and the unveiling of a turtle-shaped plastic deposit structure at Kongo River Beach.

In collaboration with Diani Turtle Watch, the bank's efforts have resulted in over 441 turtle hatchlings. Previous clean-ups collected 79 kilograms of waste, underscoring the importance of preserving marine ecosystems for the blue economy.

New Law Shields Borrowers from Harassment

Effective January 1, 2025, Kenya's amended Microfinance Act prohibits non-deposit-taking microfinance institutions from using harassment, violence, or threats in debt recovery. The law also bans the harassment of guarantors or any person connected to the debtor.

Lenders must now provide clear loan terms, disclose financial costs, and maintain borrower confidentiality, promoting transparency in the sector. This amendment aligns protections for physical credit borrowers with those for digital credit consumers.

Kenya Airways Shares Resume Trading Amid Profit Surge

The Nairobi Securities Exchange (NSE) has lifted the suspension on Kenya Airways (KQ) shares, effective January 5, 2025, citing the airline's improved performance and the withdrawal of the National Aviation Management Bill, 2020.

In August 2024, KQ reported a net profit of KSh513 million for the first half of the year, a significant turnaround from a KSh21.7 billion loss in the same period in 2023. This 22% revenue increase to KSh91.5 billion underscores the airline's financial recovery.

Kenya's Mining Sector Sees Credit Surge Post-Moratorium

Following the December 2019 moratorium lift on large-scale mining licenses, bank loans to Kenya's mining sector nearly doubled to KSh49.3 billion by September 2024.

This financial boost is expected to revitalize the industry, which saw a 2.7% output decline in June 2024. The government has approved 95 out of 1,162 license applications, aiming to attract over KSh132 billion in investments.

Kenya Proposes Higher Fees for Satellite Internet Providers

The Communications Authority of Kenya (CA) has proposed increasing the initial Satellite Landing Rights (SLR) licence fee from $12,500 (approximately KSh1.6 million) to KSh15 million. Additionally, an annual operating fee of KSh4 million or 0.4% of the company's annual gross turnover, whichever is higher, is suggested. These changes aim to ensure technology neutrality and attract investors.

This proposal comes amid concerns from local internet service providers about the entry of satellite services like Starlink, which launched in Kenya in July 2023 and has garnered over 8,000 subscribers by June 2024. Stakeholders have until January 23 to submit comments, with implementation planned for the 2025/2026 financial year.

KCB Foundation Invests KSh50 Million in Kisii Vocational Training

The KCB Foundation, in partnership with the Kisii County Government, has committed KSh50 million to enhance vocational training across 12 centers in the region. This initiative aims to equip over 1,000 students with essential skills for their future careers.

Governor Simba Arati emphasized that this collaboration aligns with the county's long-term development goals, particularly in health and agriculture. The program, part of the Tujiajiri initiative, focuses on practical skills in areas such as agriculture, carpentry, construction, and tailoring.

Apple to Update AI Feature After Inaccurate News Alerts

苹果 has announced plans to update its AI-generated news summary feature following complaints from the BBC News about inaccurate notifications. The feature, introduced in December 2024, inaccurately summarized BBC headlines, leading to false alerts such as the alleged suicide of Luigi Mangione and incorrect claims about tennis star Rafael Nadal.

In response, Apple stated it would release a software update in the coming weeks to clearly indicate when notifications are AI-generated summaries. The company emphasized that this feature is optional and currently in beta, encouraging users to provide feedback on unexpected.

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