Corporate News From Africa

  1. Jumia adds 150 pick-up points, eyes 450 more:

Online shopping site Jumia has grown the number of pick-up locations across the country by 150 this year, as it races towards recruiting 450 more agents before the year ends. The site has since recruited an additional 20 agents in Eldoret in its latest drive. The e-commerce firm’s new strategy relies on an agency model, through which existing entrepreneurs earn a commission by hosting Jumia pick-up stations in their existing facilities. The site has in the last few months withdrew the Jumia-run flexible offline pick-up points alternative to focus on their core business. “We see a growing potential and many unserved customers in areas outside of Nairobi…Our expanded pick up station network will enhance customer confidence and provide them a convenient shopping experience,” said Jumia MD Sam Chappatte.

  • MasterCard Foundation gives Kenya Sh30bn to boost youth jobs, training:

Kenya will receive Sh30 billion from the MasterCard Foundation to help the youth access jobs and further their businesses as part of a joint strategy with the government aimed at benefitting at least five million people. Speaking during the launch of the initiative dubbed ‘Young Africa Works’ in Nairobi on Thursday morning, President Uhuru Kenyatta thanked the MasterCard Foundation for its partnership with the State and local organizations to help Kenyan youth become “productive members of society”. Also part of the initiative are the Equity Bank Group , KCB Group  and their respective foundations which will provide billions in capital and business development services. “Kenya has a vibrant entrepreneurial culture, a strong private sector, and an enabling policy environment… Young Africa Works in Kenya builds on this momentum to prepare and connect young people to opportunities that will grow the economy and transform their lives,” said Reeta Roy, President and CEO of the MasterCard Foundation. President Kenyatta condemned the get-rich-quick mentality which he said has led to corruption on the country.

  • Ex- Deloitte boss & Gulf Energy chief executive join BAT board:

British American Tobacco Kenya (BAT)  has tapped immediate former Deloitte East Africa chief executive Samuel Onyango to its board as a non-executive director. Mr. Onyango, who retired from the audit and advisory firm last year after serving it for about 38 years, joins the cigarette maker’s board alongside Gulf Africa Petroleum Corporation Kenya managing director Samson Irungu. “The chairman and directors of BAT Kenya congratulate and welcome Dr M Irungu and Mr. S Onyango to the board,” BAT said in a statement announcing the appointments Thursday. The duo will be expected to among other roles help develop strategy, review management proposals, scrutinize performance of management and bring an external perspective to the board. Mr. Onyango, a bachelor of commerce graduate from the University of Nairobi and a certified public accountant and company secretary, had an illustrious career at Deloitte.

  • America based insurer targets expatriates in Kenyan entry:

American health services company, Cigna, has ventured into the Kenyan insurance market with the launch of its African headquarters in Nairobi. The international insurer, which is targeting multinationals and locally-recruited staff working at inter-governmental and NGOs, said it is looking to make Kenya its hub for Africa. Cigna’s entry will step up competition for global health insurers such as Bupa International that equally provides health insurance services to the growing middle-class, mid-level executives and expatriates living in Kenya and travelling in and around Africa, including those seeking treatment in South Africa, India, Pakistan and Sri Lanka. Cigna chief executive Arjaan Toor said the firm’s success would be driven by betting that the future of health insurance is managing its clients’ needs holistically, rather than just one aspect of their medical care. “We see more and more multinationals setting up shop locally and more Kenyan companies are setting up office in other countries and so we thought that there is a need for global insurance service providers in Kenya that will cater to the needs of this increasingly global market segment,” he said at the office’s launch yesterday.

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