http://kenyanstory.comKenyan Story Thu, 22 Jun 2017 19:14:57 +0000en-UShourly1 in Four Banks Find it Difficult to Verify the Identity of Online Banking Customers, 20 Jun 2017 12:58:28 +0000 to Kaspersky Lab’s Financial Institutions Security Risks survey, 24% of banks worldwide struggle with the identification of their customers when delivering digital and online banking services. As more than half of banks (59%) anticipate growing financial losses due to fraud in the next three years, the verification of a user’s identity should be taking central stage in the cybersecurity strategies of financial institutions, Kaspersky Lab warns. With the rise of online and mobile banking, customers are not only becoming victims of financial fraud, but also a major entry point for attacks on banks’ digital channels. According to the research, in 2016, 30% of banks have had security incidents affecting banking services delivered via the Internet — with phishing against customers, and using customer credentials for fraudulent activities, as the top contributing factor leading to the attacks. Banks find themselves in need of security technologies that do not undermine the customer experience: 38% of the organisations surveyed confirm that balancing prevention techniques and customer convenience is one of their specific concerns. “While thinking of different approaches to secure digital and mobile channels, banks naturally avoid putting too much pressure on customers. Online banking should preserve its main benefits: as a […]

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]]>’s Efforts In ICT Help Achieve Sustainable Development Goals, 15 Jun 2017 12:48:10 +0000 ongoing national efforts to enhance the adoption of information communications and technology solutions have received global recognition in the just released Huawei Sustainable Development Goals (SDGs) Benchmark Report which found that countries that perform well on ICT also perform well on SDGs. The Huawei report found a 90% correlation between ICT investment and progress in meeting six key SDGs including: Health and Well Being (SDG 3), Quality Education (SDG 4), Gender Equality (SDG 5), Industry, Innovation and Infrastructure (SDG 9), Sustainable Cities (SDG 11), and Climate Change (SDG 13).  Countries that perform well in ICT also do well in progress on the SDGs, while countries that under perform on ICT also lag on SDG achievement. The report released in Geneva, Switzerland, singled out Kenya as a global trailblazer in the ICT for development global scene alongside Germany, Thailand and Mexico. The report notes that Kenya has experienced sustainable ICT growth fueled by widespread internet penetration, which has helped drive the countries sustainable development. With mobile penetration standing at 87%, which translates to close to 38 million Kenyans owning a phone, Kenya has been recognized as a leader in Africa for sustainable development applications in finance (M-Pesa), farming (iCow), health insurance […]

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]]> Corporation has completed the acquisition of Hemingways Holdings Limited, 12 Jun 2017 16:17:00 +0000 Corporation completes the acquisition of a minority stake in Hemingways Holdings Limited. The acquisition of the 35% shareholding in Hemingways is a strategic investment that will provide additional capital to fund growth and expansion within the Hemingways group of companies. “Since our entry into the Hospitality sector in 2010, we have been focused on creating world class experiences for our guests. Through our partnership with Hemingways, we intend to continue to build on this strategy. This investment is therefore aligned to Simba’s goal of creating a substantial Hospitality business platform with the intention to expand nationally and within the region,” said, Adil Popat, Chief Executive Officer, Simba Corporation. Hemingways Holdings Limited is the parent company of three iconic properties that represent the definitive portfolio of luxury travel in Kenya: Hemingways Watamu, Ol Seki Hemingways Mara and Hemingways Nairobi. The transaction also includes Express Travel Group, a subsidiary of Hemingways, that provides comprehensive and high quality travel management services through its international franchise partnerships with American Express Global Business Travel and Europcar International as well as through Hemingways Expeditions, a premium Destination Management Company. “Partnering with Simba enables the Hemingways Group to reach our goal of developing and growing the […]

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]]> Petroleum Group has sold 40% of its shares to Oman Trading International (OTI), 07 Jun 2017 11:37:07 +0000 Petroleum Group has sold 40% of its shares to Oman Trading International (OTI) in a move that will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across the Eastern, Central and Horn of Africa. The Group will invest the additional funding from the transaction to enhance its market visibility through new distribution assets specifically Service Stations across its key markets in the region. It will also boost the marketer’s working capital and increase competitiveness in the Open Tender System. In turn, OTI will provide its supply and trading capabilities to strengthen the Hass service offering, enhance services to consumers and contribute to economic growth across the region. The Hass founder and management team will continue to operate the business and work closely with OTI to grow and continue long-standing relationships with customers, suppliers and regulators. This acquisition is in line with the respective companies’ long-term strategies.  OTI’s strategic priority of accelerating its growth by entering new emerging markets with high potential will fit well with Hass’s aspiration of being Africa’s leading oil marketing company.  As a regular supplier of refined products to the Southern and East African region, this transaction will enable OTI […]

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]]>, successfully repaired the fault on the SEACOM Subsea Cable System in the Red Sea, 01 Jun 2017 12:10:42 +0000 African telecom company, SEACOM, successfully repaired the fault on the SEACOM Subsea Cable System in the Red Sea, restoring normal network operations on this cable system in the East Africa region. This repair was completed within the expected time as committed to stakeholders. During the course of the repair work, SEACOM provided restoration on other of its routes where requested. All of SEACOM’s managed network services, including IP services, were rerouted over SEACOM’s network on the west coast of Africa and via SEACOM’s network to Asia, and were not severely impacted during the outage in the Red Sea. “On behalf of SEACOM, we extend our gratitude to our customers and partners for cooperating with us during this period. We shall endeavor to continue offering quality services to the East Africa region, even as we have these unplanned outages on a single route,” said Byron Clatterbuck, SEACOM CEO.

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]]> Chartered’s Video banking service sets a new standard in the industry, 17 May 2017 13:07:07 +0000 Chartered Bank unveils Video and Chat Banking service in Kenya. The service allows clients to connect with banking agents via a secure video connection – or through chat or audio channels. Video Banking will be available to all clients via the Bank’s website between Monday to Friday, 9.00am-6.00pm. Among the new services on the channel is the Information-sharing capability which allows Call Centre agents to upload and share with clients’ forms and other documents. The Bank will upgrade the service in the second phase to make it available through mobile devices. The upgrade will also enable Priority Banking clients to use video banking to consult “face-to-face” with investment advisors to explore new wealth management opportunities. Speaking during the launch, Lamin Manjang CEO Standard Chartered Kenya & East Africa disclosed that the Video Banking service is part of Standard Chartered Bank’s USD 1.5 billion investment in technology package announced last year.  The funds will be used to upgrade the Bank’s technology and systems over the coming three years, including investments in regional client Contact Centres. “Standard Chartered is constantly innovating to bring easy, convenient banking to clients. We have reached another milestone today with the launch of Video banking which […]

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]]> and Huawei signed an agreement to build a Government cloud infrastructure, 15 May 2017 12:58:34 +0000 Republic of Kenya and Huawei signed an agreement for collaboration on building a Government cloud infrastructure. The collaboration agreement covers how Huawei will help Kenya build the infrastructure necessary for government cloud services, migrate government data and applications to the government cloud, and create a platform for government departments to share data and better communicate. This will help provide a “One-window style solution” for government services improving government efficiency. Huawei donated a set of safe city equipment to three major towns in Kenya to help strengthen policing capabilities and protection of people’s lives and property, which the President commented as very useful and important for the country.  The equipment includes 6eNodeB Stations, 150 Radio Trunking Terminals, and a Radio Trunking System Core Network and Dispatch System. In addition Huawei committed to extend its flagship ICT talent program, “Seeds for the Future” for a further three years from 2018-2020. Seeds for the Future will provide training for 30 outstanding University students in the ICT field giving them advanced training in China. This equips local students with important skills for them to drive forward Kenya’s ICT industry and the ICT ecosystem. During the ceremony announcing the agreement and Seeds for the […]

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]]> powerhouses to buy the Turkana Crude oil, 19 Apr 2017 16:38:28 +0000 you don’t have a shamba in Turkana, kindly rush and buy something from that place or marry someone from the region. The oil availability was announced sometime back and Kenyans were dared to buy land in Turkana. And I think it’s time we move to that place because China and India have emerged as the main buyers of the Turkana crude oil that Kenya plans to export under a test programme in June. In January, Tullow discovered a chunk of oil in Turkana after drilling a well in the Lokichar basin. The well has a gross oil interval of 55 metres with 25 metres of net oil pay at a depth of 700 metres. According to the Standard, the overall oil column for the filed is considered to be 100 to 125 metres. The developer of the Turkana oilfields, has already pumped out and stored 60,000 barrels of crude in Lokichar in readiness for transportation to Mombasa. Andrew Kamau, Petroleum principal secretary provides that the the first tankers will dock Mombasa port in June to pick the consignment transported from Turkana and its environs by road and stored at the Mariakani refinery tanks. This is a big opportunity for […]

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]]> key considerations for security strategies adopted by financial organisations in 2017, 12 Apr 2017 11:19:14 +0000 costs associated with cyberattacks on the financial sector are rising as organisations face increasingly sophisticated threats. New research by Kaspersky Lab and B2B International reveals the scale and impact of attacks, with financial firms facing losses of nearly a million dollars ($926,000) on average for each cybersecurity incident they face. The study shows that financial firms seek to address security challenges by getting more threat intelligence and conducting security audits, with 73% considering this measure effective. However, organisations from the financial sector are less inclined to use third-party security services with only 53% of those surveyed perceiving it as an effective approach. Kaspersky Lab’s experts recommend five key considerations for security strategies adopted by financial organisations in 2017. ·         Beware of the targeted attacks Targeted attacks on financial organisations are likely to be conducted through using third parties, or contractors. These companies can often have weaker or no protection at all and can be used as an entry point for malware or a phishing attempt. ·         Do not underestimate less sophisticated threats Fraudsters can strike at mass and benefit from the scale using simplest tools. Social engineering might contribute to 75% of fraudulent incidents while only 17% could be […]

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]]> Re announces Financial Results for Financial Year 2016., 10 Apr 2017 12:28:02 +0000 Re announced positive financial results for financial year 2016. This was attributed by continuous review and implementation of their corporate strategy which enabled them to achieve the positive results amidst the fiercely competitive and dynamic reinsurance business environment in Africa, Middle East and Asia. The profit before tax for the year 2016 stood at 4.2 billion. In the year 2016, the net earned premiums  grew by 6% from Kshs. 12 billion in the year 2015 to Kshs. 12.6 billion in 2016. Investment income grew from Kshs. 3.04 Billion to Kshs.3.08 billion. Net claims dropped by 6% from Kshs. 7.1 Billion in 2015 to Kshs. 6.6 Billion in 2016. Operating expenses however grew by 39% due to forex losses incurred from foreign markets, this included, unrealized losses from  the Southern Sudan market owing to the hyper inflation experienced in the country. The corporation’s investment  portfolio grew to Kshs. 28.28 Billion in 2016 up from Kshs. 27.06 Billion in 2015. The asset base increased from Kshs. 35.95 Billion in 2015 to Kshs. 38.49 Billion in 2016, a 7% growth. Shareholders funds increased from Kshs. 21.93 Billion in 2015 to Kshs. 24.13 Billion in 2016, a 10% growth. Its performance was aided […]

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