With the increased taxation especially on value added goods in Kenya, the level of unemployment has unfortunately risen quickly and steadily. It has become an everyday affair to hear of people complaining of the high cost of living in Kenya and all the bills they have to foot such as house rent or school fees in Kenya. Uwezo fund in Kenya, which was launched in 2013 by Hon. Uhuru Muigai Kenyatta is a government of Kenya project initiated to empower women in Kenya and empower youths in Kenya. Uwezo Fund in Kenya is a means of availing capital for business enterprise growth in Kenya. Initially budgeted for the presidential runoff in Kenya in march 2013, Uwezo Fund in Kenya has finance key objectives. The finance objectives of Uwezo fund include: increasing finance to Kenyan public through grants in Kenya and credits in Kenya- hence promoting women businesses in Kenya and youth businesses in Kenya at the county level in Kenya. The Uwezo Loan in Kenya also aim at boosting entrepreneurial spirit in Kenya especially among women and youths in Kenya, and to form a substitute funding base in Kenya for the whole community in general.

How to access Uwezo fund in Kenya

There are certain criteria that need to be met in order to qualify for Uwezo Fund in Kenya. To access Uwezo fund in Kenya, you need to sign up for a capacity building program in Kenya, ensure you meet the eligibility requirements for Uwezo Fund in Kenya. Uwezo fund in Kenya is made especially for youths in Kenya, women in Kenya and persons with disability (PWD) in Kenya. You also need to apply for Uwezo fund in Kenya by filling up the Uwezo Fund application form in Kenya. The Uwezo Fund application form in Kenya can be obtained from any of the constituency offices in Kenya such as in Mathira Constituency, the Constituency offices are in Nyeri town. The Starehe Constituency office in Nairobi is on Ngara Road. The Uwezo Fund application forms should be submitted with the relevant documents for the approval of your constituency committee members in Kenya. The Uwezo Fund application form in Kenya must be accompanied by a signed guarantee form committing you to repayment of the loan in Kenya- that has guarantors in case of default in repayment of loan, and recommendation letters for Uwezo fund from persons of authority in Kenya such as political figures like chiefs or church leaders.

Requirement for application of Uwezo Fund in Kenya

There are certain conditions required for qualification of Uwezo fund in Kenya. Women in Kenya and youths in Kenya qualify for Uwezo Fund after Registration of a group with social service offices in Kenya and recognition of the group by the Department of Social Services in Kenya. Department of social services vary with an area in Kenya for instance the department of social services in Nakuru is located in the Gender and social services offices near Nakuru Law courts. The group of women or youths in Kenya which qualify for Uwezo Fund in Kenya must be with a limited membership of 5 members to a maximum number of 15 members. The members of the group qualifying for Uwezo fund in Kenya must also be between the ages of 18 and 35 years. The group qualifying for Uwezo Fund must have been in existence and functional for more than six months. The group qualifying for Uwezo Fund must also be operating a table banking formation in Kenya- where members make monthly contributions to a group bank account which carrys the name of the group as a whole. In order for Religious institutions in Kenya to qualify for Uwezo Funds in Kenya, they are obligated to register as entities in Kenya with women and youths listed in their groups and they must have recommendation from the inter-religious council of Kenya. Inter-Religious Council of Kenya(IRCK) offices in Nairobi are on Mararo Road which is off Gitanga Road in Lavington Green area of Nairobi.

Beneficial aspects of Uwezo financing in Kenya

The main advantage of getting start up business capital in Kenya through Uwezo financing in Kenya is that the loans in Kenya are Interest free. The government of Kenya Uwezo loans also allows a loan grace period of up to six months, before repayment of Uwezo loan in Kenya commences. The Uwezo funds and loans in Kenya are payable within two years from the end date of the loan grace period in Kenya, which means it takes a total of two and a half years to repay the Uwezo loan in Kenya. For more information about Uwezo Fund, you can visit your constituency office in Kenya or visit the Uwezo Fund official website at www.uwezo.net 

Pan African life insurance in Kenya has in the recent years introduced a new cover policy to Kenyans that ensures all your funeral expenses will be covered with the least complexity in the unexpected event of death. Pan African life insurance in Kenya ensures complete coverage of funeral expenses in Kenya hence lightening the load considerably for a bereaved family in Kenya which reduces the stress that comes with funerals and funeral arrangement. Change in life is inevitable, however the things that are not inevitable in Kenya are taxes, unemployment and death. Fortunately we can do something about alleviating the difficulties death causes to our loved ones after our demise in Kenya through Pan African Life Insurance Company.

How to get covered by Pan African Life Insurance in Kenya

To get covered by the insurance in Kenya, one has to visit the Pan African Insurance policy offices in Nairobi. The Pan African Life Insurance offices in Kenya are located in Nairobi Central Business District on Kenyatta Avenue. In Pan African Life Insurance, one will get an insurance agent in Kenya who will explain in detail the different policies available to individuals, depending on the insurance needs of the clients and how much one wants to spend in their funeral based on what they can afford.

Pan African Life Insurance Covers available in Kenya

Pan African insurance organization in Kenya has made different types of insurance policies in partnership with Umash funeral homes in Nairobi available for Kenyans. Pan African Life insurance together with Umash Funeral Home in Nairobi have availed insurance covers for Kenyans as follows: Silver pre-plan and golden pre-plan in Kenya that offer up to Ksh.100,000 worth of funeral expenses package for annual insurance premium of Ksh.1,200 or a Ksh.200,000 package for an annual insurance premium of sh.2,400 respectively in Kenya. The Pan African Life insurance plan in Kenya also takes into account those who have a preference of cash payout instead of the funeral services in Kenya. Those in preference of cash payouts in the Pan African Life Insurance plan in Kenya, are required pay Kshs 2,800 and Ksh 1,800 per annum for Kshs 200,000 and Kshs 100,000 covers respectively. Pan African Life Insurance company in Kenya and Umash Funeral homes in Kenya have also designed an umash policy in Kenya that benefits the client twice; the Flexilife assurance policy in Kenya. Flexilife assurance policy in Kenya pays once at ones retirement age boosting savings and a similar amount when you pass on. Flexilife assurance policy in Kenya also has the advantage that the covered individual only pays insurance premiums in Kenya until their preferred age of retirement, which is until their first payout.

The Umash Funeral Home in Kenya takes care of burial arrangements, which includes; taking care of transport expenses, buying and delivery of the casket and it also provides flowers in the arrangement specified at the time of taking the insurance cover, all this done at a period of less than two weeks. In providing this coverage policy, Pan African Life Insurance in Kenya has in effect dealt with the taboo talk of planning for after death as more and more people embrace it.

In Kenya, there are many Saccos which tend to provide the best services in form of financial aid and banking services. They ensure that their members are comfortable with their services and that they are the major beneficiaries of these services. The Saccos therefore provide their members with opportunities that will offer financial assistance in any kind of situation and circumstances that the members could be trapped in. Hazina Sacco Society Ltd thus is one of the Sacco Limited in Kenya that provide the best financial assistance and development aid.

Hazina Sacco Society Ltd has ensured that they come up with variety of ways to cover the varied taste and expectations of their ever growing membership. The have recently come up with products and services that ensure that every member is catered for in the bid for financial freedom. They offer variable services and among them include the Front Office Services Activity (FOSA) which hosts a lot of products and services which could be beneficial to their members who use these services to the best of them.

The Front Office Services Activity products range from accounts with various features, advance financial products to various loan products. FOSA aims at meeting the members banking needs in addition to financial services to compliment products and services offered by the Sacco Back Office. They provide diversified products to accommodate members’ savings and credit demands. FOSA are to be accessed by all the members through Sacco link Cards with the unlimited Co-op Bank ATMs or M-PESA network and other VISA branded ATMs. Some of the FOSA products of Hazina Sacco Society Limited include;

FOSA accounts: this is one of the products that the FOSA kitty of Hazina Sacco Society Ltd offer. The accounts are varied and include the Salary account whose features include unlimited withdrawal and salary processing fee of Ksh 100, Ordinary Saving Account whose features include minimum operating balance of Ksh 1000, interest earned on savings at 3% p.a, unlimited withdrawals and minimum balance of Ksh 3000 in order to earn interest, Premium Savings Account which include minimum operating balance of Ksh 1,000, minimum interest earning balances of Ksh 5,000 with the interest rate earned on saving accounts being 5% and withdrawal is done quarterly, Fixed Deposit Account where the minimum deposit is Ksh 50,000, maturity withdrawals is after 6 months where the interest is negotiable subject to prevailing market rates and the forfeit interest if money recalled before agreed period, Jipange Saving accountwhose main features are a minimum operating balance of Ksh 500, Minimum account balance of Ksh 500, minimum monthly contribution of Ksh 500, and the minimum balance to earn interest is Ksh 10,000.

FOSA Advance products: Also offer by FOSA is the Advance products which include HSF Salary in Advance with features such as open for any member whose salary is paid through FOSA account, recovery is done once within one month, limited to net pay, commission charged at 10% and the subject to approve confirmation of pay slip, HSF Okoa Advance where the member can get an advance of up to Ksh 200,000 repayable in 12 months and the interest rate is 1.5% per month which is guaranteed by at least two guarantors and HSF Special Advance where the interest rate is 1.8% on a loan payable in 24 months and the maximum amount that can be borrowed by a member is Ksh 400,000 guaranteed by at least two guarantors.

FOSA Loan products: are various and can be access by any member of the Hazina Sacco Society. The major loan product include Karibu Loan with the features such as, the loan is granted to FOSA account members which is recoverable through payroll direct and/or standing orders from a saving account. The maximum amount that can be borrowed is Ksh1, 000,000 with 6 months FOSA statements. The repayment period of the loan is up to 36 months with the interest rate of 1.25% per month on the reducing balance.

Other products and services specifically offered by the FOSA service kitty include the provision of a bankers’ cheque to the members, the provision and the use of M-PESA services in the access of the services, the Hazina Sacco Cheque encashment, Dividend payment processing, standing orders as well as payment of ATM card processing fee. This Sacco also ensure that the members can use the M-PESA services as they are registered with M-PESA agents and the services they offer to include the use of M-PESA is that loans can be offered, refunds, allowances and all of which are sent to the members interested through M-PESA on request but the members must provide a copy of the National I.D and indicate the mobile phone number which the money would be sent to.

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Most people who are employed or even have a source of income in one way or the other ensure that they have bank accounts to save this income for security purposes as well as to make the money attract interest. The bank accounts they have also enable them to access loans from these banks. Banking generally is therefore beneficial in many ways.

In Kenya, many banks have adopted the digital methods of banking which is majorly influenced by the technology available. Many banks have introduced different and new forms of banking such as mobile banking in which account holders can manage their funds in the bank from mobile phones. This has made easy the banking process. Equity bank has therefore introduced a new method of banking known as the online banking/internet banking/eBanking.

Online banking is the banking process in which account holders in Equity bank can control their account from anywhere, anytime whenever they want. They can check for account balances, transfer funds, view and print bank account statements, request for cheque books and much more. Online banking is done as long the user is registered to the service where he/she is provided with a user ID and password and he/she can access the internet.

Features of Online banking:

Online banking allows two-factor authentication to login and transact. The transaction involved include checking for account balances, transfer funds in between own accounts and to other bank accounts and pay bills.

This service also supports the scheduling and making payments online, remittance of accounts, beneficiaries and services requests, viewing the status of cheques, viewing and printing of bank statements and viewing of recent transactions.

Online banking also provide for managing standing orders and direct debits, request for cheque books and banker’s cheques as well as viewing interest rates and foreign exchange rates daily.

Benefits of Internet Banking:

There are many benefits that the online banking services brings along in the banking process of the users; Equity bank offers secure high quality internet banking services to customers enabling online access to accounts and other banking services worldwide at the comfort of their home or office. This is an advantage because the users do not have to travel to their respective bank branches for the banking services.

The online banking service experience is consistent with guaranteed 24 hours access to the account everyday through the bank’s website at www.equitybank.co.ke where you transact wherever and whenever it suits you. The system is easy to use, friendly and convenient enabling access to the multiple banking services from the convenience of a personal computer. The customer can access consolidated view of accounts and investment creating convenience in managing and moving funds around the portfolio efficiently and easily all online and in Real time.

Also offered by the online banking service is that users can transfer funds online and in real time to accounts within Equity bank and to other banks with emailed receipts of the transfers. All financial and non-financial transaction go through a well-structured workflow approval in the application with guaranteed security. The system also incorporate utility payment (electricity and water bills) solutions from your computer.

Online banking is also beneficial in that it facilitate the quick, effective and safe salary payment by the corporate client, the system has inbuilt encryption functionality (data protection) where the encrypted data and files for salary processing and bulk payment are sent to the bank for payment. It also offer quick response to customers’ enquiries through the efficient relationship management, the system has inbuilt and secure email functionality where the customers’ queries are addressed appropriately making it convenient particularly to the users.

The online banking system has a wide range of security measures. These measures include data protection to ensure that information exchanged between the customers’ computer and the bank over the internet is secure and cannot be accessed by unauthorized parties. The internet banking system use measures from encryption to firewalls where they use the most advanced commercially available 128-bit Secure Socket Layer (SSL) encryption technology to ensure security of information exchanged.

Banking services in Kenya has been in the rise due to the demand created by the increasing number of Kenyans who have come to realize the benefits of banking services to them and their future. Banking has ensured that the people can be able to access various products beneficial to them offered by banks. For this therefore, banks have ensured that they invent new services that will ensure that their customers are satisfied by these services.

Diamond Trust Bank is one of the banks which have been recently established to offer banking services and from its establishment, it has ensure that their customers have the best banking services. DTB is one of the leading and listed institutions in Kenya in the stock exchange market due to their experience. They mainly focus on SME sector and commitment to enhancing convenience for customers. This bank also enable people to advance with confidence and success. In their list of their best offered service, they have in their operation the iBank service that is meant for businesses and incorporated as an electronic banking service.

DTB iBank service is a corporate online solution for any business which enable the control of the cash flows in various ways including viewing statements, extracting various reports on the bank account, receiving alerts and making online payments through a wide variety of payment methods and many more features. This service is meant for the smooth running of the businesses and through it, efficiency is achieved in the business. iBank banking service provides a platform for the business banking needs and majorly die to the advancement in technology. Through this service, the business can be able to view account transaction anytime from anywhere, generate reports as well as many functions.

Features of iBank service

Online generation of statements and balance enquiries, supports multi-currency online transactions through a variety of payment methods which include Internal Fund Transfer (IFT), Electronic Fund Transfer (EFT), Real Time Gross Settlement, international fund transfer via SWIFT, International and Domestic Drafts, Real Time Gross Settlement and Real Time MIS for all the transactions, Bill payment, Cheque status inquiry, Loan request, Customer care self-services, viewing of all the notifications, alert message and general message on request, exchange rate inquiries as well as loan interest rates inquiry. All these services and features ensure that the customers are able to bank and use the services from anywhere over the internet.

Advantages of iBank Service

The iBank Services also are accompanied by advantages through its use. The service being the most modern service in the market offer benefits such as;

They offer the ability to manage payment from the comfort of an office or anywhere else in the world using an internet connection, enable receiving of mail or SMS alerts every time a transaction is carried out, enable automation of scheduled payments, allow for creation and management of future dated payment, generate account and MIS reports at will, printing of statements and viewing details of all accounts and transactions online or download them in any format which is required, integrate all payments to the back end accounting and payroll systems, ability to register a biller and pay the bill to the registered biller, check the status of cheques for an account and generating specific reports for paid cheques, stopped cheques, paid cheques for a given period and for a given cheque range or single cheque as well as ability to set alerts, register and view personalized and predefined reports. The service is also accompanied by the ability to view the address and location of an ATM or branch of DTB bank, viewing the latest exchange rate for various currencies offered for buying and selling by the bank as well as viewing the latest interest rates offered by the banks for various term deposits, savings and current accounts.

PayPal in Kenya is a payment service that enables you to accept payments, pay for goods and send or receive money without revealing your financial information anywhere in the work.

How do I run a PayPal withdrawal service through Equity Bank Ltd Kenya?

On the PayPal withdrawal Service Landing page select ‘Withdraw from PayPal’ menu option. On the customer type selection page you will need to choose either Individual or Business Enter your Equity Bank account number and select the Submit button. Please ensure that the nominated account is registered in the individual or personal capacity performing the transaction and that you are authorised to transact on the account. A One Time Pin (OTP) will be sent to the email address as per the Equity Bank contact details for the nominated account. Complete the information on the Personal Details / Business Details page. The Withdraw amount must be in USD. View the quote and accept the terms and conditions. Review the information displayed on the confirmation screen and click on the confirm button to proceed with transaction. You will be redirected to PayPals website, where you need to login to the specified PayPal account and confirm the transaction. Once the transaction has been confirmed, you will be redirected back to the Equity Bank PayPal withdraw services page. On the results page you will see the transaction status and the transaction reference number. Click on the Finish button to complete the process. Your Equity bank account will be credited with the nett amount due to you after all fees have been deducted within 8 business days. Equity has provided Kenyans with an efficient service especially in business in Kenya.

The Body was established in 1955 and is responsible for managing the nation’s income. The nation’s income is managed through the collection of taxes. It is not as simple as that since it involves five departments to make it successful. The body is operating in five regions in the country which include Central, Western, Rift Valley, Southern and Northern regions. It’s headquarter is in Nairobi. The departments are;

Domestic taxes department

It is consists of two divisions the income tax and the value added tax. The VAT replaced the sales taxes in 1990 to increase revenue collection at the level of consumers. Income tax is collected at the employer level. It is important to note that each department is managed by an official commissioner.

Custom department

This department ensures that no illegal goods enter the country. It is the largest department and is highly staffed due to its complex responsibilities. The department   manages the revenue collected from other departments.

The Support Department

It is involved with the everyday duties of the body. It functions internally and is concerned with duties like legal services, public relations and many others.

Road Transport Department

This department mainly deals with drivers and vehicles. It is responsible for licensing, collecting taxes, ensuring that all regulations of the road are adhered to. Those importing vehicles have to pass through this specific department.

Investigation and Enforcement Department

The department handles problems that come such as fraud and illegal evasion for taxes. It investigates all the issues ensuring that no illegal action is undertaken without prosecution.

Central Bank of Kenya is located in Central Bank of Kenya Premises on Haile Selassie Avenue in Nairobi.

The Central Bank of Kenya postal address is P.O. Box 60000-00200, Nairobi.

Telephone contact of Central Bank of Kenya is (020)2860000. The email address of Central Bank of Kenya is [email protected].

The website of Central Bank of Kenya is at https://www.centralbank.go.ke/.

Uwezo Fund in Kenya is a fund given to youths to boost entrepreneurial culture in Kenya. The youths in Kenya are to form groups and start businesses to apply for Uwezo Funds successfully. The aim of the Uwezo Fund is to boost the livilihood of the youths of Kenya and at the same time improve development and growth of Kenyan economy.

Uwezo fund was a proposed pledge by Hon Uhuru Kenyatta during his campaigns to power.

The MPs recently approved changes proposed by Senate Chambers in Kenya on the Uwezo Fund. Some of the changes that are to occur include the management of Uwezo Funds at the grassroot levels, with the Cabinet Secretary being responsible with appointment of youths and women representatives to the oversight body for management of the Uwezo Funds.

The Senate House in Kenya also proposed that Ksh 480 Million to be used as a capacity building fund for youths and women in Kenya, before they get access to the credit facilities of Uwezo Fund. 

The two houses in Kenya (MPs and Senate) will set their differences apart to serve Kenyans.

The Uwezo Fund website is at http://www.uwezo.go.ke/mobi/.