The year 2011 was a good year for co-operative Bank of Kenya, they won for the second year in a row, the Bank Of The Year award in Kenya. Things couldn’t get any better for the Co-operative Bank in Kenya which has recently been congratulated on its embracing of modern technology in banking. The year 2013 has seen Co-operative Bank clinch the Most Green Bank in Kenya at the 2013 Energy Management Awards in Kenya. It seems the sky is the limit for this bank.

I recently visited one of the branches of co-operative bank in Nairobi along Mama Ngina Street near Dedan Kimathi Statue in city centre to see what’s making everyone seem to be heading there because just recently we were being told Equity Bank in Kenya is the bank of the people.

With these hard economic times in Kenya, with almost every Kenyan crying be it of milk price, VAT or the ever rising fuel prices, Co-operative Bank in Kenya has the perfect solution for your saving problems in Kenya.

The friendly lady at the customer care in Co-operative Bank in Nairobi welcomed me warmly and showed me the various bank accounts available in Co-operative Bank in Kenya that someone can open.

This bank account in Co-operative Bank in Kenya called Hekima Account caught my interest. If you want to open the Hekima bank account in Kenya, you don’t need to have an opening bank balance, operating balance or Maintenance fee, but most banks in Kenya are offering that anyways. The cookie in this deal is if you can’t keep your cash in the bank for a month, like me, they know how to tame that, you will only be allowed to withdraw once per every 3 months and you have to withdraw over the counter since Hekima Account in Kenya has no ATM/Debit cards offered. Isn’t that a great deal? When you go drinking or shopping spree in Nairobi with your friends you won’t be tempted to get out your ATM only to regret the next day after realizing you have used all your months’ savings.

I asked the lady at the Co-operative Bank Customer Care desk in the branch how I can open a Hekima account. To open a Hekima Account in Kenya is simple. A kenyan just needs to have an national identity card, to fill the customary forms in the bank and a bank account details and identification card on is given on the spot. This is easy, right?

Why don’t you also visit the nearest co-operative bank branch in Kenya and we all keep it HEKIMA..

No better way to save money in Kenya than with Hekima Account in Co-operative Bank in Kenya.

The Kenyan economy for decades now has been facing difficulties in absorbing the available human resources, with every year colleges and universities in Kenya producing thousands of qualified personnel. The fact that not all the trained graduates in Kenya get employment has triggered many to form groups which are commonly known as “chamas in Kenya” to spur their living. The government of Kenya has also been in forefront encouraging unemployed youths in Kenya and women to form groups in order to work together and uplift their living standards. The idea of people coming together to form chama in Kenya is that one, when they combine their forces it will be easy to come up with quality strategies, ideas and also be in a position to implement the efficiently unlike as individuals. The other benefit of chama in Kenya is that banks and other lending institutions in Kenya will easily give loan to a group than to individuals with reasons of collateral required or attached.

Faulu Bank among other Kenyan banks has been in forefront providing loans to Chamas in Kenya with favorable and affordable rates that any group can manage to repay back. For chamas in Kenya to access loans with Faulu Bank in Kenya, they have to be registered and have an active Faulu Bank account in Kenya. Faulu Bank in Kenya has categorized chamas in three categories for the purpose of registration.

First type of chama in Kenya as grouped by Faulu Bank in Kenya are the informal groups in Kenya which are required to have the following documents to be registered; a complete joint Faulu Bank account opening form, Original and Copy of National ID or valid passport of account signatories and a recent colored passport photos for all signatories.

The second category of Chama in Kenya as grouped by Faulu Bank in Kenya is Registered Groups and Associations in Kenya, and the following is required before registration; a complete Faulu Bank account opening form, Original and copy of National ID or valid passports, one recent colored passport photos for all signatories, Registration certificate, Constitution and Minutes of resolutions to open Faulu Chama Account in Kenya.

The third category of chama as grouped by Faulu Bank in Kenya is Institutions and companies in Kenya. For institutions and companies in Kenya, the following documents are required prior to registration with Faulu Bank for loans; a complete Faulu Bank account opening form, Original and copy of National ID or valid passport, one recent colored passport photos for all signatories, Certificate of registration memorandum and articles of association, Pin certificate and minutes of resolution to open Faulu chama account.

A registered chama with Faulu Bank in Kenya will enjoy the following benefits; borrowing loans as a chama from Faulu Bank at a rate of 125% per annum, up to 6 years repayment period, all chama members can have individual loans in Kenya and finally borrowing loan up to 10 times the chama’s savings.

Faulu main banking branches within Nairobi are located at OTC Nairobi, Kawangware, Kayole, Kariobangi and Kiserian. There are other Faulu Bank branches outside Nairobi located mainly on district Headquarters in Kenya, for example, Thika town, Machakos and Eldoret.

Register your Chama in Kenya today with Faulu Bank and enjoy the benefits that can change your living standards.

For one to register a company in Kenya, one need to first write a letter to the registrar to reserve his or her desired name which may be accepted or rejected on the basis of either a similarly named business or offending the rules on name reservation. This may takes two to three days. If it is accepted the registrar will reserve the name for 30 days. Secondly, there is preparation of Memorandum and Article of Association and Statement of Nominal Capital. These documents are prepared by the advocate describing the objectives, rules, subscribers and authorized share capital of your company.

One also needs to pay stamp duty which depends on your declared nominal capital, but the minimum amounts to Kenya shilling 2,140 which is based on the minimum nominal capital of Kenya shilling. 2,000.Then one fills a form known as Situation of Office Form201 which notes the registered office address of the company that has to be signed by one director or the company secretary.

There is also List of Directors Form203 which is filled which lists the directors and secretary of the company. It is stamped by the company secretary. Then there is Declaration ofComplianceForm 208where a commissioner of oath must sign the form on your behalf

You then need to file documents at Registrarsofficethis involves going to the Companies Registry and paying the registration fee which includes your memorandum and articles of association. There is a varied fee attached to this.

One should get a certificate of incorporation after a period of about 21 days. Finally, one need to get a Company Seal, which is a device that include your company name on documents and is also used as a signature of the company. This can be purchased from a stationer. There is also statutory requirement which includes ;Registering for a Personal Identity Number, Value Added Tax & Pay-As-You-Earn with the Kenya Revenue Authority .One need to Register with the National Hospital Insurance Fund which assist in medical contribution for ones employees. There is also a requirement to register with the National Social Security Fund. It is necessary and mandatory to contribute to one employee’s retirement fund. Also one requires registering for a Business Premises License which is done with the local county office. There is also a need of premises prior to submitting this application. One can be assisted by the business registration agents with the registration process at a fee.

                                                 

The boom in Kenyans pursuing private businesses cannot be ignored. Kenyans are very resourceful people. The resilience of Kenyans is well known all over the world when it comes to businesses. In this day and age, being employed is not guaranteed after one completes university or college in Kenya. Self-employment in Kenya is becoming the better option for many Kenyans. Safaricom company in Kenya knows this and has stepped up to help businesses in Kenya run more smoothly. The Lipa Na MPESA service provided by Safaricom in Kenya is one of the many brilliant innovations that Safaricom continues to create. Lipa Na MPESA in Kenya is a service that is already revolutionizing the way businesses in Kenya run.

What is Lipa Na MPESA service in Kenya?

Lipa Na MPESA in Kenya is a service offered by Safaricom Company that allows business persons to receive payments for goods and services via Mpesa in Kenya. Business people in Kenya receive payments for goods and services through using MPESA Buy Goods service on Safaricom mobile phone in Kenya. The process of paying for goods and services via Mpesa in Kenya involves accessing your MPESA service, clicking on the Buy Goods option, entering the till number of the business owner and making payments. The Lipa Na Mpesa service in Kenya enables customers in Kenya to pay for goods and services without being charged the transaction fee. This means that the business owner can accept payments from KShs10 to Kshs70,000 without the customer being charged transaction fee.

How to register for the Lipa Na MPESA service in Kenya

Business owners in Kenya can register for the Lipa Na MPESA service in Kenya by signing up at a Safaricom retail shop anywhere in Kenya. Registration for Lipa Na Mpesa service in Kenya can also be done by an Safaricom authorized dealer or MPESA agent in Kenya. There are several requirements that are needed in order for registration for Lipa Na Mpesa to occur in Kenya; One needs copies of a KRA PIN certificate, identification card and a trading license. This is to ensure that your business in Kenya is registered and you can start using the Lipa Na Mpesa service. Registration of Lipa Na Mpesa service by Safaricom in Kenya is also done to lock out conmen.

Advantages of Lipa Na MPESA service in Kenya

The obvious advantage of Lipa Na Mpesa in Kenya is the paperless transaction enabled by the service which greatly reduce the risk of theft and fraud. Business owners in Kenya do not have to worry about fake currency while using Lipa Na Mpesa service in Kenya. The business owners in Kenya also do not have to worry about looking for loose change to give to their customers while using Lipa Na Mpesa service in Kenya. Another advantage of Lipa Na Mpesa service in Kenya is increased and enhanced business efficiency. When customers in Kenya pay via the Lipa Na Mpesa service, the business owner does not waste time on counting cash, verifying authenticity and looking for change. Customers in Kenya can also order for goods and pay for them before picking them up or having them delivered. In fact, many supermarkets in Kenya have started utilizing the Lipa Na Mpesa service to enhance online shopping in Kenya. This way a customer can shop online in Kenya, pay for the goods and await delivery from the comfort of their home.

Safaricom Company has been on the forefront of major innovations in the telecommunication world in Kenya. Safaricom Company in Kenya has enabled regular Kenyans to access products and services that were previously unavailable to them. Businesses in Kenya can greatly benefit from this Lipa Na Mpesa service. The benefits and convenience make Lipa Na Mpesa service very valuable to all business owners in Kenya.

The areas around campus have a lot of business ventures that anyone wishing to be successful can go ahead and invest in them. It has been realized that many people often complain of the problem of not being paid well but there are plenty of opportunities that a person can use and make money hence becoming richer. The following are some of the ideal business ideas that a person can invest in.

Fashion Business

Majority of campus students love fashion and anyone that can risk investing in the business will surely have a lot of time to invest and make more money. It has come to the realization that youths love dressing in the latest trends of clothes and they always demand for more. It is therefore important that one tries to invest in the business for them to succeed and achieve much progress in their life.

Hotel

The business will surely have plenty of customers that are in most cases students. People cannot survive without food and that makes it the best reason for one to risk supplying food to the respective students. The business is good as the variation in hours of lecturing will make it convenient for business personnel to have stable floor of customers each and every hour of the day. The person should as well have different varieties of foods that they can go ahead to supply and make more money. It is one of the best businesses around campus.

Hostels

One of the most basic requirements of human beings is called shelter. Many businesses that specialize in offering accommodation to students in form of hostels are arguably the most reliable and best paying business around the university. Many students will want to stay in a place that they can have easy access to the classrooms and eventually studying under peaceful conditions. It is therefore advisable for one to invest in the business and make money.

Cyber

The campus institution has a lot of many students that need their assignments to be typed and be submitted within the shortest time possible. Due to this fact, it can be said that individuals using computers to make money can earn a lot from the students. The business has a lot of activities such as photocopying documents and other related fields. It is ideal around campus institutions.

The process of measuring the specific national income of Kenya has been a great challenge because of certain hindrances. However determining the specific national income is crucial to ensure that proper planning is done to improve on the country’s  economic status.

Lack of information

Under all methods of measuring national income, there are problems and difficulties in finding all necessary information for example in Kenya, people may not be officially employed and some businesses are operated at personal and unregulated system hence the authority might not be able to compile this information in their data collection.

Errors and omissions

It is difficult to collect and calculate the exact figures. This is because people may hide what they earn and firms may hide their output so as to avoid paying taxes in what is known as the black economy. For example in Kenya, a firm might hide some of its output so as to evade taxes.

 

Problem of double counting

Only final goods and services should be included I national income accounting. But it is difficult to distinguish between final goods and services and intermediate goods and services. Intermediate goods and services are used to final consumption, for example I Kenya, maize can be consumed and it can also be processed to maize flour or to extract oil hence a possibility of double counting arises

Underground economy

It consists of illegal and unclear transactions where the goods and services are themselves illegal. For example in Kenya, drugs trade, prostitution and smuggling take place on daily basis and their income are not included in the national income hence it becomes difficult to determine the actual national income.

Transfer of payments

Individuals get pension, unemployment benefits and interest on public loans but these payments create difficulty in the measurement of national income. The earnings are the part of individual income and are also part of government expenditure. In Kenya, referees have a pension scheme where they are catered for.

Production of petty products

These are large numbers of petty producers and it is difficult to include their production to national income because they do not maintain any account. The jua-kali sector provides jobs and earnings for thousands of Kenyans, most of who are illiterate and with no accounts.

Changes in the value of money

This leads link to different figures of national income even if the real output may have  changed, for example it is the problem of inflation in Kenya today. Due to price rise, the value of national income for particular year appears to increase even when the product decreases.

 

 

Trading in Kenya is affected by several factors which affect the nature of trade and success of the trade activities.

Transport and communication

Goods need to be transported to places where they are needed. Therefore a good transport network is needed. In many parts of rural Kenya there are poor transport links .this slows down trading activities. Improved communication has made trading easier. A faster and safer method of transferring money through mpesa has also contributed to easening of trade activities since it is convenient and easier.

Availability of products for sale

Goods or services for exchange or sale are required for effective trade to take place. In Kenya, few counties produce what others need most but instead produce similar goods hence trade activities within the counties is minimal.

Availability of market

Most Kenyans do not buy goods that they already have in plenty. They buy what they do not produce in their farms. People may also not have enough money to buy those products hence they avoid the products thus limiting trade.

Taxation of goods

High taxes make imports more expensive to acquire. This creates a trade barrier between Kenya and the counties that are willing to do trade with the country.  Some countries do not buy goods from Kenya because of high taxes paid.

Means of payment or exchange

Different currencies have different exchange rates in Kenya hence it becomes tedious to convert currencies, if the currency used for trade would have been a common one, then the problems could be minimal.

Kenyan government policies

The government can help promote trade by signing trade agreements with other countries as seen with the present jubilee government.  Representative or commercial attaché’s helps to explain what goods are available in the country.

Political stability

Political stability attracts business people from other countries. Poor political Stability in the political scene has been experienced in Kenya after the 2007 election violence that led to deterioration of trade activities. Currently pressure between the jubilee government and the opposition is creating a lot of renewed tension that is affecting trade.

 

 

Hawking business in Nairobi has over time faced challenges and more so from the city council askaris in Kenya who bag and bundle the Nairobi traders and their wares to the awaiting city council vans. Once too often, you will encounter Nairobi hawkers scampering for safety and even dropping their wares as they ran away from the authorities in Nairobi town in Kenya. The peddlers in Nairobi town have however out beaten the askaris in Nairobi to some extent. The hawkers in Nairobi usually display their goods on some collapsible cotton boxes. This means that the hawkers in Nairobi can easily dismantle the display, gather their wares and run before getting caught by the authorities.

In as much as the city council of Nairobi askaris are working towards containing the hawkers and sellers in one strategic position in Nairobi, we all have to admit these Nairobi hawkers can save the day in more ways than one. You will easily find affordable goods in Nairobi without putting in too much searching effort.

Water bottles in Nairobi: Water bottles come in handy over the hot weather in Nairobi. The plastic water bottles in Nairobi go for an affordable KSH 100, as compared to supermarkets such as Nakumatt, Turskys, Uchumi, Ukwala, Naivas and others within the city of Nairobi that sell the same water bottle, (of different brands though) at a whooping KSH 300 and above.

Shoes in Nairobi: There is a new fashion bug that has bitten most Nairobi ladies when it comes to shoes. Yes, the doll shoes craze in Nairobi! You will find many varieties of doll shoes displayed by the hawkers in Nairobi. The Nairobi hawkers sell their shoes of all colors and sizes along Tom Mboya Street in Nairobi.

Belts in Nairobi: The luminous coloured thin waist belts are also a favorite amongst most Nairobi fashionistas. The belts in Nairobi can be found on the hawker displays in Nairobi Town. The belts for sale by Nairobi hawkers range from a relatively affordable KSH 100 to KSH 200 or thereabout. Belts are usually sold especially the area towards Ngara in Nairobi opposite Universal church in Nairobi.

Earrings in Nairobi: Hawkers in Nairobi are nowadays selling fancy button earrings for as low as KSH 30. These earrings in Nairobi can be majorly found with the hawkers along Tom Mboya Street, near the Tuskys Beba Beba Branch in Nairobi city centre. The hawkers in Nairobi also have bowtied head bands to accessorize with the earrings.

Chiffon tops in Nairobi: This chiffon top wear is the latest fashion dressing to grace our fashion world in Nairobi. Chiffon tops in Nairobi coupled with Chino pants are the fashion statement of the fashion season in Kenya. These Nairobi hawkers are selling these fashionable tops for as low as KSH 100 along the corridors in Nairobi ranging from Tom Mboya Street towards downtown area as far as OTC stage in Nairobi.

Clearly, most of your fashion needs in Nairobi will be addressed with very little effort here in the streets of Nairobi. It is wise to carry with you money of little denominations as you do not want a Nairobi  hawker scampering away with your change, and of course his goods too.

DIPEK program is an ICT creation and an initiative that incorporates several companies and the government in Kenya. Among the many companies, there is the Pillar Technologies Limited in Kenya. DIPEK aims at empowering ambitious and innovative Kenyans through job creation and business development in Kenya. You need to understand well how the program works before you enrol.

The compensation plan of DIPEK program works where a Kenyan involved earn from every person they bring into their network of business. The earnings under DIPEK in Kenya are in two ways: Registration income and airtime income.

Since a Kenyan is getting a lifetime customer who will register only once, they get one time commission for the registration that takes place or when there is a purchase of PTL business system in Kenya. The worker of DIPEK then monthly gets an income from the airtime the person loads every month at a prescribed percentage that is set by DIPEK. In addition, the registration income is paid weekly the following week, and airtime income is paid every month on the following month. This means that the payments of the work done through DIPEK takes place during the weeks and at the end of every month following the month of doing the work.

How the DIPEK program makes profits- a detailed training is done to make people in Kenya aware of the profit making ideas and encouraging them to owning a business that earns them a profit. The program system allows the worker to generate profits from the airtime they use and from the airtime their network use. This payment is set equally for all the distributors with the company in Kenya. The payment varies with the network size of the workers.

How the DIPEK program Pay- the program remits its payments through Orange money. The workers are able to reinvest their earnings and could pay bills with the payments. The program in Kenya never uses loyalty points or airtime as payment in any case. This type of business falls under network marketing.

If you are interested in joining this fastest growing business venture, join DIPEK. http://www.softkenya.com/dipek/