Monthly Archives: February 2007

Savings accounts that save

New changes to banking act forbid banks’ from imposing charges on savings account holders as long as they maintain the minimum balance. This will promote a culture of savings, which is important even as real savings rates are negative.

(Here’s a snapshot (PDF) of some of these charges from 2 years ago

This week, I closed a savings account because, when I got my (half-yearly) statement, I realized that they had been charging me 200 shillings ($2.9) a month. Even as I opened a different savings account within the same bank, the account rep. said, despite my protests, that the new savings account would attract a 25-shilling per month fee. I also got dinged 300 shillings for transferring the account.

No bank has yet come out and declared how they would abide by the new rules, but it takes long to right a ship and it will probably take a few months to rework their savings products with new brochures, IT codes & account parameters.

Of the last few years savings accounts have become hybrid account that have ATM cards, visa cards, electronic banking & SMS access etc. – all of which banks could extract a fee for the extra services to account holders.

To comply with the changes, banks are likely to come out with plain, no frills savings accounts. They will adjust the minimum fee appropriately but have no more ATM cards or extras – just money sitting in the bank earning intrest, and not reduced by bank charges.

Technological graveyard

I’m looking to replace my current laptop which still works okay but looks to be an outdated dinosaur (Windows 98, Office 2000, 2 GB hard drive, 48 MB RAM, Intel-MMX, floppy disk and CD-ROM – which I used primarily for MS Encarta and MS Flight when I bought the laptop, has USB ports – but can’t read flash disks)

Now 6 years later, I am looking at much-improved specs machine (40 GB 512MB DVDrw, 1.7GHz, no software). It’s not state of the art, but that would be too expensive and computers have a short technological half-life.

I was thinking of all the gadgets I have used and discarded in my lifetime – communications (answering machines, pagers, cordless phones, car phones, modems), music (LP’s, real player, cassettes, mini discs), entertainment (VHS, gold disks, camcorders, hand-held video games, still camera) etc.

Who knows which of the items we use today – laptops, DVD’s, satellite dishes,- will be around in 6 years time. E.g. is dvb-h the future for TV’s? Only time will tell.

New newspaper

A newspaper is the latest project by the team behind hit radio stations Kiss FM and and Classic 105.2.

Newspapers in Kenya are still doing ok, while in the developed world they are in a bit of a struggle and it has been predicted that newspapers in the developed world may cease publication around the year 2040.

The last new non-tabloid launched was the weekly Leader from Royal Media in 2005.

The new newspaper is currently hiring writers through advertisements on KISS FM.

Track your spending

I have Quicken on my PC but I have been on the look out for a web based free tool to track my expenses. I came across this timely post from lifehacker from which I discovered buxfer and clearcheckbook.

Both sites meet my expectations and are great tools for creating and tracking budgets & spending, though so far I prefer clearcheckbook because it is quite similar to quicken, while buxfer is more appropriate for group spending and shared resource tracking.

beauty of 2.0: Both sites added Kenya shillings within 12 hours of my emailing them this request and I am now able to see where most of my weekly money goes.

Another list of budgeting and financial resources.

Local Opportunities

Jobs

from the daily papers this week

Investment officer at Agence française de développement (AFD). Apply through PWC at ess.ke@ke.pwc.com by 9/3 (Ref ESS 409)

Amity software IT professional (.net, SAP, java, oracle DBA, data warehouse, QA) to work in USA. Apply online by 18/2

Financial advisors / financial planning manger at British American Asset Managers. Apply to BAAMHR@baam.co.ke by 28/2

Assistant manager sales & marketing at the carnivore. Apply to carnivore@carnivore.co.ke by 22/2

Associates at Deloitte consulting: (must have 10 years consulting and work experience). Apply to associates@deloitte.co.ke by 5/3

Regional communications officer at IUCN. Apply to earo@iucn.org by 7/3

Kencall: senior account managers, trainee managers, human resource manager, experienced recruiter, telesales representatives, customer care tele agents, and (IT) project coordinators. Apply online.

Kenya Airways: product & in-flight services manager, marketing services & advertising manager, catering & duty free manager, in flight product executive, corporate branding executive, corporate card executive, flying blue service centre manager, CRM product & service manager, customer care manager, corporate communications manager. Apply to the group HRD 19002 Nairobi by 27/2

– CRM & E-commerce data analyst, cargo capacity & revenue executive, systems administrator, project coordinator (civil engineer). Apply to the group HRD 19002 Nairobi by 2/23

Kenya wine agencies limited: Tax accountant, Internal audit assistant. Apply to HRM 40550-00100 by 28/2

lake Victoria regional authorities cooperation: information & communications officer, project assistant. Apply to secretarygeneral@lvrlac.net by 24/2

Business development & marketing specialist at Land O’Lakes. apply to lolkenya@landolakes by 23/2

chief financial officer at Must garment corporation. Apply to jobs.CFO@MustGarment.com

Property Manager at Safaricom. D/L 23/2

Simba colt motors: financial controller, senior accountant, internal auditor. Apply to jobs@simbacolt.com by 2/3

Suntra investment bank: Managers – investment banking, research & development manager. Apply through manpower associates p o box 50736-00200 Nairobi by 26/2

Sales professional at UAP insurance for Uganda Sudan and Kenya. Apply to uapinsurance@uapkenya.com

Unicef: Writers/editors on children’s issues, photographers, artist & illustrators on children’s issues. Apply to kenyahrvacancies@unicef.org by 9/3

Are unit trusts for you?

There was a story in the story in the Standard about unit trusts this week.

At the beginning of the year, I considered stepping away from the NSE, cashing in my gains and putting the money in a unit trust. But a conversation with a custody manager put me off this path. He said that with the management fees at unit trusts were too high for individuals, implying that individual investors not see significant gains unless the trust had exceptional returns.

Certainly any investor familiar with the myriad Kenyan and African investment blogs and sites such as Cold Tusker, First Global Select, Kenya Capital Investments, Mwasjad, Nairobist, Outfoxed, Pesa Tu, Riba Capital, Stockskenya, Odeglenyang, Investing In Africa, Kenyan Entrepreneur, Hisagal, Gathinga – could be more informed as any unit trust investor.

Unit trusts

Approved Collective Investment Schemes in Kenya are:

1. African Alliance Kenya Unit Trust Scheme: Kenya Shilling Fund, Kenya Fixed Income Fund, Kenya Managed Fund
2. Old Mutual Unit Trust Scheme : Equity Fund, Money Market Fund, Balanced Fund
3. British American Unit Trust Scheme : Money Market Fund, Income Fund, Balanced Fund, Managed Retirement Fund, Equity Fund
4. Stanbic Unit Trust Scheme: Money Market Fund, Flexible Income Fund, Managed Prudential Fund
5. Commercial Bank of Africa Unit Trust Scheme: Money Market Fund, Equity Fund