August 2024 - Uluzon

Uber Raises Ride Prices Following Drivers’ Recent Protest

Uber said it had raised the minimum fare to KSh 220 as a result of the drivers’ demonstrations and the high living standards in East Africa and other areas. They have also realized new service categories for drivers to earn more money with what we have today as Uber Comfort and Chap Chap Priority. Uber stated that for them to improve the drivers’ levels of satisfaction; they have started the reward programmes that give the right cash bonuses, and incentives for the foremost performing drivers, coupled with more operational partnerships to cut operating expenses. The reward programmes have been existing even before some of the protests; it is how the platform tries to take care of drivers.

Drivers' Protest

Ride-hailing app Uber has announced a price increase across its services a month after protests by digital taxi drivers over the existing pricing models. The new pricing model, which includes raising the minimum fare from KSh 200 to KSh 220, aims to curb instances where drivers request additional payments—a trend that has caused discomfort among clients recently. About a month ago, drivers from various ride-hailing platforms staged protests demanding a review of prices, which they claimed were exploitative and left them with very thin profit margins.

Pricing strategy and earning of Uber drivers
In a bid to address issues to do with the pricing of the rides as well as the remuneration of drivers, the company outlined several factors that go into the determination of fares including the minimum fare and the price per kilometre, starting price as well as the price per minute. However, the firm had expressed concerns regarding the new emerging voices from the drivers and other stake holder urging Uber to effect fare hike to enhance the dissatisfaction among drivers.

Uber Comfort
To increase driver earnings, Uber has come up with numerous categories of services including, Uber Comfort for which customers are willing to pay. This category demands specific standard of the vehicles used, it can be newer models as a way of offering customer a superior experience.

Reward programs on Uber

Uber Care: This program rewards the 30 most highly rated active drivers and the top active drivers with completed trips with cash bonuses.

Uber Pro: Persons are grouped in the colour code of drivers Blue, Diamond and Platinum. The drivers who gain the Diamond status are eligible for the bonus of KSh 10,000. Additionally, to cut down the operating and maintenance cost for the drivers, Uber stated that it had tied up with some strategic suppliers who offered spare parts at a cheaper rate and maintenance

Chap Chap Priority

The other option is Chap Chap Priority, which is only operational during peak hours and costs drivers an extra KSh 110 on each trip.

Co-op Bank Reports KSH 18.2 Billion Profit for the First Half of 2024

Co-op Bank announced that it made a profit before tax of KSh 18. 240 billion and a laudable 10 billion for the first half of year 2024. Seven per cent increase from KSh 16. 4 billion level seen in the conditions of the first half of the 2023. This is a post tax profit of KSh 13 billion as compared to KSh 12. 1 billion in 2023 which has been reported here in this forum.

Performance Highlights

The impressive result reflects the group’s strategy aimed at sustainable organic growth, solidity and flexibility which provided for the Bank Return on Equity of 22. 1%

Strong Digital Footprint
A core Banking System, which gives the chance for the organisation’s development and improved performance.
The bank has remained keen in using the new core banking system – the latest version of Finacle from Infosys, which has been ranked among the best platforms globally – to enhance the group’s digital synergy. The system will additionally provide better service delivery and advanced and modern solutions in banking. In the diction channel the bank manages to have over 93 per cent of all the customers transaction being relocated to the following strategic areas, 24-hours contact centre, 604 ATMS/CDMs, mobile and internet banking, and over 17,000 Co-op kwa Jirani agents /Networks.

Its Omni-channel platform still provides the users the conveniences and immersed experience. The platform connects with the online banking with the use of personal computers, mobile phones, and USSD give services to all our customers electronically through their chosen channel but feel and transact from wherever they are.

Non funded income streams Mco-op Cash Mobile wallet remains robust with non-funded income of Kshs 36. 4 Billion in loans disbursed in 1H2024; The average table below shows: 6. 1 Billion per month. More than 223000 customers have adopted the MSME packages that were floated in the 2018 with the 63500 being trained in business management. In H12024, expenditure was made in the amount of Kshs. 7. Has successfully disbursed Ksh 5 Billion to MSMEs via our Mobile E-Credit. MSMEs make up 15. It comprises 9% to total Loan Book.

The novel approach of affordability of banking services for FOSA supports cash for enhancing FOSA operation and equips 484 FOSA outlets as a means of offering banking services to over 15 million Sacco members including the rural/remote areas.

Addition to the MSCI Index

MSCI (Morgan Stanley Capital International) had developed the MSCI Kenya Index that captures the performance of large and mid- cap companies listed in the NSE allowing foreign investors to get real time flow of the NSE market hence enhancing their capacity to make investment decisions.

A large and growing number of branches

Branch network has grown to total of 199 outlets (4 in the new country of South Sudan). Other outlets are intended to be established this year, with two of them placed in Imaara Mall on Mombasa Road-Nairobi and at Ugunja in Siaya have already been opened. Kingdom Bank, a suseidiary of the Bank joined the Meru County market opening it’s 22nd branch, out of which 3 branches have been opened this year alone. There is a strong emphasis in the new branch to serve the ever-growing agricultural population in Meru and its environs, and at the same time to act as a stimulus to the growth of business activities in the region. Co-operative Bank of South Sudan has operationalised fifth branch in Wau that will see business expansion and financial accessibility in South Sudan.

Duo creates CBC exams digital tool to assist teachers

Darasa app was adopted in Kenyan schools when schools were closed due to the emerging Covid 19 pandemic.
Co-founders of the Firm are delighted to have been able to develop a product that is well embraced by the market.

At the onset of the Covid-19 pandemic in schools in 2020, Chris Kamande and Brian Gacari co-developed a digital product to support continuity of learning.
The above learning content is in the Darasa app product which would consist of animated videos on different topics and areas, live Life and Career talks as well as live classes from teachers from some of the leading schools in the country.
We could not have hoped or prayed for the innovation at a better time because the outbreak of Covid-19 required the restriction of movement, which in turn ensured that students were able to follow through with their learning.

Video game developers excites investors with pitches at Microsoft camp

Several video game developers who presented their projects to a camp organized at the weekend by Microsoft, one of the world’s largest technology firms are optimistic they will source for funds for their projects.
Some of the games showcased in the camp included ‘Tingish’ and ‘Finke Desert Race’ by Arkitech Studios, which noteworthy received The Fak’ugesi Festival Awards in 2022, the first of its kind in Africa in the video gaming niche. animation, virtual reality/augmented reality, digital arts and music.
Africa’s video games industry is projected to generate $1bn in revenues in 2023 for the first time from $800m (Sh103. 93bn) in 2022.

“Africa is on the precipice of something quite remarkable as far as gaming is concerned. It is refreshing to see the kind of innovative and enthusiast that we have seen here,” Melissa Boone, Principal Xbox Research Manager.

Addressing the same function, Melissa Boone — the Principal Xbox Research Manager as well as the Chief of staff at 343 industries which falls under Xbox game studios- was quick to note that they are more than willing to foster gaming talent.
”At Xbox, we are convinced that games are able to unite and transform people, therefore, our mission is to facilitate the work of gifted designers and assist them in making their vision come true,” she said.