Located about 200 metres from Mombasa -Lunga Lunga Road at Mwachema in Kwale County, is a half-acre poultry farm hosting at least 3,000 birds.
The farm, known as Tiwi Poultry Farm, is owned by Richard Kenei, who rears broilers using the deep litter system.
He started the venture in 2013 after quitting his job as a manager at the Kenya Bixa Limited.
“This (farm) came after resigning from my previous work as a manager. I decided it was my time to do my own business,” Mr Kenei says.
He set up the business with a working capital of Sh150,000 from his personal savings. With the money, he bought first stock of 500 chicks and constructed poultry houses.
Now the farm is teeming with chicken.
“We have 1,000 week-old chicks and 1,000 three-week old chicken and well as 1,000 five-week old chicken ready for the market,” he says.
Taking into accounts the strides he has made in the business, Mr Kenei says he does not regret his decision to quit his job.
It is easy to see why; the venture has grown rapidly, particularly after he started selling broilers to hotels, restaurants, butcheries and schools in the resort town of Diani.
He sells the birds for meat at a cost of between Sh350 and Sh400 each. Apart from selling full chicken, Mr Kenei has a market from local community and business women who buy and cook the by-products such as chicken legs and wings.
He also sells organic manure to other farmers. The manure is packed in a 50-kg bag which goes for Sh70. The manure business, he says booms during rainy seasons.
The farmer owns a slaughter house and a storage facility that can accommodate at least 700 chickens.
“We don’t do daily slaughtering but we do it based on orders we receive. On average we slaughter between 200 and 300 chickens on a good day,” he says.
From all the sales, Mr Kenei says he earns on average at least Sh100,000 to Sh150,000 per month.
Given that he has been doing poultry for a while, he has golden pieces of advice for those new in the business, especially those specialising in broilers.
He notes that poultry farming is a good venture but farmers should conduct market search to avoid incurring losses. He also encourages proper feeding of chicken and adequate supply of water for better yields.
“To attain desirable weight, the birds are fed on different feeds depending on their stages of growth,” he says, adding that a broiler through maturity consumes at least 3kg of feeds.
Mr Kenei says he prefers keeping broilers than layers. Why? Because there is more money in broilers as their turnaround period is five to six week, he says.
“They (broilers) mature faster and you dispose them quickly, unlike layers which you have to keep on feeding them for a long time before making money,” he says, adding that he plans to enlighten the local community to embrace poultry farming saying it has the potential to improve people’s lives.
Mr Kenei has big dreams for his business and the community at large: “We are looking for support from banks and organisations to help us to be able to have a big broiler farm in the county,” he says.
If the deal goes through, he says they will train and encourage more people to practice poultry farming on their plots.
“If we can do a contracted scheme for the farmers we will be able to have more people to do the poultry and buy from them instead of employing few individuals in one farm,” Mr Kenei says, adding that it will be a big contribution to the community.
He says the main challenge in poultry production, especially for the broilers is the market as many buyers do not pay promptly.
“A lot of farmers are not able to grow because most of the customers, especially big institutions, are not paying in cash. Otherwise, there is a good market for chicken meat,” he says.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.