Kenya is among 22 African countries set to benefit from a Sh140 billion agriculture and housing project.
This is after an American-based financial institution pledged an investment of Sh140 billion to Rubi Foundation Africa for agriculture and housing sectors in 22 African countries.
In Kenya, the investment will primarily focus on counties in the Arid and Semi-Arid Areas (ASAL) which include Pokot, Narok, Turkana, Baringo, Marsabit, Kajiado, Wajir, and Makueni.
The funding by Banyan Investment Banking and Hedge Fund now adds to another Sh13 billion funding agreement with Quantum Metal Group to support African gold trading activities.
In the deal, the digital investment bank will serve as a custodian bank, holding 2.5 tonnes of gold on behalf of Quantum Metal Bullion Pty Ltd, the beneficial owner.
Rubi Foundation Africa President and founder Rubi Moss William said the support will go a long way in creating thousands of job opportunities.
These initiatives, William stated, will include providing affordable housing, water resources, agricultural support, and agricultural inputs to sustain livelihoods.
“The Foundation is already working with the government to launch this program and its related projects. Our goal is to settle over two million people in the ASAL regions," William said.
"Additionally, we are focusing on irrigation and school feeding programs,” he said.
Banyan has announced its plans to set up a new office in the country as it seeks to expand its footprint in Africa.
The new office will serve as the fintech’s regional headquarters to address the growing demand for digital financial services and digital currencies in Kenya and the wider region.
Nairobi now joins Cape Town in South Africa as the other regions where it has set up operations on the continent.
Thana Balan from the firm said they are eyeing monetization of Kenya’s and the wider African carbon credit assets.
“We will introduce our AI technology to review the deposits of Kenya’s carbon credit deposits. We believe that this will transform the economic opportunities for farmers and other stakeholders in the larger economy,” Balan said.
The project will also see Quantum Metal Bullion Pty Ltd pilot the project to develop a carbon credit initiative program.
Their innovative AI-enabled drone will measure carbon credit deposits in real-time.
As part of its initiatives to empower local communities, the firm also announced the launch of Letscoin, a digital complementary currency.
The digital currency will be banked at Germany’s Deutsche Bank, and the local custodian is ABC Bank which will enable merchants, entrepreneurs, and other users to participate in the digital economy.