Author: David Indeje

Safaricom, Kenya’s biggest telecoms operator, reported “outstanding” financial results for the full year ending March 31st, 2024, the company said on Thursday. Despite significant startup costs in Ethiopia, Safaricom’s EBIT (earnings before interest and tax) excluding Ethiopia reached KShs 139.9 billion, exceeding market expectations and the company’s guidance range (KES129billion-132billion). This represents a 3.5% year-on-year growth at the group level. The Group’s revenue grew by 13.4% to KShs 335.3 billion. M-PESA contributed a significant 42.4% of revenue (KES 140 billion), while the GSM business contributed 52.7% (KES173.9 Billion). Safaricom Kenya’s net income increased by 13.7% to KES 84.74 billion. Group net income, excluding minority interest, also showed a…

Africa is on the cusp of a demographic boom. According to the United Nations, sub-Saharan Africa is projected to experience explosive population growth, accounting for over half of the world’s increase between 2022 and 2050.  This surge presents a unique opportunity: a massive pool of young talent ready to reshape the continent’s economic landscape. However, the gravity of the situation cannot be understated; Africa’s youthful population, brimming with potential, is grappling with a significant challenge: unemployment.  Surveys conducted by Afrobarometer, a pan-African research network, reveal that addressing unemployment is the top policy priority for young Africans aged 18 to 35.  Afrobarometer…

A $6 Billion Investment in Building a More Prosperous Future for African Businesses and Individuals

The International Finance Corporation (IFC) is investing $165 million in Airtel Africa to boost mobile connectivity in Africa.  This funding will target Airtel Africa’s operations in Kenya, Rwanda, and the Democratic Republic of Congo (DRC). The project aims to deliver better connectivity and a more modern telecom experience for Airtel Africa’s customers in the three countries. Part of the funds will go towards upgrading Airtel Africa’s telecom networks and acquiring new equipment for 4G technology. Additionally, the investment will support expanding fibre optic cable capacity. The IFC’s investment will also help Airtel Africa refinance existing US dollar-denominated debt.  “The CAPEX component…

In a nation striving for universal health coverage (UHC), Equity Afia medical centres are crucial in bridging the healthcare gap.  Kenya’s Universal Health Coverage (UHC) initiative, outlined in the 2014-2030 Health Policy, aims to revolutionise the healthcare system by ensuring high-quality services across all public and private healthcare facilities and making healthcare accessible and affordable. The policy prioritises preventive and promotive healthcare at the household level, strengthening primary healthcare as the system’s foundation. Founded in 2015 by Equity Group Holdings, the franchise has increased, expanding its reach to serve a wider population across Kenya. Equity Afia’s national footprint now stands at 102…

United Bank for Africa (UBA) has strengthened its presence in Kenya and Uganda, with 94% and 80% ownership as of the end of the fiscal year 2023, respectively. According to the lender’s latest annual report (2023), “During the year, the bank made additional investments in four (four) subsidiaries (UBA Mali, UBA Chad, UBA Guinea, UBA Uganda, and UBA Kenya) totalling N38.297 billion. These additional investments have been reflected in the subsidiaries’ capital as of December 31, 2023, after getting approvals from the host regulatory authorities.” UBA spent a total of NGN 18.49 billion ( $16.04 million) to increase its ownership stake…