Author: David Indeje

M-PESA has gained 1.2 million users in Ethiopia since launching its mobile money service in August 2023. The telco announced this during its half-year results for 2023–2024. M-PESA started operating in Ethiopia on August 16th, after getting a license from the National Bank of Ethiopia. M-PESA, a joint venture of Vodacom Group and Safaricom, is the most successful mobile money platform in Africa and a key revenue source for both telecoms. The launch marked a major milestone for Safaricom as it seeks to expand its service in one of Africa’s most populous countries. Safaricom also revealed that transactions worth $288…

Equity Group Holdings reported a 5.3% increase in its profit after tax (PAT) for the third quarter of 2023, reaching KES 36.2 billion. The growth was attributed to a 21.3% rise in net interest income, which reached KES 72.6 billion, as well as a 19.9% increase in customer deposits, which amounted to KES 1.2 trillion. “We are aware of the macroeconomic challenges, the significant rise of interest rates as a result of higher inflation in the earlier part of the year, and the significant depreciation of the local currencies against the US Dollar. While the risks have concentrated in Kenya,…

The Communication Authority of Kenya (CAK) has announced that call rates — Mobile Termination Rates (MTR) and Fixed Termination Rates (FTR)—will be reduced from March 1, 2024. MTR and FTRs are interconnection fees that operators charge each other for terminating calls from different networks.  These fees affect the call prices for consumers, as operators can offer lower calling rates when the termination fees are reduced. The new rate will be Sh0.41 per minute, down from Sh0.58 per minute, for all calls made within Kenya across all mobile networks.  The CAK said that this decision was made to balance the interests of both consumers and operators and to promote affordable…

MultiChoice Group, a South African pay-TV company, reported a 5% decline in half-year profit due to currency depreciation, losses from its streaming service Showmax, and lower earnings from its home market.  The group added DStv Premium subscribers for the first time in years, likely driven by the Rugby World Cup in France. The group operates pay TV in 50 sub-Saharan African countries. Its core headline earnings dropped to 1.9 billion rand ($105 million) in the six months ended Sept. 30, from 2 billion rand a year ago.  Its overall 90-day active subscriber numbers decreased by 2% to 21.7 million, with…

Epson, a global technology company, has released a study that shows how technology can help fight climate change. Epson’s Regional Head for East and West Africa, Mukesh Bector, says Epson’s products are designed to use fewer resources, last longer, and be more eco-friendly. Bector spoke at an education technology and sustainability stakeholder event in Nairobi, where he highlighted the role of sustainable technology in education and the COP28 agenda. The event showcased Epson’s commitment to environmental stewardship and educational innovation in East and West Africa. “Technology is the most important weapon in the fight against catastrophic climate change. Together, we…

South Sudan has cleared its debts to the East African Community (EAC), according to a statement by its government. The country, which joined the bloc in 2016, said it has paid $7 million to the EAC, covering both the arrears and the current 2023–24 financial year.  The statement did not specify when the country paid its previous dues, which amounted to hundreds of millions of dollars.  Finally, South Sudan pays EAC 7000,000 pic.twitter.com/BFj4i0CTT9 — Sheila Ponnie (@PonnieSheila) November 10, 2023 The announcement comes ahead of the 23rd Ordinary EAC Summit, where South Sudan President Salva Kiir will take over as…