Author: David Indeje

Airtel Money has revised its transfer and withdrawal transaction charges in Kenya, effective October 25, 2023.  The revised transaction costs will result in over 17.9 million of their subscribers transacting large amounts on the mobile money platform, incurring higher withdrawal charges.  Specifically, customers withdrawing between Ksh50,000 and Ksh250,000 will now be charged Sh300 at Airtel agents, marking a Ksh30 increase from the previous rate. “It is worth noting that additionally, the withdrawal charges and cost of transferring money to other networks will remain significantly affordable compared to current market rates,” said Ms Anne Kinuthia-Otieno, managing director at Airtel Money Kenya,…

Online accommodation platform Airbnb has reaffirmed its commitment to Africa’s tourism industry by establishing a $500,000 fund. The fund aims to support non-profit organizations that promote economic empowerment, digital access, and sustainability. Velma Corcoran, Regional Lead of Middle East, Africa at Airbnb, stated, “Africa is home to some of the world’s most unique, culturally rich, and diverse destinations and homes.” “We aim to be part of solutions that enable more African families and communities to attract guests from around the globe and showcase more of what Africa has to offer.” This fund is part of a pledge that includes supporting…

Absa Bank Kenya plans to double its sustainable finance allocation to KES120 billion, expanding investment in renewable energy, energy efficiency, and green building sectors within two years. This is part of the lender’s renewed commitment to sustainability. The bank’s Managing Director and CEO, Abdi Mohamed, revealed that about Ksh 60 billion has already been advanced in sustainable finance this year, which includes green and inclusive finance components. For instance, USD 10 million has been allocated for climate-smart agriculture. This initiative is part of a larger commitment to climate finance, with Ksh 25 billion set aside for this purpose. Additionally, Ksh…

British American Tobacco (BAT) Kenya Plc, has announced several changes to its board of directors and company secretary. Phyllis Wakiaga and Paul Muthaura have been appointed as independent, non-executive directors. Wakiaga, an Advocate of the High Court of Kenya, has over 18 years of experience, including nine years as the CEO and Secretary to the Board at the Kenya Association of Manufacturers (KAM). She also holds non-executive director positions at several organizations. Muthaura, also an Advocate of the High Court of Kenya, is currently the CEO of the Africa Carbon Markets Initiative. He has previously held CEO positions at ICEA…

Shanta Gold Ltd. has reported steady production in its latest quarter as its new mine in Tanzania, Singida, exceeded production expectations. The total production in the three months to the end of September 2023 was 27,935 ounces, with New Luika output at 18,271 oz and Singida at 9,664 oz, or 15% above forecasts. “Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with group gold production across our two operating mines of 27,935 ounces in line with expectations and materially increasing our confidence in meeting our stated guidance of up…

Equity Group has been recognized for its outstanding achievements in expanding access to finance for small and medium-sized enterprises (SMEs) at the Global SME Finance Awards 2023. The awards are organized by the International Finance Corporation (IFC) and the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI). Equity received two Platinum Awards for “SME Financier of the Year—Africa” and “Product Innovation of the Year” for its “Pay With Equity” solution, which enables customers to pay for goods and services using their Equity accounts. Equity also received an honourable mention in the “Women Financier of…