Author: Muindi

Safaricom has unveiled three 5G experiential centres in Nairobi to give consumers a sneak preview into how the super-fast spectrum can transform their home and business experiences. The telco, which launched its 5G network in October 2022, said it has partnered with Huawei in the experiential centres at Safaricom’s Village Market, The Hub and Buruburu Shops.  https://twitter.com/SafaricomPLC/status/1636283671203176449?s=20 Safaricom CEO Peter Ndegwa said the centres will have cutting-edge devices with 5G connectivity provided by Huawei technologies. “We are excited to unveil these experience centres, which will enable Kenyans to discover the power of 5G firsthand. As a digital lifestyle enabler, we…

The National Bank of Rwanda (NBR) has granted Flutterwave, a leading African payments technology company, its Electronic Money Issuer and Remittance Licenses. This will enable the company to grow its business in East Africa. The licenses allow Flutterwave to provide services such as money deposit and withdrawal, electronic funds transfer, and remittance services for inbound and outbound transactions to the 13.46 million Rwandans living and working in the country. According to Rwanda’s National Institute of Statistics, Micro, Small and Medium Enterprises (MSMEs) comprise about 97% of businesses and contribute almost 55% to Rwanda’s GDP. Flutterwave will offer various products in…

KCB Group PLC announced a 19.5 per cent growth in net profit at Sh40.8 billion for the fiscal year ending December 2022 from Sh34.2 billion reported in 2021. The lender attributed the sterling performance to higher funded and non-funded income streams. Non-funded income grew 39.8 per cent, mainly from trade finance income, lending fees and commissions. KCB Group CEO Paul Russo attributed the solid performance to a sound business strategy anchored on customer obsession, sharper execution, and productive organizational culture. “The business benefited from a vibrant core banking business, growth of new business lines and accelerated digital transformation to post…

South Africa’s Standard Bank is on a quest to become the third-largest bank in Kenya through acquisitions as part of its growth strategy. “We have aspirations to be a top three bank in Kenya,” East Africa Regional Chief Executive Patrick Mweheire told Bloomberg. “Number six is not acceptable. Within 12 months, we would have identified and would have started having negotiations with someone,” he said. Currently, the lender operates in Kenya, Uganda, Tanzania, and the Democratic Republic of Congo. It has a representative office in Ethiopia. The Johannesburg-based Standard Bank will also be seeking a full license in Ethiopia. According…

In a new episode of African Voices Playmakers, a special edition of CNN’s African Voices Changemakers, Larry Madowo meets former and current African NBA basketball players scoring big for their teams and assisting their communities. Masai Ujiri, born and raised in Nigeria, founded the Giants of Africa (GOA) organisation to educate and enrich the lives of African youth. He explains, “I think there’s so much talent in Africa that the more eyes we get on us, the more we are going to have these talents coming out of different places.” As president of the Toronto Raptors, Ujiri has scouted and…

The Nairobi Securities Exchange’s (NSE) total equity market capitalisation dropped to a six-year low of KSh1.79 trillion on Tuesday. Safaricom, Equity Group, EABL and KCB Group losses mainly drove the equities market performance during the day. https://twitter.com/RufasKe/status/1635635899634466816?s=20 Tuesday, a total of 5,913,600 shares in 1,264 deals, corresponding to a market value of Ksh 141,537,020.00, were traded compared with Monday’s trading day, which translates to a 3% decline in volume, 11% improvement in turnover, and 11% improvement in deals. “The downward trajectory of the Kenyan equities market was mainly attributable to capital flight as foreign investors moved to developed markets with the Fed…