Author: Muindi

Justice Mugure Thande declined to extend orders compelling Safaricom and the Central Bank to suspend the reinstatement of charges for bank-to-wallet transactions. This means financial institutions and mobile money operators can now levy fees for transferring cash between their platforms. Justice Mugure said the application to join the regulator, and the telcos are yet to be determined. The court issued an interim order on December 19, 2022, freezing the charges pending the hearing of the petition filed by Moses Wafula. The CBK, through senior counsel George Oraro opposed the extension of the order, arguing that the regulator and the banks…

The Board of TransCentury PLC has extended the Ksh2 billion rights issue offer to February 3, 2023. “Upon request from some shareholders, the TransCentury Board has considered and agreed to extend the rights issue offer,” the company said in a statement on Tuesday. “The company has received approval from the regulator on the same.” The cash call opened on December 29. Proceeds of the rights issue will be used to settle debts owed to creditors, repay part of the holding company debt owed to lenders, and unlock additional working capital financing for the Group and its subsidiary businesses. Trans Century…

More than 130 children living with disabilities at Eldoret’s Jawabu Rehabilitation Centre in Uasin Gishu have benefitted from facilities constructed by Safaricom and M-PESA Foundations to support their education and well-being. The intervention by the two foundations will enable the facility to increase its capacity to accommodate children living with disabilities and improve care delivery. The M-PESA Foundation constructed and equipped a physiotherapy room and a dining hall, while Safaricom Foundation built and furnished a 144-bed capacity dormitory. @MPESA_FDN constructed and equipped a dining hall, did some landscaping work and built and equipped a physiotherapy room with crucial tools for…

Ethiopia’s Prime Minister Abiy Ahmed has appointed Mamo Mihretu, as governor of the National Bank of Ethiopia. He replaces Yinager Dessie. https://twitter.com/PMEthiopia/status/1616303869486678016?s=20&t=Jz0TIwg1d5YFDzNtU8fYbQ Mamo is currently the chief executive officer of state-owned Ethiopian Investment Holdings. He previously served as a senior policy adviser to Prime Minister Abiy Ahmed and the nation’s chief trade negotiator and as a senior private sector specialist at the World Bank, according to the World Trade Organization. Mamo holds an LLB degree from Addis Ababa University, a diploma in international trade and investment from the University of Amsterdam, and a Master of Public Administration from Harvard Kennedy…

Joe Sang is officially back as Kenya Pipeline Corporation’s (KPC) managing director, four years after he was forced to resign in December 2018. KPC chairperson Faith Boinett confirmed his appointment Monday. He takes over from Irungu Macharia whose three-year contract expired on January 1, with the board opting not to renew it. https://twitter.com/kenyapipeline/status/1617443528497315841?s=20&t=Jz0TIwg1d5YFDzNtU8fYbQ According to the board, Sang’s tenure between 2016-2018 saw a rise in profit, culminating with a record earning after tax of KSh8.6 billion in 2018. In 2018, Sang and other senior managers were charged in court with the alleged loss of funds in constructing the KSh1.7 billion…

The Capital Markets Authority (CMA) has extended the in-principle approval granted to the Nairobi Coffee Exchange (NCE) to continue operating as a coffee exchange to April 30, 2023. Initially, it had been extended to December 31, 2022. This is expected to give impetus to the ongoing coffee sub-sector reforms. The CMA chief executive officer, Wyckliffe Shamiah, said that the key requirements for NCE stipulated in the Coffee Exchange Regulations include; on boarding a Direct Settlement System provider to expedite and enhance transparency in the settlement of coffee sale proceeds. Other roles include submission of trading rules aligned to the Coffee…