Safaricom is working on an M-Pesa product for young children between the age of 10 to 18 years to be launched in Q2 of 2022. According to Safaricom, its purpose of transforming lives combined with the use of technology and innovative spirit has enabled it to develop products that solve customer issues. “We plan to soon launch an M-Pesa junior product for our children who may have access to mobile phones. Our focus on customers calls on us to invest heavily in our network to develop tailor-made products and improve our service offerings,” Safaricom Chief Executive Officer Peter Ndegwa announced…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Equity Group Holdings reported on Thursday a 33.7 per cent growth in profit at Ksh.11.4 billion from Ksh.8.6 billion, driven by strong growth in core operating income. The lender’s net interest income grew by 31.1 per cent to Ksh.19.4 billion from Ksh.14.8 billion. Its non-interest funded income (NFI) grew by 9.2 per cent from Ksh.10.9 billion to Ksh.11.9 billion. “The uncertainty has now dialled down and we are nearing pre-pandemic levels of operations. The region now has a stable operating environment,” Equity Group Managing Director James Mwangi said Thursday. “We are inspired by estimates and projections, especially for Kenya where…
Kenya’s private sector shrank for the first time in three months on rising consumer prices and living costs, the latest purchasing managers’ index data shows. Data from Stanbic Bank Purchasing Manager’s Index (PMI) showed that the month of April 2022 declined to 49.5 from 50.5 recorded in March 2022 pointing toward deterioration in the business environment. The average PMI for the first four months of 2022 came in at 50.1, higher than the 49.1 recorded in the same period in 2021 indicative of an improved business environment over the period. Readings above 50.0 signal an improvement in business conditions on…
The National Treasury missed its target of raising Ksh.60 billion from the domestic debt market in May only managing Ksh.31.7 billion. Investor bids on the new 10-year paper (FXD1/2022/10) and the re-opened 25-year bond (FXD1/2021/25) which traded between April 28 and May 10 was Ksh.43.1 billion. This was equivalent to a 71.9 per cent subscription rate. The 10-year paper received bids of Ksh.32.9 billion in contrast to Ksh.10.2 billion Average yields on accepted bids on the shorter-dated 10-year paper stood at 13.49 per cent while returns on the longer issue stood at 13.976 higher than the paper’s coupon rates. “This…
Equity Group and the International Finance Corporation (IFC) have signed a KSh 19 billion (USD 165 million) partnership that seeks to finance at least 5 million Micro-, Small and Medium-sized Enterprises (MSMEs) and 25 million households. The credit facility of USD 165 million includes USD 50 million from IFC, USD 50 million from British International Investment (BII) and USD 65 million from Symbiotic, Responsibility and FMO, the Dutch entrepreneurial development bank and a long-time shareholder in Equity through Arise Investments. As part of the deal, Equity Group commits to zero lending for coal-related projects. Further, Equity Group has agreed to…
The Capital Markets Authority (CMA) has granted approval to TransCentury Plc (“TC”) to undertake a rights issue. In a statement, the company says the rights will be issued on the basis of five (5) new ordinary shares for every one (1) existing share as approved in the last shareholder meeting. “The CMA has granted approval to TransCentury Plc to undertake a rights issue. The rights will be issued on the basis of five new ordinary shares for every one existing share,” the company said in a statement. “Funds from the rights issue will go towards supporting the last phase of…