In the latest episode of Profit Point, CNN’s Victoria Rubadiri speaks with Peter Ndegwa, CEO of Safaricom, about the company’s transformation into a technology business, the evolution of M-PESA, and how artificial intelligence and connectivity can expand financial inclusion across Africa. Key takeaways M-PESA is expanding from money transfer into a full financial ecosystem: pay, save, invest and insure. AI and data are essential to fraud prevention across roughly 150 million transactions a day. Safaricom spends about $400 to $500 million a year on infrastructure in Kenya. The “one app” super app has launched in Kenya, using AI to personalise…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Safaricom PLC and GulfCap Investment Bank have put a money market fund inside M-Pesa that earns no interest. Ziidi Shari’ah launched on 6 October 2026, and it gives Kenyans who follow Islamic finance rules a place to save from the phone they already carry. How Ziidi Shari’ah works You can start with Sh100, add Sh10 at a time, and join through the My OneApp app or by dialling *334#. Deposits and withdrawals to M-Pesa cost nothing, and you can track daily profit and lock funds. The *334# menu works on any handset, so a basic phone is enough. The fund…
Family Bank has signed a Sh1.3 billion ($10 million) trade finance facility with the African Development Bank (AfDB). The money gives the lender foreign currency to back importers who buy raw materials, machinery and stock from abroad. What the facility pays for The facility arrives in foreign currency, and Family Bank will lend it to small and medium enterprises (SMEs) and local corporates. It targets businesses in manufacturing, agriculture, healthcare and renewable energy, as well as women owned enterprises. The funding matters because an importer must pay a foreign supplier in dollars, often before the goods ship. A bank can…
Kenya’s private sector returned to growth in September. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 51.3 from 49.7 in August, back above the 50.0 line that separates expansion from contraction. The reading matches July and is the highest since January, according to the survey compiled by S&P Global and released on October 5. Output still fell for a seventh month. Customer demand lifted the index, not production. Orders, jobs and purchasing recover New orders rose for a fourth straight month, and the pace picked up from August. Firms credited market demand, customer referrals, marketing campaigns and cash…
The Competition Authority of Kenya (CAK) has authorised First Chartered Securities Capital Limited to acquire sole control of ICEA LION Insurance Holdings Limited. The decision moves LeapFrog Investments, which holds a 24.1% stake through a partnership with Prudential Financial, closer to leaving the insurer. Director-General David Kemei signed Gazette Notice No. 15918 on 21 August 2026 under section 46(6) of the Competition Act. The notice says the authority “has authorized the proposed transaction as set out herein.” It does not state the price or any conditions. Who owns ICEA LION now First Chartered Securities, controlled by the family of former…
The Kenya Bankers Association (KBA) has asked the Central Bank of Kenya (CBK) to keep the Central Bank Rate (CBR) at 8.75% when its Monetary Policy Committee (MPC) meets on Wednesday, 7 October 2026. In Research Note No. 5 of 2026, published on 1 October, the association’s Centre for Research on Financial Markets and Policy said inflation sits inside the target range and the shilling has held steady. “With inflation within the target range, and exchange rate stability sustained, sustaining the current stance of monetary policy, to anchor the recovery in private sector credit and economic activity is appropriate,” the…