Author: Muindi

Safaricom Ethiopia’s M-PESA mobile money service went live in Ethiopia on Wednesday.  The service will enable customers to send and receive money, pay bills, buy airtime, and access other financial services using their mobile phones. Safaricom Ethiopia received the Payment Instrument Issuer License from the National Bank of Ethiopia in May 2023 after winning a telecom license in a competitive bidding process.  The company has invested over $850 million to roll out its network and services in the country, which has a population of over 110 million people. Stanley Njoroge, interim CEO of Safaricom Ethiopia, said that M-PESA will provide…

Equity Group Holding has recorded a 7.8% increase in its half-year profit after tax, which rose to Sh26.3 billion from Sh24.4 billion in the same period in 2022. The lender attributed the growth to its diversified business model, which saw its revenue increase across various segments. “Our strategic pursuit has resiliently positioned us to weather the macro-economic headwinds and turbulence,” said James Mwangi, the Group’s Chief Executive Officer. He added that the regional expansion and business diversification had reduced the reliance on the Kenyan banking subsidiary, which contributed 55% of total assets and 55% of profit before tax. The other…

Carrefour, a leading retailer in Africa, has announced a new initiative to empower and recruit young talent from Kenya and five other countries. The Retail Graduate Programme, launched in collaboration with 12 top universities, aims to provide graduates with intensive and comprehensive training in the retail industry. The program, which targets 50% of the positions for female candidates, is part of Carrefour’s commitment to promoting gender diversity and investing in local talent development. Carrefour has partnered with The University of Nairobi and Strathmore University in Kenya, offering a dynamic platform for graduates to learn from the best in the business.…

Nigeria’s biggest lender Access Bank Plc has pumped KSh1 billion ($7.5 million) into its Kenyan subsidiary Access Bank Kenya. “As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs,” noted Access Holdings Group CEO Herbert Wigwe. “This investment is a capstone initiative following the KSh71.2 billion ($500 million) additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respected African Bank.” The funding is expected to supplement Access Bank (Kenya) Plc’s capital needs and improve the bank’s shareholder funds and capital ratios. Access Bank…

The Kenya Government has approved a proposal to revive and commercialize the National Oil Corporation of Kenya (NOCK), a state-owned company that operates in the oil and gas sector. The proposal by the Office of the President aims to restructure NOCK into three subsidiaries that will focus on different segments of the petroleum product value chain. The three subsidiaries are NOC Upstream Limited, which will deal with exploration and upstream production activities and services. Secondly, NOC Downstream Limited will handle the marketing and distribution of petroleum products. Finally, NOC Trading Limited will specialize in holding strategic stocks of petroleum products…

Norsad Capital, an impact investor and private creditor provider, has structured a facility to help Ruai Family Hospital (RFH) improve access to affordable oncology healthcare for Nairobi residents. The facility will enable Ruai Family Hospital to complete the construction of an oncology centre that will provide high-quality cancer diagnosis and treatment. “The growing demand for affordable cancer diagnosis and treatment and the overflow of public hospitals, due to the lack of critical equipment, has prompted us to deliver this service to the Kenyan populace,” says Dr Maxwel Okoth, Founder and Group Managing Director at RFH.  Highlights Cancer ranks as the…