Kenyan fintech company Kwara, helping turn traditional savings cooperatives into modern digital banks, has acquired IRNET Coop Kenya Ltd. This software company is a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO LTD). Kwara has also entered into an exclusive digital solutions partnership agreement with KUSCCO LTD, Kenya’s umbrella body of savings and credit cooperatives (SACCOs). Under the agreement, Kwara will offer its software solutions and mobile banking channels to rapidly increase the growth and profitability of more than 4,000 SACCOs in Kenya. Cynthia Wandia, co-founder and CEO of Kwara, stated that the startup had worked closely…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Kenyans working and living abroad sent home a record USD 350.6 million (KSh39.7 billion) in December 2022, Central Bank of Kenya (CBK) data shows. According to the latest CBK weekly bulletin, this represented a 9.5 per cent growth compared to the $320.1 million ( KSh36.2 billion) sent in November. “The cumulative inflows in 2021 were a record of $3,718 million from $3,094 million in 2020, a 20.2 percent increase,” said CBK. The US remains Kenya’s largest source of remittances, accounting for 63.2 percent in 2021. In November, remittances rose to $345.5 million, compared to $332.6 million in October, a rise…
Safaricom M-PESA subscribers, estimated at 32 million, can now withdraw money from the overdraft service Fuliza. Fuliza allowed users to make payments via till, pay bill numbers, and send money to other M-PESA customers. The service enables customers to send money or pay for goods and services when they have insufficient balances in their M-PESA wallets. Fuliza targets all Safaricom’s M-PESA customers who have been active for at least the past six months and maintain a good M-Shwari credit performance history. The M-PESA Sim Toolkit (STK) and the My Safaricom app offer the service. How to withdraw Fuliza from an…
The World Bank slashed its growth forecasts for most countries, warning that new adverse shocks could tip the global economy into a recession. According to the lender, global GDP is expected to rise 1.7% this year, roughly half the rate predicted in June. It also cut growth estimates for 2024, citing persistent inflation and higher interest rates as key reasons. It also noted the impact of Russia’s invasion of Ukraine and a decline in investment. “The crisis facing development is intensifying,” and the setbacks to global prosperity will likely persist, World Bank President David Malpass wrote in a foreword to…
Sasini Tea and Coffee reported a net profit of KSh1.17 billion in the fiscal year ended September 2022, more than doubling the KSh573.2 million reported in the previous comparable period. During the period, its sales revenue grew 36.3 percent to KSh 7.34 billion compared to KSh 5.39 billion in the previous year. The cost of sales increased to KSh5.54 billion against the prior year’s KSh4.49 billion. “We managed to grow revenue at a faster pace than costs of sales which is exceptional towards profit generation,” said the firm. “Most of the business units performed exceptionally and beyond expectations. Notably, the…
A select group of Kenyans were privileged to be the first to view the new, intriguing, and local show that hit the airwaves Sunday, 8 January 2023, hosted by MultiChoice Kenya. Kenya’s top local content platform, Maisha Magic Plus, unveiled the country’s first regional true-crime documentary series hosted by the renowned producer John Allan Namu as he seeks to follow and reveal hidden or unacknowledged truths about infamous crimes perpetrated in Kenya. The all-new riveting 2022 documentary and show is called the Last Door. It follows and retraces the last steps of victims of infamous and horrific murders before they…