Author: Muindi

Barclays has sold a 7.4 percent stake in Absa Group, it said on Thursday, raising $687million aimed at bolstering its capital levels. Before the sale, Barclays had a 15 percent holding in the African lender.  “Shareholders are hereby advised that Barclays PLC (“Barclays”) has agreed to sell 7.44 percent (approximately 63 million) of the total ordinary shares of Absa Group through an accelerated bookbuild placing. Following the sale, Barclays will own 7.44% of the total issued ordinary shares of the Group,” Absa Group said in a notice published on the Johannesburg Stock Exchange (JSE). According to Barclays, the placing is…

African digital music platform Mdundo has reached over 31 million active users in the first quarter of 2022, representing a 49% growth compared with the previous quarter. Mdundo’s Head of Brand Partnerships Ms. Rachel Karanu attributes the growth to the rise in demand for easily accessible music among the youthful population, the growing mobile phone usage, and strategic partnerships with leading African telecommunications companies. “With this growth, we are on track to reach our goal of 18 million monthly active users which solidifies our sustained trajectory. We have invested in research and innovation to seek new ways to engage with…

The Communication Authority has extended the SIM Card registration validation exercise by six (6) months to October 15, 2022. The exercise was to end on April 15.  “So far, Safaricom PLC has reported 67 percent compliance, Airtel Kenya 55 percent while Telkom Kenya is at 33 percent. In order to ensure that operators meet their obligation, the Authority has decided to extend the SIM card registration validation period for a further six (6) months. The new deadline for updating subscriber registration details will be 15th October 2022,” said CA Director General Ezra Chiloba. “During this period, the Authority will undertake…

Standard Chartered PLC, the UK-based lender, plans to shut down its network in seven countries in Africa and the Middle East. In a statement issued Thursday, it will exit from Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone, and Zimbabwe. In Tanzania and Cote d’Ivoire, the Consumer, Private and Business Banking businesses will be exited and the focus will turn solely to CCIB. The lender says it will redirect resources ‘within its Africa and the Middle East region to those areas where it can have the greatest scale and growth potential, in order to better support its clients.” This is as it…

The Communications Authority of Kenya plans to spend KSh 1.1 billion to connect 101 sub-locations in 19 Counties to mobile network services by June this year under the Universal Service Fund (USF).  The USF was established in 2009 to facilitate the widespread availability of communications services in various parts of the country. The Authority revealed the plans Thursday while launching Phase II of the Universal Service Fund (USF) Voice Infrastructure Connectivity Project in Akiriamet, West Pokot County.  14 Sub-locations have been connected to mobile network services in the area. https://twitter.com/CA_Kenya/status/1514867968982884352?s=20&t=QqePWsLh5g7YM7NhrQBDEA ‘‘This project will facilitate residents of the beneficiary sub-locations to…

The Federation Internationale de Football Association (FIFA) has launched its own streaming service, FIFA+.  FIFA+ will provide live access to football matches, interactive games, news, tournament information, an archive and video content around the men’s and women’s games.  “FIFA+ represents the next step in our vision to make football truly global and inclusive, and it underpins FIFA’s core mission of expanding and developing football globally,” said FIFA President Gianni Infantino. “This project represents a cultural shift in the way different types of football fans want to connect with and explore the global game and has been a fundamental part of…