Sanlam and Allianz have officially launched their joint venture, SanlamAllianz, in Ghana. This marks a significant step in creating a leading pan-African non-banking financial services entity with operations in 27 countries, including Kenya. The partnership, combining Sanlam’s extensive African footprint with Allianz’s global insurance expertise, aims to expand access to savings, investment, and insurance products across the continent. The joint venture, valued at over R35 billion (KES 251.5 billion), brings together the majority of both companies’ African operations. By pooling resources and capabilities, SanlamAllianz seeks to drive growth and innovation in the insurance sector while addressing the specific needs of…
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 announced a total dividend of KES 1.20 per share for the financial year ended March 31, 2024, amounting to KES 48.08 billion. This follows a robust performance marked by record earnings of over USD1 billion in Kenya. Despite economic challenges, Safaricom demonstrated resilience, delivering strong financial results and strategic execution. Safaricom PLC Income Statement Item (All figures in Bns) FY’2023 FY’2024 y/y change Total Revenue 310.9 349.4 12.4% Operating costs (171.0) (186.2) 8.8% EBITDA 139.9 163.3 16.8% Depreciation & Amortization (54.9) (82.9) 51.2% Operating Profit 85.0 80.3 (5.5%) Net Finance Costs (7.1) (16.6) 134.8% Profit Before Tax 88.3…
Faulu Microfinance Bank has introduced a Money Market Fund (MMF) to offer customers flexible and profitable investment opportunities. The fund, managed by Old Mutual Investment Group, provides access to short-term financial instruments with a current yield of 16.32% per annum. With a minimum investment of Sh1,000, the MMF aims to broaden investment access for Faulu customers. “This launch broadens the access of our clients to high-quality investment opportunities,” said Ouma Faulu Bank’s CEO. The bank’s strategic move is underpinned by a Sh900 million capital injection from Old Mutual Group, strengthening its financial position and expanding its product offerings. Additionally, Faulu…
Bayer has transformed its East African business model by outsourcing distribution to Imperial Distributors. This strategic move allows Bayer to concentrate on medical affairs and stakeholder engagement while enhancing product accessibility. German pharmaceutical company Bayer has streamlined its East African operations by outsourcing transportation, warehousing, and distribution to Imperial Distributors. This strategic move allows Bayer to concentrate on medical affairs, regulatory compliance, and stakeholder engagement. The partnership, dubbed “Smart Serve,” aims to enhance product availability and accessibility across Kenya and the wider East African region. By leveraging Imperial’s distribution expertise, Bayer expects to reduce lead times and expand market reach.…
A Kenyan court has issued a temporary injunction halting the implementation of the government’s new digital identity system, Maisha Namba. “Pending the hearing and determination of this Application, a conservatory order be and is hereby issued staying/halting the further and continued implementation of the Unique Personal Identifier (Maisha Namba), 3rd Generation National Identification Card (Maisha Card), Maisha Digital ID and Maisha Database,” read the statement in part. The ruling by High Court Judge, L.N Mugambi follows a petition challenging the constitutionality of the Maisha Namba rollout from filed by Haki na Sheria. “Should the respondents be allowed to proceed with…
Equity Group and the World Food Programme (WFP) signed a deal to provide financial resources and training to small-scale farmers in Africa. The agreement aims to improve food security and transition communities from relying on food aid to self-sufficiency. Key components of the agreement include training and facilitating access to loans through Equity Bank subsidiaries – Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia – and providing technical assistance to processors and entrepreneurs in the agricultural value chain. The program will also train farmers on climate-resilient practices, regenerative agriculture, and financial management and offer…