Author: Muindi

ICP Hub Kenya, a leading East African blockchain education and advocacy group, has partnered with Kotani Pay, an African crypto payment infrastructure provider, to bolster the Olympus Accelerator Programme. This strategic partnership aims to supercharge blockchain adoption and empower Web3 developers in East Africa. ICP Hub Kenya and Kotani Pay will leverage their unique strengths to accelerate the development of the Olympus Accelerator Programme. Kotani Pay’s participation will provide program attendees with greater access to mentorship, cutting-edge tools, and potential funding. The partnership allows Kotani Pay to refine its offerings, expand its reach, and solidify its position in the blockchain…

Family Bank shareholders have greenlit the creation of a non-operating holding company. The holding company will own shares along with any future non-banking subsidiaries, as the bank gears up for expansion across Africa. “Expanding regionally remains a key part of our strategy to grow the business,” stated Family Bank CEO Nancy Njau. “We’re exploring entry into countries within East, West, and Central Africa.” Shareholder approval came during the bank’s Annual General Meeting (AGM). The AGM also saw approval for a dividend payout of Sh723 million for the financial year ending December 2023 compared to Sh795 million in the previous year.…

Kenya’s Finance Minister Prof Njuguna Ndung’u presented the 2024/25 budget, aiming to tackle Kenya’s high debt while supporting the ongoing economic recovery. The budget targets a significant reduction in the fiscal deficit, bringing it down to 3.3% of GDP compared to the revised deficit of 5.7% for the previous year (2023/24). As a result, it plans to spend Sh3.92 trillion in the upcoming fiscal year. Subsequently, it expects to collect Sh3.432 trillion in revenue, leaving a budget deficit of Sh597 billion. To finance the deficit, the government will borrow Sh263 billion domestically and Sh333.8 billion from foreign sources. “The fiscal…

British International Investment (BII) has sold its 10.1% stake in I&M Group, a leading East African banking group, to AfricInvest, a Pan-African investment firm. I&M Group operates in Kenya, Mauritius, Tanzania, Rwanda, and Uganda. It offers financial services to individuals, small businesses, and corporations. “Having been a trusted equity partner to I&M for over 7 years, today’s announcement represents a great outcome to BII’s engagement, as we exit to a like-minded partner with a focus on commercial sustainability and development impact,” Maximilian Biswanger, Investment Director at BII, said in a statement. AfricInvest, already a shareholder in I&M Bank Rwanda, has…

Local carrier Safarilink Aviation Limited will discontinue flights between Nairobi and Kitale, citing an unfavourable business environment. The route’s success was hampered by two main factors: high fuel costs and inadequate airport facilities, which resulted in flight cancellations. This decision comes after Safarilink resumed service on the route in April 2022 [following a two-year hiatus due to airport renovations]. The National Treasury had allocated Sh727 million in the 2023-24 budget for the expansion and refurbishment of several airstrips across the country. This investment aimed at improving air transport infrastructure in these regions. The budget breakdown highlights specific allocations: Migori Airstrip:…

Tesla and SpaceX CEO Elon Musk is critical of Apple’s decision to integrate OpenAI technology, threatening to ban Apple devices at his companies. Musk claims integrating OpenAI at the operating system level presents an “unacceptable security violation.” And visitors will have to check their Apple devices at the door, where they will be stored in a Faraday cage — Elon Musk (@elonmusk) June 10, 2024 He proposes banning Apple devices and storing them in Faraday cages (metal enclosures blocking electromagnetic signals) for visitors. He further questions Apple’s ability to ensure user security and privacy while using OpenAI technology. “It’s patently…