M-PESA has signed an international money transfer agreement with Onafriq, one of Africa’s largest digital payment networks. The deal allows M-PESA to tap into and leverage Onafriq’s extensive network, connecting 500 million mobile money wallets and 200 million bank accounts. This follows clearance by the National Bank of Ethiopia to start the remittance service in July 2023. Safaricom Ethiopia’s General Manager, Paul Kavavu, said the deal would make payments easier, and the incorporation of international money transfer services into M-PESA perfectly serves that purpose. “Ethiopia generates more than five billion USD in remittances annually, and this partnership will provide the…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Co-operative Bank of Kenya’s net profit for the fiscal year 2023 increased by 5.2% to Ksh 23.2 billion, demonstrating continued profitability. Its earnings per share (EPS) went up 5.4% to Ksh 3.92, reflecting positive shareholder returns. “The strong performance has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 21 percent,” said Gideon Muriuki, the managing director at Co-op Bank. “The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.” A remarkable 2023 for Co-operative Bank. With a 10% profit growth…
KCB Group reported a 27.2% increase in revenue for the year ending December 31, 2023. However, pretax profit dropped 15% to KSh 48.5 billion ($367.42 million) due to higher loan loss provisions and other costs. This represents a decline of Sh3.3 billion from Sh40.8 billion registered in 2022. “Provisions increased by 154.7% from the downgraded facilities in Kenya and additional provisions on foreign currency facilities from the depreciating Kenya Shilling against hard currencies,” the lender said in a statement. Key Highlights Strong Revenue Growth: Revenue rose significantly, driven by interest income (up 23.9%) and non-interest income (up 33.9%). Deposit Growth: Customer deposits…
Bolt, the on-demand mobility platform, has announced its innovative Accelerator Program to empower Kenyan drivers, couriers, and immediate family members to embark on an entrepreneurial journey. The Bolt Accelerator Program offers Bolt drivers and couriers the chance to become active participants in shaping the future of sustainable mobility in Kenya. Bolt says a dedicated €20,000 seed fund supports business plans focused on this theme. Entrants will pitch ideas aligned with Bolt’s vision of “sustainable African cities.” This vision prioritizes the well-being of citizens, environmental sustainability, and accessible mobility for all. Program Details and Benefits Application Period: March 19th to April 4th,…
Pathologists Lancet Kenya has rebranded as Cerba Lancet Kenya. This change reflects the company’s commitment to improving patient care. CEO Mwende Musunga emphasized the company’s enduring dedication to excellence. “This is a culmination of efforts on brand transformation that we began in 2023 with a key focus on evolving from a diagnostic provider to being deeply integrated into our communities,” Musunga said. “We believe that with a new look, we shall be able to reinvigorate our efforts in providing enhanced diagnostic capabilities and advancing healthcare technologies to improve patient outcomes.” Welcome to the new era of healthcare excellence!! #ANewChapter pic.twitter.com/3JWp6SH8Nn…
Absa Bank Kenya has announced a 14.8% increase in its total dividend payout to shareholders for the year ending December 31, 2023. The dividend translates to a total payout of Sh8.4 billion, reflecting the bank’s improved net profit. As a result, shareholders will receive a higher dividend per share of Sh1.55, up from Sh1.35 per share in the previous year. The bank attributed the dividend increase to its solid profit growth, reaching Sh16.4 billion in 2023. Chairman Charles Muchene emphasized the importance of sharing the bank’s success with shareholders. “Based on improved profitability, the Board has proposed a final dividend of Sh1.35 per share, bringing the total dividend in 2023…