It has always come across as odd that in this day businesses in a number of African countries find it almost impossible to receive money from PayPal without hitting difficulties that sometimes lead to their PayPal accounts getting closed down. Although the American company which operates an online payments system has never exactly provided specific reasons or justifications for the occurrences, observers speculate that insufficient security in the banking sector as well as inadequate regulations in the affected countries, are to blame. This might no longer be an issue African businesses will have to face anymore. On the 15th of…
Author: Tobey
Numerous digital technological companies with operations in Kenya, South Africa, Nigeria, the Democratic Republic of Congo, Cote d’Ivoire, Botswana, Ghana, Mozambique, Ethiopia, Zambia, Tanzania, and Uganda, will soon begin to benefit from an equity investment from the International Finance Corporation (IFC) worth an impressive 25 Million US Dollars. The International Finance Corporation (IFC) which is the private investment arm of the World Bank made it known on the 9th of March 2021 that it is looking to investing up to 25 Million US Dollars in the Convergence Partners Digital Infrastructure Fund. The Convergence Partners Digital Infrastructure Fund, is an investment…
The price of Super Petrol in Kenya increased by 7.63 Kenyan Shillings to land at 122.81 Kenyan Shillings per litre. This development is coming just after the recent review by the Energy and Petroleum Regulatory Authority (EPRA). The increase in prices also affected Kerosene and Diesel as their prices also increased by 5.41 Kenyan Shillings per litre and 5.75 Kenyan Shillings per litre respectively. For the period lasting from the 15th of March 2021 to the 14th of April 2021 the retail price for one litre of Kerosene will be 97.85 Kenyan Shillings and the retail price for one litre…
The Kenya Commercial Bank (KCB) has revealed its plans to officially unveil its loan product; Vooma. Vooma is a product which the Kenya Commercial Bank (KCB) has developed in partnership with Asian telecommunications giant; Huawei. Vooma which in Swahili translates to Speed, is a settlements and payments product that will be launched later this month (March 2021). On the 23rd of December 2020 the Kenya Commercial Bank (KCB) shut down or rather discontinued its Mobiloan product. It will no be replaced by Vooma a product which has already been on a test run ahead of its unveiling. The Chief…
On Friday the 12th of March 2021, the President of the Republic of Kenya; Uhuru Kenyatta announced that the nation’s overnight Coronavirus curfew, has been extended for an additional period of 60 days in a bid to effectively combat the third wave of the still ongoing Coronavirus pandemic which has hit the nation. Kenya which is currently the wealthiest economy in East Africa has so far recorded not less than 1,899 deaths and 111,185 cases. On Sunday the 14th of March 2021 it recorded 431 new cases with its highest number since 2020 being recorded at 829 new cases on…
The rapid increase in the number of fintech companies and services all over Africa continues to go on and attract investors who in turn continue to capitalize on the sector which continues to expand. One of the prominent fintech companies on the continent; Flutterwave has announced that has secured an additional 170 Million US Dollars after a new round of funding. This has brought the company’s valuation to an impressive 1 Billion US Dollars. A truly Unicorn status. The Series C round was spearheaded by United States Hedge fund and investment firm; Tiger Global and private investment company; Avenir Growth…
On Monday the 8th of March 2021 popular Cryptocurrency; Dogecoin, experienced a boost in its price after Shark Tank Billionaire investor; Mark Cuban, revealed that his NBA team; Dallas Mavericks, just might move its price to as high as 1 US Dollar. The Billionaire; Mark Cuban revealed via popular social media platform; Twitter that the Dallas Mavericks have so far received more than 20,000 Dogecoins (which translates to around 1,109 US Dollars (121,602 Kenyan Shillings)), in transactions over a span of two (2) days since it made it known publicly, that it will accept Dogecoin as a mode of payment…
The national railway of Kenya; Kenya Railways Corporation (KRC) has begun the procedures for the systematic takeover of operations at the Standard Guage Railway (SGR) from Africa Star Railway Operation Company. The news is coming at a time when there have been growing concerns about the high operating costs of the Standard Gauge Railway (SGR). The Chairman of the Kenya Railways Corporation (KRC); Omudho Awitta made it known that the Corporation has already taken over the fueling, security, and ticketing operations of the Standard Guage Railway (SGR) cargo trains and passenger trains. This is part of a deal to completely…
At the beginning of 2021 WhatsApp faced major criticism following its announcement of updating its privacy policy, an updated which alluded to the imposing of a compulsory sharing of its users data, with its parent company; Facebook. The update essentially told WhatsApp users that if they wished to continuing using the social media platform, they must accept the new terms. Failure to accept the updated terms, would lead to them losing their WhatsApp accounts. As a result of the major backlash, concerns and criticisms the company received following the news (the company also lost a significant number of users to…
Telecommunications giant; Safaricom has continued to be at the forefront of telecommunications in Kenya and East Africa, providing a variety of services to it ever growing user base. The company offers competitive communication services that are integrated. These services include Money transfer (its widely popular M-Pesa service), mobile data, SMS, Wireless internet connectivity, business connectivity, enterprise mobility, managed IT, as well as telecom services. Safaricom’s unrivaled and unprecedented success has led to increased interest from not only prospective subscribers, but prospective shareholders and investors alike. The NSE (Nairobi Stock Exchange) has listed the telecommunications company as one of the largest…
In just slightly more than five (5) years, the increase in the price of Safaricom’s shares has led to the creation of an additional 1,500 millionaires. What this means in a nutshell is that the telecommunications giant; Safaricom now has not less than 10,000 investors who each have shares that are worth more that 1 million Kenyan Shillings. According to regulatory filings and analysts, it is a significant increase from the estimated 8,500 millionaire investors it had in May of 2015. The rise and rise of total number of high net worth investors in Safaricom has been a direct result…
Data by the Central Bank of Kenya (CBK) has revealed that the deposit rate dropped from 7.1 percent in December 2019, to 6.3 percent in December 2020. This is the lowest level recorded since February of 2013. The drop is attributed to an increase in fixed deposits from businesses and wealthy investors during a period which saw a number of restrictions implemented to help reduce the spread of the still ongoing Coronavirus pandemic. Said restrictions led to a significant drop in investment opportunities and also reduced the demand for loans. Interests on fixed deposits also reduced to an 8 year…
Thanks to a partnership between KCB and telecommunications giant; Safaricom, users and customers of KCB, will now be able to deposit and also withdraw money conveniently and effortlessly. This article will show you exactly how that works through the KCB Paybill number. What Is A Paybill Number? The Paybill service on Safaricom’s M-Pesa platform, is a cash collection service that makes it possible for establishments to receive payments on a regular basis from users or customers via M-Pesa with no time limitations. It provides security, convenience, fast and easy payments and transfer of funds, and low transaction costs. This is…
Kenya’s new trade pact with the United Kingdom, will now make it possible for British goods to be shipped into Kenya Tax free for a period of 25 years. The trade deal or partnership which is coming after the widely publicized Brexit, and is expected to lead to products from and by British companies entering Kenya’s local market. This will include unfinished goods and finished goods that exclude industrial products as well as agricultural products upon the expiry of a moratorium that will go on for a seven year period. Kenya’s Ministry of Industrialisation, Trade and Enterprise Development revealed the…
