The Diaspora remittances into the East African nation of Kenya rose by 4.6 percent in October of 2022 to reach a total of 40.6 billion Kenyan Shillings. This is significantly higher than the 38.8 billion Kenyan Shillings that was the case in September this year; 2022. The Central Bank of Kenya (CBK) revealed that the United States (US) is still the biggest source of diaspora remittances into Kenya and makes up a total of 57.6 percent during the same period. According to Central Bank of Kenya (CBK), “The remittance inflows continue to support the current account and the foreign exchange…
Author: Tobey
Business to Business (B2B) e-commerce food distribution company; Twiga has now laid of a total of 211 of its employees working full time. The move was made as a result of restructuring within the company. It also led to its in-house sales department has removed altogether. With the decision Twiga has now lost 21 percent of its workforce of 1,000 employees with a significant amount of those employees being based in Kenya where the startup establishes connections between agricultural producers or farmers with fast paced consumer goods, manufacturers to retailers. The co Founder and Chief Executive Officer (CEO) of Twiga;…
American multinational technology behemoth; Google has moved to ban all unauthorized mobile loan applications in its mobile application marketplace; Play Store, that have operations in Kenya and are available to users of Android devices. Starting from Tuesday the 31st of January 2023 all instant mobile loan applications for Android devices will by required by Google to provide their licenses from the Central Bank of Kenya (CBK). Failure to provide said licenses, will result in said applications getting removed from the Google Play Store. The move is in a bid to comply with the Central Bank Amendment Act of 2021. Read…
Just months after tech company; Sendy laid off ten (10) percent of its entire workforce the Kenyan logistics startup has carried out another round of layoffs at a time when it has announced plans to gradually bring its supply service to a close and focus entirely on the fulfillment side of its services so as to provide its business clientele with more efficient service. The company revealed that its decision to discontinue its supply arm has affected twenty (20) percent of its total staff strength of 270 employees. This translates to around 54 employees getting laid off and another indicator…
Nigerian financial technology company; Paystack, has secured a Payment Service Provider license from the Central Bank of Kenya (CBK). With this, it will now be able to carry out operations in the Eastern African nation and already begun private beta testing. The Business Operations and Expansion Lead for Paystack in Kenya; Caroline Muema made it known via a statement that, “In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers. In Kenya – our fourth country where we operate locally, after South Africa, Ghana, and Nigeria – we’re thankful…
In the six (6) months leading up to June of 2022 users of Fuliza; Safaricom’s continuous overdraft service borrowed an average of 1.6 billion Kenyan Shillings every day. This indicates the growing popularity of the service and shows just how much its users depend on it. Especially at a time when the cost of living increased as income reduced, forcing more and more people to go the way of short-term loans. In the six month period from January 2022 to June 2022 Fuliza paid out a total of 290 billion Kenyan Shillings. This is significantly higher than the 220.38 billion…
The past seven (7) days have been a rigorous rollercoaster ride for the world’s most popular and largest decentralized digital currency; Bitcoin. The Cryptocurrency saw its price drop from 21 thousand United States Dollars (which is around 2.6 million Kenyan Shillings) on Monday the 7th of November 2022, to a low of around 15,580 United States Dollars (which is around 1.9 million Kenyan Shillings) by Wednesday the 9th of November 2022. It and the cryptocurrency market in general have however, seen some level of regain and sustain. The current outflow of Bitcoin from centralized exchanges is due in large extents,…
American multinational financial services corporation; Visa Inc., has announced that it is terminating all of its global credit card agreements with the troubled cryptocurrency exchange; FTX. A spokesperson for Visa which is the biggest payments processor in the world made it known that, “The situation with FTX is unfortunate and we are monitoring developments closely.” Read Also: Binance Pauses All FTX Token Deposits Over Suspicious 342 Million Dollar FTT Movement The spokesperson added that, “We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.” Read Also: Crypto Market Drops…
Since Bahamas based cryptocurrency exchange; FTX collapsed, its problems have only continued to grow from bad to worse. From battling liquidity difficulties to its expropriation of funds and cryptocurrency assets deposited by its users, to its several unsuccessful attempts at acquisitions the exchange which is incorporated in Antigua and Barbuda has now had to officially file for bankruptcy. Its Chief Executive Officer (CEO); Sam Bankman-Fried who is more commonly known in the cryptocurrency space as SBF, has also had to resign. On top of that, FTX has also experienced a hack. The administrators of its official Telegram medium made it…
The parent company for Messenger, Facebook, WhatsApp, and Instagram; Meta Platforms Inc., has completed a large scale layoff of up to thirteen (13) percent of its entire workforce. Its Co Founder and Chief Executive Officer (CEO); Mark Zuckerberg made it known via a statement that, “I want to take accountability for these decisions and for how we got here.” He added that, “I know this is tough for everyone, and I’m especially sorry to those impacted.” The move is coming at a time when companies all over the world have announced huge staff lay offs in the past couple of…
The Cryptocurrency market has continued to be in dip mode. Observers believe that it is as a result of fears over the financial state of Bahamian cryptocurrency exchange which is the second largest Cryptocurrency exchange in the world. The fears were further heightened after the largest cryptocurrency exchange in the world; Binance on the afternoon of Wednesday the 9th of November 2022, decided to drop its intent to purchase FTX. The share price for American company that provides business intelligence, mobile software, and cloud-based services; MicroStrategy dropped by as much as thirty five (35) percent. Coinbase which is another Cryptocurrency…
According to reports American multinational technology conglomerate; Meta Platforms Inc., will be starting off a wide reaching lay off this week. It is expected that the decision will affect thousands of its employees. As at the time of putting this article together, the specific number of employees that will be laid off, was not known. As at the end of September 2022 Meta Platforms Inc., made it public knowledge that it has over 87,000 employees all over the world across its various platforms, marking a 28 percent increase from just the year before. The report also stated that the company…
Meta Platforms Inc which is the parent company of Facebook, WhatsApp and Instagram will from January of 2023, make use of Credit Reference Bureaus (CRBs) in Kenya to set up the profiles of traders that carry out advertising on its social media platforms. The move is in a bid to reduce the increasing cases of payment defaults. The stricter measures regarding credit are part of Meta Platforms Inc’s updated terms and conditions which will be implemented from the 3rd of January 2023 and would lead to a number of advertisers needing to make upfront payments for any advertising efforts they…
Kenya Airways which is the flag carrier airline of Kenya is reportedly encountering some operational difficulties as its Pilots have moved to strike. The decision is believed to be in protest against the current conditions in their workplace. The news is coming at a time when Kenya Airways also known as Kenya Airways Ltd., is looking to increase the frequency of flights and resume plying its old routes during the incoming festive period in a bid to utilize the corresponding increase in the number of travelers. The Kenya Airline Pilots Association (KALPA) made it known that flights from 6am today;…
