Commercial bank Absa Bank Kenya Plc which was previously known as Barclays Bank Kenya Limited, has now entered into a partnership with global payments technology company; Visa to usher in a domestic and cross border remittance service. The remittance service will enable persons to businesses payments as well as a person to person money transfers that will be seamless and carried out through Visa’s Global network. The new domestic and cross border remittance service which is called Absa Visa Send Money will make it possible for all Absa Bank Kenya credit card holders and Absa Bank Kenya debit card holders…
Author: Tobey
French Development Finance Institution; Proparco has secured a 31.5 million United States Dollar (which is around 3.71 billion Kenyan Shillings) stake in Naivas Supermarket. The deal is part of a consortium which will now have a combined forty (40) percent ownership in the company. Naivas Supermarket had recently made it public knowledge without disclosing specific details, that IBL Group, DEG and the sovereign wealth fund; Proparco would be taking a minority interest in the supermarket giant. The group would be acquiring the stakes which were previously owned by Amethis, MCB Equity Fund, German sovereign wealth fund DEG, and the World…
The Kenyan High Court has stopped the Kenya Revenue Authority (KRA) from taxing tithes, offerings and donations to churches in the countries. Justice David Majanja who presided over the case upheld a prior ruling by the Tax Appeals Tribunal which prevented the Kenya Revenue Authority (KRA) from collecting tax from Thika Road Baptist Church. The Kenya Revenue Authority (KRA) stated that the church should pay 5.5 million Kenyan Shillings making it known that it; Thika Road Baptist Church, had been unable to provide a Tax Exemption certificate. Although Churches in Kenya are exempted from paying taxes on tithes the Kenya…
A consortium made up of France based private fund; Amethis and the World Bank’s International Finance Corporation (IFC) have sold off a thirty (30) percent stake in Naivas Supermarket which is also Kenya’s Largest Online Supermarket and Grocery Delivery Service. The thirty (30) percent stake was sold to a group of investors spearheaded by IBL Group which is a conglomerate based in Mauritius. Although World Bank’s International Finance Corporation (IFC) along with its partners; Amethis, MCB Equity Fund, DEG which is a sovereign wealth fund based in Germany have not revealed the value of the transaction, the consortium had paid…
Telecommunications giant; Safaricom and global payments technology company; Visa have launched the M-Pesa GlobalPay Visa Virtual Card. The launch will now make it much easier for customers in Kenya to shop globally while also making payments online that are secure, to over 100 million merchants in more than 200 countries via the expansive worldwide network of Visa. It is however important to keep in mind that the M-Pesa GlobalPay Visa Virtual Card should only be used for online payments outside of Kenya. This is in order to help users avoid any Forex conversion costs which will be charged on the…
Kune which is a food startup based in Kenya, will be closing its operations less than a year after its launch. The company which is the newest addition to the growing list of food tech companies closing calling it quits in the country, reached the decision because funds became significantly harder to secure. The Chief Executive Officer (CEO) and Founder of Kune; Robin Reecht made it known via a LinkedIn post that, “Sad day. Kune Food closed down today. With the current economic downturn and investment markets tightening up, we were unable to raise our next round. Coupled with rising…
According to reports, the Ministry of Health in Kenya has reimplemented the compulsory wearing of face masks during all indoor meetings in order to contain and possibly stop the spread of the still ongoing Coronavirus pandemic after a recent increase in cases. The Cabinet Secretary for Health; Hon. Mutahi Kagwe made it known during a press conference that everyone will now be required to put on face masks in confined spaces like offices, places of worship, aircrafts, supermarkets and Public Service Vehicles (PSVs). Read Also: NMS Set To Carry Out Final Test Run at Green Park Terminus Today While stating…
Kenya Power and Lighting Company, which is more commonly known as Kenya Power or KPLC will begin selling fast speed internet to businesses in Kenya. The move is being seen as a way for the company to benefit from the increase usage of data in Kenya and also diversify its revenue streams. The Kenya Power and Lighting Company (KPLC) has before now, been leasing out the Fibre optic cables attached to its transmission lines to Internet Service Providers (ISPs). The electricity distributor will be announcing an option which will make it possible for its corporate consumers to purchase electricity as…
The Nairobi Metropolitan Services (NMS) will today Wednesday the 22nd of June 2022, carry out its final test run operation at the Green Park Terminus. After the test run has been completed, the terminus will then be open for use to vehicles from Langata, Kiserian, Karen, Rongai, Ngong, Madaraka/Nairobi West, Satellite/Dagoretti, Kikuyu, Kawangware, Ngumo/Highrise, and Kibra. The Director General of the Nairobi Metropolitan Services (NMS); Major General Mohammed Badi made it known that all vehicles which are currently operating at the Railways Bus Terminus from Ngong Road and Langata Road, will now operate from the Green Park Terminus. The Director…
According to reports, the Matatu Owners Association in Kenya is now allowing its members to increase their fare prices. The decision was reached as a result of the recent higher costs of fuel. The agreement was reached by the Matatu Owners Association after the Kenyan government made it known that there has been a 9 Kenyan Shilling increase in the cost of fuel across Kenya for June of 2022 and July 2022. During the period under review, the pump prices of Diesel, Kerosene, and Super Petrol experienced increases of 9 Kenyan Shillings per litre each. Due to this increment Diesel, is…
In recent times Stickers have become the go to way to add a bit of fun when users communicate on popular social media platform; WhatsApp. This is because just like Emojis, Stickers can help users better express their emotions without necessarily having to use words or texts. This article will show you how to customize your very own pictures into stickers on WhatsApp which you can then share with your friends, family, and other contacts. Read Also: Users Can Now Transfer WhatsApp Chats From Android To iPhone WhatsApp has however made it known that the new functionality will only be…
Users of popular social media platform; WhatsApp, internet will now be able to move their chats from Android devices to iPhones without losing any data. In the past, users were only able to transfer their calendars, Short Message Services (SMSs), and contacts. WhatsApp was before now, impossible to transfer from Android to iPhone, without losing data. Read Also: Meta Will Now Allow Cryptocurrency Payments On WhatsApp The news was made public knowledge by the Chief Executive Officer (CEO) of Meta; Mark Zuckerberg via a post on Facebook who stated that the setup will only be effective on brand new iPhones…
According to reports one of Nigeria’s major multinational commercial banks; Access Bank, will be acquiring a majority stake in Sidian Bank from East Africa’s leading investment company; Centum Investments for a price tag of an impressive 4.3 billion Kenyan Shillings. The deal is taking place just two (2) years after Access Bank entered the Kenyan banking sector through its acquisition of Transnational Bank. On the 7th of June 2022 Centum Investments announced that it had reached a binding agreement to sell 83.4 percent of its stake in Sidian bank, to Access Bank which has been on an impressive acquisition run…
The Kenyan Treasury has offered a 7.05 billion Kenyan Shilling subsidy to Kenya Power and Lighting Company, which is more commonly known as Kenya Power or KPLC in order to make it possible for the electricity distribution company to reduce the consumer electricity bills by an additional fifteen (15) percent without the move affecting its cash flows. The Budget Committee of the National Assembly made the multi billion Kenyan Shilling subsidy known to the public through a report to lawmakers after Independent Power Producers (IPPs) resisted the move for them to slash their tariffs which would subsequently result in the…
