Kenya’s banking sector has announced an unprecedented financial commitment of KSh 450 billion to support Micro, Small, and Medium Enterprises (MSMEs). This move reflects the sector’s dedication to bolstering the backbone of the economy—MSMEs—which account for over 80% of Kenya’s employment. With this significant capital injection, the banks aim to uplift small businesses, empowering them…
NAIROBI, Kenya – East Africa Growth (EAG), a prominent private equity firm, has announced its decision to acquire an additional 5% stake in I&M Bank, one of Kenya’s leading financial institutions. This move signals EAG’s commitment to strengthening its presence in the East African banking sector and underscores the growth potential of the region’s financial…
PawaPay, a leader in mobile money payment systems in Africa, has surpassed $1 billion in transactions. This is a major milestone for a company dedicated to enhancing mobile financial services across Africa. While PawaPay has gained prominence by working with Africa’s “Big Four” economies—Nigeria, Kenya, South Africa, and Egypt—its future strategy appears to shift toward…
Omniscient, a prominent South African fintech company, recently received the Finovate 2024 Excellence in Financial Inclusion Award, recognizing its innovation in delivering financial services to underserved communities. This achievement highlights the growing importance of fintech in bridging the financial divide globally, particularly in developing markets like Kenya. Kenya too has made remarkable progress in financial…
Wananchi Group, the company behind Zuku, a major player in Kenya’s internet and entertainment sectors, is in talks for an acquisition by Axian Telecom. This move, set to reshape Kenya’s telecom landscape, opens up vital discussions on the intersection of finance, business strategy, and technology. For many Kenyans, Zuku is a household name, providing affordable…
Recently, Bolt Kenya made headlines by awarding ten drivers Kshs 288,000 each as part of their €20,000 accelerator program. The initiative rewarded top-performing drivers who consistently provided excellent service, embodying Bolt’s commitment to improving livelihoods and enhancing the customer experience. This program, aimed at empowering hardworking individuals in Kenya’s growing gig economy, highlights a broader…
Introduction to REITs Real estate investment trusts (REITs) offer an exciting opportunity for Kenyan investors looking to diversify their portfolios. By pooling funds from multiple investors to purchase, manage, or finance income-generating real estate, REITs allow individuals to invest in large-scale properties without directly buying or managing them. In a country where real estate remains…
Article Highlights: Born from the vision of central banks in Thailand, Hong Kong, China, and the United Arab Emirates, mBridge operates under the Hong Kong BIS Innovation Hub. It’s not a solo act. The project boasts an impressive roster of participants: Africa’s getting in on the action too. The Bank of Namibia, South African Reserve…
