Transferring money between African countries can be incredibly frustrating. High fees, poor infrastructure, and security risks plague both individuals and businesses engaged in intra-African trade. Fintechs, banks, and mobile network operators (MNOs) are striving to improve cross-border payments in Africa. Innovations like blockchain, real-time transfers, and better national settlement systems are paving the way for…
Family Bank received high praise for its digital innovation efforts. CEO Nancy Njau expressed joy over this recognition, seeing it as proof of their dedication to putting customers first in today’s fast-paced digital world. The bank recently won an award for exceptional customer service during the Innovation and Excellence Awards East Africa held at the…
KCB struck a significant deal with the Bill & Melinda Gates Foundation and the European Investment Bank, securing €30 million (approximately Sh4.2 billion) in funding aimed at supporting women entrepreneurs and startups in Kenya. The funds are earmarked for dispersal through KCB’s Female-Led and Made Enterprises (FLME) initiative and the KCB Foundation’s 2jiajiri program. FLME,…
2024 has been a year with big stock market movements for assets like Gold (XAUUSD), Nasdaq100, Bitcoin, and other cryptocurrencies. These assets have had ups and downs, with a notable low point from November 2021 to December 2022. For instance, Bitcoin dropped to around US$15,480 during this time. One major factor behind this drop was…
Money Market Funds (MMFs) have become incredibly popular investment options in Kenya. They’re attractive because they invest in safe and highly liquid assets like cash equivalents, government securities, and high-quality debt instruments, offering better returns than traditional savings accounts. Let’s dive into what you need to know about MMFs. Understanding Money Market Funds Imagine a…
The main port in Kenya, serving multiple countries in the area, experienced an 11.9% increase in container traffic in 2023. This growth reflects a rebound in trade and economic activities, according to the Kenya Ports Authority (KPA). The traffic at Mombasa Port serves as a barometer for economic activity in neighboring countries such as Uganda,…
The world’s largest asset management firm, BlackRock, has made a significant investment in the Nairobi Securities Exchange (NSE) after a four-year hiatus, marking a win for the Kenyan bourse as it emerges from its toughest year yet. Kamau Thugge, the Central Bank of Kenya (CBK) governor, shared in a recent meeting with bankers that he…
Moove, a mobility fintech company founded in 2020 by Ladi Delano and Jide Odunsi, has recently secured a significant investment of $100 million in its Series B funding round. This investment is led by Uber and includes participation from other notable financiers. About Moove Since its inception, Moove has expanded its operations into nine markets,…
