A chama, derived from the Kiswahili word for “group,” is a self-help initiative that operates on the principles of collective saving and investment. These informal cooperatives have become a powerful financial tool, empowering individuals and communities across Kenya. With origins tracing back to the 1960s, chamas have evolved significantly, transitioning from simple savings groups into…
Mobile money, a cornerstone of Kenya’s financial landscape, has seen a sharp decline in transactions, dropping by 14.5%. This marks a significant shift in a sector that has long been heralded as a driver of financial inclusion and economic growth. The downturn, coupled with government plans to trace transactions, signals both challenges and opportunities for…
Nairobi, Kenya: Kenya Commercial Bank (KCB) Group, East Africa’s banking giant, has announced a net profit of KSh 45.8 billion for the first nine months of 2024, reflecting a 21.4% year-on-year increase. This growth comes amid economic headwinds, highlighting the resilience of KCB’s diversified business model and its strategic focus on digital transformation and regional…
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…
In today’s fast-changing economy, Micro, Small, and Medium Enterprises (MSMEs) are the backbone of many developing nations, including Kenya. They provide employment, stimulate innovation, and drive local economies. However, scaling up remains a challenge for many MSMEs due to financial constraints, limited access to markets, and operational inefficiencies. One solution gaining traction is digital payment…
