Author: Susan Mwenesi

The Co-operative Bank of Kenya has launched a mobile banking service M-Co-op that will make it possible for its clients to borrow loans based on their savings in the mobile wallet, borrowing history and number of transactions carried out via the platform. According to the Business Daily, the mobile-based platform will offer small loans, account opening, utility payments, funds transfer, airtime top-up and cash withdrawal services through mobile phones. The company has set its eyes on the new mobile service to grow earnings from transaction charges, as M-Co-op Cash will levy a one-off seven per cent fee for secured personal…

Samsung Electronics East Africa has partnered with the Technical University of Kenya to launch an air conditioning and refrigeration engineering academy at the institution in a move geared towards improving the level of skill-sets in the country’s engineering sector. The facility is an extension of the Samsung Engineering Academy that was set-up in 2012 at the Woodvale Centre in Westlands to address the technical and engineering skills shortage in Kenya and the rest of sub-Saharan Africa.  Samsung’s main goal is to develop 10,000 Electronics Engineers across Africa by 2015 by exposing them to the necessary vocational training. The academy will…

The Diaspora Mobile money transfer service from Rapid Communications’ is now in Uganda, Tanzania and Senegal only a month after it was unveiled in Kenya. Brought about through a partnership with Aftab Currency Exchange in the United Kingdom and Al Ghurair Exchange in the United Arabs Emirates, the service will enable Africans remit money to Kenya, Uganda, Tanzania and Senegal directly to their loved one’s mobile wallets in the relevant countries. Senders will visit the agent’s outlets in the UK and UAE and provide the details of the loved ones, their full names as they appear on the National Identification Card or Passport, mobile phone…

 The health sector is getting a shot in the arm by organizations forming partnerships to deal with the recurring problems in health as well as the upcoming ones a good example being Samsung East Africa which will give healthcare providers smartphones that will boost maternal health in Kenya. While speaking at a roundtable discussion organized by Amref Health Africa today, Samsung east Africa Chief Operations Officer Robert Ngeru said that the mobile phones will be used for tracking mother and child health while still in the womb all targeted at reducing maternal deaths. Together with the World Health Organisation (WHO)…

  Barclays Bank of Kenya has today announced a profit after tax of KES 4.2 Bn in H1 profits for the period ending June 30th which represents a 14% growth compared to the same period last year. The increase in profit margins can be attributed to a 20% growth in customer loans which rose from KES 107 Billion to KES 128 Bn. Speaking when making the announcement, Barclays Bank of Kenya Managing Director, Mr. Jeremy Awori said, “The banking industry is currently undergoing unprecedented disruption resultant from a highly dynamic market environment. We have therefore amplified our innovations agenda and augmented…

 Advertising spending is experiencing a shift as more business in the Middle East and Africa (MEA) region adopt this form of advertising that was previously seen as a preserve of large organizations with significant resources and large addressable markets. At the moment, consulting firm IDC is forecasting a 27% compound annual growth rate (CAGR) for spending in this area by MEA businesses between 2013 and 2018 and  the consulting firm’s latest research paper, New Media Market: Internet Advertising Spending in Middle East and Africa in 2013 and 2014–2018 Forecast, has attributed  this dynamism to rising Internet penetration and the growing…

 Three women have today been appointed to the Barclays bank board has ahead of its Half Year announcement tomorrow bringing to five the number of women sitting in the Barclays’ Board.  Making the announcement, the Chairman of the Board Mr. Francis Okomo-Okello noted that the appointments will enhance the mix of skills required by the Board to lead the business in achieving its strategic agenda. “We are greatly honoured that these three distinguished business leaders have agreed to join our Board. We believe that the sum total of their individual achievements and experience will enable us navigate the business through the…

A partnership between Rapid communication, Uk’s Aftab Currency Exchange and Al Ghurair from the United Arabs Emirates has resulted in the launch of ‘Cash to Account’ remittance service aimed at enabling Africans in the diaspora remit money directly to their loved ones. Additionally, the service provides a safe and convenient way of utilities and paying bills such as house rent and school fees directly to the landlord’s account or school account. This is a convenient way of Africans in the diaspora to pay their bills on time without having to go through numerous channels. The service will benefit people with…

CIC insurance can now begin operations in South Sudan after the government gave their approval. According to the Business Daily, the expansion will cost the firm Sh500 million, to be funded through internal cash reserves and proceeds of the upcoming bond issue. “We started our operations yesterday given we had already set up everything waiting for the approval. We have a workforce of four employees but the number is set to go up as we strengthen our numbers,” said Mr Nelson Kuria the insurance group’s Chief Executive Officer. CIC is the latest Kenyan company to enter the South Sudan market…

40 scholars in the Equity African Leaders Program (EALP) have received scholarships to study in world leading universities bringing the total number of EALP scholars studying abroad to 190 under this program. Rolled out in 1998, EALP is a rigorous internship-based leadership development program which aims to create a community of talented leaders who are capable of solving the world’s most pressing challenges. EALP provides benefiting scholars with paid internship opportunities and a college savings scheme to help finance their studies. EALP benefits the top performing boy and girl in the high school leaving/university entrance exams in Kenya in every…

The High Court in Kenya yesterday revoked the appointment of the six ICT Authority board members in case filed by the ICT Association of Kenya (ICTAK) setting the stage for more friction between the lobby group and ICT cabinet Secretary Dr. Fred Matiangi who appointed the members. In his ruling, High Court Judge George Odunga termed the appointment of Timothy Waema, Esther Kibere, Joseph Dena, Elijah Omwenga, David Mugo and Ugas Sheikh Mohamed as illegal, unprocedural and issue of partial invalidity did not arise. “To exclude the public from the exercise of statutory powers constitutes improper exercise of powers since…

East Africa will soon have a data sharing centre that will help to accelerate generation, analysis, management and archival of scientific data to support its development plans. The standard reports that the Centre will be based at Jomo Kenyatta University of Agriculture and Technology who will partner with the Chinese Academy of Sciences, Committee on Data for Science and Technology ( CODATA) and the United Nations. According to  ICT Cabinet Secretary, Dr. Fred. Matiang’I, the centre will facilitate creation of people-centric, inclusive, open and development oriented information society where people can create, access, utilise and share information and knowledge. “There…

Airtel and Kenya Airways have today penned an agreement that will introduce the national carrier as another Mobile Virtual Network Operator, (MVNO), opening another innovative chapter in the telecoms industry in Africa. In the agreement, Airtel will host Kenya Airways as a Mobile Virtual Network Operator, (MVNO) on its Kenyan Network. The MOU between the two companies was signed this morning by the Kenya Airways CEO and Managing Director, Dr. Titus Naikuni and the Airtel Africa CEO, Mr Christian de Faria, at the Kenya Airways Headquarters in Embakasi, Nairobi. Under the agreement Airtel will provide network infrastructure services to Kenya Airways, the leading African airline flying to more African destinations…

 Consumer goods manufacturer Unilever has announced a Sh15 million sponsorship for the Kenya NationalMusic Festivals which kick off yesterday (Monday August 4) in Mombasa. Under the theme “Nurturing Creative Talent for Prosperity”, the 10-dayfestival will be held at Mombasa’s Agha Khan Primary School and will bring together more than 150,000 participants and trainers drawn from Kindergarten, primary and secondary schools, teachers’ colleges, universities and other learning institutions under the Ministry of Education. Unilever CEO Marc Engel said Unilever had partnered with the Ministry of Education, Science and Technology in this event as title sponsors for the second year running. He…

PricewaterhouseCoopers (PwC) and Kommunication Ultimate – publishersof CIO East Africa – have partnered for the fifth edition of the annual CIO100 Awards set forNovember 20 – 21 in Nairobi.  The partnership will see PwC will provide technical support for the CIO100 survey as well as offer project management support while CIO East Africa will take charge of coordinating the application process and managing the awards as well as the two-day symposium in November. CIO100 identifies and awards organizations that have taken risks on emerging technology or deployed the tried-and-true in a new way; this could be an organisation that has built…

Kenya’s land ministry has asked National Housing Corporation (NHC) Managing Director WACHIRA NJUGUNA to step aside by the Lands Ministry to allow an audit by the ministry. Mr. Njuguna will be handing over his office tomorrow to an official seconded form the ministry, who will be acting managing director during the period of investigations. Mr Njuguna said, although he was surprised at the request by Lands Cabinet Secretary Charity Ngilu to step aside to allow for the investigations, he has utmost respect for the CS and would fully comply and cooperate with the investigators and the Ministry. He expressed confidence…

Kenya’s electricity and generation and supply company Kenya Power has signed a tripartite agreement with Rapid Communications Limited and Jamii Bora Bank that will see use of technological solution to connect potential customers to the national grid. Rapid Communications Limited, a mobile telecommunications solution provider, will provide a mobile application platform to aid in loan application and processing. The agreement which was signed today at Villa Rosa Kempinski, obligates them to process loan applications from Kenyans seeking to obtain power connection from KPLCunder a loan facility  dubbed   “Stima  Bora  Loan”. Upon  approval  of  loan  applications,  JBBL will  issue confirmation  letters to KPLC for the connection process to commence. Speaking at  the signing  ceremony, JBBL…

Banking solutions provider Equity Bank group with has recorded a 21% growth in profit before tax in the first half of the year 2014. Profit before tax increased to Kshs.10.8 billion up from Ksh. 8.9 billion recorded for the same period last year. Profit after tax also increased by 21% to Kshs.7.6 billion. During the period under review, the Bank grew its total Assets by 16% to a record Kshs.303 billion up from Kshs.262 billion as at 30th June 2013. The Bank’s net loan book increased by 24% to Kshs.187 billion up from Kshs.151 billion while customer deposits increased by…

Airtel Africa, has signed an agreement with the East African Business Summit (EABS) to be a partner in the upcoming regional summit slated for October in Rwanda. Through Airtel Money, the company will be one of the partners of the two-day summit, scheduled to take place on October 16 and October 17, 2014 in Kigali, Rwanda. Held bi-annually, the Summit brings together the region’s top business minds from Kenya, Rwanda, Tanzania Burundi and Uganda, to engage with thought-leaders, policy makers, practitioners and development actors with a view to find and influence the implementation of solutions that create growth of the East Africa…

Seth Odongo alias Dikembe Disembe, a blogger has today been released by a Kenyan court on a Ksh. 500, 000 cash bail after his lawyer James Orengo argued that the initial cash bail set last Friday at Ksh 2 million was too high and prohibitive to civil liberties. Also reduced was the bond which Principal Magistrate Hellen Ndung’u had reduced to Ksh. 2million all the way from Ksh. 5million as Orengo assured the court that the blogger will not run away as he was still a student at the Kenyatta University not to mention that he was the one that…

Family bank has made the switch to chip-and-pin payment cards as part of an ongoing to adhere to regulations in the banking sector targeted at reducing fraud. To be branded by Visa, the Chip-and-pin cards, also known as Europay MasterCard Visa (EMV) cards are more secure unlike the magnetic strip payment cards which are vulnerable to security breaches. “The card makes payments safe and easy at no extra charge. These cards are also usable globally wherever our customers travel,” Family Bank Chief Executive Officer Peter Munyiri said. Local banks were supposed to make the move from magnetic strip cards by…

” Anonymous Kenya FUCK YOU GOVERNMENT!William Samoei Ruto (@WilliamsRuto) ,” read one of the offensive tweets. Kenya’s Deputy President William Ruto’s Twitter account has been hacked and as usual the Anonymous group has taken responsibility for the act. About 30 minutes after the first tweet by the group on his wall, more continue to stream in and as usual with colorful language decrying the system and also listing other hacked accounts among them that of the Integrated Financial Management Information System (IFMIS), Western.go.ke as well as the Immigration and Registration of persons. The Kenya Defense Forces account recently suffered the…

After the recent debacle of the hacking of the Kenya Defense Forces twitter account and that of Spokesman Emmanuel Chirchir, a meeting between top security officials and Ministry of ICT has resolved to have all government –owned websites hosted locally to curb incidents of cyber attacks. According to the Daily Nation, the meeting which was held at the Communication Authority of Kenya (CAK) and which was attended by ICT principal secretary Joseph Tiampati, representatives of the National Intelligence Service, Kenya Defence Forces, CID, CAK director-general Francis Wangusi and ICT Authority chief executive also discussed safety preparedness of the government to…

Reports on the performance of the Kenyan shilling is set to go electronic courtesy of Thomson Reuters a global provider of financial information. The Daily Nation reports that the organisation will operate currency benchmarks for the unit, the Ghanaian cedi and the Zambian kwacha, beginning a process that will see the benchmarks move from a manual telephone-based system to an automated analysis, ensuring integrity and transparency of the rates. The firm will provide the information through its subsidiary Thomson Reuters Benchmark Services Limited to enable local and international investors track performance of currencies of respective countries given increasing investor interest…

Online peer to peer banking service Lendico has attracted US$285 m (R 3 billion) globally) I demads for loans all over the world. The site which is also available in Europe (Poland Austria, Germany and spain), launched in South Africa less than three months ago. Lendico, counts more than 50,000 registered users and has received credit enquiries worth over 3 billion rand. With this strong demand, the Lendico team is growing and now comprises around 150 experts from the fields of finance, risk assessment and underwriting across two continents. Lendico works by connecting borrowers and lenders to allow both sides…

Election authorities drawn from several Africa countries are meeting in Accra Ghana under the Association of Africa Election Authorities (AAEA) to share experiences of member countries on the use of biometric technology in election management the Africa Elections Project has reported. Also to be discussed is the sustainability of of biometric technology in elections in Africa. From the meeting it has emerged that biometric technology alone cannot address the challenges of any electoral system. The Chairman of the Electoral Commission (EC), Dr Kwadwo Afari-Gyan, says machines could not undertake certain functions during election activities, such as the detection of minors…

The automation of multiple platforms at the Nairobi Securities Exchange(NSE) is making it possible for market savvy investors in Kenya to trade shares directly from an online trading platform such as top binary options brokers without having to engage a stockbroker. Additionally, the online platform gives clients real time access to transactional statements, portfolio valuation contract notes and order status tracking According to the Standard, automation of these platforms links the bourse to back office systems at the office of the stockbrokers as well as the Central Depository and Settlement Corporation ( CDSC). “One has to be one of our…

African call centres have now joined the mobile bandwagon and with the aid of tools such as as speech recognition and voice commands, call centres have evolved and transcended beyond ordinary telephone calls to mobile. “As we have evolved to become a customer direction centre, we’ve moved from telephone calls into SMS text messaging. We’ve taken on the email and social media channel and for customer interaction,” said Rod Jones, contact centre consultant while speaking in Lagos, Nigeria ahead of an Interactive Intelligence-sponsored masterclass for stakeholders. “Call centres are helping African governments to provide efficient and effective services to citizens”,…

Equity Bank Group, has stepped up efforts to enhance its card business and related payment processing servicesin an ongoing process geared at setting the pace for the full scale rollout of the Equity 3.0 strategy aimed at facilitating a cash lite economy in East Africa, Equity Bank has now confirmed its partnership with some of the world’s leading merchant business and payment processing firms. The Bank which reported a 58% growth on its payment processing and merchant business last year has managed to seal what is arguably sub-Sahara Africa’s widest network of best in class payment channel services and card…

MTN has entered into a partnership with KCB, RSwitch and I&M that will see customers transfer money between their Mobile Money and KCB accounts and withdraw money from their Mobile Money wallets using I&M ATMs and other RSwitch connected ATMs, without the use of a bank card. Norman Munyampundu, general manager of MTN Business said: “MTN is constantly finding new ways of delighting customers through our digital strategy. These services are truly unique as they cater to both the banked and the unbanked population of the entire country.” “Being able to access your Mobile Money through ATMs or bank integration…