Can mobile loans help break the cycle of poverty in east Africa?

Can mobile loans help break the cycle of poverty in east Africa?

Millions of people who were previously excluded from now have access to micro credit via smartphone apps. Owning a smartphone has changed Phylista Wambua’s life. The 50-year-old mother-of-two sells fresh fruits and vegetables in downtown Nairobi. With her phone she can access mobile loans via smartphone apps, which have significantly increased her income. “In January […]

Equity inks Sh300m deal to finance small-scale farmers

Equity inks $2.8m deal to finance small-scale farmers

Equity Bank and the Ministry of Agriculture have signed a Sh300 million agreement to finance farmers under phase two of the Agricultural Credit Guarantee Scheme (ACGS), in which the government provides collateral. The partnership is a risk-sharing arrangement where the government provides a guarantee fund to cushion the participating financial institutions from any proven loss […]

Britain probes BAT for bribing officials

Britain probes BAT for bribing officials

British American Tobacco is being investigated for bribing Kenyan officials, including two candidates in Tuesday’s elections. The company said UK authorities were investigating reports that it stifled anti-smoking laws and illegally acquired its rivals’ trade secrets. A whistleblower alleged that Senator Moses Wetangula and gubernatorial candidate Martha Karua were some of the beneficiaries, claiming that […]

Kenya’s Equity Bank removes ATMs in shift towards mobile banking

Kenya’s Equity Bank removes ATMs in shift towards mobile banking

Kenya’s Equity Bank has started closing some of its automated teller machines (ATMs) as the lender shifts customers to alternative channels in a fresh cost-cutting strategy. Equity, Kenya’s biggest bank by customer numbers, has so far closed 11 ATM lobbies, each of which had multiple cash dispensing machines. One in every five ATMs in Kenya […]