Safaricom is looking to leverage the integration of social media and mobile money with e-commerce to increase its market share. The telco recently launched its own e-commerce platform, Masoko, which also features the M-Pesa mobile money service as the main payment method. Safaricom has also integrated with local banks enabling users to transact using the […]
East African Community partner states have agreed to close down multiple bank accounts operated by their ministries, departments and agencies and keep their revenues in a single account each as part of efforts to increase transparency and accountability in the use of public funds. The partner states agreed on the Treasury Single Account (TSA) to […]
Kenya’s Capital Markets Authority has put on a watchlist a number of listed companies that are facing liquidity and corporate governance issues, with the possibility of suspending and eventually delisting them from trading. The EastAfrican has learnt that at least eight firms listed on the Nairobi Securities Exchange are facing liquidity and corporate governance challenges […]
The CEO, Barclays Kenya, Jeremy Awori, is confident that cash payments are going to be a thing of the past. We are quickly moving towards a cashless society, thanks to MPESA and other innovations like crypto payments that are enabling this shift. Jeremy Awori, CEO, Barclays Bank of Kenya, was a guest speaker, together with […]
Bank customers planning to withdraw or deposit Sh10 million and above in cash will now be required to give a three-days’ notice and get clearance from branch managers. The new tough rules announced Monday by industry lobby, the Kenya Bankers Association (KBA), are aimed at sealing loopholes for money laundering and financing of terror. The […]
This will be the fourth time the Finnish firm is investing with Cytonn Investments having already committed over Sh3 billion towards projects and investments and having already successfully exited from two other investments, namely Amara Ridge in Karen and The Alma in Ruaka/FILE This will be the fourth time the Finnish firm is investing with […]
Kenyan bankers and fund managers have warned a proposed “Robin Hood” tax on many transactions will threaten the future of the country’s economy. According to the Financial Times , the finance bill includes a 0.05 percent excise duty on “money transferred by banks, money transfer agencies and other financial service providers” in amounts of more […]
The pressure to scrap the law has been mounting for a while with banks leading the assault. Analysts believe it is only a matter of time before it is done away with. However, while the law still holds, SMEs are facing tough times getting credit as they are considered too risky by lenders. One of […]
Kampala- Drug maker CIPLA-Quality Chemicals Industries plans to list on the Uganda Securities Exchange in the next four months, The East African reports. This will end the six-year initial public offering (IPO) drought at the USE. The exchange last had an IPO in 2012 when Umeme floated shares. Telecommunications giant MTN is also exploring ways […]
Wealthy Tanzanian citizens and firms have invested more than Ksh5 billion ($50 million) in Kenya over the past two years, reversing the predominant one-way flow of capital between Nairobi and Dar es Salaam. The cross-border investors have made their bets in Kenya’s stock market, consumer goods, petroleum and financial services sectors. The latest entrant is […]
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