Author: Kaluka wanjala

eFinance Investment Group and Cassava Technologies have signed an agreement to explore and identify opportunities for collaboration and joint expansion across Africa. The signing ceremony took place during the 28th Cairo ICT Exhibition and Conference, held under the auspices of President Abdel Fattah El-Sisi. eFinance Investment Group and Cassava Technologies plan to leverage each other’s respective strengths and experience. Cassava Technologies will bring its extensive African footprint, infrastructure, and continental experience, whilst eFinance will bring its strong market presence and reputation as Egypt’s foremost leader in digital transformation. This collaboration aims to introduce innovations to the Egyptian market, drawing on…

Africa Tech Summit Nairobi has announced that Raenest will be the headline sponsor for the second consecutive year in 2025. The seventh edition of Africa Tech Summit Nairobi, powered by Raenest, will take place on February 12th & 13th, 2025, at the Sarit Expo Centre. Now the largest tech event in the region, the B2B Summit, exhibition, and awards will connect over 2000 industry leaders, corporates, investors and international delegations. Raenest continues to redefine global financial management for African businesses and freelancers, providing innovative solutions that simplify cross-border transactions. Through its flagship platform, Geegpay, African professionals can easily open virtual USD, GBP, and EUR bank…

EFG Hermes has announced that its investment banking division had completed an advisory for an EGP 370 million working capital facility for Sylndr, Egypt’s leading online used cars player. The innovative structure of this transaction stands as Egypt’s first asset-backed working capital solution tailored specifically to the unique dynamics of Sylndr’s business model. This milestone highlights the commitment of Egypt’s banking sector to empowering startups and SMEs with creative, scalable financial solutions. Sylndr is leveraging this financing facility to support its ambitious growth strategy and enhance its operational efficiency and scalability while solidifying its commitment to revolutionising Egypt’s automotive industry.…

NCBA has posted a profit after tax of KES 15.1 billion in its Q3 2024 financial results which is a 3% increase compared to KES 14.6 billion reported during a similar period in 2023. Key Highlights Commenting on the results, NCBA Group Managing Director, John Gachora remarked, “We are pleased to announce continued strong performance in the third quarter of 2024. The underlying trends of our P&L remained solid against an exceedingly volatile operating environment which has impacted our cost of funding and put pressure on our Net Interest Income. However our fee based revenue continues to grow reflecting the…

 Check Point has announced the new Check Point Quantum Firewall Software R82 (R82) and additional innovations for the Infinity Platform. As organisations face a 75% surge in cyber-attacks worldwide, R82 delivers new AI-powered engines to prevent against zero-day threats including phishing, malware, and domain name system (DNS) exploits. It also includes new architectural changes and innovations that drive DevOps agility for data center operations as well as simplicity and scale. “Threats are continuing to multiply exponentially, and organisations need intelligent solutions that can keep them a step ahead,” said Nataly Kremer, Chief Product Officer at Check Point Software Technologies. “Network security is increasingly strategic. Our…

Consumers are bracing for the peak shopping season with the December holidays on the horizon. The thought of long queues and crowded malls may put shoppers off, but more consumers are opting to shop online. E-commerce is becoming increasingly popular in Kenya. New data from Aleph Group, a leader in the digital and technology fields, reveals new insights and changes in Kenyan consumer trends, with the numbers pointing to solid growth in the online shopping industry. ‘Social media and e-commerce have reshaped Kenyan consumer behaviour, notably during peak shopping seasons,” said Rachel Karanu, Client Partner Lead for East Africa, Aleph Group. “Online…

Airtel Money Kenya has signed a partnership with Naivas Supermarket that will allow Airtel Money customers to deposit and withdraw cash across Naivas branches countrywide. The deal is part of Airtel Money’s proactive strategy to expand its agent footprint and get closer to the customer.  Speaking during the signing ceremony, Airtel Money Managing Director, Ms. Anne Kinuthia-Otieno said the partnership, will significantly bolster their ongoing efforts to enhance access to financial services for their customers through their Mobile Money platform. “Today marks a significant milestone for us, as we join hands with Naivas Supermarket to bring enhanced convenience to our…

The Capital Markets Authority (CMA) has announced the approval of Safaricom’s Ziidi Money market Fund. The regulator announced that today saying  Ziidi Money Market Fund has been approved as a Collective Investment Scheme (CIS).  The fund will be accessible through the M-Pesa platform and will be competing with the existing Money Market Funds (MMFs) offered by most of the leading financial institutions in kenya. Safaricom already has the Mali product which is also considered to be a Money Market Fund. It will be interesting to see how the two products will co-exist. For Ziidi Money Market Fund, Safaricom has partnered…

Kenyan ISP, Mawingu, has announced that it is expanding to Tanzania with the acquisition of Habari, an Arusha-based ISP with operations across 7 regions in Tanzania. Mawingu has raised KSh 1.9 Billion ($15 million) of debt and equity financing to enable this expansion into East Africa. This is in addition to the Ksh 1.12 billion the ISP received back in 2023. Habari has been in operation for over 25 years delivering Internet and ICT solutions to rural households and businesses across Tanzania. Through this acquisition, Mawingu will be able to accelerate the availability of its service in areas that have…

Family Bank Group’s Profit Before Tax for the nine months of 2024 grew by 8 per cent to KES 3.26 billion, up from KES 3.02 billion in the same period last year. This growth was driven by a significant increase in income across various revenue streams. Total interest income surged by 29% to KES 14.6 billion, buoyed by a 20% rise in income from loans and advances, which reached KES 10.6 billion. The loan book expanded by 11.3% to KES 94.2 billion. Our investments in government securities yielded more with a resultant 65% jump in interest income attributable to higher…