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Category: BUSINESS

  • MFS Africa partners Access Bank to enable outward remittances from Kenya and Nigeria

    MFS Africa partners Access Bank to enable outward remittances from Kenya and Nigeria

    MFS Africa, the largest digital payments network in Africa, operating in over 35 African countries, has partnered with Access Bank, Nigeria’s largest bank which operates across 17 markets, to expand AccessAfrica remittance corridors.

    AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.

    The partnership will provide simplified transfers for AccessAfrica customers, enabling real-time, cost-effective cross-border payments for individuals and businesses who want to send financial support to their families abroad or facilitate trade transactions. AccessAfrica customers will also be able to receive payments from all over the world through MFS Africa partners.

    Commenting on the partnership with MFS Africa, Senior Banking Advisor, Retail, Access Bank, Robert Giles said, “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries we can send instant payments through Access Africa to. Our partnership with MFS Africa and access to hundreds of millions of people in the new markets will help our customers pay and be paid, facilitating greater economic inclusion through trade as well as helping families across borders. Critically this propels us closer towards being ‘Africa’s gateway to the world’ and democratizing access to payments through affordable, safe and reliable platforms.

    “The partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent, ultimately fostering financial inclusion. Through this partnership we’ll be expanding Access instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks across over 35 African countries, enabling thousands of people and businesses throughout the continent to receive payments in real time from Nigeria, and improving convenience for and facilitating trade with the neighbouring countries and beyond. Uplifting the African continent through sustainable and accessible financial services has always been at the center of what we do at MFS Africa. Partnering with Access Bank, who shares this ethos, made complete sense,” says Dare Okoudjou, CEO at MFS Africa.

    According to the International Fund for Agricultural Development, IFAD, migrant workers sent over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, majority of whom live in rural areas. Through accessing MFS Africa’s hub, Access Bank will be able to send remittances and payments to MFS Africa’s footprint of over 400 million mobile money wallets, and over 200 million bank accounts across more than 35 African markets.

  • Huawei Reports Kshs 500 Billion Net Profit

    Huawei Reports Kshs 500 Billion Net Profit

    Huawei released its 2022 Annual Report in which the company reported steady operations throughout 2022, having generated Ksh 9.3 trillion (USD 93 billion) in revenue and Kshs 500 billion (USD 5 billion) in net profits.

    Huawei continued to strengthen investment in R&D, with an annual expenditure of Kshs 230 billion (USD 23 billion) in 2022, representing 25.1% of the company’s annual revenue and bringing its total R&D expenditure over the past 10 years to more than Kshs 14 trillion (USD141.5 billion).

    “In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations”, said Eric Xu, Huawei’s Rotating Chairman, at the company’s annual report press conference. “In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development,” he added.

    Also present at the event was Sabrina Meng, Huawei’s CFO. She noted, “Despite substantial pressure in 2022, our overall business results were in line with forecast. At the end of 2022, our liability ratio was 58.9% and our net cash balance was Ksh.2.5 trillion (USD 25 billion). In addition, our balance of total assets reached one trillion yuan, largely composed of current assets such as cash, short-term investments, and operating assets. Our financial position remains solid, with strong resilience and flexibility. In 2022, our total R&D spend was Ksh 2.3 trillion (USD 23 billion), representing 25.1% of our total revenue – among the highest in Huawei’s history. In times of pressure, we press on – with confidence.”

    In 2022, revenue from Huawei’s carrier, enterprise, and consumer businesses was Ksh 4.1 trillion (USD 41 billion), Ksh 1.9 trillion (USD19.3 billion), and Ksh 3.1 trillion (USD 31 billion), respectively.

    Huawei is a strong proponent of growing together with its ecosystem partners, and believes that openness and collaboration leads to shared success. The company has continued to open up its platform capabilities across its HarmonyOS, Kunpeng, Ascend, and cloud portfolios, focusing on improving developer experience as well as enabling and supporting its ecosystem partners on all fronts. Huawei currently works with more than 9 million developers and over 40,000 ecosystem partners to fuel ecosystem-based innovation and create greater value for its customers.

    “2023 will be crucial to Huawei’s sustainable survival and development,” Xu noted. “Plum blossoms tend to grow sweeter from a harsh winter’s freeze. Today, Huawei is like a plum blossom. While it’s true that we have considerable pressure ahead of us, we have what it takes to come out the other end – with opportunities to grow, a resilient business portfolio, a unique competitive edge, the enduring trust of our customers and partners, and the courage to invest heavily in R&D. We are confident in our ability to rise above any challenge that comes our way, laying a solid foundation for sustainable survival and development.”

    All financial statements in the 2022 Annual Report were independently audited by KPMG, an international Big Four accounting firm. To download the 2022 Annual Report, please visit https://www.huawei.com/en/annual-report/2022

    Note: The 2022 closing exchange rate is US$1.00 = CNY6.9533

  • Online Safety: Fund seeks applicants for grant awards

    Online Safety: Fund seeks applicants for grant awards

    Impact Amplifier (IA) has sent out a call for applications ( https://www.impactamplifier.co.za/africa-online-safety-fund) for the award of grants under its $1,000,000 Africa Online Safety Fund (AOSF). This project is made possible with the support of Google.org.

    Africa’s internet access has increased dramatically over the last 10 years with over 520 million people, or 40% of the population, now with access to the web. This has opened up many new opportunities for socioeconomic development, including the potential for the internet economy to contribute nearly $180 billion to Africa’s economy by 2025.

    However, this rapid growth has also brought new challenges, including privacy and security concerns, bullying and harassment, hate crimes, fake news, political targeting and manipulation, terrorist recruitment and promotion, and financial scams. The COVID-19 pandemic has only made these issues worse, with a 30% increase in cyberattacks.

    To address these issues, the Africa Online Safety Fund, with financial support from Google.org, has been established to finance innovative existing and new solutions to these challenges.

    The Fund will be awarding grants to organizations throughout Africa, but will be focused on four primary countries, Kenya, Ghana, Nigeria, and South Africa, that address one or more of the safety issues the internet facilitates.

    There are three categories of funding: Transformative, Maturing, and Catalytic. The Transformative projects are intended to be larger in scale, reach multiple geographies and/ or potentially large numbers of beneficiaries, and be scalable as a solution. The Maturing projects are intended to test ideas at a larger scale, try new ideas within existing projects, and reach new audiences. The Catalytic projects are intended to be smaller, targeted, and potentially only locally or culturally specific.

    Transformative projects will attract a maximum grant of $50,000, Maturing projects up to $25,000, and Catalytic projects $10,000.

    Applications opened on 1 March and will be received until 30 April 2023. The shortlisted applicants will be announced by 31 May and taken through the second stage of the application process. The finalists will be known by 15 July 2023.

    This is the second call for applications for AOSF, the first one having been last year. In the first set of awards, a total of 26 organizations received grants through the program. The successful applicants in that first cohort came from a wide range of countries – including the Ivory Coast, Uganda, South Africa, Nigeria, Ethiopia, Kenya, and Tanzania.

  • The family bank reports kes.3.7 billion profit before tax for the full year ended 2022

    The family bank reports kes.3.7 billion profit before tax for the full year ended 2022

    Family Bank Group has recorded a KES 3.7 billion Profit Before Tax for the full year ended 31 December 2022, a 12.2 % growth compared to KES 3.3 billion posted in 2021.

    The revenue growth was catapulted by double-digit growth in revenues, customer loans, and prudent investment decisions by the Bank.

    Total revenues increased by 10.6% to KES 11.9 billion driven by 10.7% growth in net interest income that stood at KES 8.6 billion in the period under review largely as a result of exponential growth in interest income from loans and that of government securities which grew by 19.2% and 29.9% respectively in the period under review.

    Customer loans grew by 21.6 % to close at KES 81.4 billion while net interest income increased by 10.7% to KES 8.6 billion. On the balance sheet side, total assets expanded by 15% from KES 111.7 billion to close at KES 128.5 billion in 2022. Non-funded income grew by 10.6% to KES 3.4 billion, an affirmation that our diversification strategy continues to pay off.

    “In 2022, we focused on diversification of product offerings through the financing of second-hand importation and innovative finance for MSMEs in the water and sanitation sector. Through our fundraising partners, having raised over USD 56 million, we have been able to increase our lending to various MSMEs as well as climate-friendly investments and women-led businesses in the education, health, agriculture, energy, and manufacturing sectors. This is evidenced by the growth of our revenues, amidst the complex operating environment with the General Elections, drought, impact of the Ukraine-Russia War, and post-pandemic recovery,” said Family Bank CEO Rebecca Mbithi.

    “We are confident of our performance in 2023 having put in place an aggressive strategy that prioritizes heavy investment in digital banking and rolls out of agri-finance products as we seek to strengthen our balance sheet through the adoption of additional core capital and long-term debt while driving operational efficiencies across our businesses,” added Ms. Mbithi.

    In 2022, customer deposits grew by 8.5% to close at KES. 88.9 billion compared to KES 81.9 billion recorded in a similar period in 2021. Staff costs grew by 33% due to the Group’s investment in training staff and attracting top-notch talent to support its aggressive strategy and to deliver exceptional service to the customers.

    There was a significant reduction in the Group’s loan loss provisions by 35.6% to settle at KES. 495.1 million against KES. 768.1 billion recorded in 2021. Net non-performing loans increased by 18.4% to close at KES 5.6 billion in 2022 compared to KES 4.8 billion in 2021.

    The Bank has declared a total dividend of KES 0.62 per share. Shareholders’ funds grew by 3.3% to close at KES 16.1 billion. The Group’s Profit After Tax for 2022 stood at KES 2.2 billion. The Bank’s capital and liquidity ratios remain strong, adequately above the regulatory requirement.

    Recently, the Bank acquired a KES 3.9 billion (USD 30 million) lending facility for trade & Small and Medium Enterprises (SME) from the African Development Bank Group (AFDB) to promote onward lending to SMEs in health, renewable energy, and agriculture and reduce the SME finance gap, especially for women-led businesses.

    About Family Bank

    Family Bank is a financial institution that prides itself in growing a strong retail customer base with a key focus on SME banking anchored on the positive transformation of people’s lives in Africa. Family Bank is the fifth-largest bank in Kenya, as of Dec 2020, in terms of branch network with 93 branches across 32 counties. The Bank has over 600,000 customers, 4,800 bank agents, and over 8,000 merchants countrywide with total assets exceeding KES 128 billion and a deposit base in excess of KES 88 billion.

    Family Bank prides itself in being a digitally innovative bank having been the first bank to introduce paperless banking through smart card technology and mobile banking, PesaPap, in Kenya and the first to launch mVisa service in Africa.

    In 2021 Family Bank received two awards; Financial Communication Campaign of the Year and Overall Public Relations Campaign of the Year at the 2021 Public Relations Society of Kenya Annual Awards for Excellence for the Corporate Bond Campaign where the Bank raised KES 4.42 billion via public placement marking a subscription of 147.3%. In 2022, Family Bank was voted as the overall second-best bank and best tier-two bank in customer responsiveness and digital banking experience in a survey conducted by the Kenya Bankers Association.

    Other awards include Bank of the year 2022, for high-impact agricultural SME lending by ACELI Africa; Best SME Bank in Kenya at the annual Banker Africa Awards 2017 East Africa –an award initiative for financial institutions in Africa; Think Business Fastest Growing Bank Award three years in a row between 2013 and 2015; and the Think Business Best Bank in Micro-Finance Award, 1st Runner-up in 2013 and 2014. For more information about Family Bank, please visit: www.familybank.co.ke

  • Njeri wa Uji: Money Tastes Good, Reaping Huge Profits from Vending Porridge on Thika Road

    Njeri wa Uji: Money Tastes Good, Reaping Huge Profits from Vending Porridge on Thika Road

    The popular business lady whose fame spread like bushfire who is fondly referred to as Njeri Wa Uji has taken a moment to share with us her thoughts on the importance of hard work.

    Njeri Wa Uji pioneered the naturally derived porridge from carefully selected natural ingredients that leave her customers smiling and yearning for more. Her Uji is tasty and laden with health-promoting benefits.

    Njeri Wa Uji took a leap into the unknown in 2016 when she started vending porridge in Githurai 44, and now, seven years later, she is a proud employer of 26 workers who work in her three Uji business branches along Thika Road.

    “Money tastes so good when you work for it, amkeni tuka hustle,” Njeri said.

    Njeri Wa Uji does deliver through Glovo
    At Sasanews.co.ke, we wish her success and God’s blessings in all her work.

  • Pensions Industry Stakeholders Converge in Nakuru to Explore ways of Recreating Sustainable Retirement

    Pensions Industry Stakeholders Converge in Nakuru to Explore ways of Recreating Sustainable Retirement

    Octagon Africa, a leading regional financial services provider, has lined up a three-day conference on fostering sustainable pensions. The conference is scheduled to take place from 4th to 6th April 2023 at the Sarova Woodlands Hotel, Nakuru

    Themed “Recreating Sustainable Retirement – Adequacy & Security of Pension Funds”, the conference will bring together leading experts, pension fund managers, regulators, trustees, employers, policymakers, and other stakeholders in the pensions industry to discuss the current state of pensions management in Kenya, the challenges facing pension fund management, and explore innovative solutions for ensuring a sustainable retirement for all.

    Speaking ahead of the conference, Octagon Africa Group CEO Fred Waswa said the forum is essential as it will bring together experts and stakeholders in the pensions industry to discuss the challenges facing pension fund management in Kenya and find solutions that will ensure that retirees have adequate and secure retirement benefits.

    “We are excited to bring together stakeholders from across the pensions industry to share ideas, experiences, and insights on creating sustainable retirement solutions,” says Mr. Waswa. “We believe that by working together, we can create a future where retirement is a time of joy and fulfillment for all.”

    The event will feature keynote addresses from industry experts, panel discussions, and breakout sessions covering topics such as Social Security & coverage – Realignment of pension schemes to the NSSF Act 2013, the role of pension schemes in socioeconomic development, Structuring Investment mandates to optimize returns, and Risk mitigation strategies for sustainability & adequacy.

    Participants will have the opportunity to engage with peers, learn from experts, and share best practices for achieving sustainable retirement. Some confirmed speakers include Chief Investment Officer Co-Optrust Investment services George Gikunju, Octagon Pension Services Chief Actuary & Actuarial Society of Kenya Chairman Sahib Khosla, Pension Investment Consultant Mercy Gakii Muthuuri, FSD Africa Senior Manager, Risk Regulations Elias Omondi, CIC Life Assurance Head of Retirement Benefits & Corporate Sales Vincent Ochoi, and Centre for Corporate Governance Programme Coordinator Education & Training Ernest Najoli.

    According to the International Labour Organization, pension coverage remains low in Africa with only 9.6% active contributors from the working-age population (15-65 years).

    “At Octagon Africa, we are committed to changing this narrative by creating sustainable retirement solutions that ensure financial security and peace of mind for all,” Octagon Africa General Manager Marketing, Business, and Product Development Davis Ongiro said.

  • Quickmart Kenya Opens It’s 57th branch and 23rd 24/7 retailer in Basic Kileleshwa

    Quickmart Kenya Opens It’s 57th branch and 23rd 24/7 retailer in Basic Kileleshwa

    Quickmart Supermarket has again done its 57th Grand launch of Quickmart Kileleshwa’s 24/7 supermarket, Quickmart Kileleshwa, dubbed to have no shortage of MVPs.
    Maina Kageni was at the ground during the grand launch bringing joy to the Kileleshwa branch with gift hampers for all shoppers.
    The top management has urged residents along Kileleshwa to come out in large numbers and enjoy these and more great offers. It has also extended its exclusive offers to Quickmart Thome and Kiambu Road.
    The smart retailer is currently encouraging customers to embrace its services through Hashtags;
    Betty Wamaitha, the Head of Marketing confirmed that it’s a 23rd 24/7 hour store to be opened to explore it to greater heights.
    Customers have also expressed their happiness and said it’s the best place as it has a good ambiance and a free 24-hour parking area for customers.
    Wamaitha has however confirmed that Quickmart retailers also produce fresh products and also ready-made foods all produced within their premises. Betty says that Quickmart Kileleshwa It’s the first retailer set up in this busy area serving 24/7 hours all the time.
    The retailer now has a Wide variety of products offered in Quickmart supermart across the country and the management has confirmed opening more retailers across the nation.
    Sasanews.co.ke wishes Quickmart Supermarket success all the time.
  • George’s Basket NEVER Runs Dry, Optiven runs big

    George’s Basket NEVER Runs Dry, Optiven runs big

    Sasanews.co.ke is bold and authoritative in reporting that the basket of goodies of one George Wachiuri, who is the founder and Chief Executive Officer of Optiven Group, never runs dry.

    Whenever George dips his hand in the basket, he fishes out something hot and juicy.

    Today, he is serving us the delicacy of Kithimani Springs.

    “JAZA BASI TWENDE KITHIMANI NA OPTIVEN

    Are you looking to invest in a prime property? Kithimani Springs by Optiven is the ideal spot with its strategic location right on tarmac and proximity to developed amenities.

    Location is everything when it comes to securing your financial future. That’s why Optiven is thrilled to invite you to our upcoming event, “JAZA BASI TWENDE KITHIMANI,” where you can see the project and the ongoing progress here.

    Join us this Saturday, April 1st, 2023, for an exclusive site visit and make a wise investment decision that will positively impact your future.

    Don’t miss out on this incredible opportunity! Register now at the link:https://forms.gle/nTdVSwLuyyy8JzG37

  • Government Keen To Reduce Post Harvest Losses

    Government Keen To Reduce Post Harvest Losses

    Cabinet Secretary Agriculture Hon. Mithika Linturi sharing a word with Nyandarua Governor Dr. Kiarie Badilisha.

    40% of food wastage in Kenya is caused by post harvest losses. CS Mithika Linturi held a consultative meeting with H.E Governor Dr. Moses Badilisha Kiarie of Nyandarua County.

    The two levels of government are working together in operationalizing the cold storage facilities that MSEA constructed in the county.

    To reduce milk loss, 35 coolers will be delivered to the county as per the President’s directive.

    They explored additional ways to partner with the county in establishing an agro-processing horticultural plant in Kinangop.

    Further, they discussed the progress of subsidized fertilizer distribution in Nyandarua. The CS mentioned that supplies have been dispatched to Nyahururu, Ol Kalou and Kipipiri.

    He urged NCPB to expedite the process and encouraged farmers to take advantage of this opportunity.

  • CRA Recommends Special Account for Deposit of Equalization Funds

    CRA Recommends Special Account for Deposit of Equalization Funds

    The Commission on Revenue Allocation (CRA) is seeking the establishment of a special account where appropriated monies of the equalization funds will be deposited before being distributed to respective county governments.

    The Commission today submitted its views on the Equalization Fund Appropriation Bill, 2023, to the Senate Committee on Finance and Budget.

    CRA Calls for Specific Account to Hold Funds

    CRA Vice Chairperson Koitamet Olekina noted that the Bill needed to specify where the funds would be deposited as there was no indication as to where the amounts would be paid.

    “There is need to amend the clause by inserting 34 Special Purpose Funds established in CBK will be opened by the Board where the appropriated funds will be deposited. Once matrix is approved, the money will be sent to the various bank accounts for each of the counties established by PFM Equalization Regulations,” said Olekina.

    The Bill was first brought before the Senate on March 7, after which the Standing Committee on Finance and Budget invited key stakeholders to submit their views on it.

    The Bill seeks to authorize the issue of Ksh 13.8 Billion from the Equalization Fund to finance development projects in 34 constituencies.

    Equalization Fund Appropriation to date

    The Equalization Fund was established under the 2010 Constitution and required that 0.5% of the National Government’s revenue be paid into the Fund.

    The Government shall use the Fund to provide basic services only, including water, roads, electricity and health facilities to marginalized areas, equal to how the rest of the nation receives the services.

    The Fund can only be used through an Appropriation Bill enacted by Parliament. If the monies in the fund are unspent in a particular year, they shall remain the Fund for use per the constitution during subsequent years.

    The Fund had no allocation in 2011-2014, and by then, the CRA had not yet developed the First Policy identifying marginalized areas.

    In 2017, Ksh. 12,400,000,000 was appropriated through the Equalization Fund Appropriation Act 2017 and was administered through guidelines published through a Gazette Notice.