Co-op Bank Net Profit Rises 4.4% to Sh19.2 Billion in Q3 2024
Co-operative Bank of Kenya has announced a 4.4% increase in its net profit for the nine months ending September 2024. The Co-op Bank after-tax profit rose to Ksh19.21 billion, up from Ksh18.39 billion in the previous year. Commenting on the results, Gideon Muriuki, Co-op Bank’s managing director, attributed the strong performance to the group’s emphasis […]
African Development Bank Seeks Increased Climate Finance for Africa at COP29
The African Development Bank (AfDB) is calling for an increase in climate finance for Africa at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, as the continent faces severe climate impacts yet receives only 3-4% of global climate funds. The COP29 summit will run until November 22, and has gathered delegates from nearly […]
Top 5 Christmas Loan Apps to Cover Your Festive Expenses
The Christmas season is upon us, a time for joy, family, and sometimes, a strain on your wallet. Unexpected expenses can pop up, and if you need a little extra cash to cover Christmas essentials, several mobile loan apps are available at your fingertips. This guide explores five popular loan apps to help you find […]
Here Is Why KRA Plans to Access Your M-Pesa Balance
The Kenya Revenue Authority (KRA) is stepping up its scrutiny of M-Pesa transactions and bank accounts, introducing measures that will give the tax authority unprecedented access to personal financial data. Financial coach Good Joseph explains that this new directive aims to widen the tax base by tracking detailed information on how Kenyans are moving, receiving, […]
Safaricom Half-Year Profits Drop by 17 percent Due to Ethiopian Currency Decline
Safaricom Group has reported a 17.7% decrease in its half-year net profit, down to Ksh 28.1 billion for the period ending September 30, 2024, primarily due to the depreciation of Ethiopia’s currency, the Birr, which significantly impacted earnings from its Ethiopian operations. The Ethiopian Birr lost 106% of its value against the U.S. dollar over […]
Safaricom Ethiopia Expands 4G Network to Somali Region
Safaricom Ethiopia has announced a major expansion of its network coverage in the Somali Region, now bringing 4G connectivity to Gode, Kebridehar, Kebribeya, Degehabur, Wajale, Awbare, and surrounding areas. This enlarged network presence is set to significantly improve communication for local residents while unlocking fresh opportunities for both individuals and businesses. It is a step […]
Should You Invest Ksh 1 Million in a Money Market Fund or a SACCO?
When it comes to financial investments in Kenya, two popular options are drawing attention from investors: Money Market Funds (MMFs) and Savings and Credit Cooperative Organizations (SACCOs). Both offer appealing returns, but which is better for an investor looking to maximize dividends on a Ksh 1 million investment?. Should You Invest Ksh 1 Million in […]
JPMorgan CEO Jamie Dimon Arrives in Kenya, Meets President Ruto
Jamie Dimon, Chairman and CEO of JPMorgan Chase, the largest bank in the United States, has arrived in Kenya on a key tour of Africa. Dimon’s visit comes days after JPMorgan opened a representative office in Kenya, a move in their Africa expansion efforts. He was warmly received by President William Ruto at State House, […]
Safaricom Partners with Cloudflare and Copy Cat to Provide Affordable Cybersecurity Services for MSMEs in Kenya
Safaricom, Cloudflare, and Copy Cat Group have joined forces to provide micro, small, and medium enterprises (MSMEs) in Kenya with affordable and comprehensive cybersecurity services. Safaricom, Kenya’s leading telecommunications provider, Cloudflare, a global web infrastructure and cybersecurity leader, and Copy Cat, an East African systems integrator, will offer digital security solutions designed to meet the […]
Access Bank CEO Samuel Addae Minta Steps Down Amid NBK Acquisition
Samuel Addae Minta, the CEO of Access Bank Kenya and Regional Managing Director for East and Central Africa, has officially stepped down from his position, marking the end of his two-year, eight-month tenure. His departure on October 5, 2024, comes at a critical time for the lender, as Access Bank is in the final stages […]