By: Rutendo Nyamuda, Senior Brand Communications Manager For many years, remittances to Africa have been an important part of the continent’s economy.In 2023, remittance flows to low- and middle-income countries were estimated to have reached $669 billion, with Sub-Saharan Africa receiving approximately $54 billion. Among the top countries for remittance inflows include Nigeria, Ghana and…
Over the past decade, the popularity of cryptocurrencies has soared, with Bitcoin’s value increasing by 100% to 200% annually. This rapid growth has pushed cryptocurrencies into the mainstream. As more enthusiasts invest in crypto and share the benefits they’ve experienced, the community continues to expand. However, the challenge of identifying the optimal time to buy…
Safaricom has partnered with Pezesha, a digital lending platform, to launch Mkopo wa Pochi, a new financial product specifically designed to support small businesses in the country. This initiative marks a significant expansion of Safaricom’s existing loan portfolio, which already includes popular options like M-Shwari and Fuliza. The mkopo wa pochi loan is designed with…
Kenya is poised to receive a significant financial injection with a $1 billion disbursement expected from the International Monetary Fund (IMF) next month. This news comes as a welcome development for the nation’s economy, which has weathered a debt crisis earlier this year and is now showing signs of improvement. President William Ruto expressed confidence…
Kenya’s recent Treasury bond auctions have been a hotbed of activity, with investor demand significantly exceeding the government’s offerings. The latest example comes from the auctions for the FXD1/2023/005 and FXD1/2024/010 bonds. The government offered KES 25 billion worth of bonds, but investors responded with a staggering KES 47.79 billion in bids – a whopping…
Kenya’s economic outlook is set for a significant boost with the expected disbursement of Sh288 billion ($2.2 billion) in loans from the International Monetary Fund (IMF) and the World Bank. This financial injection comes at a crucial time as the nation grapples with challenges like rising import costs, social inequalities, and infrastructure gaps. The IMF…
The Kenya Revenue Authority (KRA) is intensifying efforts to bring small businesses into electronic payments (e-invoicing) with the launch of a new scheme. This initiative comes after failing to meet their initial targets, with only a handful of expected businesses adopting the Tax Invoice Management System (TIMS) introduced in 2022. The initial implementation of TIMS…
After a recent ruling by the High Court in Kenya, banks may potentially be sued by numerous customers who fell victim to M-Pesa hacks and lost their money. The court stated that banks are responsible for safeguarding their customers’ funds, even in cases where the fraud was carried out by a third party. This decision…
