O verseas Private Investment Corporation (OPIC), the African Development Bank (AfDB) and ALCB Fund Board Members have signed a loan agreement to support high impact sectors in Africa focusing on housing, agriculture and SMEs. OPIC contributed US $40 million to the Fund while the African Development Bank is providing a Senior Loan of ZAR 140 million ($10 million) to support the development of local currency corporate bond markets in Africa. The latter loan was first local currency financing obtained by the ALCB Fund. The Fund was incorporated in December 2012 by the German Development Bank (KfW), with initial paid-in capital…
Author: NBM CORRESPONDENT
Mauritius-based SBM Holdings Limited, one of the largest banking and financial services institutions, through its Kenyan subsidiary has finalized takeover of Kenyan bank, Chase bank Limited which has been in receivership. This comes months after it acquired yet another bank, Fidelity Bank in 2017. This was confirmed after the Central Bank of Kenya and the Kenya Deposit Insurance Corporation (KDIC) signed off on the acquisition. The financial institution was able to win the bid against 12 other strong financial competitors, including several tier one banks in the country, which viewed Chase bank as a lucrative financial institution catering to the…
Kenyans have long waited for the feature that would allow them to buy apps from the Google play store using M-Pesa. Finally, the wait has come to an end after DOCOMO Digital, a provider of a global payments platform, recently entered into a partnership with Safaricom. The integration, which is powered by DOCOMO Digital’s mobile commerce enabling platform using Google Play’s payment API, enables Safaricom customers to use their M-Pesa to pay for content from the application store. According to Mahir Sahin, Head of Africa, Android Partnerships, Google, said, “We are thrilled to partner with Safaricom to bring Google Play…
Twiga Foods, a B2B food distribution company, in partnership with IBM have introduced a blockchain-based microfinancing product that aims to help food stall retailers in the country with microloans. The new product is expected to be accessible by about 220 food stall retailers. According to Grant Brooke, co-founder of Twiga Foods, the company previously used to focus on helping farmers distribute their products to 2,600 retailers across Kenya. However, they soon realized if they could help them access a working capital then they would be able to increase their reach. “Therefore, if the food vendors could sell more, we could…
K enya has presented its bid to host the 12th World Chamber Congress in 2021 before the International Chamber of Commerce jury at the World Chambers Federation meeting in Beijing China. Kenya, which was the third competitor before the judges, put up a strong bid that among others showcased the country as an international conference destination with an experienced hospitality industry of international standards, a gateway toward any other African country and an economy with a thriving private and public sector partnership. “I am persuaded to think that we have been able to convince them that we are not giving…
Merck Foundation, the philanthropic arm of Merck KGaA, Germany in partnership with the International Federation of Gynecology and Obstetrics (FIGO), have vowed to break the infertility stigma around women and to build fertility care capacity in Africa and developing countries. Speaking at the Merck More Than a Mother Regional Conference 2018 in Dubai last month, Dr Rasha Kelei, CEO Merck Foundation said that they “want to bring the healthcare providers, policy makers, academia, women leaders, media, and artists together to define the interventions to break the infertility stigma around women and to build fertility care capacity in Africa and developing countries.”…
The Aga Khan University (AKU) in partnership with the Aga Khan University Hospital (AKUHN), Ministry of Health, National Institutes of Health-Kenya, Memorial Sloan Kettering Cancer Centre, The Union for International Cancer Control, and MD Anderson Cancer Centre have underscored the need to integrate and adapt recent developments in breast cancer care to the context of low resource countries so that patients receive the best care that is appropriate to their situation. Shawn Bolouki, chief executive officer, AKUHN in his opening remarks at a two-day collaborative International Breast Cancer Symposium in Nairobi last month highlighted the significance of the conference as…
The Kenya Revenue Authority (KRA) has charged two suspects for tax evasion amounting to Sh7, 069, 975, 452. The two were charged at the Makadara Chief Magistrates Court, Nairobi. The two, Mr Kevalkumar Navin Maisura and Ms. Arti Jagdiesh Bakrania (alias Ms. Arti Kevalkumar Maisura), were arrested after it was found that they had registered more than nine business names and were believed to have made fictitious invoicing in excess of Sh15.4 billion. They are suspected to have defrauded or aided in defrauding the government approximately Sh2.45 billion in Value Added Tax and a further Sh4.6 billion in income taxes.…
M TN has announced collaboration with Ecobank Transnational Incorporated (ETI) enabling both companies to leverage each other’s assets that will ultimately offer more value to their respective customers across the continent. MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s trail blazing digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network. The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable…
The Africa Innovation Summit (AIS II), which will take place from 6-8 June 2018 in Kigali, Rwanda, under the patronage of Excellences President Paul Kagame and Pedro Pires (ex-President of Cabo Verde), has announced a call for applications to innovators across Africa whose solutions have the potential to solve the continent’s challenges. The AIS II seeks innovative and disruptive solutions to the major challenges facing African countries, which include energy access, water, food insecurity, health systems, and governance. As a platform for multi-stakeholder dialogue and actions, AIS II will bring together people with the power to act, from all parts of…