Mastercard and Equity Bank have partnered to enable Equity Bank customers to send money safely and securely to 30 countries. This collaboration marks a significant milestone for cross-border financial transactions in Kenya. Remittances are a key economic driver in Sub-Saharan Africa with a reported $53 billion (Ksh.6.89 trillion) flowing into the region in 2022. Cross-border remittances unlock financial inclusion by empowering individuals to access formal financial services, ultimately fostering economic growth and stability in the region. Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya. This platform offers a…
Author: NBM CORRESPONDENT
By Lily Jiaying As the cold wave and rainy weather persists in the Linxia Hui autonomous prefecture, Gansu province, local growers are embracing all kinds of facilities to provide the required temperatures for seedlings. “We have introduced automatic constant-temperature electric heating fans, capable of automatically measuring and adjusting the temperature inside the seedling shed, ensuring optimal conditions for healthy seedling growth,” said an employee at Gansu Kanghui Modern Agriculture and Animal Husbandry Industry Co Ltd. As a provincial-level key company that integrates vegetable planting, processing, cold storage and sales, Kanghui holds a planting area of over 3800 mu and 246…
Absa Bank Kenya, which is a part of pan-African lender Absa Group, has committed a Sh40 million investment to go towards this year’s KipKeino Classic Continental tour. The lender said Sh30 million will be a direct sponsorship as title sponsors of the 5th edition as the remaining Sh10 million will be used as leverage amounts as well as in supporting other events in the Kenya athletics calendar, including the under 20 youth trials engagement, national trials series events and Sirikwa Classic which happened in February 2024. According to Absa Bank Kenya Consumer Banking Director Moses Muthui, investing in sports, including…
Selected small and medium-sized enterprises (SMEs) in the agricultural sector will receive support from the fund, including grants ranging from $500,000 to $2,500,000, disbursed over a 3-year period. Mastercard Foundation Fund for Resilience and Prosperity, a new fund established after the success of the foundation’s “rural prosperity” fund, has launched an agribusiness challenge to support SMEs in the agriculture sector. With a focus on creating job opportunities for young women and men, young persons with disabilities, and refugee youth, the selected SMEs will benefit from tailored technical assistance and grants ranging from $500,000 to $2,500,000, disbursed over a 3-year period.…
The first ever squash tournament in Kenya sponsored by Kenya Orient Life Assurance to promote the game in the country and inspire a new generation of players will be held in Nairobi from April 19 to 21, 2024. Dubbed “Mara Squash League”, the tournament, which promises a prize purse of Sh1.6 million for the winning teams, has attracted 48 players from Kenya, Uganda, Zambia, Nigeria, India and Sri Lanka and will have 8 teams with each team comprising of 6 members including two international players, a female player and Kenyan players, the principal officer of the company, Jackson Muli, said…
The number of purchases and turnovers of payments using QR codes increased by 1.5 times more, says Tinkoff Business Purchases made by Tinkoff Bank clients with the use of QR codes increased fivefold in 2023, and by 23 times in 2021, according to a research by Tinkoff Business. “In 2023, buyers made five times more purchases using QR codes than in 2022 and 53 times more than in 2021. In 2023, turnovers of payments with the use of QR codes turned out to be four times larger than in the last year and 15 times than in 2021. According to…
The Hustler fund will be repackaged to allow Muslims to access it, according to Presidential Communication Service (PCS) President William Ruto said on Monday, April 8, during an Iftar dinner at State House that packaging the fund to be Shariah compliant would deepen financial inclusion in Kenya. “We will also adjust other Government financial instruments to comply with the Islamic Law,” Ruto said. He urged religious leaders to be on the forefront in praying for the country, and added that more than seven million Kenyans are benefiting from the fund that was launched about 17 months ago – on November…
In order to achieve better living standards for her citizens, every emerging country has to go through several phases. Unfortunately, the focus is mainly on quantity and not quality. People care only about today and not for the future. For sustainable growth and better standards of living, it is a basic requirement to include quality and planning. Over the last few years, Kenya has been on a fast forward movement. Its economy, at first sight, seems to be booming. The average standards of living are getting better in theory, and people are investing their future in promising sectors like the…
Targeting corporate, public service, agribusiness and processing, construction and education transport sectors, Swanley motors will offer sales, spares, and vehicle servicing for Simba Corporation brands in the largely agricultural region.
By Seth Onyango Affluent domestic and overseas tourists are driving a growth in high-end hotels in Africa, where a single night’s stay can cost more than $3,000. Over 396 luxury hotels totalling 75,364 rooms are currently in development across the continent, according to the 2024 W Hospitality Group’s development pipeline report. “The top 10 brands account for about half of all chain hotels and resorts under construction in Africa, with the top 5, being Hilton, Radisson, Marriott Hotels & Resorts, Protea Hotels and Four Points by Sheraton, all having similar numbers,” it says. “Three of those top 5 brands are…