Global payment technology company Visa recently announced that its platform mVisa will allow its consumers, of visa-affiliated banks, to send money to each other domestically without paying for any transaction costs. The multinational company’s platform, mVisa, was introduced in Kenya last year. It is a new mobile payment system that scans a unique retailer’s quick response or QR code to make payments. It is expected to accelerate digital commerce in the country. Visa has partnered up with various institutions to offer person-to-person (P2P) transactions. The institutions that have accepted mVisa, or have acquired retailers to accept mVisa, are KCB Bank,…
Author: NBM CORRESPONDENT
Kenya has been ranked the most innovative country in East Africa, as well as the fifth most innovative country in Africa. This is according to the Global Innovation Index 2017: Innovation feeding the world, which is a partnership between the Cornell University, INSEAD, and the World Intellectual Property Organisation (WIPO). Kenya came in fifth after South Africa, Mauritius, Morocco and Tunisia in Africa. It ranked third in Sub-Saharan Africa and globally it was ranked position 80, outperforming her development-level peers. The region of sub-Saharan Africa is considered to be performing well in innovation because, since 2012, it has got the…
By Isaac Swila For a man who witnessed first-hand the vagaries of poverty while growing up as a poor kid in Hangzhou, China, life also offered its fair share of kindness. At 52, he is a billionaire of monumental proportions. Today, Jack Ma is looked at in awe, adored and considered an epitome of entrepreneurship, dedication and hard work. He is a role model to millions of upcoming entrepreneurs, not just in his native China, but also across the world. Driven by a compelling desire to scale the heights and succeed in life, Ma worked his socks off in life…
A strong team of founders, according to Venture Finance in Africa’ research (VF4A), is the key driver of startup success in Africa. The finding was made from a study by VF4A that aimed at better understanding the critical success factors for African startups. The study also sought to identify the key ingredients that determine why a venture outperforms its peers and was based on data collected from 1866 ventures in 41 African countries and 111 Africa-focused investors from 39 countries around the world. “We are entering a new stage of startup growth on the Continent. Not only has the number…
The first multinational oil company to be quoted in the Nairobi Securities Exchange (NSE), Total Kenya Ltd, has legally changed its name to Total Kenya Plc. This comes after it finished legal changes to its company’s status and started operating as a Public Limited Company. The bourse-listed company, in a notice to its shareholders, said, “We hereby inform our customers, business partners and general public that following approval by the company’s shareholders at the Annual General Meeting held on 16th June 2017, we have effective 23rd June 2017 changed our name from ‘Total Kenya Ltd” to ‘Total Kenya Plc.” in…
United Bank for Africa (UBA) has rolled out two Mastercard electronic payment solutions in order to deliver cashless solutions to Kenyans. The UBA Debit Mastercard and UBA Mastercard Platinum cards will help improve financial inclusion in the country with focus on innovation, financial literacy and customer protection. The Platinum card will offer UBA customers with several benefits including legacy lifestyle gold tier membership, shopping and shipping discounts, Mastercard discounts among others. In line with its strategic vision, UBA is introducing innovative payment solutions that aim at meeting the needs of people across Africa. The Debit Mastercard gives the cardholder full…
SAP Skills for Africa has launched its first-ever East African programme at an event held in Nairobi. Skills for Africa is a skills development initiative between SAP Africa, its customers, and various public and private sector partners. It focuses on training and certifying graduates in a broad spectrum of SAP software and business solutions and applications, and securing opportunities for placement at regional SAP partner and customer organizations. According to Meena Confait, Head of Skills for Africa at SAP Africa, this year features the first expanded East African programme with the participation of partners and customers from Kenya as well…
By Isaac Swila Despite the tough economic times the country has experienced in the past year, the Central Bank of Kenya, in its prognosis, is upbeat that the inflation rate will steadily fall in coming months. CBK Governor Patrick Njoroge said last month that inflation is likely to reduce within the “preferred range” as food prices “keep falling”. “We expect in the next two months inflation will continue to come down but within this quarter it will breach the 7.5% mark,” Njoroge told journalists at a press briefing, adding, “…We are on solid ground that this (inflation) will be coming…
The award- winning non-profit organization, Mowgli Mentoring, has finally established its presence in sub-Saharan Africa after predominantly working in the Middle East and North Africa. The organization focusses on economic and social change by empowering entrepreneurs, especially women and youth, through their accredited mentoring methodology. Mowgli’s will look to expand further into the SSA region starting from Kenya, which will host the organization’s regional headquarters. “Our entry into Sub Saharan Africa and particularly Kenya, which has a thriving entrepreneurial ecosystem, is ultimately to support the people driving economic and social change,” said Kathleen Bury, CEO of Mowgli Mentoring It is…
The Anti-Counterfeit Agency is planning to go big on consumer education and installation of punitive penalties on infringement of intellectual property laws as it destroys fake goods worth Ksh. 24 million. The state agency tasked to fight trade in counterfeits has today announced it will soon begin interrogations on how best to address the changing face of counterfeiting in the market. ACA Executive Director, Elema Halake said the agency’s biggest concern when it comes to fighting this form of illicit trade should go beyond the protection of industries and manufacturers – to the protection of human life and safety. “We…