Author: James Wambua

Safaricom Ethiopia
CorporateNews
James Wambua

IFC secures stake in Safaricom Ethiopia

The World Bank’s private sector lending arm International Finance Corporation (IFC) and MIGA have secured a stake in Safaricom Ethiopia. The deal, which will be in the form of equity, loan, and guarantees is tailored to support the ongoing setup of Safaricom Ethiopia’s greenfield telco network. IFC will make a $157.4 million equity investment in Global Partnership for Ethiopia BV and a $100 million A-loan to its wholly-owned subsidiary, Safaricom Ethiopia. Following the transaction, IFC will hold a minority position in Safaricom Ethiopia. “IFC is delighted to announce its support to Safaricom Ethiopia, the first private sector-led telecoms operator in the country, and its parent…

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Credit Bank IFAD EU Kenya
MarketsNews
James Wambua

IFAD-EU deal seeks faster digital remittances to rural Kenya

The UN International Fund for Agricultural Development (IFAD) and the European Union have unveiled two new initiatives today in Kenya that aim at boosting rural development by making the use of digital remittance flows faster, safer and cheaper. The collaboration will focus on cutting transaction costs, and promoting financial inclusion in rural areas. To further the reach in rural areas, the initiative will leverage the power of Savings and Credit Cooperative Organizations (SACCOs). Under the EU-funded PRIME Africa initiative, IFAD has allocated two grants to Credit Bank and Financial Sector Deepening Kenya (FSD Kenya). The grant projects aim to empower rural communities and stimulate economic…

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Namwamba in Kisumu.
EconomyNews
James Wambua

Government laying digital traps to tax virtual music

The word music appears just once in Kenya’s 510-page Economic Survey 2023, perhaps an indication of the loud but minuscule role the segment plays in the country’s economy. Despite its enormous potential, the music industry remains a footnote in Kenya’s economy only featuring lumped under the broad arts, entertainment, and recreation segment. The survey statistics show that the arts, entertainment, and recreation GDP contributed Kes28 million to Kenya’s wealth last year. Although the music industry is struggling in Kenya, signs of success have began streaming in as Kenyan artists push through digital platforms in search of the Afrobeat and Amapiano success, and the taxman cannot…

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Economic Data
EconomyNews
James Wambua

Researchers seek global ties to plug economic planning data gaps

Economies around Africa are grappling with poor access to timely, reliable, and credible economic data, a challenge that is frustrating economic policymakers in coming up with development plans. At this year’s African Econometric Society (AFES) forum led by Kenya’s Treasury Cabinet Secretary Prof Njuguna Ndung’u and the African Economic Research Consortium (AERC) Executive Director Prof Théophile Azomahou, speakers called for reliable economic statistics from econometric professionals to inform sound development planning in Africa. Econometrics is an application of statistical methods that uses economic theory, mathematics, and statistical inference to quantify economic phenomena; effectively turning theoretical economic models into useful tools that inform a country’s economic policymaking….

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Liquid Dataport
NewsTechnology
James Wambua

Liquid unveils 3,800Km Mombasa-DRC fibre link

Liquid Dataport, a business of Liquid Intelligent Technologies has launched its newest fibre route connecting Mombasa on the Indian Ocean to Muanda, a coastal town on the Atlantic Ocean in the DRC. The 3,800km route marks a new era in East-West connectivity on the continent, adding to Liquid’s One Africa Digital Network, which now covers about 110,000Km. The fibre link will be the shortest route connecting East to West Africa and is expected to cut data transmission latency by 20 milliseconds. The Mombasa-Muanda route will help multinationals seeking internet resiliency to avoid the Red Sea and Europe routes, which have become bottlenecks for global internet…

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Dr Joseph Kinyua
CorporateNews
James Wambua

Towering civil servant Joseph Kinyua takes over as KCB Group Chairman

Dr Joseph Kinyua, who easily passes as one of the most competent and trusted official within government circles in Kenya, has taken over as KCB Group Plc Board chairman. KCB Group Plc Board elected FCS Dr Joseph Kinyua, EGH, as the new Chairman of the Group Board with effect from Friday, May 26, 2023. Since 2013, the towering career civil servant had been serving as the Head of Public Service and Secretary to the Cabinet under former President Uhuru Kenyatta. Dr Kinyua joined the regional lender in March this year when he was appointed to the Board of KCB Group. He takes over as Group…

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