Author: Kang'ethe Njoroge

• Telco giant Safaricom has reported a 2.1% increase in net profit, reaching $225 million (KES34.2 billion) for the six months ending on September 30.
• Company CEO says there was heightened pressure on consumers’ finances due to both global influences and domestic inflation. 
• Money transfer service M-PESA was the firm’s biggest source of revenue at 42% in the period.

Kenya’s telecommunications giant, Safaricom, has reported a 2.1 percent increase in net profit, reaching $225 million (KES34.2 billion) for the six months ending on September 30. During this period, earnings from the cash transfer service, M-PESA, which constitutes approximately 42 per cent of the total service revenue, saw a 16 per cent surge compared to the same period in the previous year.

Safaricom CEO, Peter Ndegwa, pointed out that during the six months, there was heightened pressure on consumers’ finances due to both international influences and domestic factors such as inflation. Furthermore, …

• Three Kenyan startups have been selected for an incubation programme after winning the Cyber Security Hackathon at the just concluded Blue Economy Innovation and Investment Summit. 
• The three startups, which are based in Mombasa include Bio Secure, Tide Safetynet and Seatrust Navigator. 
• Sote Hub Founder David Ogiga says the three startups will receive six months technical and financial support to bring their ideas to life. 

Three Kenyan startups have been selected for an incubation program after winning the Cyber Security Hackathon at the recently concluded Blue Economy Innovation and Investment Summit. The startups, based in Mombasa, include Bio Secure, Tide Safetynet, and Seatrust Navigator. Sote Hub Founder David Ogiga stated that these three startups would receive six months of technical and financial support to bring their ideas to life.

“Our focus for this year’s hackathon at the conference was circular economy, cyber security, blue economy, climate change, and the digital …

• Korea’s smart tech firms have set sights on Kenyan market to provide smart technologies as Kenya steps up its smart city game. 
• Three smart tech Korean companies have signed MoU with Kenyan firms to bolster Kenya’s aspirations of becoming regional ICT hub. 
• The trend-setting firms are among 15 companies showcasing at the Korean Pavilion, seeking to strengthen Kenya-Korea business ties.

Korea’s smart tech firms are seeking entry into the Kenyan market to provide intelligent technologies as Kenya gears to step up its smart city investments. 

Speaking during the unveiling of the Korean Pavilion at the 2023 BIG 5 Construction Roadshow in Kenya, Korea Trade Development Agency (KOTRA) managing director Eom Ikhyun said three Korean companies have signed a Memorandum of Understanding (MoU) with Kenyan companies. 

Korea GT has signed an MoU with SONVAR Chemicals, while POQUTEC has struck a deal with Regal Equipment. Further, SJ Chemical has signed an MoU …

• Early stage startups in East Africa are set to benefit from the launch of a new accelerator programme by tech giant Safaricom.
• Safaricom is partnering with M-PESA Africa and Sumitomo Corporation, a leading Fortune 500 global trading and business investment company. 
• The accelerator plan dubbed Spark Accelerator is aimed at supporting early stage startups to grow and scale their businesses. 

Early stage startups in East Africa are set to benefit from an accelerator programme by Safaricom in partnership with M-PESA Africa and Sumitomo Corporation, a leading Fortune 500 global trading and business investment company. 

The accelerator dubbed Spark Accelerator is aimed at supporting early stage startups to grow and scale their businesses. The program will provide target startups with access to market, access to capital, technology and product development support. Previously, Spark Fund only offered capital injection.

Early stage startups to get mentorship

Safaricom CEO Peter Ndegwa says the move …

Competition in the remittance space has intensified with the entry of new players as the race for a share of the annual $95.6 billion in cross-border remittances flowing into Africa heats up. Airtel Africa has partnered with MasterCard to unveil a new service for cross-border remittances. Their deal will see customers in Kenya and 14 other African nations become the first beneficiaries of the service.

Airtel Africa and MasterCard will provide a seamless digital experience for consumers, connecting them with millions of peers worldwide. With a mushrooming diaspora community, remittances are now the largest source of forex in many African economies.…

• The Maputo Protocol was adopted by the African Union (AU) in July 2003.
• Already, 44 out of 55 Member States have ratified or acceded to it. Another eight countries have signed but were yet to accede to it as of June 2023.
• While progress has been made in a number of goals, some challenges loom large.

To mark the 20^th Anniversary of the Maputo Protocol and to promote the continued adoption and implementation of its progressive provisions, the Solidarity for African Women’s Rights Coalition (SOAWR), Equality Now and Make Every Woman Count has released the 20 Years of the Maputo Protocol: Where are we now?

The report is a summary of the progress made in Africa towards the ratification, domestication, and implementation of the protocol. It highlights key achievements and challenges.

The Maputo Protocol holds immense importance as a legal instrument for the promotion and protection of women’s rights …

• AfDB is eyeing $2.3 trillion in sovereign wealth funds, strategic investment funds, pensions, and life insurance assets.
• The AfDB wants to unlock the potential of various wealth funds in Africa.
• Lender is now seeking set up of the African Sovereign Wealth Funds secretariat.

The African Development Bank (AfDB) is calling for unity to drive investments by mobilizing capital in Africa currently held in various funds and estimated at estimated at $2.3 trillion. This massive capital in Africa is in sovereign wealth funds, strategic investment funds, pensions, and life insurance assets.

Speaking at the Second Annual Meeting of the Africa Sovereign Investors Forum (ASIF), AFDB Vice President for Private Sector, Infrastructure, and Industrialisation Solomon Quaynor said the Bank is committed to supporting the establishment and operations of the African Sovereign Wealth Funds secretariat.

ASIF was launched in June 2022 by a group of 10 African sovereign wealth funds with a goal …

• New survey shows the average cost of school fees and educating a child in Kenya has increased to $484.
• Rising inflation and supply chain disruption-related costs are impacting various sectors, including education.
• Poor families across are grappling with not only increase in school fees but also higher food and commodities costs.

A new annual survey has revealed that school fees and education-related expenses in Kenya have now surged to a level that exceeds the income of many households by ten times.

According to a survey by WorldRemit, a digital remittances firm, the average cost of school fees and educating a child in Kenya has increased to $484.

This report points out that this is emerging as a significant increase in costs highlighting the immense challenges families face raising school feeds for their children.

When considering the average household size of 3.23 individuals, the total cost per household is estimated …

• In 2021, 76 percent of adults had an account at a bank or regulated institution
• Financing will enable African nations to expand portfolio of digital financial solutions and initiatives
• The facility will be housed and managed by the African Development Bank,

India will contribute $2 million to the Africa Digital Financial Inclusion Facility (ADFI), in an effort to break the barrier to growth and spur uptake of digital financial solutions.

The facility will be housed and managed by the African Development Bank. It will mainly focus on accelerating financial inclusion in Africa, India said.

India is recognised globally for the success of its digital public payments system. The country’s collaboration with ADFI enables the facility to learn from best practices and help scale up initiative. The program aims to meet the needs of financially excluded and underserved people in Africa.

Africa yet to fully benefit from inclusion

Despite the growing …

• The number of extremely poor Kenyans has decreased from 9.23 million in 2022 to 9.03 million in 2023.
• Around 15.1 million Kenyans cannot afford to put food on the table, with the 2021 poverty rates showing that a third of Kenyan households are food poor.
• Tanzania had the highest number of people living in extreme poverty in 2022

Kenya defied a challenging macro environment that was occasioned by rising global inflation and external economic shocks to lift 200,000 of its citizens out of extreme poverty. The country’s economy recovered from the ravages of the Covid-19 pandemic that had rendered millions of workers jobless.

Lift out of extreme poverty

New data released by the African Development Bank reveals that more than 200,000 Kenyans have taken action against the rising food and energy prices in the country to lift themselves out of extreme poverty.

As a result, the number of extremely poor …