Author: Wanjiku Njugunah

• Equity Group grew the volume of diaspora remittances it processed by 39 per cent in 2021 compared to the corresponding period in 2020
• The lender handled Ksh383.5 billion in remittances in the 12 months to December, up from Ksh279.4 billion in 2021
• Equity Group CEO James Mwangi attributed this to linkage with multiple digital platforms, which have helped widen the geographical reach in the remittances segment

Equity Group grew the volume of diaspora remittances it processed by 39 per cent in 2021 compared to the corresponding period in 2020, leveraging on the growing popularity of digital channels for sending money home from abroad.

The lender handled Ksh383.5 billion in remittances in the 12 months to December, up from Ksh279.4 billion in 2021.

The Group’s Chief Executive Officer and Managing Director, James Mwangi attributed this to linkage with multiple digital platforms, which have helped widen the geographical reach in the remittances …

• Sub-saharan Africa now faces new economic growth challenges, compounded by the Russian invasion of Ukraine
• A World Bank report estimates growth at 3.6 per cent in 2022, down from 4 per cent in 2021 as the region continues to deal with new COVID-19 variants, global inflation, supply disruptions and climate shocks
• Resource-rich countries, especially their extractive sectors, will see improved economic performance due to the war in Ukraine, while non-resource-rich countries will experience a deceleration in economic activity

As the Sub-Saharan African economy struggles to recover from the 2020 recession induced by the COVID-19 (coronavirus) pandemic, the region now faces new economic growth challenges, compounded by the Russian invasion of Ukraine.

The World Bank’s latest Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, estimates growth at 3.6 per cent in 2022, down from 4 per cent in 2021 as the region continues to deal with new COVID-19 …

• African Development Fund has approved $5.5 million technical assistance grant to support projects Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan
• The East Africa Regional Energy Project will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group
• It will develop technical studies for regional solar parks and associated battery storage near regional energy inter-connectors, high-voltage cables that connect the electricity systems of neighbouring countries

The African Development Fund has approved a $5.5 million technical assistance grant to begin the roll-out of the flagship Desert to Power initiative in the Eastern Sahel region countries of Djibouti, Eritrea, Ethiopia and Sudan.

Dubbed the East Africa Regional Energy Project, it will be financed through the ADF-15 Regional Public Good window of the African Development Fund, the concessional arm of the African Development Bank Group.

The project will …

• Kenya’s PesaLink payments ecosystem has signed a Memorandum of Understanding (MoU) with Mastercard to create innovative, digital-first payment solutions
• PesaLink will leverage Mastercard’s technology, expertise, partnerships, and cyber intelligence solutions to diversify its payment capability beyond person-to-person payments
• Mastercard will collaborate with PesaLink to expand its services to include a direct-to-consumer digital proposition, agent banking and solutions for business and government payments

Integrated Payment Services Limited (IPSL) which runs the PesaLink payments ecosystem has signed a Memorandum of Understanding (MoU) with Mastercard to create innovative, digital-first payment solutions designed to boost the adoption and usage of digital payments and accelerate Kenya’s transition to a cash-lite economy.

Established by the Kenya Bankers Association, the PesaLink ecosystem continues to grow and today, comprises 31 banks in Kenya and several payment service providers, Savings and Credit Cooperatives (SACCOs) and a telco, enabling over 9.5 million customers to connect to a secure, fast, efficient, …

• The hospitality sector has been challenged to adopt innovative tech-based solutions to grow and survive the adverse impact of Covid-19
• Pesapal Executive Director Agosta Liko said the travel and hospitality sectors should embrace and adopt agile technology as part of their recovery plans
• Sarova Hotel Group Revenue Manager Felix Musa said that the hospitality industry is no exception

The hospitality sector has been challenged to adopt innovative tech-based solutions to grow and survive the adverse impact of Covid-19.

Speaking during a stakeholder engagement session hosted by Pesapal, a payment solutions provider with operations in Kenya and across East Africa, the hospitality industry was challenged to embrace technology as part of their growth plan and shake off the severe consequences of the pandemic.

In his remarks, Pesapal Executive Director Agosta Liko said the travel and hospitality sectors should embrace and adopt agile technology as part of their recovery plans.

Pesapal, he …

• Stanbic Bank Kenya and the African Guarantee Fund for Small & Medium-sized Enterprises (AGF) have signed a Loan Portfolio Guarantee Facility to increase financing for SMEs
• The Portfolio Guarantee Facility of KES 1 Billion will allow Stanbic Bank Kenya to expand their lending capacity and coverage to SMEs
• The partnership agreement between Stanbic Bank and African Guarantee Fund targets women-owned businesses, as well as those in the sustainable energy sector

Stanbic Bank Kenya and the African Guarantee Fund for Small & Medium-sized Enterprises (AGF) have signed a Loan Portfolio Guarantee Facility to increase financing for Small and Medium Enterprises (SMEs).

The Portfolio Guarantee Facility of KES 1 Billion will allow Stanbic Bank Kenya to expand their lending capacity and coverage to SMEs.

The Head of Business and Commercial Clients at Stanbic Bank Kenya, Florence Wanja, said they remain committed to solving the holistic needs of their SME client segment and …

• Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development
• The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness
• Cross River State also offers opportunities in the blue economy, including at the port, as well as shipping

The government of Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development.

The CEA of Cross River State Francis Ntamu told The Exchange Africa exclusively that there were several opportunities including in the green and blue economies.

The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness.

“We have rich tropical rain forests and endangered species of butterflies which have been of keen interest to environmentalists,” Ntamu said, adding that such an environment is ideal for investors interested in …

• The United Arab Emirates (UAE) has announced interest in investing in the Democratic Republic of Congo (DRC)’s solar energy sector
• The MoU was signed between DRC’s state electricity company Société Nationale d’Électricité (SNEL) and AMEA Power
• World Bank data indicates that DRC has a population of 84 million people, but only 19 to 20 per cent of the population have access to electricity

The United Arabs Emirates (UAE) has announced interest in investing in the Democratic Republic of Congo (DRC)’s solar energy sector.

The countries, through two companies, entered into a Memorandum of Understanding (MoU) to pave way for the production of 30 megawatts in DRC.

The MoU was signed between DRC’s state electricity company Société Nationale d’Électricité (SNEL) and AMEA Power.

SNEL Director-General Jean-Bosco Kayombo Kayan said the deal would see millions of people get connected to the national power grid.

According to the DG, UAE plans on exploring …

• Japan has announced plans of investing $42 billion in India over the next five years to boost trade and cooperation between the two Asian nations
• Prime Minister Fumio Kishida said the investment would be spread across several industries, including green energy and urban infrastructure
• The two countries also committed to strengthening securities ties across the Indo-Pacific region during the visit

Japan will invest $42 billion in India over the next five years to boost trade and cooperation between the two Asian nations.

Japan’s Prime Minister Fumio Kishida said the investment would be spread across several industries, including green energy and urban infrastructure.

He announced the investment deal during his first state visit to India since taking up office.

The two countries also committed to strengthening securities ties across the Indo-Pacific region during the visit.

They also discussed the ongoing crisis in Ukraine.

“The Russian attack is a serious matter as …

• Equity has recorded a 99 per cent rise of its net profit to reach KSh 40.1 billion from KSh 20.1 billion
• Net interest income grew by 25 per cent to KSh 68.8 billion, up from KSh 55.1 billion, driven by a 23 per cent growth in loan book to KSh 587.8 billion
• Equity Group CEO James Mwangi said the bank has now strategically positioned itself as a systemic regional diversified business in six countries

Equity Group has recorded superior performance for the year ended 31^st December 2021 despite the challenging operating environment of a global COVID-19 pandemic.

Profit After Tax increased by 99 per cent to KSh 40.1 billion from KSh 20.1 billion, with Profit Before Tax recording a growth of 134% to KSh 51.9 billion, up from KSh 22.2 billion the previous year.

The Group has recommended a record dividend pay-out of KSh 3 per share totalling KSh …