• Senditoo and Access Forex partner to give clients hassle-free international transfers.
• The partnership means that Senditoo’s services will be available at approximately 200 payout points across Zimbabwe.
• As of June 30, 2022, total international remittances amounted to US$1.372 billion, an increase of 23 percent from the US$1.113 billion recorded during the same period in 2021. Of the total amount, diaspora remittances amounted to US$797 million, a 23 percent increase from US$650 million received during the same period in 2021.
• International remittances comprise transfers by Zimbabweans in the Diaspora and International Organisations.

Senditoo, an international remittance company has partnered with Access Forex to implement an infrastructure that will enable it to process cross-border transactions. Senditoo has been on the move of late and the partnership with Access Forex marks another milestone in the company’s progression into being one of the big players in the remittance space.

The partnership means that Senditoo’s …

• The rise of 63 billion shillings in dollar deposits, equivalent to 2.1 billion shillings daily
• wealthy individuals and large corporations looked for a secure location to store their riches in the wake of the uncertainties surrounding the elections
• The United States Federal Reserve increased interest rates by 0.75 percentage points for a second straight time in July to combat inflation, which contributed to a stronger dollar and a decline in the value of the Kenyan shilling

A record number of wealthy individuals and businesses moved a total of Sh63 billion more into dollar accounts during the month of June as they sought to secure the value of their investments in advance of this week’s elections.

As per data provided by the Central Bank of Kenya (CBK), the total value of foreign currency bank deposits in Kenya reached a new all-time high of Sh891.5 billion in June, up from Sh829.50 …

It is expected that the industry, which is generally one of the country’s top suppliers of foreign cash, will earn Sh173 billion this year, which is an increase of 18.5 per cent from the previous year.

Earnings dropped to a total of 88.6 billion shillings (Sh88.6 billion) due to governments all over the world restricting the movement of people, primarily through the closing of airspaces.
The number of hotel nights occupied by Kenyan tourists more than doubled during this period, which contributed to the increase in revenue to 146 billion shillings last year.

Due to the epidemic, local resorts, which typically focus most of their marketing efforts on attracting visitors from other countries, were compelled to cater to vacationers from within their own country by providing discounted room rates.

The number of tourists from different countries was still significantly lower than before the epidemic, reaching slightly under 870,500 in 2018, …

The United Nations (UN) recognises about 180 currencies in the world as legal tender. Have you ever asked yourself which one is the strongest?

The United States (US) dollar has been for decades, used as a fixed-based currency because it’s used in most foreign markets.

The strongest currency, therefore, is one that yields the smallest exchange against the dollar. This means that the strongest currencies are those that are more expensive than the US dollar.…

Vodacom recently agreed to purchase a co-controlling stake in the fibre assets held by Community Investment Ventures Holdings, increasing the competitive pressure on MTN.

MTN has declared that it will withdraw its operations from the Middle East by the end of 2020 to concentrate on the rapidly expanding African market.

According to AJ Snyman, an investment analyst at Peregrine Capital, the chances of the Competition Commission of South Africa approving the merger in its current shape are “nil.” This is the opinion that Snyman held.

“If the merger goes through, MTN and Telkom will have at least a 50 per cent market share in the mobile area, which is certainly a dominant market position,” Snyman said.

MTN would also gain access to Telkom’s valuable 3.2 gigahertz spectrum, which is suitable for 5G and would give it a dominating spectrum holding, he added. This would be advantageous for MTN.…

Kenya is home to some of the wealthiest politicians on the continent, and probably in the world.

Kenyan politicians are paid well with members of parliament taking home a monthly salary of between Sh 621,250 and Sh 710,000.

As the 2022 General Election set for Tuesday, August 9, 2022, draws near, we look at some of Kenya’s richest politicians seeking elective seats, their businesses and estimated net worth.…