- Technology trends that will revolutionize Africa in 2023
- Kenya’s Equity Bank completes acquisition of Spire Bank
- Nigeria’s Union Bank gets $30Mn loan from IFC to lend to SMEs
- African countries open to cheaper flights to boost domestic travel
- Majority of Kenyans buy from companies with distinctive branding – Report
- Tapping into the potential of Africa’s music industry
- Breaking the Cycle: Strategies for Managing Black Tax
- US and Mozambique Agree on Key Components of Mozambique Compact
The proportion of Kenyans seeking foreign passports is not the highest for Africa, with 31 per cent of high net worth individuals (HNWIs) in South Africa seeking a second passport, and 44 per cent of HNWIs in Nigeria.
Andrew Shirley, editor of The Wealth Report at Knight Frank said that amongst Kenyans seeking new passports, the proportion was interested in reducing their tax bills, enhancing their safety, or getting a better quality of life just as much as the wealthy globally.
Of Kenyans seeking new passports, around 59 per cent are doing so as an investment, against a global average of 17 per cent, while 38 per cent cite education as a driver, compared with 18 per cent worldwide.
Meanwhile, 34 per cent are seeking better healthcare, compared with 13 per cent worldwide.…
Cashlet has been developed by Sycamore Capital Ltd, and it works in partnership with regulated fund managers in Kenya, to allow users to invest in unit trust products in simple, fully digital, and modern way.
The initial partner fund managers include ICEA Lion Asset Management, Old Mutual, and Genghis Capital.
The app seeks to pioneer saving and investing flexibility, life goals creation and tracking, market interest rates, financial visibility, and expert support.…
- Data by the World Bank reveals that at least a quarter of the African population has internet access, a nearly fifty-fold increase in internet usage since 2000.
- The rapid spread of the internet across the African continent has been lauded as a key driver of prosperity and a sign of the continent’s technological coming of age.
Over the past few years, the wealth management industry has seen a significant amount of diversification, from traditionally having products geared towards institutional investors and high net worth individuals to offering more accessible products to low and middle-income earners.
While WealthTech is not a new concept in Africa, there is room for market players to leverage consumer demand for wealth management products that are more digitally accessible and easy to use.
WealthTech or wealth management technology is the combining of technology such as AI, big data, SaaS, with financial assets, such as savings, investments, …
For poor households, the cost of running an account makes it a luxury locking many out of the bank as a formal financial system.…
Octagon claims that was developed with the youth, Jua Kali artisans and workers in Micro-Small and Medium-Sized Enterprises (MSMEs) in mind…
Juba – South Sudan has launched its first-ever mobile money transfer service in Juba last week. The aim of m-GURUSH (m-for mobile and GURUSH for money in Arabic) is to make it easier to transfer money, as well as create new job opportunities in South Sudan.
The mobile based financial service platform is a joint partnership between South Sudan’s Trinity Technologies Limited and Zain Telecoms South Sudan.
Licenced by the Bank of South Sudan and the National Communications Authority of South Sudan, m-GURUSH allows users without bank accounts to access banking services through outlets spread across the country.
The virtual banking system allows users to access services through a Zain Network SIM card that is compatible with all of South Sudan’s mobile networks. Once activated, the SIM will allow users to transfer money to family or make payments to vendors. The service is also available on UUSD or as a …
More than 7.6 million Kenyans have loans from multiple mobile loan apps with 2 per cent of these defaulting and being listed with the Credit Reference Bureaus (CRBs) in the country.
In a report by Metropol Corporation, more than 380,000 Kenyans have so far defaulted on loans taken from the mobile money lenders.
Due to this, the Kenyan parliament through the Information, Communication and Technology (ICT) Committee has urged the Central Bank of Kenya (CBK) to create regulatory measures of the sector especially on interest rates charged by the mobile money apps.
Metropol notes that on average, a borrower in the country has loans from at least six out of the 10 mobile money lenders.
This is despite the fact that mobile money loan apps charge unregulated interest rates.
Mobile lenders’ meteoric growth in Kenya
And to show how successful the lenders have been, Mobile lender Tala has disbursed loans …