Allianz X, the digital investment unit of the Allianz Group, has announced that it has made an undisclosed amount of investment in SafeBoda, an East African based motorcycle hailing company.

Allianz Z, based in Germany referred SafeBoda as a major African ride-hailing platform that also offers various on-demand consumer and payment services in what is the entity’s first investment in an African-headquartered company.

SafeBoda, winner of the 2018 AppsAfrica Award, aims to offer reliable and safe transportation to its customers and its mobile payment platform is an example of digital companies contributing to financial inclusion across Africa.

It started in Kampala Uganda and has seen it expand into Nairobi getting good reception which made established competitors like Bolt (Formerly Taxify) and Uber revisit the manner in which they operated motocycle taxis.

For the Series B investment, Allianz X is co-investing with Go-Ventures, a venture fund whose cornerstone investor is GO-JEK. …

Equity Bank has posted a 5.1 per cent rise in its profit for the first quarter of the year as the SMEs —focused—lender continues to navigate the interest rate cap regime in Kenya and a loan default trend in Tanzania.

The Nairobi Security Exchange (NSE) listed bank recorded a Ksh6.2 billion (USD61.3 million) net profit for the period, up from Ksh5.9 billion (USD58.4 million) in a similar period last year, buoyed by interest income and cost management.

READ:Equity net profit grows to Ksh19.8 billion on FinTech

Interest income from loans and advances rose to Ksh9.1 billion (USD 90million) up from Ksh8.7 billion(USD86 million) last year as the lender’s loan book swelled to Ksh305.5 billion (USD3.02 billion ) compared to Ksh271.1 billion (USD2.7 billion ) in March last year.

Interest earned from government securities equally went up to close the quarter at Ksh4.1 billion (USD40.5 million), compared to Ksh3.7 billion …

The Kenya shilling is arguably the strongest currency among the East Africa Community (EAC) member states, giving the region’s economic power house a competitive edge over her peers in international trade. 

READ:Here are Kenya’s biggest trading partners

However, the country has been operating a managed shilling than a free float currency, running a risk of making its exports more expensive in the short run as compared to competitors, eventually causing a reduction in export earnings and the economy’s growth, a report by Amana Capital has established.

Amana’s “Kenya’s Economic Puzzle – Putting the pieces together” report highlighted that 10 years ago, the Consumer Price Index (CPI) stood at 97 but has since shot up to 192 to date, meaning what the value Ksh100 (USD0.99) could buy in January 2009 can only buy 50 per cent of that now.

This translates into a 50 per cent devaluation of the purchasing …

Safaricom (NSE: SCOM) has announced plans to double its 4G network coverage to 5000 base stations by March 2020, covering all major towns and 80 per cent of the Kenya population.

The announcement was made by the company CEO Bob Collymore as he released financial results for the year ending  March 31, 2019, which saw net income increase by 14.7 per cent  to Ksh63.4 billion (USD624.9 million ) with revenue hitting Ksh240.3 billion (USD2.4 billion).

“We are pleased with the strong results we have delivered for the year, building on our long track record of delivering relevant products and putting the customer first. We foresee continued growth in the future,” said Collymore.

Safaricom expects to spend over Ksh36 billion (USD354.8 million) in driving up additional 4G coverage, which will see the company roll out an additional 2,030 4G and 4G+ base station to reach more than 80 per cent …

Glovo, one of the world’s fastest growing delivery players has announced a USD169 million Series D funding round, led by international venture capital firm Lakestar, as it plans to expand its operations in Africa.

The start-up, which recently launched in Nairobi, will use this injection of funding to bolster its growth within the Sub-Saharan Africa market.

READ:Investing in Kenya’s logistics space

Priscilla Muhiu, the firm’s head of marketing for Sub-Saharan Africa says the move aims at improving their response to customers.

“Glovo is committed to taking its tech capabilities and systems to the next level. We will use this opportunity to grow our team of tech experts to create a smarter and more efficient experience for customers and reduce waiting time for Glovers,” said Mrs. Muhiu.

“We also intend to expand our footprint across Sub-Saharan Africa, with new operations in Ghana, Nigeria and Tanzania,” she added.

Glovo hopes to …

Equity Group Holding Plc’s subsidiary, Equity Investment Bank (EIB) has partnered with global investment firm Tellimer, in which EIB clients will access the firm’s new research portal.

The pact comes as part of Equity’s market development strategy and will enable EIB clients gain access to research insights and intelligence to make quality and informed investment decisions.

Equity Group’s CEO and Managing Director Dr. James Mwangi noted that the research portal will go a long way in achieving EIB’s vision to become a leading brokerage and investment banking firm in Kenya, East and Central Africa, serving local and international institutional investors alongside local retail investors.

“We are excited about this partnership and particularly the launch of this product. Tellimer is tapping research from 156 countries. The advantage of market research is that it collects a huge amount of complex data and synthesizes it into information which provides useful insights to inform …

Tanzania is set to test its first, maiden, cheaper and very superior own funded electric train. The train is tipped to be one of Africa`s high speed trains with projected speeds of up to 160 mph.

Speaking at a historic event to launch the flash butt welding of the Standard Gauge Railway (SGR) exercise that took place at Soga in Coastal region outside Dar es Salaam, the Minister for Works, Transport and Communications, Eng. Isaac Kamwele said first trials for speedy electric train will be conducted in July this year to cover a section of the SGR.

The first 300 kilometers phase running from Dar es Salaam to Morogoro with 6 stations in between will commence its operations in December this year. This will be three passenger trains in phase one at the starting point that will be taking daily round trips between the two cities. Each passenger train is …

East African countries are set to attend the ninth East African Petroleum Conference and exhibition to discuss investment opportunities to enhance socio-economic transformation.

This year`s conference is themed:` East African Region – the destination of choice for Oil and Gas Investment Opportunities to enhance Socioeconomic Transformation.`

Chairperson of the organizing committee, Marin Heya said over the weekend that over 1,000 local, regional and international delegates will be attending the three-day conference that will be in Mombasa from May 8.

`The conference will help attract investors on oil and gas into the region given the potential in the region, ` Heya said.

He revealed that the Chinese geo-spatial and survey firm BGP and CNOOC are among the companies that are expected to attend the three-day conference.

The official also stated that the East African Community (EAC) member states, including Kenya, Uganda, Tanzania and Rwanda will exhibit at the conference alongside international …

The World Bank has increased emergency support for the three Southern African countries affected by a devastating cyclone that killed hundreds in March to Tshs.1.6 trillion ($700 million), the lender said on 3^rd May, 2019.

More than 1,000 people were killed across Mozambique, Zimbabwe and Malawi after Cyclone Idai, the worst cyclone in decades, lashed the Eastern Indian Ocean coast bringing heavy winds and rains.

New World Bank President David Malpass, who is in Africa for his first foreign trip, toured the affected areas in Mozambican port city of Beira on 3^rd May, 2019. The bank said it was activating the International Development Association`s (IDA) Crisis Response Window (CRW) to provide up to Tshs.1.2 trillion ($545 million) in total for the three countries.

“This is in addition to the nearly Tshs.345 billion ($150 million) in resources that have recently been made available from existing projects. Together, total …

Permanent Secretaries responsible for social, economic, environment, foreign affairs and international cooperation from Tanzania and Uganda have signed agreement to strengthen ties in the specific areas and for the protection of boundaries.

The agreement was signed in Dar es Salaam on 2^nd May 2019 after a two days meeting attended. Tanzania was represented by the Permanent Secretary, Ministry of Foreign Affairs and East African Cooperation, Dr. Faraji Mnyepe while Alfred Ollot, His Ugandan counterpart, led the other delegation.

Officials who participated in the meeting included permanent secretaries for ministries of livestock and fisheries, housing and settlements development, energy and water.

Experts from the ministries met prior to the meeting whereas they discussed on collaboratively working on the challenges facing Uganda and Tanzania, especially people living near the border. Their suggestions were submitted to permanent secretaries.

Major issues discussed during the conference were safeguarding the Tanzania/Uganda border and protection of …