Browsing: Airtel Money

I&M Bank Group
  • With operations in Kenya, Rwanda, Tanzania, Uganda and Mauritius, I&M Bank has attributed 15 per cent profit growth to an increase in its operating income.
  • Its loan portfolio grew by 30 per cent to $2.4 billion, partly attributed to the extension of retail lending through digital platforms.

  • Customer deposits closed at $3.2 billion, a 33% increase year-on-year, attributed mainly to growth in current and savings accounts.

Nairobi Securities Exchange-listed lender I&M Group PLC has recorded a profit after tax of $101.5 million for the year ended December 31, 2023, up from $88.5 million, as it continued with its regional expansion.

The financial services provider, which operates in …

Nala Money Benjamin Fernandes
  • Nala Money has Payment Service Provider licenses in several countries, including its founder’s home, Tanzania.
  • In 2020, Africa’s e-payments industry, across domestic and cross-border payments, generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments.
  • Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 per cent per year, reaching around $40 billion by 2025

“Little did I know that if a European-based client of mine could have subscribed to Nala Money, I would have received $100 more to my fee.  Unlike Nala, the money order service I use has a low exchange rate and is somehow unconventional.”

This testament is not a promotion or a boost for the latter but an admission of facts and experiences Tanzanians who might receive remittance often or once could face.

Nala, started by Tanzanian youth Benjamin Fernandes in 2017, aimed to increase economic opportunities for …

L R Bernard Obel Director Supervision Insurance Regulatory Authority Tetteh Ayitevie CEO Prudential Uganda Japeth Aritho MD Airtel Mobile Commerce Uganda Limited Hamza Mutebi General Manager Tura 1

● Hospital Sente is available to all Airtel Money customer via *185*7*6#.
● Hospital Sente offers hospital cash pay out to beneficiaries upon inpatient hospitalization at
any accredited hospital for up to 10 nights within a policy year.
● The product offers a funeral benefit which provides cover to the member on death due to
natural or accidental causes.

Airtel Mobile Commerce Uganda Limited (AMCUL) has  partnered with Prudential Assurance Uganda Limited and insurtech firm Turaco Insurance Brokers LTD to provide ‘Hospital Sente’, a low-cost hospital cash insurance product with Funeral Benefits, aimed at increasing access to insurance for underserved communities, and low-income individuals and families.

The cover aims to ease Airtel’s customers financial burden associated with hospital admissions and death. Hospital Sente offers beneficiaries with a cash pay-out if they are hospitalised. It is designed to provide affordable coverage for unserved individuals and families conveniently through Airtel’s Mobile money …

The Equity One Till Number will enable retailers to focus more on their customers.

Due to the Till number’s ease of interoperability, it is now not necessary for businesses to sign up for numerous Paybill/Till numbers for them to accept payments from customers who pay using different numbers.
This latest product by the giant financial institution brings competition to Kenya’s established M-Pesa tills which have been adopted countrywide. Others that will feel the pinch include Airtel Money which is battling the giant telco in courts over its dominant position in the country.
Equity already has Equitel, Equity Mobile and now the One Equity Till number.…

Flat I 31

Africa’s leading Mobile Network Operators (MNOs), MTN, Vodacom and Safaricom, have recently made bold plans to venture into the increasingly dynamic world of fintech. On 23rd June 2021, Safaricom launched its super app, which creates an ecosystem of mini-apps from the network operator as well as third-party apps that feed off the super app[1]. A month prior to this development, Safaricom, the leading MNO in Kenya announced plans to release an Application Protocol Interface (API) for the super app to enable third-party app developers to build more products and services on top of the super app[2]. This means the super app is going to be an app store that consolidates the reach of Safaricom.

In May, MTN also announced plans to become a tech platform to rival the likes of Apple and WeChat as part of their Ambition 2025 which is currently being implemented[3]

Data, mobile money steer Airtel’s revenue growth

Revenue from data and mobile money drove Airtel Africa’s operations, boosting the company’s overall revenue by 9.9 per cent.

The Airtel’s revenue grew to $2.5 billion for the nine months ended December 31 from $2.2 billion in 2018.

According to data from the telecom, Airtel Africa realised a 3.9 per cent increase in voice revenue, 39 per cent in data and 40.4 per cent in mobile money during the period.

“We are also increasingly seeing the success of our strategy to lead in the roll-out of modernised 4G networks, with more than 40 per cent increase in data revenues for the quarter… our mobile money offer as well as increasing the distribution footprint have helped gain further acceptance of Airtel money,”  said Mr Raghunath Mandava, chief executive officer, Airtel Africa.

Also Read: Telkom dislodges Airtel with Kenya’s lowest call charges across networks

In the nine months ended December 2019, Airtel …