Britam Holdings CEO Tavaziva Madzinga quits after 10 months at the helm

KENYA – Insurance Group Britam Holdings has announced the planned exit of its managing director, Tavaziva Madzinga, after just 10 months in office in its latest executive shake-up. Mr. Madzinga will officially leave Britam in April 2022, giving the company enough time to find his replacement. The announcement comes barely 10 months after he joined the company on 1st February 2021 following the retirement of Benson Wairegi who had served in the company for more than four decades. The insurer has also announced the appointment of Charles Njuguna as the deputy managing…

Read More

Co-operative Bank gets US$56m from EIB for SME lending

KENYA – Co-operative Bank has received KSh6.3 billion (US$56 million) from the European Investment Bank (EIB) for onward lending to small businesses to help them recover from the impact of the Covid-19 pandemic. Co-operative Bank Chief Executive Officer Gideon Muriuki said micro, small and medium-sized (MSME) firms with up to 250 workers can apply for the loan. The long-term loan will be repayable in seven years and will assist MSMEs to fund the acquisition of tangible business assets, working capital, development of distribution networks innovation and business research. Mr. Muriuki…

Read More

Fintech ImaliPay partners with Cellulant to drive gig workers’ financial inclusion

KENYA – ImaliPay, the one-stop financial platform for Africa’s gig workers, has partnered with pan-African payments company Cellulant for its payments infrastructure and solutions in Kenya and Nigeria. The ease of making and receiving payments for freelancers will be greatly improved through this partnership and will change the way gig workers experience making payments and the partnership will further drive financial inclusion by allowing ImaliPay users to access financial services quicker through Cellulant’s payment rails. Sanmi Akinmusire, Co-founder and COO of ImaliPay said that: “Most of the financial services provided today…

Read More

Fintech startup Asilimia raises US$2m funding to expand its footprint

KENYA – Asilimia, a Kenyan-based fintech startup that is building the digital infrastructure to connect African MSMEs to the formal financial economy, has secured US$2 million to grow its team, deliver new services and expand into new markets in East Africa. The startup raised US$1 million in pre-seed funding from a wide range of investors, including two-time unicorn founder, Fredrik Jung Abbou (co-founder of Kry and Lendo), Norrsken Impact Accelerator, and other prominent founders from across Europe. It also raised US$1 million in a debt round that included Bpifrance and…

Read More

Tech-logistics startup Sendy launches a digital platform for online sellers in Kenya

KENYA -Sendy, a Kenyan tech-logistics startup, has set up a digital-enabled platform that relieves online sellers of logistics difficulties and their associated costs, reports KenyanWallstreet. The state-of-the-art Fulfilment Centre with multiple picking locations across Nairobi will serve as Sendy’s nerve center. This e-commerce platform is aimed at retailers that do not have storage or delivery systems, and it will pick, pack, and ship orders to customers for a fee of 13% of the product’s selling price. The price also includes picking up the shipment from the vendor’s location, three shipping…

Read More

Solar firm Mobisol rebrands as ENGIE Energy Access Kenya

KENYA – ENGIE Mobisol, a Kenyan Pay-As-You-Go (PAYGo) solar industry firm has changed its name to ENGIE Energy Access Kenya (EEA Kenya) as it plans to increase access to affordable solar energy solutions to off-grid customers through the Pay-As-You-Go model. This comes after the parent company ENGIE integrated ENGIE Mobisol with Fenix International, another SHS company and mini-grids provider early last year. This integration puts the company in a unique position as the only energy player offering end-to-end off-grid energy solutions with both solar home systems and mini-grids under one…

Read More

Jumia taps former Britam Commercial Director Betty Mwangi as CEO

KENYA – E-commerce platform Jumia has announced the appointment of Betty Mwangi, as Kenya’s new Chief Executive Officer to take over from former boss Sam Chappatte. The company said Betty will focus on accelerating corporate growth. Betty is an engineer with 20 years of experience in the telecommunications, insurance, and pharmaceutical industries, she previously served as Group Commercial Director for Britam Group PLC from 2016 to 2021, a company she originally joined in 2013. She also worked as Director of Financial Services for Safaricom MPESA from inception in 2007 to 2016.  “Betty…

Read More

Absa Bank profit after Tax jumps 328% to US$72m for period ending September 2021

KENYA – Absa Bank, a financial services group, has recorded a 328 percent jump in its Profit after Tax for the period ending 30 September 2021. The profit rose to KSh8.2 billion (US$72.98m), as compared to KSh.1.9 billion (US$16.91m) recorded in the same period 2020, which was attributed to the strengthening macro-economic environment and resilience in customer operations. The bank also recorded KSh.27.3 billion (US$242.98m) in total income, a 7 percent increase credited to higher increased income which increased by 9 percent year on year due to increased lending. Loans…

Read More

Kimberly-Clark invests US$45m to manufacture Huggies Diapers in Kenya

KENYA – International Diaper Manufacturer, Kimberly-Clark, has signed an KSh5 billion (US$45m) contract deal to kick-start the production of Huggies diapers in a newly established factory in Thika. The firm entered an agreement with a local manufacturer, Sai Pharmaceuticals, to begin manufacturing and distribution of the diapers in the Kenyan market, in a move meant to invest in home-grown solutions Speaking during the announcement of the agreement, Kimberly Clark Business Development Director Middle East and Africa, Kevin Achieng elaborated that the move to manufacture the brand locally was aimed at…

Read More

The Gambia ups stake in Shelter Afrique with US$19,200 additional capital payment

KENYA – The Government of Gambia has increased its stake in Shelter Afrique to 0.27% following payment amounting to US$19,218.96 in additional capital. The Gambia is now the 11th country to increase its stakes in the pan-African housing development financier Kenya, Tanzania, Cameroon, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast, and the Democratic Republic of Congo. “We thank the government of The Gambia for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Minister of Lands, Regional Government and Religious Affairs Hon. Musa…

Read More