Safaricom’s M-Pesa cards plan targets e-payment billions
The M-Pesa debit cards and point of sale (POS) terminals will enable customers to pay for government services, which the State has committed to shift online in a bid to curb corruption and ease transactions at public offices. Safaricom has signed deals with hundreds of partners that have seen M-Pesa emerge as a payments, savings, micro-credit, and bulk money transfer platform. The move also marks yet another evolution of M-Pesa, which started as a person-to-person money transfers service […]
Retail milk prices rise as supply shrink
Retail prices of milk have risen to Sh50 for a 500ml packet up from Sh45 at the beginning of the year in small shops. Processed milk prices have risen by up to Sh5 for half-litre packet on shortage caused by harsh weather conditions. Milk processors may now have to increase farmers’ pay to secure raw supply because of the dry spell. There has not been proper strategic planning in the formal sector on who would absorb (and powder) the excess during peak seasons for use in such low seasons […]
Kenya Power in Sh2.2bn Juja station upgrade after 50 years
The modernised indoor substation will help enhance power supplies to meet the increasing demand for electricity from residential consumers and businesses operating in the city. The contract has been awarded to a Swiss company for Sh2.2 billion and will cater for the first upgrade of the 50-year-old Juja substation. The project is expected to increase the grid stability and avoid blackouts […]
Boost for Kenyan exploration as Africa Oil raises Sh11.4bn
Africa Oil says it will concentrate exploration on Kenyan blocks that have proven more promising, at the expense of blocks in Ethiopia and Somalia. The Canadian oil and gas explorer Africa Oil has managed to raise Sh11.4 billion in a rare show of confidence in Kenyan blocks at a time of drastic crude price falls. The listed explorer raised the funds through a private placement at a time when fund-raising has become a nightmare for explorers. The exploration is jointly with Tullow Oil, its partner at the Turkana-based blocks […]
Odera gets board’s approval for CFC Stanbic Bank top job
The former chief executive of Stanbic Uganda will be replacing 57-year old Greg Brackenridge who took over the reins in 2010. Philip Odera is set to take the top job by the end of March as the current chief executive assumes new responsibilities at the group level. Currently, the appointment is only waiting for a nod from the Central Bank of Kenya (CBK) before being made official. The bank’s board of directors has already given Mr Odera the green light […]
Government promises fresh capital to bail out coffee farmers
The Government plans to provide credit to coffee farmers as part of a strategy to revitalise the industry and expand the country’s share in the international market. The measures to be taken, including increased provision of credit, have been lined up to revamp the industry in order to maximise farmers’ income in addition to reclaiming the sub-sector’s past glory […]
Regulator blacklists Saccos for failing to meet requirements
The Sacco Societies Regulatory Authority (Sasra) has blacklisted two Saccos and stopped them from offering banking hall services, owing to their inability to meet statutory requirements. Sasra Chief Executive Carilus Ademba said Isiolo Teachers Sacco and Ogembo Tea Sacco Society have been prohibited from undertaking deposit taking Sacco business, popularly known as Front Office Service Activity, starting January 1, 2015. The two Saccos operate in Isiolo and Kisii towns respectively […]