Safaricom yet to agree with Vodafone on M-Pesa royalty charges
Safaricom yet to agree with Vodafone on M-Pesa royalty charges Safaricom is yet to agree with Vodafone on new M-Pesa royalty fees nearly a year since the two telcos opened talks following the migration of M-Pesa servers from Germany. The relocation of M-Pesa servers to Kenya…
Closing Bell: Eveready East Africa Limited Top Gainer as Sasini Ltd Declines
Eveready East Africa Limited Top Gainer as Sasini Ltd Declines Eveready East Africa Limited (EVRD) was the top gainer of the day. It gained 9.62% to close at KES 2.85 which was a KES 0.25 gain in share price. Sasini Ltd (SASN) was the top loser of the day. It…
Former Uchumi top managers on the spot over Sh1bn cover-up
Former Uchumi top managers on the spot over Sh1bn cover-up The revelation that Uchumi Supermarkets manipulated financial statements to the tune of Sh1.04 billion has put former senior managers including ex-chief executive Jonathan Ciano on the spot. Uchumi has announced that the former management had…
Stanlib extends debut Reit sale by week after investors seek clarity
Stanlib extends debut Reit sale by week after investors seek clarity The sale of Stanlib Investments debut Real Estate Investment Trust (Reit) has been extended by one week after the issuer asked for more time in response to investor queries. The investment firm said fund, pension…
M-Pesa airtime top-ups hit scratch card dealers
M-Pesa airtime top-ups hit scratch card dealers Safaricom’s airtime dealers are seeing their commissions squeezed as the volume of top-ups made directly from the telecom operator’s M-Pesa platform outpaces the growth of scratch cards. The volume of M-Pesa airtime top-ups peaked at 38 per cent in…
High interest on bonds to hit bank, insurers’ earnings
High interest on bonds to hit bank, insurers’ earnings Banks and insurance companies’ earnings are expected to take a hit from unrealised losses arising from the recent hike in interest rates for Treasury bills and bonds. Interest rates of the bills have shot to 20.6 per…
Uchumi reveals Sh2.4bn drain by closed outlets
Uchumi reveals Sh2.4bn drain by closed outlets Uchumi Supermarkets’ regional subsidiaries cost the retailer Sh2.4 billion in cash injection every year but returned losses for the past five years leading to their closure this week. Uchumi says it has consistently pumped Sh200 million a month into…
CMA gears up for launch of derivatives exchange
CMA gears up for launch of derivatives exchange The Capital Markets Authority (CMA) is stepping up preparations for the introduction of an exchange for derivatives, which are used for hedging risk. The CMA has partnered with the Dubai Financial Services Authority to train local players on…
Equitel loans hit Sh4bn, says Equity Bank
Equitel loans hit Sh4bn, says Equity Bank Loans borrowed from Equitel mobile money have hit Sh4 billion since its launch, underlining the vast potential of mobile banking in the country. Equity Bank CEO James Mwangi said an average Sh5,000 is borrowed daily, with most borrowers using…
Equity picks a new fight with Safaricom over M-Pesa fees
Equity picks a new fight with Safaricom over M-Pesa fees Equity Bank Group has written a protest letter to the Central Bank of Kenya (CBK) objecting to Safaricom’s intended increase of charges on bank-to-MPesa transfers, which once effected will raise fees charged on Equitel — its…
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