Kenya This Week: Progress in Business, Tech, and Sustainability
Credit Bank Launches Cash Pickup Portal Remittance Service
Credit Bank PLC has introduced the Sacco Cash Pickup Portal Remittance Service, enhancing financial access for rural Kenyans. Partnering with Skyline DT Sacco and supported by IFAD, the initiative allows recipients to collect funds sent via RIA at 14 Skyline Sacco branches in Nakuru, Baringo, Trans Nzoia, and Nandi. Users can withdraw instantly with an ID and transaction reference, while Sacco members can opt for direct account deposits.
The service addresses high remittance costs, financial illiteracy, and limited investment opportunities. Kenya’s remittance cost averages 10.72%, above the UN’s 3% target. Credit Bank and RIA offer lower fees of 2%-4% with no hidden charges. Additionally, financial literacy programs on budgeting, payments, savings, and wealth management empower recipients to make informed financial decisions, improving overall financial inclusion in rural communities.
(PR Value 13,665,175)
Safaricom Launches Second Youth Empowerment Bootcamp at Kenyatta University
Safaricom PLC has launched the second edition of its youth empowerment bootcamp, Safaricom Hook Circle, at Kenyatta University . The two-day event, ending February 28, 2025, engages over 2,000 students in person and 200,000 virtually. The program includes mentorship, skills training, and networking to boost youth employability and entrepreneurship. Safaricom aims to address Kenya’s unemployment challenges by equipping participants with essential skills for the job market and business ventures.
The initiative aligns with national goals of economic growth and sustainable development by fostering young talent. Through skill-building and professional guidance, the Safaricom Hook Circle empowers youth to navigate employment challenges and pursue entrepreneurship, strengthening Kenya’s workforce and economy.
(PR Value 422,500)
Safaricom Urges Saccos to Go Digital for Better Efficiency and Growth
Safaricom PLC has urged Saccos to adopt digital solutions for efficient management and improved service delivery. Speaking in Mombasa, Cynthia Kropac, Safaricom’s Chief Enterprise Business Officer, highlighted the MySacco platform, a multi-tenant digital solution designed to streamline Sacco operations. Launched in October 2024, MySacco simplifies services like opening savings accounts and managing loans, making them fully digital and accessible.
With only 5% of Saccos fully digitized and less than 1% affording core banking systems, the platform offers an affordable, cloud-based alternative. It integrates cybersecurity, connectivity, and a digital-first approach, helping Saccos expand their reach. MySacco is available via mobile apps, web portals, and USSD for non-smartphone users, ensuring accessibility for all members. Safaricom aims to drive financial inclusion and sustainability in Kenya’s Sacco sector through digital transformation.
(PR Value 2,076,150)
Pesalink Survey: Payment Apps Dominate Over Cash and Cards
A survey by Integrated Payment Services Limited (IPSL) reveals mobile banking apps and mobile money wallets as Kenya’s top transaction methods. The Pesalink 2024 Usage & Attitude Survey found 50.15% of users prefer mobile money, while 41.54% favor banking apps. Traditional payments like cash (2.77%) and debit/credit cards (5.54%) are declining.
The survey highlights that 57% of Pesalink users have multiple bank accounts, increasing demand for interoperability. Consumers prioritize convenience (64%) and speed (60%) over fees and rewards. IPSL CEO Gituku Kirika urged financial institutions to invest in seamless cross-bank services to remain competitive. The shift towards digital payments underscores the need for banks to enhance account-to-account (A2A) services to meet evolving consumer expectations.
(PR Value 1,191,400)
Amsons Group Moves to Acquire Remaining Bamburi Cement Shares
Tanzania’s Amsonsgroup is set to acquire the remaining 3.46% of Bamburi Cement PLC shares after securing a 96.54% stake in December 2024. The "squeeze out" transaction, priced at KSh65 per share, will cost approximately KSh815.9 million. As a result, Bamburi Cement’s shares were suspended from trading on the Nairobi Securities Exchange (NSE) on February 28, 2025, until May 9, 2025, or as determined by the Capital Markets Authority.
Amsons’ initial acquisition followed a rival bid from Savannah Clinker, which withdrew before closure. With this final acquisition, Amsons plans to delist Bamburi Cement from the NSE, having exceeded the required 75% threshold. The move strengthens Amsons' position in the cement industry and consolidates its control over Bamburi’s operations.
(PR Value 6,640,890)
Kenyan Manufacturers Commit to Advancing Circular Economy for Sustainability
The Kenya Association of Manufacturers (KAM) is advancing circular economy solutions to promote sustainability and reduce environmental waste. Speaking at the third Loop Forum Kenya, KAM CEO Tobias Alando urged industries to integrate circular economy principles. The event, themed "Driving Kenya’s Transition to a Circular Economy through Collaboration, Innovation, and Sustainability," brought together key stakeholders to discuss waste reduction and resource efficiency.
Through its Center for Green Growth and Climate Change, KAM is spearheading initiatives like circular economy resource mapping to improve waste management. Joyce Njogu, KAM’s head of consulting, highlighted investments in regenerative processes and industrial symbiosis loops. She emphasized the extended producer responsibility strategy, which requires manufacturers to oversee plastic waste collection and recycling. These efforts align with Kenya’s broader sustainability goals and industrial transition towards resource efficiency.
(PR Value 6,334,205)
KPC Orders Changamwe Residents to Vacate Pipeline Land
The Kenya Pipeline Company Limited (KPC) and Kenya Petroleum Refineries Limited have directed 473 households in Changamwe, Mombasa, to vacate land encroaching on petroleum pipelines to prevent potential disasters. Many residents are unaware of the risks posed by aging pipelines beneath their homes. While some have started demolishing their structures, others await further action.
KPC’s Way Leave Manager, Stanley Manduku, noted past clearance attempts were blocked by court injunctions since 1999. He warned of possible tragedies like the Mukuru Kwa Njenga and Sinai fire incidents, which caused fatalities. KPC has engaged in community outreach to inform residents of the dangers and ensure humane evictions. However, some residents, like Jaffar Otieno, have requested extended notice periods due to economic constraints.
(PR Value 2,664,045)
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