Asahi Group Holdings, the Japanese brewing and beverages giant, has picked Absa Bank Kenya PLC, ENS Africa, A&O Shearman and Nomura Holdings to advise on its USD 2.3 billion acquisition…
When veteran journalist Andrew Mwenda posted a video of weary passengers stranded at Entebbe International Airport, his words cut deeper than the images themselves. “The tragedy happening at Uganda Airlines…
Kenya Gov’t to Sell 15% Safaricom Stake to Vodacom in KShs 241 billion (UGX 6.5 Trillion Deal) The Kenyan government Kenya has officially begun the process of selling a 15…
They say actions speak louder than words, and with Paloma Lengema at the helm, BIC’s impact is clear, sharp, bold, and lasting like the iconic Cristal pen. Rising through BIC’s…
When Dr. Layi Fatona took the stage at the Stanbic Bank East Africa Economic Summit in Kampala, there was a certain stillness in the room — the kind that precedes...
Kenyan fintech powerhouse, Lipa Later Group, has successfully raised $5 million in a private debt issuance, marking a significant milestone in its financial journey. However, the company’s ambitious expansion plans require an additional $20 million, which it aims to raise through a combination of equity and debt. Lipa Later is also in the midst of a crowdfunding campaign, seeking to raise $1.2 million in exchange for equity at a valuation of $30 million. This campaign is hosted on the crowdfunding platform, Republic. Founded in 2018 by Eric Muli and Michael Maina, Lipa Later has made a name for itself in…
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Uganda has been a hotbed for cryptocurrency scams, largely due to the legal ambiguity surrounding the use of digital currencies. The country has had its fair share of crypto scams, with numerous individuals falling prey to fraudulent schemes. This has been largely caused by the lack of clear regulations and guidelines on the use of cryptocurrencies, creating a fertile ground for unscrupulous individuals to exploit unsuspecting investors. According to a report by the Blockchain Association of Uganda, the country has seen a significant increase in crypto scams in recent years. The report revealed that in 2019 alone, Ugandans lost over…
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Safaricom Ethiopia has announced the appointment of Wim Vanhelleputte as its new Chief Executive Officer, effective from September 1st, 2023. Vanhelleputte, the former CEO of MTN Uganda, will succeed Anwar Soussa, who has led the company since its inception. Vanhelleputte brings a wealth of experience to his new role, having served as the Operating Executive for West and Central Africa (WECA) Markets of Liberia, Guinea-Conakry, Guinea-Bissau, and Congo-Brazzaville at MTN Group since August 2022. His responsibilities included overseeing performance and governance in these markets. Before that, he had been at the helm of MTN Uganda for six years being replaced…
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African asset financing startup, M-Kopa has raised a combined equity and debt round of at least $250m, the company announced on Monday. This is one of the biggest single funding rounds raised by an African startup. M-Kopa will use this funding to continue its Africa-wide expansion and increase its 3m users in Kenya, Uganda and Nigeria. This funding round attracted Standard Bank, Africa’s largest bank by assets, who sunk $100m into the debt round. The rest of the debt round was supplied by development financial institutions the International Finance Centre (IFC), FMO which is a Dutch development Bank and British…
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Kenyan President Uhuru Kenyatta on Monday commissioned the Kisumu Railway Station, expressing optimism that the rail transport will boost Kisumu’s status as an economic hub in the western region. Kenyatta pointed out that the restoration of the rail transport in Kisumu will not only lower the cost of ferrying goods along the line but also stimulate the growth of industries that will create the much needed jobs for the youth. “Because of this rail, the cost of travelling from Mombasa to Kisumu will reduce. Also the cost of transporting goods from Mombasa to Kisumu will reduce and that is of…
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Centenary Group, owners Uganda’s oldest and largest indigenous financial entity, Centenary Bank, received incredible appeals from over 200 business leaders at the ongoing South Sudan – Uganda Business Forum to extend Centenary Group services to South Sudan. Fabian Kasi – Managing Director; Centenary Bank and Brenda Magoba – Company Secretary & General Counsel; Centenary Group made presentations that spurred feedback from the business leaders. One of the participants remarked, ‘I want to commend Centenary Bank for the fact that we don’t hear that you’ve taken customer property. Thank you Centenary Group, you’re really are in it for the people. We…
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The African Development Bank Group Board of Directors has approved financing of $150 million to Kenya to support a major highway development project under the government’s First Mover Public-Private Partnership (PPP) programme.The project will see the development of the A8 and A8 South highways. The existing 175km A8 road from Rironi to Mau Summit will be transformed into a four-lane carriageway and the 57.8 km two-lane A8 South, from Rironi to Naivasha will be strengthened and maintained over a period of 30 years.Both roads are major routes stretching across the most densely populated parts of the country, beginning in Nairobi,…
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The Board of Directors of the African Development Bank Group has approved a grant of $8.1 million to South Sudan to fund its Emergency Food Production Programme.Allocated through the Transition Support Facility, the grant constitutes additional financing to the ongoing Agricultural Markets, Value Addition and Trade Development Project (AMVAT). AMVAT seeks to contribute to reduced food insecurity, poverty reduction, economic growth and building of community and household resilience and social cohesion.Exacerbated by climate hazards, the threat of a food crisis has long loomed over South Sudan, which has not been food self-sufficient since 2009. Some 8.9 million people, more than 70%…
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Kenyan president Uhuru Kenyatta has opened the new permanent premises of the Trade and Development Bank. The magnificent 20-floor tower, located in Nairobi’s Kilimani area, will serve as the bank’s Eastern Africa regional headquarters as well as the regional operations hub. Speaking during the occasion, Kenyatta said the expansion of the operational base of the Trade and Development Bank in Nairobi affirmed Kenya’s capability and credentials to host an expanding family of regional and international institutions. “Indeed, the sustained expansion of Kenya’s economy boosted by strong investor confidence and a resilient banking and financial services sector, validates our claim as…
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Pan-African, non-profit social enterprise Ubongo has appointed Mwasi Wilmore as its new CEO The enterprise aims at significantly improving school readiness and learning outcomes and promoting social and behavioral change communication through localized edutainment (educational entertainment) for kids and their caregivers. Mwasi joins Ubongo after spending the past few years leading and growing nonprofits and startups, as well as business and strategy consulting across Africa and around the world. She has worked with Fortune 100 companies like Citibank, Wachovia and Bank of America both in the US and on global projects. She then moved back to Tanzania, where she co-founded…
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