NALA’s Post

As of 22nd February 2024: Among the 10 Kenyan banks listed on the Nairobi Securities Exchange PLC, Equity Bank Limited takes the lead in terms of market capitalization, standing at KES 156.6 billion. Co-operative Bank of Kenya holds the second position with KES 75.1 billion, while Absa Bank Kenya ranks third with KES 65.9 billion. #bankingindustry #bankingperformance #financialupdates #marketcapitalization #equitymarket

#Kenya In A Week 🏦 - NCBA Group expands its reach in Kiambu County with two new branches, enhancing local banking services. -📉 S&P Global Ratings lowers Kenya’s credit rating to ‘B-’ due to fiscal challenges, reflecting ongoing economic concerns. - Safaricom denies rumors of canceling Starlink payments amid rising competition, reaffirming its strategic plans. -Bayobab Kenya completes a crucial fibre network linking Mombasa to Uganda, improving regional connectivity. -🏆Equity Bank honored at the 2024 Euromoney Awards for Best Corporate Responsibility in Africa and Banking Excellence. - Bolt Kenya and Little App have both increased their fares—by 10% and 15%, respectively—to help drivers manage rising operational costs. -💳 Alipay is targeting the Kenyan market with dollarless transactions to streamline trade and support financial inclusion. Stay informed hashtag #KenyaInAWeek for a comprehensive roundup of the week's top stories! 📰 #telcos #

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AFRICA OFFERS OPPORTUNITIES ONE FINDS NOWHERE ELSE IN OUR WORLD - BUILD YOUR OWN INFRASTRUCTURE AND SUCCEED! Indeed that's the secret to succeed in #Africa! Build Your Own Infrastructure! You cannot do IT? Those few, who do IT #succeed. Many Africans cannot prosper, because they are waiting for the #government to build the #infratructures for them! Keep on pointing fingers, while those who understood IT - #BYOI - succeed! Got IT? #BuildYourOwnInfrastructure #BYOI

Participated on a panel during the Bank of Tanzania's 21st #COFI conference in partnership with the Tanzania Bankers Association(TBA) in Arusha last week where TIPS, Tanzania's national payments platform was launched. Financial Sector Deepening Tanzania I made these remarks in response to the potential impacts of the new payment switch. I think if TIPS is successful in connecting all financial service providers into the payments ecosystem on an equal footing, we will see greater innovation in the payment space and #Tanzania can become one of if not the largest mobile payments market in the world. The key is to cooperate on access and compete on value. If you compete on access, you will disincentivize innovation. Olayinka David-West (she/her/hers) kennedy komba #innovation #payments #technology

Diamond Trust Bank Uganda (DTB) and TerraPay's new partnership promises to revolutionize #remittance services, potentially slashing costs by over 50% for sending money to Uganda from abroad. With current average costs at 6.2% and 7.3% to Uganda, the deal aims to align with global goals, aiming for transaction costs of 3% or less by 2030, set by the United Nations and the G20 group of countries. This collaboration is poised to enhance #financialinclusion, facilitating seamless money transfers, savings, and credit accessibility, particularly benefiting individuals in Uganda. TerraPay's Country Manager for East and Southern Africa, Samuel Muyingo, highlights the efficiency of the service, allowing #moneytransfers from 210 countries to Uganda in just a minute, with transaction costs capped at $1.8 per transaction, well below the UN's targeted average. This strategic alliance is expected to empower Ugandans residing abroad, while also fostering #digital transactions within the country, contributing to the projected $1.3 billion growth in Uganda's digital transaction market by 2027. With a focus on simplicity, affordability, and speed, DTB and TerraPay aim to drive financial inclusion and simplify global money movement, ultimately empowering individuals and businesses alike. Edward Nakitare Varghese Thambi #banking #remittance #payments #moneytransfers #financialinclusion #hakunamatatamedia Source: The Independent

Glad to share that I, along with the members of the TEMPLARS team comprising of Partner, Zelda Akindele, Senior Associate, Victor Sameria, and Associates, and Joshua Chizoma, contributed to the recently launched State of Enterprise (SOE) 2024 Report. The report highlights the substantial growth of Nigeria's financial sector in 2023, with the banking sub-sector boosting GDP by 4.6% and assets surging by 56.14% to ₦121.8 trillion. It also details advancements in the insurance and capital markets, reflecting a thriving financial landscape. The report, supported by data from key institutions, underscores Nigeria's potential for economic growth and illustrates the significant strides made towards the country becoming Africa's leading financial services hub. EnterpriseNGR brings together organisations in the Financial & Professional Services sector to champion Nigeria’s transformation into the leading financial services centre in Africa. The professional advocacy group advances this agenda by actively collaborating with all its stakeholders, including operators, policymakers, and regulators. Read the report here: https://lnkd.in/ejKfGUBG ......................................... hashtag #FinancialGrowth #NigeriaFinance #BankingSector #CapitalMarkets #InsuranceIndustry #EnterpriseNGR #EconomicGrowth #AfricaFinancialHub

Faulu Microfinance Bank unveils a strategic refocus aimed at driving sustainable growth through enhanced digital banking and optimized distribution channels. Supported by a significant investment of over Ksh 900 million from Old Mutual Kenya, Faulu aims to solidify its position as a leader in digital finance and MSME support in Kenya. CEO Julius Ouma highlights Faulu's commitment to digital transformation, enhancing accessibility with expanded online services. With the backing of Old Mutual, these investments pave the way for Faulu to emerge as the forefront digital bank, meeting evolving customer needs effectively. The bank plans to leverage its robust agency network and bolster MSME support, viewing these sectors as vital to economic vitality. Through strategic partnerships and a flagship digital lending platform, Faulu aims to provide seamless transactional services and essential financial support to MSMEs. This transformative initiative reflects Faulu's dedication to customer-centric innovation and operational excellence, positioning itself competitively in Kenya's dynamic financial services landscape. #FauluMicrofinance #DigitalBanking #MSMEsupport #FinancialInnovation #SustainableGrowth To read more: https://zurl.co/yoB8

The African banking landscape could be in for a shakeup! Nigeria's Access Bank Eyes Acquisition in Kenya. This article in Global Finance Magazine details Nigeria's Access Bank's bold move to acquire National Bank of Kenya (NBK) (https://buff.ly/4cAYLAO). Some of the key points to consider are: Strategic Acquisition: Access Bank sees NBK as a stepping stone to becoming a Tier 1 lender in the competitive Kenyan market. Challenges: NBK has been a financial burden for the KCB Group, largely due to the high level of non-performing loans. Potential Benefits: Access Bank believes it can revitalize NBK and leverage its extensive branch network to gain a stronger foothold in Kenya. This potential acquisition highlights the growing trend of consolidation within the African banking sector and a key strategy we have observed Access Bank take aggressively across the continent. #Africa #Banking #MergersandAcquisitions #Nigeria #Kenya

HARAMBEE DT SACCO, a leading savings and credit cooperative organization in Kenya, has unveiled a strategic share-capital initiative to raise at least Sh4 billion over the next two to three years.  The move, announced by Sacco Chairman Macloud Malonza and CEO George Ochiri at their recent Annual Delegates Meeting in Nairobi, seeks to bolster Sacco’s capital reserves and reduce its reliance on external borrowing.  This capital injection will help Harambee Sacco meet the regulatory capital-to-total assets ratio requirement of 8% and enhance its liquidity, enabling greater savings on loan interest payments and fostering a stronger financial foundation for its members. #HarambeeSacco #FinancialGrowth #ShareCapitalDrive #KenyanSaccos #EconomicEmpowerment