Author: Francis Muli

As companies all over the world are straining to keep afloat due to the Coronavirus pandemic, Netflix subscriber base is exploding due to millions of users who are staying at home, seemingly watching movies all day to keep themselves busy. The video streaming giant has recorded an additional 15.8 million paying streaming subscribers in the first quarter of 2020, more than double the 7 million forecasted in January, before the outbreak of Coronavirus. By the end of the first quarter, the company said they had recorded 182.9 million subscribers globally. “Membership growth has temporarily accelerated due to home confinement. We…

Patients in quarantine at the Kenyatta National Hospital’s Infectious Diseases Unit (IDU) at Mbagathi, Nairobi, will now find it easier to keep in touch with their loved ones and the outside world, after Telkom donated free 50 Mbps Internet connectivity to the facility. Psychology experts posit that social isolation is one of the most difficult experiences for human beings to endure. With COVID-19, quarantined patients are deprived of external social contact including family, friends and the life that they are used to. Telkom says that this can exact an additional toll on their health beyond the physiological symptoms of the…

Jumia and Twiga foods have partnered to provide fresh produce delivery services in Kenya, especially during this Covid-19 pandemic.  Nairobi based Twiga Foods will leverage on $30 million (approximately Ksh3 billion) raised during series B round in October 2019. Jumia and Twiga will also rely on venture capital from the U.S investment Bank, Goldman Sachs, in the new establishment. The partnership will see Jumia sell Twiga’s fresh produce on its ecommerce website. Using Jumia’s delivery fleet, the produce will be picked up from Twiga’s sorting and distribution site and delivered to the customer contact-free. The transaction will be cash only,…

Cytonn Money Market Fund is the fastest-growing unit trust scheme, the Capital Markets Authority (CMA) has indicated in its quarterly statistical bulletin. The CMA bulletin shows that Cytonn Money Market Fund’s assets under management (AUM) increased by 67.44 percent, to hit Ksh720 million in Q4 of 2019 from Ksh430 million in Q3 2019. The industry average stood at 6.58 percent, according to CMA data. Zimele Unit Trust Scheme was the second with a growth of 50.0 percent of assets under management, while Sanlam Unit Trust Scheme was third with a growth of 37.0 percent. As at September 30, 2019, the…

Nairobi-based employees of Airtel have contributed a donation of Ksh12.7 million to the Covid-19 Emergency Funds. The donation is comprised of voluntary employee contributions, which were matched by a Corporate donation from Airtel Africa plc. The company in a statement said it has donated over $2.6 million (Ksh260 million) on a corporate level, committed towards protective equipment for health workers on the frontline of the COVID-19 pandemic across Africa.  Read: Airtel Kenya Abolishes All Charges on Mobile Money for 90 Days The telco also said that the employees have also taken a voluntary deduction of salaries over the next few…

Safaricom and Visa have announced a partnership that will enable the development of products that will support digital payments for M-Pesa customers. The partnership will cover over 24 million M-Pesa customers, more than 173,000 Lipa Na M-Pesa merchants from Safaricom and more than 61 million merchant locations throughout Visa’s global network, and over 3.4 billion Visa cards in more than 200 countries and territories, subject to regulatory approval. “Cashless payments continue to grow in popularity driven by increased globalization and digitization further creating demand for more innovative services,” said Peter Ndegwa, CEO, Safaricom. Read: Highlights From Safaricom’s Full 2019/20 Financial…

Nairobi governor Mike Sonko has refused to release deed of transfer documents to the National Treasury. In a letter to Treasury by County Secretary Justus Kathenge to the National Treasury dated April 29, Sonko accused the Central government of breach of the terms of the deed of transfer if functions, “This is to inform you that I am under firm and clear instructions from His Excellency the governor as chief executive officer of the Nairobi City County Government not to provide any related information,” reads the letter in part. “This is due to consistent and persistent breach of the terms…

The government through the Ministry of Health has revealed how Ksh1.3 billion from the World Bank was used in the fight against Covid-19. According to a report tabled in Parliament, the Ministry intended to use Ksh976.7 million from the World Bank money but has so far spent Ksh1.3 billion. Ksh42 million was spent to lease 15 ambulances, and a further Ksh14.4 million to maintain and fuel 30 vehicles used by its officers across the country. This means that each ambulance cost Ksh2.8 million to lease, while maintenance of the 30 vehicles cost Ksh40,000 per vehicle per week. At least Ksh13.5 million…

Safaricom has announced the Financial Results for the year ending March 31, 2020 which saw the profit and total comprehensive income for the year grow 19.5 percent year-on-year. The results were normalised for the exceptional share of profit of joint venture, at 14.3 percent to Ksh71.7 billion with service revenue growing to Ksh251.2 billion. This year’s financial results were driven by growth in M-Pesa revenue, which grew by 12.6 percent contributing 33.6 percent of the service revenue and mobile data which grew by 12.1 percent to Ksh40.67 billion. Here are the key highlights Service revenue grew by 4.8 percent to…

Safaricom has announced a new partnership with Google and Teleone that will give customers access to quality 4G phones with a flexible payment plan. In an initiative dubbed Lipa Mdogo Mdogo, Kenyans who earn their wages daily will be able to acquire a range of smartphones and pay in easy daily instalments for as low as Ksh20. The initiative was announced by Safaricom CEO Peter Ndegwa, who says that the initiative will be launched by the end of June. “We are currently piloting this project with an aim of launching by end of quarter one in this financial year. Lipa…

Safaricom has announced a 14.3 percent increase in profits after tax to Ksh71.7 billion in the financial year ending March 31, 2020. Safaricom recorded a service revenue growth of 4.8 percent to Ksh251.22 billion as at March March 31, 2020 from Ksh239.77 billion driven by sustained customer growth, mobile data growth returning to double digit along with sustained M-Pesa and fixed data growth. Announcing the results today, the telco said the growth was partially offset by COVID-19 response and a contraction of betting industry. Read: USIU Africa Partners With Safaricom To Launch Subsidized Data For Students Safaricom recorded a customer…

Kakuma and Dadaab Refugee Camps will be put on lockdown from tomorrow, April 29, over Covid-19 pandemic, Interior CS Fred Matiangi has ordered. The two camps cumulatively have over 245,000 registered refugees, according to data from the United Nations High Commissioner for Refugees (UNHCR). Dadaab Refugee camp is located in Garissa Town and hosts about 211,365 registered refugees and asylum seekers in three camps as of the 13 May 2019, making it the third-largest such complex in the world. Kakuma Refugee Camp on the other hand is located in Turkana County, and hots around 34,620 refugees and asylum seekers. “Following…

A city Pastor is now calling upon the government to open the churches the same way it has opened restaurants, saying that the church is more essential than the restaurants. In a Facebook Post, Pastor Godfrey Migwi argues that churches and mosques have been the first points of call for the state, in case a disaster strikes. “Every time we are faced with a crisis as a country, the government, in collusion with religious leaders, call for prayers. Matatus are operating daily transporting thousands of Kenyans daily, barbershop and saloons are still operating giving services to thousands of Kenyans daily,…

The value of listed firms at the Nairobi Securities Exchange (NSE) fell by 14.5 per cent from Ksh2.36 trillion in March 2019 to Ksh2 trillion registered at the end of March this year. This is according to the latest data from the Capital Markets Authority (CMA), which indicates that investors have lost at least Ksh173 billion in the last two months due to Coronavirus (Covid-19) pandemic. Foreign investors pulled out Ksh11.6 billion from the companies in February and March, with trade at the bourse hitting a 17-year low. In February, foreign investors shed shares worth Ksh2.76 billion, as a precaution…

Kenyan have redeemed at least 131 million Bonga Points for household goods since Safaricom launched the Bonga for Goods programme over three weeks ago. Safaricom revealed that 60 percent of the redemptions occured at supermarket tills, an indication that Kenyans are short of liquidity and are using every means available to acquire basics, especially food during this pandemic period. “This initiative is to empower Kenyans to use the savings they have been making by using Safaricom products over the years to meet their needs to pay for their essentials or donate to the most vulnerable in the society,” Safaricom CEO…