Absa Kenya has announced a remarkable 34% increase in net profit, reaching Sh5.9 billion for the period ending 31 March 2024. This significant growth underscores the success of the bank’s strategic focus on the retail market, as initially outlined in 2023. The retail banking model, targeting high-volume, low-margin operations for the low-income segment, has proven highly effective.
The Africa Banking Corporation (ABC) has taken a significant step towards environmental sustainability by joining the European Investment Bank’s (EIB) Greening Financial Systems (GFS) initiative. This collaboration aims to enhance ABC’s climate risk management framework, aligning it with global standards, including those set by the Central Bank of Kenya.
Car & General, a Nairobi Securities Exchange-listed firm, is expanding its footprint in the property sector with plans to launch an Sh800 million mall project in Shanzu, Mombasa. The project, scheduled to begin construction next year and be completed by 2026, aims to capitalize on the upgraded Mombasa-Mtwapa-Kilifi highway, enhancing accessibility and attracting a broad range of tenants.
Family Bank has reported a robust year-on-year increase in net profits to Sh910.5 million for the first quarter ended 31 March 2024, marking a nearly 25% rise from Sh685.3 million in the same period last year. This growth was driven by a substantial increase in both net interest income, which grew by 19.9% to Sh2.4 billion, and non-funded income, which rose by 29.7% to Sh1.3 billion. The bank’s strategic focus on diversifying its income streams has clearly paid off.
Raxio Data Centres proudly announces the opening of Raxio Mozambique, the nation’s inaugural Tier III Uptime Certified data centre. Known as Raxio MZ1, this cutting-edge facility is poised to bolster Mozambique’s burgeoning digital economy and accelerate the government’s digital transformation initiatives.
Orca, a South African startup specializing in fraud prevention for banks and fintechs in emerging markets, has successfully raised a $550,000 pre-seed round to further develop their innovative solutions. The round was led by Norrsken22, with participation from First Circle Capital, Musha Ventures, Kara Ventures, strategic business angels, and supportive family and friends.
Safaricom, in partnership with M-PESA Africa and Sumitomo Corporation, has unveiled the nine promising startups selected for the Spark Accelerator Program. Focused on accelerating early-stage startups in the fintech and content space, the program aims to support these innovative businesses in scaling and growing.
Orange, through its Orange Ventures arm, is significantly expanding its support for African tech start-ups, helping them navigate and thrive in a rapidly evolving digital landscape. This strategic move underscores Orange’s commitment to fostering innovation and entrepreneurship across the continent.
