LemFi, a leading financial technology platform, is revolutionizing global money transfers with its cutting-edge solutions. Known for its ability to simplify and enhance financial transactions, LemFi is expanding its services to meet the needs of the Latin American diaspora. This strategic move marks a significant milestone as the company broadens its reach to Brazil and Mexico.
Between 2022 and 2023, eight Kenyan banks have significantly expanded their footprint across the East African Community (EAC) Partner States and the Democratic Republic of Congo (DRC). A report from the Central Bank of Kenya (CBK) shows that the number of branches for these banks increased from 552 to 654, marking an 11.7 percent growth over the period.
KCB and Absa Bank are currently in a contentious battle for control of Savannah Cement, a company that entered administration after defaulting on loans exceeding Sh14 billion. The dispute is now before the High Court, where Absa is seeking to remove the two receiver managers appointed by KCB, PVR Rao and PS Rao, from overseeing the administration process.
The Democratic Republic of Congo (DRC) has surpassed Rwanda as the most profitable market for Kenyan bank subsidiaries in the East African Community bloc, underscoring the significant opportunities in the mineral-rich Central African nation. Recent data from the Central Bank of Kenya (CBK) reveals that pre-tax profits for regional subsidiaries of Kenyan banks more than doubled to Sh66.13 billion in 2023 from Sh32.51 billion in 2022, with the DRC contributing the largest share of 45.52 percent (Sh30 billion).
Network International is partnering with EGBANK to drive a significant digital transformation in the bank’s ATM acquiring services. This strategic collaboration highlights Network’s dedication to advancing payment solutions and meeting the growing demands of the Egyptian market.
Wema Bank, known for its pioneering digital bank Alat, has recently launched AlatPay, a revolutionary instant digital payment solution tailored to empower businesses of all sizes in Nigeria. The announcement, made on July 17, 2024, at the Four Points by Sheraton in Lagos, marks a significant advancement in digital payments, enabling merchants and business owners to process transactions globally with ease.
TerraPay, bolstered by recent financial backing from the International Finance Corporation (IFC), has announced a transformative partnership with Enza, another prominent player in payment technology. This alliance aims to revolutionize Africa’s payments landscape, accelerating financial inclusion across the continent.
Fintech company MOGO has made a significant investment of Sh1 billion from the US International Development Corporation to promote electric vehicle (EV) adoption in Kenya. The initiative focuses on financing e-bikes and three-wheelers at affordable interest rates, aimed at making various EV brands accessible across Nairobi and beyond.
