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.
The Governor of the Central Bank of Kenya, Dr. Kamau Thugge, CBS, has been honored with the prestigious title of **African Banker Central Bank Governor of the Year** by the esteemed African Banker Magazine. This recognition highlights Dr. Thugge’s exceptional leadership and strategic vision during a year marked by significant global economic challenges.
Standard Chartered Bank Kenya has reported an impressive 39.4% rise in profitability for the first quarter of 2024, with net income increasing to Sh5.6 billion from Sh4 billion previously. The growth was driven by higher income from loans and transactions, reflecting the bank’s robust financial performance amid challenging economic conditions.
