Diamond Trust Bank (DTB) has reported a notable 12 percent increase in net profit, reaching Sh4.9 billion for the half year ended June 2024. This growth marks a significant achievement for the bank, reflecting its robust performance and strategic expansion.
Absa Bank has announced a significant 29 percent increase in profit after tax, reaching Sh10.7 billion for the first half of 2024. This growth reflects the bank’s successful strategy in boosting revenue across its various business segments and meeting the increasing demand for soft loans, despite a challenging economic environment characterized by reduced consumer spending.
Starlink, the satellite firm led by billionaire Elon Musk, is set to revolutionize mobile connectivity with its new Direct to Cell service. This innovative strategy aims to integrate Internet and mobile services directly into subscribers’ phones, enhancing market reach and service accessibility.
The newly-rebranded Africa-focused venture capital firm, 54 Collective, is set to transform start-up investments on the continent by moving away from the traditional Silicon Valley plug-and-play model. Formerly known as Founders Factory Africa, 54 Collective aims to provide comprehensive support tailored to the unique needs of African start-ups.
Vodacom and Huawei have launched the DigiTruck in Tanzania, a groundbreaking initiative designed to bridge the digital divide and enhance digital literacy across the country. This mobile classroom aims to provide essential digital skills training to over 5,500 individuals annually, including students, women, the elderly, and youth, across ten regions.
Redington, a leading technology distributor, has announced a strategic partnership with Zoho, a global software company, to enhance access to Zoho’s cloud-based business solutions across emerging markets in Africa. This collaboration aims to bring Zoho’s extensive suite of tools to businesses of all sizes, facilitating improved customer experiences, enhanced collaboration, and streamlined operations.
NCBA Bank has recently expanded its footprint with the grand openings of new branches in Limuru and Githunguri, marking a significant milestone in its growth strategy. These new locations are set to enhance financial accessibility for local communities, offering tailored financial solutions to support various needs.
Workpay, the Kenyan cloud-based HR, payroll, and benefits platform, has successfully raised $5 million in Series A funding. This significant funding round, led by Norrsken22 and featuring investors such as Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures, follows Workpay’s successful pre-Series A round of $2.7 million in early 2023.
