Standard Bank has gained a stake in the Nomanini fintech platform following a strategic investment of $4 million, which was completed by Amsterdam-based investment firm Goodwell Investments. Through this investment, the bank will now also be able to utilise Nomanini’s platform to uncover inaccessible data on the informal retail economy.
How mobile money is transforming Africa
Mobile money payments began with the innovative Mpesa service in 2007. A decade later, the service is widely used across the continent and in other parts of the world. An estimated 30 million Mpesa users are spread out in more than 10 countries including; Kenya, Tanzania, D.R. Congo, Lesotho, Egypt, Ghana, Albania, and Romania. Additionally, there are other mobile money service providers such as Orange money and MTN money.
Sh20m centre to help firms keep hackers at bay
Technology firm, Internet Solutions (IS) has invested Sh20 million to set up a cybersecurity centre in Nairobi.
The Cyber Threat Intelligence (CTI) Centre, to be manned round the clock, is tasked with helping companies to develop a risk-based strategy that fends off cyber-attacks within their IT environments.
Whatever way you look at it, traditional banks with a major presence across Kenya and beyond have faced more than their fair share of challenges lately, with a few banks being taken over forcing them to close shop over the last few years, and others having to send hundreds of staff home as part of restructuring activities which involve closure of branches and a shift to mobile and digital banking.
The bank-to-bank lending rate climbed steadily last week to hit nearly six per cent, data from the Central Bank of Kenya (CBK) shows. As of last Thursday, the interbank rate stood at 5.87 per cent compared to 4.72 per cent on the previous Thursday, meaning more than one percentage point