TechPression

Tag: Nairobi

  • Nairobi acquits Flutterwave of money laundering charges

    Nairobi acquits Flutterwave of money laundering charges

    A Kenyan High Court granted the Asset Recovery Agency’s (ARA) plea to abandon its last Flutterwave action. This implies the corporation is out of Kenyan legal jeopardy. The court denied the agency’s July 2023 plea to discontinue its second lawsuit against the Nigerian fintech, resulting in this verdict.

    There were claims of money laundering and fraud, which led to the court battle. Over $3 million was blocked for Flutterwave, Hupesi Solutions, and Adguru Technology Limited in August 2022. The ARA withdrew the prosecution after additional investigations found no wrongdoing by Flutterwave.

    Read also: Kenya clears Kora of Money Laundering And Card Fraud Allegations

    The judge warned the agency to commence the case before completing its investigations. Declared, “It was inappropriate, negligent, reckless, and absurd for an investigative agency to commence such serious proceedings without having completed investigations.”

    This court found the withdrawal lawful after reviewing all the facts. He said the action was withdrawn.

    The judge ordered the agency’s head and investigator to pay any civil liability “solely and personally” due to the poorly handled and pursued case.

    He stated this was due to the irresponsible, reckless, inconsiderate, and impulsive way this case was researched, and these proceedings were started and driven.

    Flutterwave, identified by the Central Bank of Kenya for operating without a remittance license, is relieved by the final case’s withdrawal. The corporation is expanding in Kenya and plans to center its East African operations in Nairobi.

    Flutterwave rises after court ruling

    In order to expand in East Africa, Flutterwave announced its desire to open an office in Nairobi, Kenya, earlier this year. In the past, ARA lawsuits made it take longer for the Kenyan government to give the payments giant its working license.

    ARA held and released cash, including $52 million and $52.5 million when the first case fell, because it was having trouble in Kenya. The newly dropped case was the end of Flutterwave’s legal problems in the country.

    The ARA gave $3 million to Flutterwave and other groups that were charged because there were no signs of wrongdoing. Once the court rules, the company can spend and grow in the area.

  • Safaricom announces increased net income in Kenya

    Safaricom announces increased net income in Kenya

    Safaricom Plc, an important company in Kenya with a considerable market value, said its net income rose by 2.1%. 

    The company made 225 million, or 34.2 billion shillings, more in net profit. This is the first rise in two years. According to Reuters, this good financial success comes after strategic moves like lowering prices and increasing M-Pesa income, which makes up 42% of the company’s service revenue.

    Safaricom shares rose 5.6% in Nairobi after falling 43% this year. This shows that investors are confident in the company’s results report.

    Read also: Safaricom users can obtain 4G smartphones with 12 months payment plan

    The report reported that Safaricom made more money by lowering prices to draw users. Since 2020, the company has cut data prices by 65%, calls to other countries by 44%, and M-Pesa by 61%.

    Peter Ndegwa, CEO of Safaricom, said that this approach has led to more people using the service. He told investors on Thursday that inflation worldwide and in the United States put “accelerated pressure on the consumer wallet” in the six months before September.

    Ndegwa said that companies are under a lot of pressure to deal with rising costs of things like energy and foreign exchange while also running correctly and helping customers who are having a hard time.

    Kenya’s bad economy may affect consumers. Additionally, increased taxes limit their spending.

    A similar item reported that decreasing products and service prices boosted the Kenyan company’s core earnings by 14.9%. Even though high living costs and tax rises constrained customers’ spending power, the business observed higher usage, helping its Kenya operations.

    Last month, the corporation fired 33 employees for corruption and fraud in the fiscal year ending March 2023.

    Kenya’s Safaricom fires 33 staff members over fraud

    Kenya’s Safaricom profit offsets Ethiopia’s loss.

    Safaricom’s sales in Kenya have helped offset losses in Ethiopia, where it commenced operations last year. Peak investment losses are predicted this year, but the Ethiopian enterprise hopes to break even in 2026.

    In Ethiopia, Safaricom acquired the first commercial telecoms license in 2021 but lost 25 billion shillings.

    Safaricom’s 16.5% M-Pesa revenue growth and 12.5% mobile internet growth in Kenya represent its strong performance. These numbers demonstrate the company’s durability in its local market despite the economy.

    Safaricom also has a strong sustainability ethic. Renewable energy has helped the corporation cut transmission site costs instead of fuel. A consortium of local banks gave the telecom operator a sustainability-linked loan in September, and it aims to pursue green financing, including a green bond.

    According to Standard Investment Bank analysts like Eric Musau, the company’s foray into the Ethiopian market is hazardous and could result in losses, but its outstanding performance in Kenya helps investors feel optimistic.

    It’s a vast market, so losses are a problem, but the Kenyan business offsets them, which is excellent for investors.

  • Raenest sponsors Nairobi’s sixth Africa Tech Summit

    Raenest sponsors Nairobi’s sixth Africa Tech Summit

    Africa Tech Summit, Nairobi, Kenya Nairobi officially partnered with Nigeria’s revolutionary fintech Raenest. African tech ecosystem growth, creativity, and teamwork are the goals.

    The Sarit Centre Expo in Nairobi will host the sixth Africa Tech Summit Nairobi – powered by Raenest on February 14–15, 2024. Over 1,000 African and global business leaders, investors, and entrepreneurs from the African digital ecosystem will attend.

    Raenest has led global business facilitation for African firms and distant workers. Geegpay’s digital platform helps bright Africans open USD, GBP, and EUR virtual bank accounts and accept international payments.

    Read also: Save&Remit wins pitch competition at Africa Fintech Summit

    Victor Alde, Raenest CEO and Co-Founder, was delighted about the relationship. he said, “We are thrilled to be the main sponsor of next year’s Africa Tech Summit in Nairobi, a platform that showcases African innovation and excellence.” Our purpose at Raenest is to promote growth. Raenest and Geegpay make worldwide payments and bills easier for African enterprises and freelancers, demonstrating our passion. We believe Raenest and Geegpay will assist professionals and entrepreneurs succeed and capitalise on global opportunities. We’re thrilled to join this adventure.

    The Africa Tech Summit Nairobi 2024 will feature the Africa Money & DeFi Summit, Africa Climate Tech & Investment Summit, Africa Startup Summit, and Africa Mobile & App Summit. The last two versions sold out, so these are based on that.

    Fireside talks, panel discussions, keynote presentations, and masterclasses fill the Africa Tech Summit Nairobi itinerary. This lets people share knowledge and meet new people. Over 1,300 people and 729 firms from 59 countries attended the fifth summit. It is one of Africa’s most significant and liveliest tech events.

    Africa Tech Summit founder Andrew Fassnidge remarked, “We are thrilled to announce Raenest as the headline partner for the sixth Africa Tech Summit Nairobi in February 2024.” At ATS, we’ve always wanted to connect and build tech enterprises throughout the continent. We’re pleased to join Raenest, which helps firms build their global financial operations. We will pursue this goal at the Raenest-powered Africa Tech Summit in Nairobi.

    Africa Tech Summit Nairobi

    The leading African tech event, Africa Tech Summit Nairobi (ATSNBO), provides insight and networking with the tech community. To promote African tech investment and business, ATSNBO brings together tech leaders, MNOs, banks, foreign investors, entrepreneurs, governments, trade groups, media, and leading startups.

    Global Black Impact Summit celebrates Africa tech industry

    Raenest

    Global account receivable and cost management solution Raenest serves African enterprises. Global multi-currency cash flow is managed seamlessly, quickly, and cost-effectively via the platform. Reconciliations are error-free and easy with Raenest’s invoicing automation and accounting software integration.

    About Geegpay

    Geegpay helps freelancers, creators, solopreneurs, remote workers, and independent contractors build USD, GBP, and EUR overseas virtual bank accounts to receive payments worldwide. For foreign spending, Geegpay offers a virtual USD debit card. Raenest developed Geegpay.

  • TECNO Kenya opens two stores in Nairobi

    TECNO Kenya opens two stores in Nairobi

    The opening of two exclusive shops in Nairobi by the global tech company TECNO is a big deal. This expansion shows that TECNO is even more committed to giving its loyal customers only the best goods and services. The Two Rivers Mall and the Greenwood Building on Moi Avenue will change how people shop in the city.

    Innovation and ensuring customers are happy have always been TECNO’s strong points. These ideas are reflected in these new shops, which offer a one-of-a-kind, immersive shopping experience with cutting-edge technology and personalized service.

    Read also: TECNO, CAF partner for TotalEnergies Africa Cup of Nations

    An Excellence-Driven Vision

    Ray Fang, TECNO’s Country Manager, said, “We are thrilled to open these two exclusive shops in Nairobi.” It shows our dedication to providing the best products and services. We think these new stores will give our consumers a unique and enjoyable shopping experience.”

    These stores debuted the following day, September 28, 2023, marking TECNO’s 7th and 8th exclusive stores in Kenya this year. The company’s commitment to expanding in the region shows its aim to offer top products and services to its customers.

    A Unique Shopping Experience

    Customers who go to TECNO’s new exclusive shops can look forward to several exciting things that make these places stand out:

    Exclusive Product Lines: These shops will have a carefully chosen range of TECNO’s most popular items. Customers can choose from various high-end choices, from cutting-edge phones to high-performance laptops.

    Personalized Shopping: TECNO has always placed customer satisfaction at the forefront of its business. The new shops will offer personalized shopping experiences, and the staff will be ready to help customers find suitable goods for their needs and tastes.

    Innovative Store Design: The insides of these stores have been carefully planned to make a warm and beautiful place to shop. Customers will like the modern and comfortable atmosphere, which goes well with the high-quality goods on display.

    Grand Opening Celebrations: TECNO has special sales and prizes planned for the next week to mark the opening of these new shops. This is an excellent chance for customers to not only check out the new stores but also save money on their favourite TECNO goods by taking advantage of tempting deals.

    TECNO, UNHCR support African refugee’s higher education

    An Overview of Expansion 

    TECNO’s year-round expansion shows its commitment to Kenya. Six exclusive stores in Kenya, including three in Nairobi at Garden City Mall, Mama Ngina Street, and BBS Mall in Eastleigh, opened before these two. Expanding stores included Tecno Exclusive in Embu, Kenshop in Kisumu, and Bemotec in Eldoret.

    These new exclusive boutiques are another step towards tech sector excellence for TECNO Kenya as they grow and offer innovative solutions to clients. TECNO is positioned to maintain its global leadership in innovative technology by delivering quality products, excellent service, and a fantastic shopping experience.