african telcos
Safaricom Chalks Up Almost $500-Million Profit from M-Pesa Unit
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Telkom Kenya Faces Delays on its New Mobile Money Subsidiaries
Image sourced from News24 Telkom Kenya says that it is facing delays in getting approval from the Communications Authority of Kenya (CA) for its two mobile money subsidiaries that it announced last year. According to Business Daily, the telecommunications company announced Telkom Digital and T-Kash in May 2021 as a bid to reorganise its company structure. T-Kash, the telco’s mobile money services will reportedly house T-Kash Loan, a loan service that hasn’t been activated on the app as yet. The digital subsidiary is expected to involve infrastructure including a fibre network, international submarines cables, and a smart landing hub to act as a gateway to the East African region amid increased demand for data service, as per Business Daily. “We have done most of it we are waiting for the r...
Safaricom’s M-Pesa & Visa Introduce GlobalPay Virtual Card
Image sourced from HapaKenya. Safaricom has entered an agreement with Visa to form M-Pesa GlobalPay Visa Virtual card which will see the mobile phone-based money transfer service transact in 200 countries. This will allow customers to transact up to Sh150,000 ($1,283.70) per payment and Sh300,000 ($2,567.39) per day. “By partnering with Visa to provide the M-Pesa GlobalPay Visa virtual card, we are looking to bridge the gap for our customers who would like to use M-Pesa anywhere across the world,” Safaricom CEO Peter Ndegwa said. According to Business Daily, the two firms are also targeting to launch the M-Pesa GlobalPay Visa Virtual Card Tanzania, Congo DR, Mozambique, Lesotho, and Ghana. This new deal will make it possible for Visa to fulfill its goal of penetrating the African market. V...
Safaricom Hires Managing Director of Citibank
Managing Director of Citi Bank, Michael Mutiga, now part of Safaricom. Image sourced from Shava TV. Safaricom, a Kenyan telecommunications service provider, has hired the managing director of Citibank to be in charge of strategy and acquisitions. The telco is currently seeking regulatory approvals to launch insurance, unit trust, and savings products in an endeavour to compete with larger financial services and expand its mobile money platform M-Pesa. Michael Mutiga, MD of Citibank and head of corporate finance for sub-Saharan Africa from 2019 will be the new chief business development and strategy officer, according to an internal memo that was first seen by Business Daily. Mutiga will be replacing former Safaricom’s chief of special projects and acting chief business development and stra...
