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Bank of Kigali Closes Nairobi Office, Emphasizes Digital Channels

Tuvuti Editorial Team
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The Central Bank of Kenya (CBK) has revoked the authorization granted to the Bank of Kigali (BoK) which authorized it to operate its representative office in Kenya. The latest development comes after 11 years of the office’s establishment. BoK which is headquartered in Kigali, operates under the licensure and supervision of the National Bank of Rwanda and has a majority of its shares under the control of the Rwandan government while the remaining portion is divided among institutional and retail shareholders. Additionally, BoK is cross-listed on the Nairobi Securities Exchange.

Quick Summary:

  • The Central Bank of Kenya has revoked Bank of Kigali’s authorization to operate in Kenya.
  • Bank of Kigali’s parent company, Bank of Kigali Group Plc, is prioritizing digital service delivery channels instead.
  • Customers are increasingly favoring digital and mobile banking channels over traditional branch visits, as per the Banking Industry Customer Satisfaction Survey (2023) by the Kenya Bankers Association.

The decision to terminate BoK’s presence in Kenya is in line with a strategic initiative by Bank of Kigali Group Plc (BoK’s parent company) to intensify its focus on digital service delivery channels instead of the commonly known traditional methods. The shift reflects broader trends within the banking sector, where institutions are increasingly investing in digital platforms due to a decline in traditional branch visits.

According to the Banking Industry Customer Satisfaction Survey (2023) conducted by the Kenya Bankers Association (KBA), there has been a notable surge in the preference for digital and mobile banking channels over physical branch visits. For example, In 2023 mobile banking emerged as the most preferred channel among customers with a stunning preference rate of 69.9 percent which was up from 67.8 percent in the previous year. Internet banking followed closely as the second most preferred channel, with a preference rate of 24.6 percent, showing a slight increase from 23.3 percent in 2022.

The data from the survey also highlights a diminishing reliance on branch visits, with customer preference dropping to 19.6 percent in 2023 from 17.6 percent in 2022. Similarly, the preference for ATM services stood at 17.7 percent. These findings confirm the growing significance of digital banking solutions in meeting the evolving needs and preferences of customers. Safaricom’s MPESA mobile money service has since surged to become the main form of transacting in the country.

Longhorn Publishers and Safaricom Partner to Provide 1.5 Million Tablets for Learners

Tuvuti Editorial Team
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Longhorn Publishers and Safaricom have joined forces to supply 1.5 million tablets to students across Kenya. Safaricom has been known to support various learning initiatives and this one does not come as a surprise. In the partnership, the new initiative aims to revolutionize the education sector by providing access to quality educational content which is aligned with the curriculum developed by the Kenya Institute of Curriculum Development (KICD).

Quick Summary:

  • Longhorn Publishers and Safaricom collaborate to distribute 1.5 million tablets to students.
  • The tablets come preloaded with educational content aligned with the KICD curriculum.
  • Safaricom will handle tablet assembly, data connectivity, and insurance services.
  • The initiative aims to enrich learning experiences and promote digital literacy among students.

Partnership Highlights:

  • Comprehensive Educational Content: The tablets will offer a wide range of educational resources that should cover various levels of learning starting with preschool to Form 4 levels. This includes digital textbooks, videos, audio materials, educational games, quizzes, and assignments, ensuring a holistic learning experience.
  • Affordable Pricing: The tablet and digital learning package will be available at a cost of Sh13,000 which is payable in a monthly installment over a year. This pricing model aims to make the tablets accessible to a broader range of students and schools.
  • Child Protection Features: The tablets will feature internet connectivity blocked to non-educational content thereby prioritizing child safety and safeguards. This ensures that students can access educational materials without exposure to inappropriate content.
  • Teacher Support: Educators will have access to a wealth of educational resources from various publishers to enable them to create diverse and engaging learning experiences in the classroom. This support aims to empower teachers in delivering quality education to their students.
  • Revenue-Sharing Model: Content creators who develop educational materials will have the opportunity to monetize their content through a revenue-sharing agreement. This fosters a sustainable ecosystem for educational content development and distribution, benefiting both creators and learners.

Safaricom Appoints Florence Nyokabi as Chief Human Resources Officer

Tuvuti Editorial Team
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Safaricom Appoints Florence Nyokabi as Chief Human Resources Officer

Safaricom Plc, has revealed that Florence Nyokabi will become its new Chief Human Resources Officer (CHRO) starting from April 1st 2024. This comes after Paul Kasimu moved to the position of HR Transformation and Change Advisor under a contract with the company.

Quick Summary:

  • Florence Nyokabi appointed as Safaricom’s new Chief Human Resources Officer.
  • From multiple local and global settings, Nyokabi possesses more than 25 years of HR leadership expertise.
  • She aims to oversee talent acquisition, corporate culture, and organizational growth at Safaricom.

Nyokabi is now part of Safaricom this comes after her stint at Standard Chartered Bank, where she was the Managing Director for Human Resources for Nigeria and West Africa. In her role, she supervised operations across six countries. Having worked in Human Resources leadership for more than two decades, Nyokabi brings to Safaricom a wealth of experience both locally and globally.

According to a release from Safaricom, Nyokabi will be in charge of looking after talent acquisitions, corporate centers, vital services and places, along with health safety and wellness.

Nyokabi’s appointment affirms Safaricom’s dedication to improving a strong corporate culture and pushing for ongoing prosperity and development in the field of telecommunications. Having worked at KPMG, NCBA Bank, as well as Kenya Television Network (KTN), she has gained experience in different parts of human resources management.

One of Important achievements of Nyokabi includes being acknowledged as the HR Personality of the Year in Africa during 2021 and having been chosen as a Top 40 Under 40 leader in Kenya back in the year 2012. She obtained her master’s degree from University of Nairobi and has also participated in executive leadership programs at prestigious institutions like Duke University situated within United States, along with The University Of Oxford which is located within The United Kingdom.

Nyokabi’s appointment shows Safaricom’s intention of improving HR functions at the telecom’s. This is significant for managing talent along with making sure the organization remains effective and employees are well taken care of. These things are crucial to maintain its top place in Kenya’s telecommunications industry.

Roam Partners with Mogo to Accelerate Electric Mobility in Africa

Tuvuti Editorial Team
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Roam which operates in Kenya as an electric mobility company, has announced a strategic partnership with Mogo, one of East African-based asset financier, with an aim at promoting the adoption of electric motorcycles in the region. This collaboration seeks to empower individuals especially boda boda riders, to transition to electric motorcycles through flexible financing packages, ultimately boosting their daily earnings and contributing to environmental sustainability.

Quick Summary:

  • Roam collaborates with Mogo to promote the adoption of electric motorcycles in Africa.
  • The partnership offers flexible financing options for boda boda riders, enabling them to increase their daily earnings.
  • Roam aims to scale its electric motorcycle deployment with Mogo’s support, driving positive socio-economic and environmental impact.

The partnership between the two companies – Roam and Mogo is significant in a way that it will propell the adoption of electric mobility solutions across Africa. By leveraging Mogo’s expertise in asset financing, Roam is expected to facilitate the transition of boda boda riders from conventional motorcycles to electric ones reaping greater benefits such as addressing both economic and environmental challenges.

“We’re excited to partner with Mogo to tap into the growing market of boda boda riders seeking to transition to electric motorcycles amid rising petrol prices,” stated Mikael Gånge, Co-Founder and Chief Commercial Officer of Roam. “With Mogo’s support, we can offer flexible financing options that ensure immediate cost savings for customers. Our mission at Roam is to provide the best and most affordable electric motorcycles to the market, and Mogo is a valuable partner in accelerating that mission.”

Roam’s electric motorcycles are designed to meet various transportation needs that include personal commuting, cargo transportation, ride-sharing, and taxi services. With Mogo’s assistance, Roam aims to expedite the deployment of these electric motorcycles, fostering positive environmental and socio-economic impacts in communities across Kenya and beyond.

“Our partnership with Roam will enhance access to electric motorcycles in Kenya,” affirmed Rauls Leitis, Business Development Project Manager at Mogo. “We observe a growing demand for electric motorcycles, and with Roam’s innovative products and charging infrastructure, we anticipate the electric motorcycle market surpassing the petrol one in the future.”

This collaboration cements the commitment of both Roam and Mogo to promote sustainable transportation solutions while addressing the evolving mobility needs of African communities. As the partnership unfolds, it is poised to drive significant advancements in electric mobility adoption and contribute to the region’s socio-economic development.

Consolidated Bank Appoints Joel Busienei as Head of ICT

Tuvuti Editorial Team
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Consolidated Bank of Kenya has welcomed Joel Busienei, an accomplished IT banking expert as its new Head of Information and Communication Technology (ICT). With over 19 years of experience in various IT leadership roles within the banking sector, Busienei is expected to lead the bank’s digital transformation efforts.

Quick Summary:

  • Joel Busienei appointed as the Head of ICT at Consolidated Bank of Kenya.
  • He brings over 19 years of IT leadership experience from local banks, including Equity Bank Limited and NCBA Group.
  • Busienei’s responsibilities include implementing the bank’s ICT strategy and enhancing its IT infrastructure to support business objectives.

In his new capacity at the bank, Busienei will be tasked with executing Consolidated Bank’s ICT strategy and ensuring the deployment of appropriate IT infrastructure and systems to facilitate the bank’s operational efficiency and strategic goals.

Busienei’s comes with an extensive background which includes serving in key IT leadership positions at various local banks including some with regional operations. Before his latest appointment at Consolidated Bank, he held the position of Group Head of IT Infrastructure at Equity Bank Limited, where he played an important role in designing, implementing, and managing the bank’s technology infrastructure.

His tenure at Equity Bank was marked by significant achievements including the design of the Core banking platform and infrastructure upgrade. Additionally, he led the infrastructure architecture for the merger between NIC and CBA in 2019 which facilited the integration of the two banks’ networks, data centers, and collaboration services.

Before his tenure at Equity Bank, Busienei served as the Head of IT Infrastructure and Data Centre at NCBA Group and as the Head of IT Infrastructure at Commercial Bank of Africa. His track record includes overseeing key digital transformation initiatives that directly impacted customer experience and operational efficiency.

Busienei’s leadership and expertise are expected to drive Consolidated Bank of Kenya’s IT transformation journey, impacting both internal operations and customer service delivery while his latest appointment also reflects the bank’s commitment to leveraging technology to stay competitive in the dynamic banking landscape..

Banks to Compete for Sh50 Billion Green Fund

Tuvuti Editorial Team
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Kenya is expected to witness a significant financial endeavor as banks gear up to vie for a substantial portion of the Sh50 billion green fund which has been backed by the World Bank. The initiative aims to bolster small and medium-sized enterprises (SMEs) engaging in climate change mitigation efforts.

Quick Summary:

  • Banks will compete for a Sh50 billion World Bank-supported green fund targeting SMEs involved in climate change mitigation.
  • The State Department of Investment Promotion (SDIP) will provide seed capital for the green investment fund.
  • The fund, structured as a mezzanine loan, will support initiatives such as manufacturing electric vehicles, constructing greenhouses, enhancing water and sanitation, and promoting smart agriculture.

In a report released by the World Bank, Kenyas State Department of Investment Promotion (SDIP) is set to provide funding, for the green investment fund (GIF). This initial funding, structured as a mezzanine loan combining equity and debt will play a role in attracting private sector investments towards eco projects. According to the report the GIFs goal is to support initiatives, like manufacturing vehicles (EVs) building greenhouses, delivering water and sanitation services and promoting agricultural practices.

The SDIP which is currently operating under the Ministry of Investment Trade and Industry, will oversee the execution of the fund through the Kenya Development Corporation (KDC). Banks, particularly those with substantial financial capabilities, will play a pivotal role in disbursing the funds to eligible beneficiaries.

“To crowd in private and IFI (International Finance Institutions) investment, the SDIP – MITI through KDC will serve as the anchor investor by providing junior/mezzanine debt into the Green Investment Fund with provisions for it to take on first losses and to cap its returns,” stated the World Bank in a technical design detail note for the Kenya Jobs and Economic Transformation Project.

The Green Fund will be established as a special-purpose vehicle to administer the proceeds of the World Bank loan and will operate under the regulatory oversight of the Capital Markets Authority. Furthermore, it will be managed by an independent, competitively selected fund manager.

Among the projects earmarked for funding through the GIF are electric vehicles, with equity funding studies by the World Bank estimating a requirement of $211 million (Sh27.4 billion). This funding will support various aspects of EV development, including manufacturing, charging infrastructure, battery technology, and retrofitting.

This initiative underscores Kenya’s commitment to sustainable development and aligns with global efforts to combat climate change. As banks prepare to compete for access to the green fund, the stage is set for transformative investments that will drive environmental sustainability and economic growth in the country.

Visa Everywhere Initiative 2024 Now Accepting Applications

Tuvuti Editorial Team
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Visa has officially opened applications for the 2024 edition of the Visa Everywhere Initiative (VEI). This esteemed program serves as a catalyst for fintech startups worldwide by providing them with a platform to showcase innovative solutions addressing the evolving challenges in payment and commerce ecosystems.

Quick Summary:

  • Program Overview: Visa Everywhere Initiative (VEI) is a global open innovation program and competition for fintech startups.
  • Objectives: Fintech startups pitch solutions targeting future payment and commerce challenges.
  • Benefits: Equity-free funding, exposure to Visa’s extensive network, recognition, and participation in global competitions.
  • Application Deadline: May 6, 2024.
  • Competition Stages: Virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition in July, global finale at TechCrunch Disrupt event in San Francisco on October 29, 2024.

Introduction:

We’ve come to accept that innovation serves as a driving force for progress and transformation everywhere in this world. And Visa Everywhere Initiative (VEI) stands at the forefront of fostering this innovation which offers a unique platform for fintech startups to unleash their potential and revolutionize the future of payments and commerce.

Detailed Insights:

Empowering Fintech Startups:

  • VEI serves as a launchpad for fintech startups, providing them with the opportunity to showcase groundbreaking solutions that address the emerging challenges in payment and commerce domains.
  • The initiative aims to empower entrepreneurs to drive positive change and create impactful solutions that resonate with the evolving needs of consumers and businesses globally.

Valuable Benefits for Participants:

  • Participating startups stand to benefit from equity-free funding, allowing them to accelerate their growth and scale their operations effectively.
  • Exposure to Visa’s extensive networks across banking, merchant, venture capital, and government sectors opens doors to strategic partnerships and collaboration opportunities.
  • Recognition from Visa, a trusted and valuable brand in the payments industry, further amplifies the visibility and credibility of participating startups on a global scale.

Application Process and Timeline:

  • Startups interested in participating in VEI 2024 can submit their applications before the deadline on May 6, 2024.
  • Successful applicants will advance to the virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition scheduled for July 17, 2024.
  • The winning startup from the CEMEA final will have the opportunity to compete in the global finale, alongside winners from other regions, at the prestigious TechCrunch Disrupt event in San Francisco on October 29, 2024.

Past Success Stories:

  • VEI has a proven track record of empowering fintech startups and catalyzing their growth journeys. Previous editions have witnessed remarkable success stories, with startups collectively raising over $48 billion in funding.
  • Notable winners from past editions include Drugstock from Nigeria, which secured the VEI global grand prize, and AiFluence from Kenya, which received accolades at both regional and national levels.

How to Top-Up a Different Safaricom Line Using Voucher Via USSD Code

Tuvuti Editorial Team
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Safaricom is by far the largest mobile service provider in the country and with its status, the need to assist friends or family by topping up their mobile airtime more than often arises. While the Sambaza service offers one way to transfer credit between Safaricom lines, it comes with its own set of limitations. To circumvent these restrictions and efficiently load airtime onto a different Safaricom line, an alternative method known as “indirect top-up” which utilizes a USSD code proves to be quite handy. This guide outlines the simple steps to achieve this, ensuring a seamless experience for both the sender and the recipient.

Quick Summary:

  • Utilize an unused Safaricom scratch card and your mobile phone.
  • Dial *141*12-digit scratch card PIN*Recipient’s mobile number#.
  • Press the “OK/Call Button” to confirm the transaction.
  • Both sender and recipient will receive a notification confirming the top-up.

Introduction:

Like mentioned earlier, Safaricom offers various services to cater to its vast customer base, and one of those is the need to top up another Safaricom line using a scratch card. Among these services is the ability to conveniently recharge another Safaricom line using a USSD code, commonly referred to as “indirect top-up.” This method proves invaluable in situations where direct transfer via Sambaza may not be feasible due to constraints such as minimum balance requirements.

Step-by-Step Guide:

  1. Obtain an Unused Scratch Card: Before initiating the top-up process, ensure you have an unused Safaricom scratch card readily available.
  2. Dial the USSD Code: On your Safaricom phone, initiate the top-up process by dialing the following USSD code:

*141*12-digit scratch card PIN*Recipient’s mobile number#

Replace “12-digit scratch card PIN” with the unique PIN printed on the scratch card, and “Recipient’s mobile number” with the phone number you intend to top-up.

Example: If the scratch card PIN is 123456789012 and the recipient’s mobile number is 0722000000, dial:

*141*123456789012*0722000000#

  • Confirmation: After entering the USSD code, press the “OK/Call Button” on your device to confirm the transaction.
  • Notification: Both the sender and the recipient will receive a notification confirming the successful top-up. This ensures transparency and accountability in the transaction.

Conclusion:

By following the straightforward steps outlined above, you can effortlessly load airtime onto a different Safaricom line using a scratch card and a simple USSD code. This method offers flexibility and convenience, especially in situations where direct transfer options like Sambaza may not be feasible or practical. Whether you’re assisting a friend in need or topping up a family member’s phone, the indirect top-up method proves to be a reliable solution in ensuring connectivity and communication for all Safaricom users.

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