Ziidi MMF : Safaricom's second stab

Your daily dose of financial news

November 27, 2024

Hello 👋 

It's Brian from The Kenyan Wall Street.

Here are our lead stories for the newsletter today:

💸 Safaricom Enters the Money Market Fund Industry with Ziidi MMF

Money Market Funds (MMFs) are incredibly popular vehicles for investment in Kenya and telecommunications firm Safaricom wants a share in the pie. The Capital Markets Authority today licensed Ziidi MMF as a Collective Investment Scheme (CIS), accessible through the MPESA-platform. This is not Safaricom's first stab at the sector. Safaricom backs a Unit Trust called ‘Mali’, which is managed by Genghis Capital. MMFs are popular because they are invested in assets with lower margins of risk e.g. short-term debt securities. Read about more details here…

Collective Investment Schemes assets under management over the last six years

🛒 E-commerce Sales Up 83% as Consumers take Advantage of ‘Black Friday’

Discounts offered by online merchants during the ‘Black Friday’ season this month have pushed up sales and improved the amount of goods customers buy. According to the online payment service, PayU GPO, the transaction value has also grown immensely with customers relying more and more on Card payments and mobile money solutions. More details about this in the article…

🏦 Family Bank 9-months Profits Up 8% to KSh 2.3bn

Banks in Kenya are still garnering profit surges in their Q3 results, the latest being Family bank, which posted KSh 2.3 billion net profit for the 9 months to September from KSh 2.1 billion in the same period in 2023. The bank's non-funded income increased 13.2% to KSh 3.3 billion owing to increased other fees and commissions with forex income declining. Here is a breakdown of the financial results…plus what drove the profits up…

🏫 Makini Group of Schools’ Owner ADvTECH Acquires Ethiopian School for $7.5mn

Makini School’s owner ADvTECH is not slowing down any time soon, this time its eyes focused on Ethiopia. After signing US$7.5 million agreement with Flipper International School, ADvTECH is set to own five campuses of the institution located in Beklobet, in central Addis Ababa, and Summit, in the eastern part of the city. What does this mean for ADvTECH?

Stories you missed today 

All Pre-2018 Used Cars Should Be in Kenya by December 31, KEBS Reminds Importers

vehicles registered in 2017 or earlier have less than five weeks to be cleared due to the eight-year rule, Kenya Bureau of Standards (KEBS).

kenyanwallstreet.com/all-pre-2018-used-cars-should-be-in-kenya-by-december-31-kebs-reminds-importers

Fund Managers Association Emphasises Need for More Gender Inclusive Finance Industry

Kenya’s Fund Managers Association (FMA) and TDB Bank are teaming up to host their first ever Charity Golf Tournament.

kenyanwallstreet.com/fund-managers-association-emphasises-need-for-more-gender-inclusive-finance-industry

Airtel Money Partners with Naivas to Expand Network

Airtel Money has entered into a partnership with Naivas, which would enable its customers to deposit and withdraw cash.

kenyanwallstreet.com/airtel-money-partners-with-naivas-to-expand-network

KeNIC Partners with Zoho to Increase Uptake of .ke Domain

KeNIC has partnered with Indian multinational tech company Zoho to drive the uptake of second level domain name .ke in Kenya. “Through our partnership with Zoho, we provide access to […]

kenyanwallstreet.com/kenic-partners-with-zoho-to-increase-uptake-of-ke-domain

Kenya's Mawingu Acquires Arusha-based Internet Service Provider Habari for KSh. 1.9bn

Mawingu Networks, a Kenyan Internet Service Provider (ISP) has acquired Habari, an Arusha-based ISP, for KSh 1.9bn.

kenyanwallstreet.com/kenyas-mawingu-acquires-arusha-based-internet-service-provider-habari-for-ksh-1-9bn

Zimbabwe’s Inflation Slows amid Interest Rate Hike, Currency Devaluation

Zimbabwe’s monthly consumer inflation eased significantly to 11.7% in November, from 37.2% in October - the first decrease in 4 months.

kenyanwallstreet.com/zimbabwes-inflation-slows-amid-interest-rate-hike-currency-devaluation

Video of the Day 

Rose Lumumba, Corporate Governance Specialist at the International Finance Corporation (IFC), discusses the growing importance of Environmental, Social, and Governance (ESG) practices in Sub-Saharan Africa…

Thank you for reading our newsletter!