Safaricom names Sitoyo Lopokoiyit as M-Pesa Africa managing director

KENYA – Telecommunications company Safaricom has appointed Sitoyo Lopokoiyit as the M-Pesa Africa managing director effective April 1, 2021. Lopokoiyit has been the Chief Financial Services Officer of Safaricom for the last three years. In an announcement, Safaricom Chief Executive Officer Peter Ndegwa said Safaricom will initiate the relevant talent sourcing processes to identify and appoint the next Financial Services leaders in due course but meanwhile, he will continue discharging the functions of the chief financial services office. Lopokoiyit joined Safaricom PLC from 1st April 2018, having previously served as…

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MPesa, Visa partner to enable international payments

KENYA – Mobile phone-based money transfer, payments and micro-financing service provider,  MPesa has partnered with Visa, the world’slargest retail electronic payments company, to enable Mpesa users to make payments on e-commerce sites like Amazon, send money internationally, and make cross-border payments. According to a report by Citi, “M-Pesa is a principal license holder of Visa, in the same way financial institutions would be.” The partnership aims to enable tourists visiting Kenya to use MPesa in Kenya by downloading an app. Similarly, Mpesa users travelling abroad should be able to use MPesa to…

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Crown Agents Bank partners with VodaCash for digital payments in DRC

DEMOCRATIC REPUBLIC OF CONGO – Crown Agents Bank Ltd has signed a collaboration agreement with VodaCash SA in the innovating project of enabling international mobile payments in the Democratic Republic of Congo (DRC) through M-Pesa brand The partnership is set to allow VodaCash, through Crown Agents Bank to assist international development organizations to further the transitioning of their payments to recipients and vendors from cash to digital, enhancing financial access, while at the same time reducing costs and delays. Crown Agents Bank will integrate its payment gateway with VodaCash platform and services…

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Kenya’s Safaricom to transform into a tech company, eyes Ethiopian market

KENYA – Kenyan telecoms giant Safaricom is seeking to transform itself into a technology company offering new financial solutions to anyone from small businesses to farmers as it eyes Ethiopian market, CEO Peter Ndegwa told AFP. Listed on the Nairobi Security Exchange market, Safaricom is one of the biggest companies in East Africa with its success fuelled by its mobile money service Mpesa, which was launched in 2007 and has become indispensable in Kenya and a leading money transfer platform in the country and region. Ndegwa, who was named the…

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Safaricom appoints Sitoyo Lopokoiyit as head of its new M-Pesa Firm

KENYA – Safaricom, a communication company, has appointed the head of its financial services division, Sitoyo Lopokoiyit, to head the newly created joint venture with South Africa’s Vodacom Group that will run the lucrative M-Pesa platform  Until March 2016, Lopokoyit was Safaricom’s head of department in charge of financial services (MPESA), a position he held for almost 5 years before he was picked to head m-commerce and MPESA services at Vodacom Tanzania. He later rejoined the telco as the head of financial services, a position he held until his most…

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Safaricom partners with Visa to develop products for merchants and MPESA customers

KENYA – Safaricom and digital payments firm Visa have announced a partnership that will enable the development of products that will support digital payments for M-PESA customers.  The partnership will cover over 24 million M-PESA customers, more than 173,000 Lipa Na M-PESA merchants from Safaricom.  It will also cover more than 61 million merchant locations throughout Visa’s global network, and over 3.4 billion Visa cards in more than 200 countries and territories, subject to regulatory approval.  “We are delighted to partner with Visa in exploring products that will support both…

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Safaricom posts a 19.5% growth in profit as it launches program of selling 4G devices to its customer

KENYA – Safaricom, a telecommunication company, has posted a KSh74.7 billion (US$696.39m) net profit for the year ending March 31, 2020 representing a 19.5 percent growth in earnings from 2019.  The new record profit by the telco operator is largely attributable to growth from M-Pesa and data with the respective streams rising by 12.6 percent and 12.1 percent to stand at KSh84.4 billion (US$786.82) and KSh40.7 billion (US$379.43m) respectively.  The growth in M-Pesa revenues is in spite of the income head taking a hit of KSh1.9 billion (US$17.71m) from the…

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Vodacom partners with WoldRemit to enhance convenience of money transfer in Tanzania

TANZANIA – Leading digital money transfer service WorldRemit has partnered with Vodacom Tanzania to enable nine million M-Pesa customers to receive money directly to their M-Pesa wallets from friends and family living abroad.  “This new partnership with WorldRemit enables us to tap into their global payments network, and help customers receive remittances into Tanzania from more countries around the world,” Epimack Mbeteni, Vodacom Tanzania M-Pesa Director, said. “It will enable families and friends in the country to conveniently receive money through M-Pesa from across the world. This is just one…

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Mpesa’s credit facility, M-Shwari advances loans worth US$4.23b in seven years

KENYA – Mshwari, a mobile banking platform formed through a partnership between mobile services provider Safaricom and NCBA- one of the leading banks in Kenya, has disbursed loans amounting to over US$4.23 billion( Ksh 430.5 billion) during the seven years that it has been in existence. Mshwari also reported that it has also attracted over US$184 million (about KSh 18.7 billion) in customer deposits from about 450,000 with the average lock savings being Ksh. 8,981 for an average of seven and a half months M-Shwari is a suite of banking…

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