Out of Africa
Customers of cosmetics company Out of Africa do more than just purchase high-quality shea-butter skin care products; they also help improve the quality of life for West African women and children. A portion of Out of Africa’s proceeds is donated to organizations that provide education and medical care to children, and the company regularly donates to women’s cooperatives that create jobs in West Africa.
Safaricom rewards M-pesa subscribers following outage
NAIROBI, KENYA: Safaricom has rewarded its customers with free M-pesa service following outage that crippled most of its services on Monday. The Company Chief Executive Officer Bob Collymore said as a small gesture, from midnight Tuesday to midnight Wednesday, all customers will be able to send money on the M-PESA network for free
It reported that the Monday system outage affected a number of core services. “We had two traffic outlets which failed rapidly one after the other. In response, as a priority, the team very quickly started operating the affected functions from our redundant equipment in order to restore services,” said Collymore. “Although most customers could call, text and use data by noon and M-PESA by late afternoon yesterday, this work came to an end this morning. We are now working to ensure that network stability continues.”
Global agency warns Kenya its credit rating at risk of downgrade
Global ratings agency Fitch has warned Kenya that it could downgrade its rating if it does not adequately grow revenues to bridge the budget deficit and tame borrowing. It said Kenya’s ‘B+’ sovereign rating is supported by its high medium-term growth potential, but a gaping budget deficit and high levels of borrowing could hurt the country’s credit profile. “Failure to consolidate the budget deficit and stabilise government debt to GDP ratio would be negative for Kenya’s credit profile,” said the agency.
Kenyans are saving more, shows new report
The culture of saving might be catching up in Kenya, according to a new report by Standard Chartered Bank. The bank, which surveyed what it refers to as emerging affluent from Africa and Asia, found that 79 per cent of Kenyans that fit the description save every month