How Does It Work?

With the Rudishiwa Paybill offer, Airtel Money customers will receive a 50% cashback on transaction fees incurred when making payments to Airtel Paybills. This cashback will be credited to the customer’s airtime balance, allowing them to stay connected and enjoy the benefits of mobile communication.

Partnering for Convenience

To enhance the convenience of mobile payments, Airtel Money has partnered with several key providers, including:

• KPLC
• Nairobi Water
• Mombasa Water
• DSTV
• eCitizen
• Expressway
• KAPS
• Various e-commerce platforms

In addition, Airtel Money has collaborated with leading banks like Equity Bank, KCB Bank, and Cooperative Bank to enable customers to make payments at merchant outlets nationwide.

A Commitment to Innovation

Airtel Money has been at the forefront of mobile money innovation in Kenya. By offering secure, convenient, and affordable payment solutions, the company has significantly contributed to financial inclusion and economic growth.

Anne Kinuthia Otieno, Managing Director of Airtel Money, emphasized the company’s commitment to customer value and convenience:

“The growing potential of mobile money has been crucial in enhancing financial inclusion and economic activity. Mobile money has now become a primary mode of exchange, and creating mechanisms to streamline this is crucial for societal well-being. Our main goal is to continuously give customers value, choice, affordability, and convenience.”

To further strengthen its distribution network, Airtel Money has partnered with Naivas Supermarket, allowing customers to deposit and withdraw cash at Naivas branches across the country. This expansion will provide increased convenience for users.

To take advantage of the Paybill Rudishiwa offer, Airtel Money customers can simply dial *334#, select “Paybills and Till,” and choose “Airtel Paybills” to make their payment. Alternatively, they can utilize the My Airtel App.

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Why Jobs Matter

Creating jobs is central to fighting poverty, boosting prosperity, and empowering individuals. With a job comes financial security, the ability to provide for oneself and family, and a sense of belonging in society. Unfortunately, this dream remains elusive for many, especially young people and women.

The World Bank estimates that over the next decade, a staggering 1.2 billion new workers will enter the workforce in developing countries. However, only 420 million jobs will be available, leaving a massive gap of nearly 800 million.

The Council’s Focus

The newly formed council will focus on creating job opportunities for youth and women in emerging economies. This focus is crucial to unlock the potential of these demographics and turn this challenge into an engine for future growth.

Dr. Mwangi is one of fourteen global leaders appointed to the council, recognized for his dedication to social impact beyond banking. He’s a champion for sustainable development in Africa, where a significant demographic shift is underway. By 2030, one in four people on the planet will be African, with a third of the world’s youth residing there.

Dr. Mwangi believes this demographic boom presents a golden opportunity. Leveraging this “dividend” effectively could lead to a 15% increase in Africa’s GDP and a 17% decrease in poverty by 2030.

Over the next decade the world is expected to experience significant demographic shift with one in four people on the planet being African, and more than a third of the world’s young people residing in Africa. These global demographic shifts are the result of progress on the African continent including life expectancy, per capita income, health, education and improving nutritional levels. An outcome of these developments has been rapid population growth. Effectively leveraging the demographic dividend in Africa could account for up to 15% of GDP growth and a 17% reduction in poverty by 2030.

– Dr. James  Mwangi

Dr. Mwangi said he is honoured to serve on the council and contribute to creating jobs for Africa’s youth. He recognizes young people as the continent’s future and the key to sustainable development. Equity Group’s Africa Recovery and Resilience Plan aims to create 50 million jobs in the region by 2030, and Dr Mwangi plans to leverage the council’s insights to maximize this initiative’s impact.

The Powerhouse Council

Other members include:

• Former world leaders like Tharman Shanmugaratnam (Singapore) and Michelle Bachelet (Chile) who will co-chair the council.
• Experts from academia, business, and civil society like Guy Ryder (UN), Patrick Achi (Cote d’Ivoire), and Marianne Bertrand (University of Chicago).

This diverse group brings a wealth of experience and knowledge to the table, increasing the council’s effectiveness in tackling this complex challenge.

The council will meet every two months for the next two years, directly engaging with World Bank leadership to ensure their ideas translate into actionable solutions. This collaborative approach offers a promising path forward in creating a future where everyone has the opportunity to thrive through meaningful work.

Find out more about the Council from: World Bank Group Launches High Level Council to Tackle Looming Jobs Crisis. 

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This collaboration promises to redefine the way individuals and businesses make payments, offering a range of innovative and secure solutions.

A Comprehensive Partnership

Beyond wearable payments, Mastercard and DTB’s 10-year strategic partnership aims to deliver a suite of innovative and secure payment solutions across Kenya, Uganda, and Tanzania. Key highlights of this collaboration include:

• Customized Payment Solutions: Mastercard and DTB will work together to develop tailored payment solutions that cater to the specific needs of consumers and businesses in the region.
• Tokenization-Based Payment Wearables: A groundbreaking initiative, this partnership will introduce Kenya’s first tokenization-based payment wearables. This cutting-edge technology empowers consumers to make secure, contactless payments by simply tapping their wearable device at any enabled point-of-sale terminal.
• Enhanced Security: Tokenization technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions.
• Cross-Border Payments: The collaboration will facilitate seamless cross-border payments, making it easier for individuals and businesses to transact across borders.

Mark Elliott, Division President, Africa, Mastercard, expressed enthusiasm about the partnership, stating, “By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay.”

Nasim Devji, Group CEO of DTB, echoed this sentiment, emphasizing the partnership’s role in accelerating DTB’s digital transformation journey and delivering innovative financial solutions to its diverse clientele.

The Future of Payments

By combining Mastercard’s global expertise in payments technology with DTB’s strong local presence, this partnership is poised to shape the future of payments in East Africa. With a focus on security, convenience, and innovation, Mastercard and DTB are driving the digital transformation of the region’s payment landscape.

This collaboration is poised to have a profound impact on the payment ecosystem in East Africa:

• Enhanced Convenience and Security: Consumers will benefit from secure, contactless payments and streamlined transaction processes.
• Faster Checkout Experiences: Merchants will experience faster checkout times and higher approval rates, leading to increased customer satisfaction and sales.
• Increased Transaction Volume: Financial institutions will see a boost in transaction volume through Mastercard’s “Top of Wallet” approach.
• Empowering Fintechs: Fintechs will be able to leverage innovative digital solutions like wearables to drive customer adoption and scale their businesses.

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A Recent False Start

A recent attempt to unmask Satoshi Nakamoto proved to be another dead end. A press conference, organized by Charles Anderson, promised to reveal the true identity of the Bitcoin creator. However, the individual who claimed to be Satoshi, Stephen Mollah, failed to provide any concrete evidence to support his claim.

As reported by BBC’s Joe Tidy, the event was met with skepticism from the attendees, who questioned the authenticity of Mollah’s assertions. Despite promising to unlock the first-ever Bitcoins as proof, Mollah was unable to deliver on this promise.

The Enduring Fascination

The enduring fascination with Satoshi’s identity stems from several factors:

• Revolutionary Visionary: Satoshi is the mastermind behind Bitcoin, a technology that has the potential to reshape the global financial system.
• Vast Wealth: As the original owner of millions of Bitcoins, Satoshi possesses immense wealth.
• Influential Figure: Satoshi’s insights and opinions could have a significant impact on the future of cryptocurrency.

The Importance of Decentralization

While the allure of Satoshi’s identity persists, it’s crucial to recognize that Bitcoin’s success is not solely dependent on a single individual. The decentralized nature of the cryptocurrency, with its network of nodes and miners, ensures its resilience and security.

As the crypto industry continues to evolve, the focus should be on the underlying technology and its potential to revolutionize various sectors. While the mystery of Satoshi Nakamoto may remain unsolved, the future of Bitcoin and other cryptocurrencies appears bright.

The Crypto Community’s Perspective

Many in the crypto community believe that Satoshi’s anonymity is intentional and essential to the success of Bitcoin. As Natalie Brunell, a Bitcoin podcaster, told BBC, “By concealing his true identity, Satoshi ensured that Bitcoin wouldn’t have a leader or central figure, whose personal agenda could influence the protocol.”

However, others argue that the constant speculation surrounding Satoshi’s identity distracts from the core technology and its potential impact. Carol Alexander, a professor of finance at Sussex University, believes that the focus should be on understanding the underlying principles of cryptocurrencies and their implications for the economy.

The Future of Bitcoin

As the search for Satoshi Nakamoto continues, it’s clear that the mystery surrounding this enigmatic figure will continue to captivate the public imagination for years to come. However, the future of Bitcoin and other cryptocurrencies is not tied to the identity of a single individual. The decentralized nature of these technologies, combined with their potential to revolutionize various industries, ensures a bright future for the crypto industry.

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The partnership will introduce two new products: Digital Last Expense, designed to cover funeral costs, and Go Educator, which will focus on financing education expenses. Additionally, a savings product is expected to be launched soon.

The primary objective of this collaboration is to make life insurance more accessible to Kenyans. By addressing financial constraints and information gaps, the partnership aims to overcome the challenges that have historically hindered the uptake of life insurance. NCBA and Sanlam will work together to educate customers about the benefits and features of their offerings.

NCBA Group Managing Director John Gachora expressed enthusiasm about the partnership, stating that it represents a significant step towards providing comprehensive financial solutions to customers. By offering innovative life insurance products, the companies aim to enhance financial well-being and offer support during critical life moments. Gachora believes this partnership will significantly boost life insurance uptake in Kenya.

The new products will be available through the bank’s Bancassurance Intermediary. Leveraging its extensive network of branches and customer touchpoints, the intermediary will ensure easy accessibility to customers across Kenya. This strategic distribution approach aims to seamlessly integrate life insurance into customers’ financial planning.

Sanlam Kenya Group CEO, Dr. Nyamemba Tumbo, highlighted the convenience of the partnership for customers seeking a one-stop-shop for their financial needs. By leveraging its distribution and processing capabilities, strong brand visibility, and public trust, Sanlam aims to deliver a superior customer and product experience.

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The investment will primarily support the deployment of the ECOA Induction Cooker, a device equipped with Pay-As-You-Cook (PAYC) technology. This technology allows consumers to make small, regular payments through mobile money, making it more accessible for low-income households to own a clean and efficient cooking solution.

The ECOA Induction Cooker is designed to be environmentally friendly and energy-efficient. It features integrated IoT technology that enables real-time monitoring of energy usage, contributing to the generation of carbon credits. By transitioning households from traditional, polluting cooking methods to clean electric cooking, BURN aims to reduce carbon emissions and improve air quality.

A recent study conducted by the University of Pennsylvania and the University of Chicago found that BURN’s cookstoves can significantly reduce fuel consumption, lower household expenses, and reduce carbon emissions.

With this latest investment, BURN is poised to accelerate its mission of providing clean, affordable, and efficient cooking solutions to millions of East African households.

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These cards offer a range of exclusive benefits and services, including:

• Airport Lounge Access: Cardholders gain access to over 1200 airport lounges in 135+ countries, ensuring a seamless and comfortable travel experience.
• Global Lifestyle Privileges: Enjoy premium experiences like discounts on car rentals, curated travel itineraries, exclusive dining offers, and more.
• Enhanced Security and Convenience: The cards utilize the latest contactless payment technology and come with comprehensive fraud protection services.
• Financial Flexibility: The Stanbic World Elite Card boasts increased spending limits and dedicated 24/7 support.

Tailored Solutions for Discerning Clients

The Stanbic World Card caters to those seeking a premium card with access to global experiences, VIP airport lounges, and exclusive rewards programs. The Stanbic World Elite Card, the first metallic credit card in East Africa launched with Mastercard, offers even more elevated benefits for discerning clients. This includes:

• Mastercard Golf Program: Enjoy up to 30% discounts at over 800 participating golf clubs worldwide, including locations in Kenya.
• Unicaf Scholarship Opportunities: Cardholders gain access to scholarship opportunities for eligible candidates pursuing studies at Unicaf associate universities.
• World-Class Travel and Emergency Services: Benefit from Mastercard Travel Pass for airport lounge access globally, comprehensive travel insurance, and Mastercard Global Emergency Services.

Stanbic Bank’s Commitment to Affluent Banking

The launch of these cards aligns with Stanbic Bank’s dedication to providing exceptional service to its affluent clientele. Their affluent banking proposition focuses on four key pillars:

• Bank Easily: Offering seamless and accessible banking services through digital platforms and dedicated relationship managers.
• Invest Skilfully: Providing expert investment advice tailored to individual financial goals.
• Plan Wisely: Empowering clients to build a secure future through comprehensive financial planning services.
• Live Joyfully: Enhancing clients’ quality of life with exclusive lifestyle privileges, premium travel experiences, and curated events.

The Stanbic World Card and Stanbic World Elite Card offer a compelling proposition for affluent clients seeking a premium banking experience with exclusive benefits and unparalleled service. This partnership between Stanbic Bank and Mastercard elevates the way clients bank, travel, and live.

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This decision, delivered on August 30, 2024, has far-reaching implications for businesses engaging foreign marketing agents and highlights the importance of understanding DTT provisions.

The case involved an appeal by a Kenyan company (“the Appellant”) against the Kenya Revenue Authority’s (KRA) demand for withholding tax on agency fees paid to marketing agents based in France and South Africa. The KRA argued that these fees fell under the “other income” articles of the respective DTTs, granting Kenya taxing rights.

However, the TAT disagreed, stating that “the DTTs, Kenya had no taxing rights on the income received by the marketing agents, as they did not have a PE in Kenya.” The Tribunal emphasized that the “other income” article did not supersede the fundamental principle that income derived by a non-resident is only taxable in Kenya if a Permanent Establishment (PE) exists within the country.

This ruling echoes previous TAT decisions in Total Kenya Limited vs. Commissioner of Domestic Taxes and McKinsey and Company Inc. Africa Proprietary Limited vs. Commissioner of Legal Services and Board Coordination. These cases established that management or professional fees paid to non-residents are not subject to withholding tax in Kenya unless a PE is triggered.

Impact and Future Implications

According to a recently published Tax Alert by professional services consulting firm, PwC Kenya, this decision provides much-needed clarity on the interpretation of DTTs, particularly those lacking specific provisions on management or professional fees. It reinforces the principle that the existence of a PE is crucial in determining taxing rights on such payments.

The KRA’s potential appeal of this judgment, particularly in light of the High Court’s ruling in Commissioner of Domestic Taxes vs Total Kenya Limited, will be closely watched.

Key Takeaways for Businesses

• Understanding DTTs is crucial: Businesses engaging foreign service providers must carefully review relevant DTTs to determine their tax obligations.
• PE determination is key: The presence or absence of a PE significantly impacts the taxability of payments to non-residents.
• Seek professional advice: Navigating complex tax regulations requires expert guidance. Consulting with tax professionals is essential to ensure compliance and optimize tax outcomes.

This ruling offers a welcome reprieve for businesses operating in Kenya and underscores the importance of challenging tax assessments that may not align with DTT provisions.

Here is a link to the PwC Tax Alert: tax-alert-tax-appeals-tribunal-upholds-withholding-tax (pwc.com)

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The prestigious event saw several Kenyan brands, including Safaricom, Equity Bank, and Tusker, celebrated for their exceptional brand equity and positive contributions.

Equity Bank emerged as a true champion in the financial sector, claiming the title of most admired financial brand in Kenya and across Africa. This impressive feat, surpassing strong contenders like Standard Bank, Absa, and FNB, highlights Equity’s dedication to driving financial inclusion and socioeconomic progress across the continent. Furthermore, Equity’s commitment to sustainability earned it recognition among the most admired brands doing good for society, environment, and people.

Commenting on the recognition, Equity Group MD and CEO, Dr. James Mwangi, said, “Equity Bank’s consistent recognition as a leading brand in Kenya and beyond is a testament to its unwavering commitment to its customers and communities. This recognition motivates us to further our mission of transforming lives through driving financial inclusion and sustainable development across the African continent that delicately balances profits, people and planet.”

Equity was also ranked among the most admired brands doing good for society, environment and people.

Safaricom/Mpesa dominated the rankings, securing the title of most admired brand in Kenya overall. The telecommunications giant also clinched the top spot as the #1 Kenyan brand, #1 Telecommunications brand, and #1 brand Doing Good for Society, People and Environment.

Kenya’s beloved beer brand, Tusker, also earned its place among the top contenders, securing the title of #1 non-alcoholic brand in Kenya.

Other notable Kenyan winners included Citizen TV as the #1 media brand, Naivas as the #1 retail brand, and Ketepa Tea as the #1 consumer non-cyclical brand.

The Brand Africa report highlighted a significant sentiment: while 56% of Kenyans believe in the continent’s potential, only 26% of the most admired brands in Kenya are African.

This underscores the importance of celebrating and supporting homegrown brands like Safaricom, Equity Bank, and Tusker, who are not only shaping Kenya’s brand identity but also contributing significantly to its economic growth and global recognition.

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