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Safaricom Secures Insurance License, Expands M-Pesa to Cover Financial Needs with New ‘Bima’ Product

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Kenya’s leading telecom company, Safaricom, has obtained an insurance license from the Insurance Regulatory Authority (IRA), marking the end of a four-year wait. This license allows Safaricom to introduce insurance services to M-Pesa users with a new product called Bima, as announced by CEO Peter Ndegwa during the H1 2024 earnings call.

The Bima product aligns with Safaricom’s broader strategy to transform M-Pesa into a comprehensive financial services platform that meets customers’ “digital needs.” Safaricom had been piloting insurance offerings since 2020, awaiting regulatory clearance.

“Innovation remains critical. We have revamped our wealth proposition and have now secured an insurance intermediary license from the IRA,” Ndegwa noted.

“This will help us accelerate the rollout of insurance solutions. We expect to launch offerings in wealth, savings, and insurance during the second half of this financial year.”

Safaricom aims to leverage its 30 million active users, who transact over $11.6 billion (KES1.5 trillion) monthly, to expand its unit trust, savings, and insurance products, thereby countering declining revenue from calls and texts. With insurance penetration at just 3% in Kenya, Safaricom hopes M-Pesa’s popularity will facilitate its entry into the insurance market.

The telco’s push into financial services, such as wealth management and insurance on M-Pesa, has faced challenges, including calls from the Central Bank of Kenya (CBK) for Safaricom to separate its mobile money operations into a distinct entity.

M-Pesa already offers a unit trust product, Mali, and savings accounts through partnerships with KCB Group and NCBA, along with an overdraft service.

In H1 2024, M-Pesa accounted for 43% of Safaricom’s service revenue, with a 16.6% growth to $560 million (KES77.2 billion) compared to the previous year.

Safaricom currently controls 93.4% of Kenya’s mobile money market, with Airtel Money holding the remaining 6.6%, according to the Communications Authority of Kenya.

Erik ten Hag Sacked : Manchester United provide Reasons

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OFFICIAL: Manchester United statement.

Erik ten Hag has left his role as Manchester United men’s first-team manager. We are grateful to Erik for everything he has done during his time with us and wish him well for the future”.

“Ruud van Nistelrooy will take charge of the team as interim head coach, supported by the current coaching team, whilst a permanent head coach is recruited”.

Buying Land in Kenya

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Step 1: Obtain a Copy of the Title
When a real estate agent or landowner offers a property for sale, the first step is to get a copy of the land title.
Investigate at the Register of Deeds using this copy to ensure the land is free of encumbrances such as mortgages, claims, or other issues. Verify that the copy matches exactly with the records at the Register of Deeds to confirm it is genuine and problem-free.
Step 2: Conduct a Relocation Survey
Hire a Geodetic Engineer to conduct a relocation survey of the land boundaries.
Ensure there are no structures or fences from adjacent lots encroaching on the property you intend to buy.
Step 3: Execute a Deed of Sale
If the land is problem-free, proceed to execute a Deed of Sale or “Contract of Sale”.
Both the seller and buyer must sign the contract, and it must be notarized.
Step 4: Pay Documentary Stamps
Within one month from the notarization of the Deed of Sale, pay the Documentary Stamps.
This is a crucial payment that must be made promptly to avoid complications.
Step 5: Pay Capital Gains Tax
The seller must pay the Capital Gains Tax to the BIR (Bureau of Internal Revenue) because they earned from the sale.
The BIR will issue a Certificate of Authority to Register, certifying that all taxes have been paid and authorizing the transfer of the title to the buyer.
Step 6: Transfer Fees and Title Transfer
Once you have the Certificate of Authority to Register, take it to the Register of Deeds.
Pay the Transfer Fees, which are relatively inexpensive.
The Register of Deeds will surrender the Owner’s Copy of the title, and you will need to wait for the title transfer process to be completed. Continuous follow-up is necessary because the process at the Register of Deeds can take some time.
Following these steps ensures that the land purchase process is smooth and free from legal issues.

Natural Calamity

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It is quite evident that world wide floods are the most leading natural calamity currently.
Floods are a large water body arising from heavy rainfall down pour having no where to drain the excess water.

So what has caused this flood?
Poor drainage, lack or no drainage may lead to a lot of unnecessarily water which is flood.
Deforestation, cutting down trees which may have helped to mitigate this water may have led to increased floods.
Corruption, leaders who arw corrupt and end up misusing money set aside for development may also lead to increased flood
Climate change, our climate was affected along time through gas emissions, pollution which leads to destruction of the ozone layer. Lack of this layer creats unfavourable weather patterns on of them floods.

Causes of floods.
Death of animals, loved ones
Destruction of properties
Homelessness
Family separation
Increased orphanhood
Poor Economy
Education is affected
Increased prices of food
Poverty
Diseases especially water borne
Truancy
Physiological effect on the affected ones

Mitigation.

Avoid pollution
Re afforestation
Education on weather patterns and how to protect ourselves
Intergity in leaders in terms of fairness in funds allocated for country’s development

We are all affected by this pandemic let’s keep safe help those we can because change starts from you.

CLIMATE CHANGE.

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Climate is the weather conditions of a given place for a period of time. Weather can be windy, rainy or sunny.
In our country we had been experiencing a long period without rain which is known as drought. Which led to dying of crops,and animals causes by lack of moisture and water to help in the growth of plants and animal life. This resulted to high inflation rates of items in the country.the Economy rose or went up.
Lately we have experienced floods. Floods throughout the world. All this are effects of climate change.
How did the weather beat us this way???
From my climatesmart training is that our Earth or atmosphere has been having a very protective layer of blanket which is known as the Ozone layer. This layer helps to protect the Earth from harmful ultra violet rays from the sun to reach directly to the Earth. But now human activities like ,Afforestation, emittions from industries, Green house gases, Over Cultivation of land have led to the depletion of this Ozone layer causing adverse climatic conditions like the Floods we are experiencing now.
We are the future to help resolve this we need to:
1. Plant more trees
2. Reduce Pollution
3. Use environmental safe materials
4. Avoid over cultivation
5.Use energy saving items
6. Use gas when cooking
7. Walk avoid travelling with vehicles
8. Plant drought resistant crops

And so forth, the CHANGE starts with me and you.
let us save our Earth.
#let us save the Earth#go green#Afforestation#climatesmartagriculture

Reasons not to give up.

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Thinking about quitting???
If your answer is yes here are reasons not to quit.

1. You are loved- Been loved means a lot. God created you, you are here that’s enough proof of his love for you.

2. You have a purpose – continue moving forward until you find your purpose.if you quit now, who will be left to accomplish your task??

3. You are a fighter – consider the things you have overcome before,why can’t you keep on pushing on??

4. You are strong – quitting is for the weak, and you are not weak.

5. You are an achiever- look back and see as you smile about how much you have achieved.

Life is not a bed of roses we all encounter a bit, a lot of problems BUT what will determine your progress is how you stand up and accept the challenge to overcome the problems. DO NOT QUIT!!!
DO NOT GIVE UP!!

Safaricom unveils Sh100,000 interest-free Faraja M-Pesa loans

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Kenyan telecom company Safaricom has finally unveiled the zero-interest credit service for the purchase of goods for up to Sh100,000 Dubbed Faraja which had initially been blocked by the financial regulator.

The service will enable more than 32 million Safaricom’s customers to buy on credit from businesses on the telco’s Lipa Na M-pesa.

Customers will be able to make purchases of between Sh20 and Sh100,000 at zero interest fees and complete the payment within 30 days.

“Many businesses lose out on sales when a customer would like to make a purchase but lacks money at that point. We are glad to partner with EDOMx to offer Faraja empowering any business to grow their sales by enabling their customers to buy now and pay later,” said Peter Ndegwa, the CEO of Safaricom.

“In researching the global merchant and consumer industry, it was evident there is a substantial digital community that will appreciate our product offering including our zero interest initiative, plus much more in enhancing loyalty and customer-focused programs,” said Julian Kyula, CEO, EDOMx.

Faraja is a partnership between EDOMx Ltd, a Kenya-based financial technology firm, and Safaricom.

Currently, the service is available across all Naivas Supermarket outlets, Goodlife pharmacies, and City Walk amongst other merchants.

Businesses on Faraja will receive payment in full for a product or service immediately after a customer makes a payment through the service.

Safaricom, which is listed at the Nairobi Securities Exchange (NSE), will enable EDOMx to offer the Faraja service to more than 606,000 businesses on Lipa Na M-PESA at a negotiated facility fee payable by the business.

EDOMx will extend credit to businesses on the solution enabling them to receive payments immediately when a customer purchases Faraja.

The Central Bank of Kenya gave EDOMx the nod to launch the product after it was cleared as a digital credit provider in March.

This was under regulations published last year that allow the central bank to regulate fintech to rein in predatory lending and violation of consumer privacy.

 

Eric ten Haag Axe lands on Harry Maguire

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Harry Maguire has been stripped off Manchester united Captainsy

in a social media post,

After discussions with the manager today he has informed me he is changing captain. He outlined his reasons to me and whilst I’m personally extremely disappointed, I will continue to give my all every time I wear the shirt.

So I wanted to say a massive thank you to the Manchester United fans for all their brilliant support whilst I’ve been wearing the armband.

Since the day I took on the role, three and half years ago, it’s been a huge privilege to lead Manchester United and one of the proudest moments of my career to date. It’s one of the greatest honours in club football. I’ve done everything I possibly could to help United be successful – on and off the field.

I will always be grateful to Ole Gunnar Solskjaer for first giving me the responsibility and I wish whoever now takes it on every success and they will have my full support.

Harry

David de Gea leaves United after 12 years

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Manchester united Goalkeeper David De Gea has Left the club.

David de Gea leaves Man United after 12 years and becomes free agent! 🚨🔴

in a farewell message de gea wrote

“I just wanted to send this farewell message to all Manchester United supporters.

I would like to express my unwavering gratitude and appreciation for the love from the last 12 years. We’ve achieved a lot since my dear Sir Alex Ferguson brought me to this club. I took incredible pride everytime I pulled on this shirt, to lead the team, to represent this institution, the biggest club in the world was an honour only bestows upon a few lucky footballers.

It’s been an unforgettable and successful period since I came here. I didn’t think from leaving Madrid as a young boy we would achieve what we did together.

Now, it’s the right time to undertake a new challenge, to push myself again in new surroundings.

Manchester will always be in my heart, Manchester has shaped me and will never leave me.

We’ve seen it all. 🤘🏼❤️

BREAKING| Mason Mount Joins Manchester

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𝐇𝐄𝐑𝐄 𝐖𝐄 𝐆𝐎: 𝐌𝐚𝐬𝐨𝐧 𝐌𝐨𝐮𝐧𝐭

Premier league giants Manchester United have secured and agreed £60m package deal for Mason Mount with London club Chelsea — it’s done, here we go! ✨

Personal terms with the player were agreed weeks ago and face to face talks between clubs made it clear: the agreement is done.

According to transfer guru Fabrizio Romano, Mount becomes Manchester united player and confirmed that united had NEVER left the race.

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