Key Points

• Safaricom and Mastercard formed a strategic alliance to enhance digital payment acceptance and cross-border remittances in Kenya.
• Over 636,000 M-PESA merchants will benefit from Mastercard's global payment infrastructure, expanding their reach to international markets.
• Ndegwa bolstered his influence by increasing his personal stake in Safaricom, demonstrating confidence in the company's future.

Safaricom, East Africa's telecom giant led by Kenyan tycoon Peter Ndegwa, has secured a strategic alliance with Mastercard to enhance payment acceptance and improve cross-border remittances in Kenya. The collaboration is set to accelerate the growth of digital payments, reinforcing Safaricom’s leadership in financial innovation across the region.

The partnership is poised to benefit more than 636,000 merchants using Safaricom’s M-PESA mobile money platform, as Kenya’s digital payments landscape continues its rapid expansion. Mobile wallet payments, driven largely by M-PESA, are projected to grow at an annual rate of 12.7 percent from 2020 to 2024, further cementing M-PESA’s dominant market presence.

The initial phase of the partnership is set to roll out in the coming months, with Safaricom planning to acquire a license that will further enhance its digital payment capabilities. Both companies have committed to promoting financial inclusion and fostering innovation within Kenya’s rapidly evolving digital economy.

Driving global payment solutions

By integrating M-PESA’s extensive merchant network with Mastercard’s global payment infrastructure, the partnership aims to deliver secure, seamless, and scalable payment solutions.

This will enable Kenyan merchants to expand their reach to international markets, while also improving remittance services for cross-border transactions.

Mastercard's omnichannel payment solutions will further accelerate the adoption of digital payments, facilitating faster and more reliable money transfers.

"We are thrilled to partner with Safaricom in building an inclusive digital economy that benefits everyone," said Amnah Ajmal, Executive Vice President for Eastern Europe, Middle East, and Africa at Mastercard. "This partnership empowers merchants to grow and significantly contribute to the Kenyan economy."

Esther Waititu, Chief Financial Services Officer at Safaricom, added: "Our collaboration with Mastercard unlocks new opportunities for M-PESA merchants, in line with our mission to deliver innovative, customer-centric solutions. With Mastercard’s global network, businesses can now offer more efficient and seamless payment options domestically and internationally."

Innovative solutions shape Safaricom's future

Safaricom, founded in 1993 and headquartered in Nairobi, is a leading provider of telecom services in Kenya, offering a wide range of products including mobile, fixed-line, M-PESA payments, voice services, and cloud hosting.

Under Ndegwa’s leadership, the company has solidified its dominance in the Kenyan market and made strategic expansions across Africa.

Earlier this year, Ndegwa increased his personal stake in Safaricom by acquiring 8.64 million shares, further consolidating his influence in the telecom sector. Additionally, the company launched a micro-payment feature allowing customers to purchase airtime for as little as Sh1.00 ($0.0068) via M-PESA, underscoring its commitment to financial inclusivity.

Safaricom's recent foray into Ethiopia has also expanded its footprint in the region. The company has partnered with Huawei to explore innovative solutions like "Scan & Order" for restaurant menus, signaling its focus on advancing digital technology across its markets.

[billionaires.africa]

The yellow metal settled back a bit during the European session on Monday after reaching a new peak of $2,631 earlier , as markets remain focused on the increasing likelihood of the Federal Reserve cutting rates.

At the same time, instability in the Middle East is boosting appetite for gold.

For this reason, potential Fed rate cuts serve as catalysts for gold, reducing the opportunity cost of holding an asset that does not pay interest.

Hedging involves protecting business cash against negative changes like inflation or currency depreciation.

Gold helps safeguard against instability in governance, a common occurrence in less developed markets.

JP Morgan noted in a research report that various factors, including growing geopolitical risks, the outlook for interest rates, concerns about the budget deficit, inflation hedging, and central bank purchases, have contributed to the sustained rise in gold prices in 2024.

Expectations that the Federal Reserve would lower interest rates up to three times in 2024, as persistent inflation began to diminish, contributed to gold’s explosive growth this year. However, current estimates indicate that only one rate reduction is planned for the remainder of 2024.

Central banks have increased their appetite for gold. Demand for gold has primarily been driven by central banks, as nations like China, Turkey, and India seek to diversify their reserves away from the US dollar—particularly in light of the West’s decision to freeze Russia’s dollar assets following its invasion of Ukraine.

JPMorgan estimates that central banks bought over a thousand metric tons of gold last year. The People’s Bank of China embarked on its longest-ever buying spree, an 18-month period of purchases that concluded in May. Additionally, India’s central bank increased its gold holdings in June by the largest amount in nearly two years.

According to the World Gold Council’s Q2 2024 report, global gold demand rose 4% year over year to 1,258 tons, marking the highest second quarter in our data period. Healthy over-the-counter sales, up a noteworthy 53% year over year at 329 tons, supported overall demand.

Market fundamentals indicate that gold prices are being driven by a slowdown in ETF outflows, increased OTC demand, and ongoing central bank purchases. Global gold holdings by central banks and government institutions rose by 183 tons, reflecting a 6% year-over-year growth despite a slowdown from the previous quarter.

The World Gold Council’s annual central bank poll revealed that reserve managers anticipate an increase in gold allocations over the next year due to the need for portfolio diversification and protection in a complex economic and geopolitical landscape.

A Relatively Weak Dollar Supports Gold’s Bottom Line

A declining US dollar and lower US interest rates have historically made non-yielding bullion more appealing. Commerzbank Research has increased its gold forecast, projecting three rate cuts by the end of this year and three more in the first half of 2025 by the Federal Reserve—two more than initially projected.

Investors often prefer exposure to riskier assets like corporate bonds and stocks over defensive assets like cash, government bonds, and gold, which is why risk appetite and gold are inversely related. Although concerns about a recession subsided over the past week following the release of a disappointing payroll report, recent data has indicated weakness in key sectors like homebuilding, which could support a more aggressive Fed rate reduction.

When long-term rates appear less promising, yield-producing assets such as bonds tend to lose their appeal, creating an environment where gold typically rallies.

[Nairametrics]

Naija News understands that the meeting is being held amidst plan to reshuffle is cabinet.

Before the commencement of the council meeting, Secretary to the Government of the Federation (SGF), Senator George Akume, commended President Tinubu for his commitment to democracy through “the conduct of free and fair election in Edo State.”

Akume also commended the leadership of Edo State chapter of the All Progressives Congress (APC) following the victory of Monday Okpebholo.

He said, “We want to use this opportunity, Mr. Chairman, to congratulate the people of Edo State, particularly the APC family, properly guided by the father of APC, in their fantastic outing, recording a huge victory, which had eluded the APC for over eight years.

“The election has been adjudged to be free and fair and that is what Mr. President has always stood for. We want to thank you, Mr. President, for being committed to the electoral process and ethos of democracy.

“Once again, we thank our family members of the APC from Edo state for this wonderful showing.”

The SGF also formally notified the council of the passing a former Minister of Women Affairs and Youth Development, Mrs Salome Jankada.

Mrs Salome Jankada was a Minister of Women Affairs and Youth Development in the administration of former President Olusegun Obasanjo.

The council then observed a minute silence in honour of the late former council member, who died in August 27 this year.

Those in attendance at the meeting include the Secretary to the Government of the Federation, Senator George Akume, the National security Adviser, NSA, Mallam Nuhu Ribadu and the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila.

Majority of the Ministers were also in attendance.

[NaijaNews]

Nigeria’s Minister of Defence, Mohammed Badaru has called for reform of the United Nations Security Council, asserting that Africa should be represented with permanent seats to enhance global stability.

Addressing the 79th United Nations General Assembly (UNGA) in New York, Badaru highlighted Nigeria’s extensive contributions to UN peacekeeping operations.

Speaking at the Summit of the Future during the dialogue on “Enhancing Multilateralism for International Peace and Security,” Badaru stated, “Since our first deployment in the Congo in 1960, Nigeria has contributed to 41 peacekeeping missions globally,” noting that over 200,000 Nigerian troops had been deployed in UN operations over the decades.

Badaru pointed to Nigeria’s unwavering commitment to international peacebuilding and security, saying, “Nigeria has remained unequivocal in its commitment to international peacebuilding and security, since the first engagement of its troops in the Congo in 1960.”

He further emphasised the significance of Nigeria’s role in regional conflicts. “Under regional and sub-regional cooperation, Nigeria has been involved in peacekeeping operations in Cote d’Ivoire, Guinea-Bissau, The Gambia, Liberia, Mali, Sudan, and Sierra Leone, among others.”

The Defence Minister used the opportunity to press for UN Security Council reform, arguing that Africa’s exclusion from permanent membership undermines global peace efforts.

“Nigeria continues to call for the reform of the United Nations Security Council to give just representation to Africa on a permanent basis for inclusivity and deepening of global peace and security,” he said.

Badaru also underscored the importance of strengthening African military capacity to fight terrorism.

He stressed the need for the operationalisation of the African Standby Force (ASF) and the establishment of a Counter-Terrorism Centre of Excellence in Africa.

“We recognise the need for Africa to build strong and professional armies, in order to, among other things, defeat terrorism.

“Nigeria calls for the operationalisation of the African Standby Force (ASF), and provision of requisite support and resources to ensure the upgrade, take-off and effectiveness of a Centre of Excellence in Africa on issues of counterterrorism,” he noted.

On the issue of transnational crime, the Defence Minister warned of rising alliances between bandits and terrorists, highlighting the impact of kidnapping for ransom and acts of piracy.

He called for a comprehensive approach to tackling organised crime, stating, “We must scale up our efforts,” referring to the urgency of combating illegal arms trafficking in the Sahel region.

Badaru further urged the international community to intensify efforts to control the proliferation of small arms and light weapons in conflict zones, particularly in the Sahel.

“We seize this opportunity to urge the international community to renew efforts to stem the tide of small arms and light weapons in conflict, especially within the Sahel region where unfettered access by non-state actors to illicit arms and light weapons continues to foster insecurity and instability,” he said.

He reaffirmed Nigeria’s dedication to supporting UN initiatives in promoting global peace and combating terrorism.

[Leadership]

Nigeria’s currency, the Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso.

This comes as Cardoso clocked a year in office after his appointment on September 15, 2023.

The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.

This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.

In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.

The MPC is currently meeting to decide on whether to hike interest or pause the increase.

Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.

Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.

[DailyPost]

Some residents who infiltrated the Internally Displaced Persons camps for flood victims in Borno State have stated that they were forced to enter the camps due to the current hardship in the country.

The residents, mostly women, disclosed this during an interactive session with our correspondent in Maiduguri on Monday.

They expressed that the economic situation in the country is no longer bearable, and they cannot sit idly by while trucks of food items and cash enter the camps daily without being beneficiaries.

Speaking with one of the residents who infiltrated the camp at Ajilari Community Secondary School, Aisha Kuda, she said, “We are suffering from hunger; our children have started stealing due to poverty. Our girls are getting unwanted pregnancies because they are lured with money.

That is why we are going there to get something to eat.”
“We are pleading with the government to help us as they are helping the IDPs because we are in a critical condition too,” she pleaded.

Safiya Abdullahi stressed that it is unjust to overlook those affected by the flood who are residing with relatives instead of in the camps.

“We are hungry. Not everyone can stay in the camp because some have relatives who are not affected, just like myself. This does not mean we should be exempted. When the flood came, my family was displaced from Gwange, and we left to stay with my relative in Wulari. When we heard about the food and cash distribution in Bakassi camp, we went there.

“Upon getting there, they said we were not eligible to receive items. This happened the day the governor visited to share 10,000 Naira in the camp,” she stated.

On her part, Hannah Johnson, a Maiduguri resident, mentioned that she was aware of the different church denominations that have donated to the camp.

“I know some churches, including Dunamis and Apostle Suleiman’s church, have donated. Even though it was meant for those in the camp, some of us were affected by the flood, and we decided to stay out of the camp. How can you remove us from the list of beneficiaries?”

She continued, “I was in Yerwa camp a few days ago, and they said we wouldn’t benefit as long as we are not living in the camp. I went back home with nothing. This is uncalled-for.”

PUNCH reported that the governor of the state, Babagana Zulum, alleged the infiltration of camps by people not affected by the flood.

Following the allegation, he directed that only camps being operated in schools would be closed to allow learning activities to fully resume across the state.

[Punch]

Anthony Joshua insists his career is “far from over” following his devastating knockout defeat to Daniel Dubois at Wembley, which raised doubts about his future in boxing.

Joshua was aiming to become a three-time world champion by claiming the IBF world heavyweight title on Saturday but was knocked out in the fifth round in front of a record-breaking official attendance of more than 98,000.

The 34-year-old was floored four times by Dubois and many people called for Joshua to retire afterwards.

But the British former Olympic champion released a video on X on Monday saying his journey in boxing is not over yet, with a potential rematch with Dubois as well as another all-British clash with Tyson Fury options in the future.

Joshua said he was determined to take the positives from the situation despite his mauling — the fourth defeat of a 32-fight career in boxing.

“What a rollercoaster journey, but do you know what the problem is? It is far from over yet,” he said.

“We’ve done it once, we’ve done it twice, doing it a third time hasn’t been easy but I believe it is something I can achieve. It’s about making the right steps forward, working hard, improving and it has to come from here (heart) more than anything.

“It’s only been a day but I know when I sit back I know I’ve got a lot of this (heart), thanks for your support, thanks for being on this rollercoaster journey with me.

“Keep your seatbelts tight because deep down in here I know we have a lot more to bring to this game.”

Vanguard News

The Infrastructure Concession Regulatory Commission (ICRC) says the construction of the $3.5 billion Bakassi deep seaport will commence soon.

Jobson Ewalefoh, director-general of ICRC, spoke on Monday at a high-level stakeholders’ meeting where a statement of endorsement for the port project was signed. 

On May 15, Bassey Otu, governor of Cross River state, said a $3.5 billion loan has been secured from the African Export-Import Bank (Afreximbank) for the project.

According to Ewalefoh, the construction will be executed as a public-private partnership (PPP) project.

He also said the project will be completed in record time.

Ewalefoh said his assurance was premised on four factors, which include Cross Rivers’ commitment and zeal for the project, the newly streamlined ICRC public-private partnership (PPP) processes, securing a financier for the project, and the support of all other stakeholders present.

“We have streamlined our PPP processes to ensure that they are faster than they used to be,” he said.

“We are not compromising standards, we are only making the process more efficient and that I have commenced as the DG of ICRC.

“With the support of the Ministry of Marine and Blue Economy, Nigerian Ports Authority (NPA), Nigerian Shippers Council and all the stakeholders, my good news for you is that in your tenure as Governor of Cross River State, we will do the groundbreaking and complete the project.

“You have demonstrated that you have what it takes to do it, just like President Bola Tinubu has given confidence to investors to bring their funds to Nigeria.

“This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape: With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport.

“I am convinced that in your tenure, with your team, Bakassi Deep Seaport will be a reality to the people of Cross River state and Nigerians.”

Speaking on the significance of the port, the ICRC director-general said the facility would “diversify” the traffic from the western port and serve as a succour to the eastern parts of Nigeria.

He added that the Bakassi deep seaport is an agro-value-chain port that would explore the potentials in the nation’s agricultural sector in the south-south part of Nigeria, the north as well as all of Africa.

Ewalefoh also thanked AfreximBank for believing in Nigeria, reassuring investors that the country is a choice destination for investment opportunities.

[TheCable]