The loan aims to help the bank increase lending for climate-friendly projects and to smaller businesses, especially those owned by women.

The bank’s chief executive Gideon Muriuki said the funds would be used to support businesses to better cope with the disruptions brought about by the COVID-19 pandemic.

Kenyans transacted 528.9 billion shillings (about $4.9 billion) on their mobile phones in October as usage rose considerably amid the COVID-19 pandemic, new Central Bank of Kenya data showed.

Up to 10,000 buses to become cashless with O-CITY's M-Pesa-based ticketing solution.

However, even though this is a 7.6 percent drop from last year’s $17 billion, Vietnam will remain the ninth biggest remittance beneficiary in the world.

The Kenya Bankers Association will work with Huawei to spearhead industry-wide education in fintech innovation, digital transformation, and other ICT-related programs.

The huge surge is attributed to a government measure instituted to curb COVID-19 spread by encouraging the use of mobile money payments.

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.