Five fascinating business facts – Part 57
February 26, 2018 | 1:55 am| | | Start Conversation
Google Play apps and games store has started accepting payments through Kenya’s highly successful mobile money service M-Pesa in a market where many people do not have a credit card. M-Pesa, which enables Kenyans to transfer money and pay bills via mobile phone, has 27.8 million users in the nation of 45 million people where Google’s Android platform dominates. Safariom started M-Pesa in 2007, offering money transfer services between users.
Namibia will open its second iron ore mine after interest shown by an Indian-controlled company called Blake Trading, documents seen by Reuters on Friday show. The planned mine east of the capital Windhoek could have a potential lifespan of 40 years in a market where mining is an important as an contributor added 11.1 percent to the country’s GDP during 2016, the Namibian Statistics Agency says.
Nairobi shrugged off a ratings downgrade and loss of access to an IMF standby credit facility to raise a $2 billion bond with yield starved investors accumulating bids in excess of $14bn for the offer.
The bond offer added impetus to recent concerns over the rate at which Kenya is accumulating debt.
The Eurobond, the second in a span of four years, will cost taxpayers a total of $3.2 billion in interest payments during its lifetime of up to 30 years, according to early calculations and the International Monetary Fund (IMF) said Kenya needs a credible plan to tackle its fiscal deficit, which is the main driver of borrowing.
Although politically troubled, Ethiopia is pressing ahead with its aggressive privatisation policy with data showing that since its establishment two decades ago, Kenya has privatised a total of 377 public companies with 96% of the payment fully settled. Out of the total companies, 87% were transferred to local buyers. The government plans privatise all state-owned enterprises step by step as a strategy, says Wondarfash Assefa a spokesman for the government.
Libya’s oil exports from the Mellitah terminal will slow down after protests disrupted production at the key El-Feel deposit for the first time in two months, putting the OPEC nation’s crude production at risk of a decline again and sending oil prices higher. The field has production capacity of 90,000 barrels a day but it’s not clear what output was before the outage.
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