TELCOS
Safaricom confirms Boniface Mungania as head of M-PESA
Mungania, interim chief financial services officer since August, takes the job permanently from 1 November after regulatory approval, succeeding Esther Masese Waititu, who left in July. He joined Safaricom in 2007 as a customer care representative and has since led M-PESA product development and, most recently, public sector digital transformation. He inherits a business that earned KES 100.1 billion in the last six months, 46.3% of Safaricom Kenya's service revenue, from 27.4 billion transactions.
TechTrends
SECURITY
Kenyan banks lost a record Sh1.9 billion to fraud in 2025, and card fraud doubled
Central Bank figures show losses up 19.4% from Sh1.59 billion in 2024, and from Sh412 million in 2023. Card fraud became the biggest source at Sh645 million, more than double the year before, though from fewer incidents. Mobile banking losses fell to Sh634 million, while online banking and internet scams rose sharply. The CBK also reports banks recovering less of what is stolen. Keep one-time passwords to yourself, and turn on card alerts if your bank offers them.
TechTrends
COURTS
A court lets Equity freeze Sh303 million and turn crypto into shillings in a Sh1.49 billion payroll fraud case
Equity says money was moved out of its salary-processing system between November 2023 and June 2024, routed through other companies' accounts and partly converted to cryptocurrency. The High Court has frozen balances at UBA, Absa, NCBA, Stanbic and Co-op Bank, and ordered crypto held by three defendants on Binance and other platforms to be converted within 10 days, with the CBK holding the proceeds as escrow agent. The claims have not been proven in court.
TechTrends
POLICY
A new Bill would ban online alcohol sales, delivery and online ads, and raise the drinking age to 21
Majority Leader Kimani Ichung'wah's Alcoholic Drinks and Drugs Control Laws (Amendment) Bill, 2026 had its first reading on 5 November. No licences would be issued for online sales, courier or home delivery, which would hit delivery services and liquor stores on apps such as Glovo, and promoting alcohol online, including on social media, could cost up to KES 500,000 or three years in jail. None of it is law yet.
Tech-ish
FUNDING
The Nairobi International Financial Centre plans a US$500 million startup fund
Half of the planned Sh65 billion fund would go to technology and AI startups and the rest to SMEs in other sectors, with local and international venture capital firms investing alongside it. NIFC chief executive Daniel Mainda says it is choosing a co-host and a professional fund manager. No date or first investors have been named, so it is a plan, not money on the table yet.
TechTrends
CRYPTO
Nigeria tells Tether and Circle to set up local companies to sell dollar stablecoins
New Central Bank of Nigeria rules say foreign-currency stablecoins such as USDT and USDC can only be offered to Nigerians through a locally licensed issuer with at least ₦15 billion, about US$11 million, in capital, plus reserves, redemption arrangements and monthly reserve checks. Naira stablecoin issuers need ₦10 billion.
TechCabal
