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Safaricom signs multiple agreements with four Kenyan banks to drive sustainability agenda

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The largest telecommunications operator in Kenya, Safaricom, on Monday, announced signing multiple agreements with four banks in the country as as part of its drive to fund a Sustainability Linked Loan (SLL) plan aimed at strengthening its Environmental, Social and Governance (ESG) agenda.

The deal, which is worth KSH 20 billion, is the largest ESG loan facility ever undertaken in East Africa and the first of its kind for Safaricom, according to its Chief Executive Officer, Peter Ndegwa.

The funding is provided by a consortium of four banks consisting of Standard Chartered, Standard Bank, ABSA, and KCB, and will enable Safaricom to access funding based on its progressive achievement of set milestones across key ESG areas, according to Ndegwa.

“In line with our focus to advance our sustainable business agenda, this funding will unlock our ability to create more diversified investments that will support transformative investments in new technologies, systems and services that allow us to comprehensively manage our ESG footprint,” said Ndegwa.

He added that the huge investment would also “contribute to the growth of Kenya’s sustainable financing market, which remains a key priority for the government of Kenya as part of its Vision 2030 plans.

“This deal is a significant milestone for Safaricom as it aligns our financial strategy with our sustainability agenda, a reflection of our commitment to transforming lives by partnering for growth.

“This significant milestone indicates the continued momentum towards building a more robust sustainable, and diversified financial ecosystem in the region.”

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Zambian Tech authority orders Airtel to compensate subscribers over poor services

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The Zambia Information and Communications Technology Authority (ZICTA) has ordered Airtel Networks Zambia PLC to commence the process of paying compensations to all its subscribers over poor and inefficient services.

According to local media reports, the mobile telecommunications giant has been experiencing network and service outages in most parts of the country which has led customers complaining about the poor services.

The agency, which has the mandate of overseeing the telecommunications industry in the country, gave the directives in a statement in Lusaka on Fruday through its Corporate Affairs Manager, Hanford Chaaba.

Chaaba said the payment of compensation to affected subscribers was in line with the approved compensation policy within five days from December 8.

“The Authority has also directed the network provider to, using all available platforms, immediately engage the public regarding the recent network outages and provide assurance of their resolution,” Chaaba said.

He added that the network provider had been further directed to urgently put in place measures that would ensure that such outages were averted, promising that the agency would increase its monitoring of the network.

In the statement, Chaaba encouraged members of the public to continue reporting any issues related to unavailability and quality of network or service.

He also urged Airtel to submit a longterm plan on how to improve it network resilience to the authorities.

“The Authority will actively monitor network performances of all services providers to ensure that the Quality of Service (QoS) guidelines are strictly adhered to,” Chaaba said.

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Egyptian online auto parts startup Mtor raises $2.8m funding

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Egyptian online auto parts startup, Mtor, has announced raising $2.8 million in pre-seed funding to enable it expand its product portfolio to digitise local car workshops in the country.

Co-founder and CEO of the startup, Mohamed Maged, who made the announcement, explained that with the funds which were secured from Algebra Ventures with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors, the firm was set to expand its offering.

“With the new funds, we aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged said.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience.

“The local automotive aftermarket is inefficient with a fragmented and scattered supply chain. Workshops and mechanics face many challenges, including limited product availability, inaccurate fitment data, and a lack of price transparency.

“These issues inevitably trickle down to car owners, who are also faced with limited-service quality guarantees and a complex, time-consuming spare parts procurement process.

Mtor aims to overhaul this system through its controlled, tech-enabled marketplace, backed by its proprietary Mtor Mechanic app, where pricing, availability, and fitment data are reliably just a click away,” the CEO stated.

He added that the funds raised would be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Founded in 2022 by Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

It has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area, according to the company’s profile on its website.

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