MKU launches Kes20 Million hotel

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MKU launches Kes20 Million hotel

Staff Writer - June 2, 2021

Mount Kenya University has launched a Kes20 million hotel at its main campus in Thika. The hotel will be the training ground for MKU...

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Blockchain fintech deepens impact with Tether partnership and acquisition of Dubai International Financial Center (DIFC) Innovation License Shiga Digital, a fast-growing fintech company focused on blockchain-based financial applications, is redefining how pan-African businesses access and interact with modern financial services while unlocking the transformative potential of blockchain finance to empower Africa's economic growth. Shiga Digital has recently been awarded the prestigious DIFC (Dubai International Financial Centre) Innovation License, marking a significant regulatory milestone that underscores the company's commitment to operating within a robust and well-respected regulatory framework. The additional license, overseen by the Dubai Financial Services Authority (DFSA), provides Shiga Digital with enhanced credibility and regulatory certainty as it continues to expand its blockchain-based financial services across Africa. The DIFC Innovation License positions Shiga Digital within one of the world's leading financial centers, offering access to a sophisticated ecosystem of banks, asset managers, and financial service providers while operating under a clear regulatory framework specifically designed for virtual assets and blockchain technology. This achievement reinforces the company's dedication to compliance and building trust with stakeholders across the continent. Shiga Digital's platform was built specifically for African businesses seeking alternatives to legacy financial systems. By integrating blockchain-based tools, the company simplifies payments, enables faster cross-border trade, offers treasury management solutions, and provides transparent access to stable, secure digital finance. As a professional partner, Shiga Digital makes it easy for companies to start using blockchain technology, removing the traditional barriers that have made it difficult for businesses to leverage these powerful tools without an intermediary. The blockchain enables remarkable efficiency in critical business areas including payment processing, cross-border transactions, treasury operations, and financial reporting. However, in its current state, without an intermediary like Shiga Digital, it remains very difficult for most businesses to effectively leverage blockchain technology. This is precisely why Shiga Digital's solutions have become the go-to choice for forward-thinking African companies. Shiga Digital's capabilities were recently further boosted by a significant investment and formation of a strategic partnership with Tether, the largest company in the digital asset industry. This move signals growing international confidence in Africa's fintech potential and Shiga Digital's innovative approach to making blockchain finance accessible across the continent. The company is now uniquely positioned to help grow blockchain adoption among both customers and regulators alike, thanks to its deep understanding of African markets, regulatory compliance expertise, and commitment to building locally relevant solutions. By partnering with licensed financial transmitters in each of its markets, Shiga Digital ensures its services are fully compliant and aligned with applicable regulatory requirements, fostering trust and confidence among stakeholders. "Africa is on the cusp of a financial transformation, and at Tether, we believe in being more than just observers; we are active enablers," said Paolo Ardoino, Chief Executive Officer at Tether. "Our strategic alliance with Shiga Digital is rooted in a shared belief that access to stable, secure, and scalable financial tools should not be a privilege, but a right. This partnership represents a long-term commitment to equipping African businesses with the technology and infrastructure needed to thrive in an increasingly digital global economy. Together, we are unlocking new pathways for growth and innovation and helping to shape a more inclusive financial future for the continent." "At Shiga Digital, we're not just developing technology, we're building the infrastructure that will power Africa's financial future," added Abiola Shogbeni, Co-Founder and Chief Executive Officer at Shiga Digital. "Our mission is to level the financial playing field by equipping African businesses with blockchain tools that are intuitive, reliable, and locally relevant. We've experienced firsthand how seamless financial services can be in developed markets, and our goal is to make that a reality on the African continent as well. The opportunity before us is immense, blockchain finance has the power to empower Africa in unprecedented ways, and we're working tirelessly to enable this transformation for our customers." "What sets Shiga Digital apart is not just what we're building, but why and how we're building it – blockchain-based technology that makes digital finance accessible and relevant to African businesses," said Dami Etomi, Co-Founder and Chief Operating Officer at Shiga Digital. "Our partnership with Tether is more than financial backing; it's a strategic alliance rooted in a shared commitment to empowering the future of digital finance in Africa. The DIFC Innovation License further validates our approach and commitment to regulatory excellence. Together, we're co-creating solutions and scaling impact to ensure African businesses are not only included but thrive in the global digital economy." The company's end-to-end platform, available via https://Shiga.io, offers businesses a reliable alternative to traditional banking systems, enabling seamless cross-border trade, simplifying stablecoin payments, providing comprehensive treasury management capabilities, and offering access to secure digital asset investments. By combining global technical standards with local insights, Shiga Digital's unique perspective enables the fintech to deliver intuitive and effective tools specifically designed for businesses across the African continent which can be accessed via web application and will soon be available via mobile app for iOS and Android devices. Aligning with its vision of a world where financial freedom is not a privilege but a fundamental right, Shiga Digital's innovative solutions are empowering African businesses with cutting-edge digital financial tools that harness the full potential of blockchain technology to drive economic growth and prosperity across the continent.

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The lender’s balance sheet also strengthened, with net loans and advances growing by 14 percent to Sh105.9 billion, supported by a 19.9 percent rise in customer deposits to Sh151.88 billion. “The year 2025 marked a pivotal start of our five-year strategic plan which is anchored on compelling customer propositions & digital transformation. We continued to invest in digital capabilities and optimization of our distribution network to enhance customer experience and improve our product offering, positioning the Bank for sustainable growth,” said Family Bank CEO Nancy Njau. “Our continued investments in our employees through capacity building and enabling work environment greatly contributed to the good performance. Partnerships with Development Finance Institutions strengthened our capacity to lend to key sectors such as SMEs, agribusiness and manufacturing, contributing to the expansion of our loan book,” she said

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“This performance demonstrates the impact of the strategic efficiency measures we implemented across the business, which have enabled significant cost savings. Maintaining these efficiency levels will remain a priority going forward,” said acting Chief Executive Officer Dominic Murage. “Small and Medium Enterprises (SMEs) remain central to our business model and portfolio, and we intend to deepen our support for them. Additionally, as a government-owned institution, we are uniquely positioned to support public sector financing needs. We aim to strengthen our collaboration with government agencies, parastatals, universities and ministries to position Consolidated Bank as the preferred banking partner for the public sector,” he added. The bank’s total assets grew by 11 percent to Sh19.5 billion from Sh17.5 billion in 2024, driven largely by a 29 percent increase in investments in government securities to Sh8.2 billion from Sh6.4 billion.

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Industry players say limited access to timely financing has remained a major bottleneck in the sector, often disrupting supply chains and leading to post-harvest losses, especially for perishable goods. FPCK estimates the fresh produce sector currently supports more than three million livelihoods, with potential to scale further if structural challenges such as access to credit are addressed. Analysts note that such solutions could improve efficiency in agricultural value chains, reduce reliance on expensive informal credit and support expansion of Kenya’s horticulture exports.

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Tag: Deogratius

MKU launches Kes20 Million hotel

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Family Bank profit after tax jump 55.4pc to Sh5.38bn

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