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Michael Joseph to Chair Safaricom as Nicholas Nganga Exits Stage

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Nairobi, Kenya – Thursday 30th July 2020… Safaricom board has appointed Michael Joseph as the next Chairman of  Safaricom’s Board of Directors following the retirement of the current chairman Mr. Nicholas Nganga.

Michael has been serving as a non-executive board member since 2008 replaces Nganga who served for 16 years on the Board of which 13 he served as the chairman.

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Michael Joseph, “It is an honor to serve as the next Chairman of a company that I am passionate about and have been involved with ever since its inception. It is with humility that I take over from Mr. Nganga, whose leadership, wisdom and guidance have led Safaricom to where it is in the 13 years, he has been the Chairman of the Board. As I take up the new role, I am optimistic about the great opportunities ahead to work with the Board, Peter, and the entire Safaricom team to continue to transform lives.”

 

Mr. Nganga took up the leadership reins at a time when the government was offering 25% of its shares to the public through the Nairobi Securities Exchange in 2008. He has managed to grow shareholder value by 607% of share total shareholder returns since listing. Safaricom market capitalization at KES 1.075 trillion is worth 50% of all the listed firms on the NSE.

At the time of his appointment as Chairman, Safaricom had slightly over 6 million customers, 1,000 employees, and only 8 Safaricom shops across the country. Mr. Nganga retires from the telco that now serves over 35.6 million customers, across 50 shops and hundreds of service desks across the country, with a staff force of over 6,500 employees.

 

He led the board in overseeing the rapid network development in the country, having started with 3G upgrading on his appointment at a cost of KES 1B in 2007. In his last financial year as chairman, Safaricom announced an investment of KES 36B to expand its network coverage. Safaricom 4G coverage covers more than 77% of the population while 3G coverage is at 94% of the population.

 

“I am happy that I hand over the leadership baton to Michael whose skills and energy I have had the chance to see and appreciate over the years. I am grateful for the opportunity to serve, not just the board but also the shareholders and the company. Throughout the years, I am proud of the numerous moments that I have been involved in, steering and guiding this great organization to the enviable position it is today,” said, Mr. Nganga.

 

 

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Business

Equity Upgrades Banking App

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Equity has updated its mobile banking application, Eazzy Banking App, to enhance its capabilities, user experience, and security features to improve customer experience and support lifestyles.

The newly released version comes with enhanced features for both iOS and Android devises, to ensure customers enjoy the digital banking experience.

The App now has an enhanced security feature that allows customers to login using fingerprint biometrics on their mobile devices.

Furthermore, customers will receive a one-time verification code sent to their registered mobile number for every transaction they initiate giving them an added layer of security when using the App.

 The lender has concentrated its efforts on making the Eazzy Banking App more functional based on customers preferences that they have observed overtime.

Customers will be able to access convenient, affordable, and relevant loan products through the app.

In addition to normal installment loans, customers can borrow loans to purchase water tanks, borehole drilling, or smartphone loans to purchase their preferred mobile phone from phone dealers across the country.

The upgraded app will give customers more convenience to send and receive money, apply for loans as well as manage their finances especially at this time when access to traditional banking avenues has been curtailed by the Covid-19 pandemic.

The new feature has also been embedded to allow new customers to open accounts instantly via the app, while only using their national identification number; allowing them to transact, save and borrow through the platform without having to visit a physical branch or doing any paperwork.

Customers with foreign currency accounts will also be able to transact to and from their accounts using the Eazzy Banking platform.

Overall, customer ability to navigate the platform and perform a wider array of transactions ranging from paying utilities, PIN reset, transferring funds across accounts and banks, and making e-commerce transactions among other capabilities, has been simplified.

Billers and merchants have been categorized according to the most popular and the favourites. This simplifies the identification of billers of choice and and facilitates last mile retail digital payments.

The upgraded App also comes with a scan to pay option, using mVisa and QR codes. Customers are able to use this as a payment option at any Equity merchant location countrywide.

Currently, Eazzy Banking App has over 1 million downloads. The app has the capability of performing 300 million transactions every second.

The bank’s fintech and innovation strategy continues to drive digital payments and transfers through Eazzy Banking. As of March 2020, the App’s transaction numbers rose by 25%, to 88.2 million from 70.5 million in the same period last year.

Additionally, the value of transactions on the App was Kshs 43.3 Billion in the first quarter of 2020 compared to Kshs 38 billion in the same period last year, representing a 14% rise.

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LG ThinQ technology Features

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LG’s ThinQ technology focuses on below elements:

Ease-of-Use

LG ThinQ-equipped integrated products can be monitored and operated via the simple use of a smartphone app. Elevating convenience a step further, LG’s advanced OLED and NanoCell AI ThinQ TVs also features natural language processing, enabling voice-activated control via the Magic Remote.

Personalization

LG ThinQ is designed to work in sync with each user in the household, who may use the same devices in different ways. LG InstaView can be programmed to align with the home’s daily rhythm by recognizing peak use periods and adjusting for optimal cooling.

Efficiency

LG InstaView can monitor usage patterns and automatically run in save mode during hours less frequently used for optimal energy consumption.

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Business

LG ThinQ Experience Launched at Sarit Centre

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Nairobi, August 05, 2020 – LG Electronics has launched its LG ThinQ Experience Zone in Kenya, designed to let visitors experience its artificially intelligent products, at the Sarit Centre.

The ThinQ Zone located in the recently re-launched Hotpoint’s largest retail store will be the first of its kind, giving consumers the exclusive opportunity to witness firsthand information on how the company is enabling the smart, premium lifestyle experience.

This will be the first of the experience zones for LG ThinQ to be set up in East Africa.

The LG ThinQ zone is located at the Hotpoint shop on the ground floor of the Sarit Centre and it will feature LG’s latest premium product lineup equipped with ThinQ technology which includes OLED TVs, the recently launched NanoCell TVs, the AI DD Washing Machine, InstaView Refrigerators, DualCool Floor Standing Air Conditioners among other home appliances.

The facilities will be used to further bolster the company’s Artificial Intelligence footprint in the country, with the firm set to work closely with their esteemed trade partners in a way of developing and communicating their state of the art AI-powered technologies.

The underpinning smart home ecosystem is the LG ThinQ technology, which integrates appliances and electronics with AI and deep learning algorithms to deliver a more intuitive experience for users.

With the LG ThinQ Experience Zone, the company aims to raise awareness of how a smart home ecosystem can be built and tailored to the needs of the individual.

LG Electronics plans to expand the LG ThinQ Experience Zone to other towns in the country as well as in the East Africa region.

Speaking at the event, LG’s Marketing Manager, Mr. Haewoong Im said: “LG continues to pursue innovation to improve home living and we are now excited to be bringing that same passion and technology leadership in Kenya as we continue to enhance the shopping experience and comfort of Kenyan consumers.”

“AI is the next frontier in technological evolution and as leaders in home appliances and consumer electronics, we have a responsibility to make AI more approachable in order to improve their quality of life for homeowners,” added Mr. Kim.

LG’s ThinQ technology focuses below elements:

Ease-of-Use

LG ThinQ-equipped integrated products can be monitored and operated via the simple use of a smartphone app. Elevating convenience a step further, LG’s advanced OLED and NanoCell AI ThinQ TVs also features natural language processing, enabling voice-activated control via the Magic Remote.

Personalization

LG ThinQ is designed to work in sync with each user in the household, who may use the same devices in different ways. LG InstaView can be programmed to align with the home’s daily rhythm by recognizing peak use periods and adjusting for optimal cooling.

Efficiency

LG InstaView can monitor usage patterns and automatically run in save mode during hours less frequently used for optimal energy consumption.

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