Rwanda’s President Paul Kagame says he might introduce a tax on church collections, seeking to tame what has turned out to be extortion and exploitative tendencies by evangelical clerics. In his first address after taking a new oath of office this week, the Rwandan head of state, strongly criticised church leaders who masquerade under the cover of God to…
A strategic campaign to drive the payments discussion forward in Africa LONDON, United Kingdom, April 28, 2024/APO Group/ — Crown Agents Bank (www.CrownAgentsBank.com), the specialist provider of foreign exchange (FX) and cross-border payments for hard-to-reach markets, and Invest Africa (www.InvestAfrica.com), a leading platform for business and investment opportunities in Africa, today announces a new collaboration, ‘The Payments Exchange’. The campaign will…
*NCBA Launches ‘NCBA Now’ App Amid Tanzania’s Economic Rise, Boosting Digital Banking Across Africa Dar es Salaam, April 26, 2024 – Tanzania is charting a course toward economic prosperity, bolstered by a foundation of stability and comprehensive sector-wide reforms under the guidance of President Dr. Samia Suluhu Hassan. This positive trajectory was underscored by Mr Nehemia Mchechu, Treasury Registrar,…
Businesses across the world are under increased pressure from regulators and the civil society to adopt sustainable business practices to complement the global climate change mitigation efforts. Studies show that consumers are also becoming increasingly environmental conscious, seriously scrutinising the environmental impact of the products and services they consume and steering clear of businesses they deem ‘unsustainable’. This has…
Tanzania’s High Commissioner to Nigeria, Dr Benson Bana said it was enthralling to see the bank scooping a number of international awards. Lagos. CRDB Bank PLC scooped four awards in the 5th Africa Procurement and Supply Chain Awards (APSCA) held in Lagos, Nigeria yesterday. A statement released by the bank said the institution won award on excellence in procurement…
TANZANIA has the potential of transforming its economy and become a leading nation in Africa if will properly implement agroforestry programme. Minister of State, Vice-President’ Office (Union and Environment), Dr Selemani Jafo said that agroforestry is a key tool for both climate change mitigation and adaptation, as trees help store large amount of carbon. He made the remarks during the launch…
Summary The new program to strengthen Zanzibar’s horticulture market is expected to substantially increase economic opportunities in horticulture sector Zanzibar. The US government in partnership with Zanzibar have unveiled a new programme to strengthening Zanzibar’s horticulture market systems and promoting. Dubbed Feed the Future Tanzania Kilimo Tija Activity, the project is expected to increase economic opportunities in horticulture, with…
All around the world, a backlash is brewing against the hegemony of the US dollar. Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting…
Summary The President of AfDB, Dr Akinwumi Adesina said the banks will access the critical financial resources to income generation projects run by the youth. The African Development Bank (AfDB) is seeking to establish youth entrepreneurship investment banks across the continent. The proposed financial institutions will finance young people’s innovations in creating wealth. This was announced on the sidelines…
LogRhythm has partnered with eFinance to rapidly detect and mitigate threats in Egypt’s digital payment security ecosystem with LogRhythm SIEM, LogRhythm’s security information and event management (SIEM) solution. LogRhythm will secure eFinance’s operations across the entire Egyptian payment network and establish its reputation as a trusted fintech provider throughout the region. By adding LogRhythm SIEM into its security systems, eFinance benefits…
Summary Retail prices of petrol and diesel imported through the Dar es Salaam port have increased by Sh90 and Sh24 per litre respectively. Dar es Salaam. Retail prices of petrol and diesel imported through the Dar es Salaam port have increased by Sh90 and Sh24 per litre respectively. According to the new fuel cap price released by the Energy…
Summary The reinstatement comes seven years after the removal of the system of annual salary increase by the late John Magufuli in 2016. Dar es Salaam. President Samia Suluhu Hassan has announced the reinstatement of the annual salary increase for public service employees. Her announcement comes seven years after the removal of the system of annual salary increase by…
Dar es Salaam has been ranked as the 85th wealthiest city in the world and 12th in Africa, boosted by growth in the number of high net worth individuals (HNWI) by 20 percent in the last decade. The World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners placed Tanzania’s commercial capital city among the top…
Maria Nkhoma, who lives in the southern Malawi district of Balaka, recalls a time she would miss classes because there wasn’t enough food at home. With no food, the 17-year-old who is now in secondary school would remain at home to take care of domestic chores as her parents went around in search of menial jobs to feed their…
African Guarantee Fund and the Clean Cooking Alliance (CCA) have launched a partnership to promote financial innovation, access to responsible carbon finance, and investments in clean cooking companies and programs. In line with our mission, AGF will work through selected financial institutions to carry out the goals of the partnership. Both organizations will focus on markets in East, Southern,…
Summary President Samia Suluhu Hassan’s pro-business approach has restored domestic and foreign investors’ trust and confidence Dar es Salaam. The ongoing efforts to improve Tanzania’s business climate have had a positive outcome on the attraction of investments, with latest data showing a 173 percent rise in the amount invested in the country during the past two years. Data from…
Summary Called ‘The Barrick-Twiga Future Forward Education Program”, the objective is to build 1,090 classrooms, 1,640 ablution blocks and 270 dormitories across 161 schools nationwide Barrick Gold is pledging $30 million (about Sh70 billion) in support of the government’s plan to expand the education infrastructure in Tanzania. The affirmation was reached during yesterday’s meeting between Barrick president and chief…
Dar es Salaam. Tanzania has become a hub for food exports, feeding countries in the African region as well as rest of the world, latest statistics from the Bank of Tanzania (BoT) and the Ministry of Agriculture show. The central bank data shows that in the period of five years from 2018 to 2022 the country sold vegetables worth…
Egypt has joined Africa Finance Corporation, the continent’s infrastructure solutions provider, as the first North African sovereign shareholder, further diversifying AFC’s expanding equity investor base. Egypt’s Minister of Finance, H.E. Dr Mohamed Maait. PH0T0 | Supplied An AFC Member State, Egypt’s equity commitment and its imminent representation on the AFC Board of Directors enhances the Corporation’s pan-African spread of…
President Joe Biden delivers remarks at the US – Africa Leaders Summit in Washington, DC. Photo: KEVIN DIETSCH US President Joe Biden has announced an agreement aimed at bolstering trade ties between the United States and Africa after years in which the continent took a back seat to other US priorities as China made inroads with investments and trade….
The Rai family has extended its dominance in the sugar sector with the opening of the Naitiri factory, which has now pushed its share of sales to nearly half of the entire production. Data from the Sugar Directorate indicates that the four milling firms owned by billionaire Rai accounted for 45 percent of the total sugar sales in the…
SIR: The harder things get in Nigeria, the more desperate people become to make it especially as the signs are that the immediate future is not looking up. Nigeria‘s grim economic situation which continues to feed families into the shredder of poverty and economic ruination everyday has led to the proliferation of many so-called financial experts, advisors and whatever else…
COP27 also referred to as “African COP” gives African countries opportunity to address dire consequences of climate change in Africa. COP27 Egypt will go down in history as the conference that saw Tanzania’s renewable energy ambition cast before the world. President Samia Suluhu Hassan presented the energy transition plan encompassing other southern African countries as it maximizes electricity generation…
Leading private education provider in Tunisia and Morocco Holged is planning to expand to Kenya and other African countries after securing funding from Africa50, a Pan-African infrastructure investment platform. The firm offers a K-12 education system, an American tutoring system that includes kindergarten and 12-years of basic education such as six-years primary education, four-years junior high school, and two-years…
Sino-African relations have been cemented at all levels, from the political and economic to the commercial, cultural and other spheres. If you walk down a street in any African country and ask people their opinion about China, they will more likely than not say that China is a country that helps African nations achieve economic growth, create jobs and…
What you need to know: The agreement dubbed ‘Agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion on Income Taxes’ was signed by Finance ministers of the two countries–Dr Mwigulu Nchemba for Tanzania and Mr Mohamed Bin Hadi Al Hussain of the UAE. Dar es Salaam. Tanzania and the United Arab Emirates (UAE) have signed an agreement…
TANZANIA Bureau of Standards (TBS) has signed an agreement with TradeMark East Africa (TMEA) worth 9bn/- to help traders do business basing on standards for easy access to the market. Speaking after inking the deal, TMEA Country Resident, Ms Monica Hangi said the agreement targets to ease business and solve challenges caused by business impediments and non-tariff barriers. She…
EFFORTS by President Samia Suluhu Hassan to promote Tanzania continue to pay off and witnessed some 19 USA companies readiness to explore investment opportunities in the country. According to a statement issued on Tuesday the U.S Embassy in Dar es Salaam and the U.S Commercial Service, representative of the 19 companies will be among participants in a two-day fact-finding…
Dr Akinwumi Adesina, President of the African Development Bank (AfDB) Group says the bank will provide 12.5 billion dollars to support the Africa Adaptation Acceleration Programme (AAA-P). The AfDB president disclosed this via his verified twitter handle @akin_adesina on Wednesday. The AAA-P is Africa’s own programme, supported by African Heads of State, to mobilise more resources for climate change,…
TAMFI: Nine microfinance institutions commit to affordable lending for water and sanitation Dar es Salaam, 25, July 2022 Tanzania Association of Microfinance Institutions (TAMFI) and Water.org have signed a Memorandum of Understanding with nine financial institutions which have committed to start offering credit services for water supply and sanitation services in an initiative known as Water Credit Adoption Program…
The European Parliament on Thursday backed a report advocating the use of trade policy to equalize relations between African countries and the European Union. “For too long, Africa has been reduced to a supplier of raw materials, with the result that the continent’s immense economic potential remains untapped,” Kathleen Van Brempt, a Belgian Social Democrat member of the European…
KIGALI, June 23 (Reuters) – Africa must wean itself off dependence on food and medicine imports, the president of the African Development Bank (AfDB) said, as the institution approved creation of a pharmaceutical tech foundation and began processing requests for food relief. Africa was hit hard by the economic fallout from the coronavirus pandemic. Now, as many countries are still struggling…
Summary The President of African Development Bank (AfDB), Akinwumi Adesina, said on Wednesday the multilateral lender would soon establish investment banks for young entrepreneurs on the continent, IgbereTV reports Adesina, who stated this at the Commonwealth Business Forum in Kigali, Rwanda, criticized the structure of the existing commercial banks on the continent. He said the current financial institution model…
Summary The crypto market, known for its wild price swings, has shed more than half of its value since November last year as investors pulled out money from riskier assets amid worries over soaring inflation and rising interest rates. The ongoing meltdown in the cryptocurrency industry could push an estimated four million Kenyans who hold the digital assets deeper into…
The Board of Directors of the African Development Bank approved the creation of a virtual academy to build public financial management capacity in African countries. Countries will receive technical assistance through structured, targeted, dedicated and local training as well as through policy dialogue. The academy, hosted within the African Development Institute of the African Development Bank Group, will deepen…
Summary Investment in Tanzania brings a much wider scale of benefits to the economy especially after the government reshuffled the investment sector Tanzania is one of the most attractive investment destinations LNG is one of Tanzania’s hot investment pockets Tanzania-Uganda are now oil economy partners Tanzania is one of the most attractive places for investors in Africa including East…
Summary The project involves upgrading of the current 84km two-way single bitumen road to a two-lane dual carriage way, and is expected to ease access to the northern corridor by reducing time by about 26 percent and cost by 35 percent. Dr Adesina will inspect the Kenol-Sagana-Marua highway project, which is co-financed by AfDB to the tune of $191…
Summary The lobby reckons that the volatility in the exchange rate market has slowed dollar trading among lenders or interbank deals, further worsening the scarcity of the US currency. The shortage of dollars is triggering the emergence of parallel exchange rate that has seen lenders buying and selling well above the printed official rate, the manufacturers’ lobby has warned….
Summary Tanzania’s economy shrunk from 6.8 percent growth to 4 percent after Covid-19, even though the country, unlike its neighbours, did not go on a lockdown and did not initially order compulsory mask wearing, nor tap into vaccines. President Samia Suluhu Hassan has defended her usage of loans from multilateral lenders, telling an audience in Accra that the institutions…
The decision came as the continent, a net importer of food, faces rising prices of products after the main suppliers—Ukraine and Russia—went to war earlier this year, disrupting production and supply to the global market. According to the Bank, Africa’s demand for food means that the continent faces a shortage of up to 30 million metric tonnes this year,…