Financials – Africa Guardian

Sustainable business practices and profits: Why the two are not mutually exclusive

September 10, 2023

| Financials, News

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…

CRDB scoops four Africa awards in Lagos

August 2, 2023

| Financials, News Update

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…

Agroforestry to transform Tanzania economy

July 15, 2023

| Financials, News

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…

US injects Sh2.3 billion to boost Zanzibar horticulture sector

June 19, 2023

| Agriculture, Financials

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…

Backlash against weaponized dollar is growing across the world

June 3, 2023

| Financials, World News

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…

AfDB to establish entrepreneurship banks for youth

May 29, 2023

| Financials, News Update

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 partners with eFinance to strengthen Egypt’s digital payment security ecosystem

May 8, 2023

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…

Fuel prices go up after removal of subsidies

May 4, 2023

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…

Samia reinstates annual salary increment for civil servants

May 2, 2023

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 ranked 85th richest city globally, 12th in Africa

April 20, 2023

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…

School feeding investment in Africa remains low despite high returns

April 19, 2023

| Financials, Life

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…

AGF and Clean Cooking Alliance partner to promote financial investments in clean cooking markets in Africa

April 17, 2023

| Energy, Financials

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,…

Tanzania’s investments value rises to $8.6 billion in two years, Samia’s presidency

March 23, 2023

| Financials, News Update

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…

Barrick Gold pledges Sh70bn to expand education infrastructure in Tanzania

March 21, 2023

| Financials, News Update

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…

Tanzania among top food exporters in Africa, says BoT

March 20, 2023

| Financials, News Update

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 becomes first North African shareholder in Africa Finance Corporation

March 7, 2023

| Financials, News, News Update

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…

Biden says US is ‘all in’ on Africa’s future, US-Africa Summit reports

December 15, 2022

| Current Affairs, Financials

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….

Rai family now controls half of Kenya’s sugar production

November 21, 2022

| Financials, News

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…

Nigeria‘s online loan sharks

November 14, 2022

| Financials, News

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…

Tanzania’s US$18 billion renewable energy ambition

November 10, 2022

| Financials, News

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…

Moroccan, Tunisian education provider Holged eyes Kenyan market

October 17, 2022

| Financials, News

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…

China a friend indeed for Africa

October 15, 2022

| China-Africa relations, Financials

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…

Tanzania, UAE sign deal on tackling double taxation

September 28, 2022

| Financials, News Update

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…

TBS, TMEA ink 9bn/-deal to improve ease doing business

September 28, 2022

| Financials, News Update

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…

19 US firms to explore investment opportunities in TANZANIA

September 14, 2022

| Financials, News Update

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…

AfDB to provide $12.5bn to support Africa adaptation programme

September 8, 2022

| Financials, News

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,…

Tanzania: Nine MFIs to lead in reducing the financing gaps in the supply, delivery, and distribution for the water and sanitation service

July 25, 2022

| Business Insight, Current Affairs, Financials

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…

European Parliament advocates equalizing EU trade relations with Africa

June 24, 2022

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…

Africa must end food, pharma import dependence, AfDB president says

June 23, 2022

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…

AfDB to establish investment banks for African young entrepreneurs

June 23, 2022

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…

4 million Kenyans suffer crypto crash losses

June 22, 2022

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…

AfDB to launch public financial management academy to build capacity in African countries

June 11, 2022

| Education, Financials

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…

Is Tanzania becoming East Africa’s best investment destination?

June 2, 2022

| Current Affairs, Financials

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…

AfDB President Akinwumi Adesina in Kenya for four-day tour

May 31, 2022

| Financials, News Update

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…

Dollar shortage in Kenya sparks two parallel exchange rates

May 31, 2022

| Financials, News

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….

Samia: How Tanzania used IMF, AfDB loans to improve livelihoods

May 25, 2022

| Current Affairs, Financials

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…

African Development Bank releases $1.5 billion to tackle food crisis

May 24, 2022

| Agribusiness, Financials

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,…

‘Africa will feed itself with pride’ – Adesina bullish after $1.5bn fund

May 24, 2022

| Agribusiness, Financials

The African Development Bank (AfDB) has approved a $1.5 billion emergency programme to alleviate the impact of worsening food insecurity due to the Ukraine war, its director said on Monday. About 20 million farmers on the continent will benefit from the fund as Africa faces a shortage of at least 30 million metric tonnes of food, especially wheat, maize,…

EU Great Impetus 150,000 Employments Creation In Tanzania

May 12, 2022

Over 100 local firms have benefited from EU investments, and are involved in various areas, including agriculture, energy, logistics, trade facilitation, education, capacity building and good governance Over 150,000 Tanzanians have secured employment in firms which won investments from the European Union (EU). There are over 100 of them active in agriculture, energy, logistics, trade facilitation and education and…

Bloomberg Media Initiative Africa Launches Second Round of Financial Journalism Training in Tanzania

May 11, 2022

| Education, Financials

The second round will launch with business and financial training for more than 50 delegates Dar es Salaam: The Bloomberg Media Initiative Africa (BMIA) has today announced the second intake of its Financial Journalism Training (FJT) program in Tanzania, which will train journalists and media professionals in business and financial journalism, to bolster the country’s financial reporting industry. The…

The Fintech Revolution in Africa’s FX Markets

May 11, 2022

African investment in the stock market has traditionally been reserved for a particular set of elite people Over the years, the continent’s FX market has been growing exponentially largely driven by the increased access to mobile devices and internet connections across the region While retail forex trading in Africa may only represent a small segment of the global currency…

Tanzania has the only dollar billionaire in East Africa

April 28, 2022

| Financials, Statistics

More than half of the dollar millionaires (1300) reside in the commercial capital Dar es Salaam as the city was ranked 12th richest, with total private citizens wealth of $24 billion (Sh55 trillion). Tanzania is home to East Africa’s only dollar billionaire, this is according to the latest report by research firm New World Wealth and Henley & Partners which…

US seeks to up its game in scramble for Africa

March 2, 2022

Summary US Deputy Assistant Secretary of State Akunna Cook said the country has not done enough in deepening its presence in a continent with 1.3 billion people. “If I were to take away one challenge, it is really a challenge to us in the US Government to really step our game up,” Ms Cook told reporters in Johannesburg, South Africa….

Africa Is The Place To Invest, Acknowledged US Delegation

March 1, 2022

– United States Congressman Gregory Meeks has warned that the United States will only be part of the future if it invests in Africa now. The congressman from New York and Chairman of the US House Foreign Affairs Committee was speaking during a visit to the African Development Bank Group on Saturday, as he and a team of congressional colleagues concluded a tour…

10 African countries with the highest average monthly salaries, according to available stats

February 28, 2022

A young African working hard to earn his pay Business Insider Africa presents 10 African countries where workers earn the highest average monthly salaries, according to Salary Explorer. These average salaries were calculated using feedbacks provided by some respondents, and as such can only serve as indicators. Is your country among the top ten countries where workers can earn…

Africa’s Debt Higher Than Combined Revenue of $501bn, Says Adesina

February 8, 2022

African Development Bank, AfDB, President, Akinwumi Adesina, has revealed that Africa’s public debt, currently estimated at $546 billion, represents one-quarter of the continent’s GDP and is higher than the combined total annual government revenues of $501 billion. Speaking , weekend at the African Union Summit in Addis Ababa, Ethiopia, Adesina said the African Development Fund, the Bank Group’s concessional…

Africa’s digital payments economy: enabling true disruptive innovation

February 7, 2022

Can disruption be both devastating and inventive. Harvard professor Clayton Christensen believed so. And it makes sense. It begins when a firm targets overlooked – typically low-profitability – segments of a market, or creates a new market where none existed, and offers low-cost solutions. The entrant gains a foothold, eventually moves up-market and soon co-opts mainstream customers: the entire…

Can hybrid finance unburden Africa’s shaky SME sector?

January 24, 2022

For SMEs in Africa the effects of the pandemic have exacerbated a woefully under-financed area of the economy, but by cultivating the right environment and encouraging SMEs to formalize their operations, hybrid financing might provide the key to recovery Workers at an apple factory in South Africa It is tough being a small and medium enterprise (SME) in Africa,…

Zanzibar and Oman sign agreement to build tourist port at Malindi

January 21, 2022

Zanzibar’s President Hussein Ali Mwinyi looks on during the signing of the MoU with the Oman Investment Authority at State House Zanzibar on Thursday, January 20, 2022. The government of Zanzibar and the Oman Investment Authority has signed a memorandum of understanding to study the feasibility of a project to rehabilitate, develop and operate the Malindi Tourist Port, the…

Isabel Maganga appointed acting Equity Bank Tanzania Managing Director

December 27, 2021

| Business, Current Affairs, Financials, Home Slide Show, Top News

Dar es Salaam, Tanzania 24th December 2021 –Equity Bank Tanzania has announced the appointment of Ms. Isabel Maganga as the new Managing Director in an acting capacity with effect from 23rd December 2021. Ms. Maganga is a career banker with over fifteen years of experience. She holds a Master of Science in Finance and Investments from Coventry University, a…

New Economic Analysis Calls for Solutions to Address Macro and Gender Imbalances to Unlock Malawi’s Full Inclusive Growth Potential

December 21, 2021

The 14th edition of the MEM, Addressing Macro and Gender Imbalances, highlights how Malawi’s economic growth for 2022 is projected to pick up to 3% LILONGWE, Malawi, Closing the wide gender gap in economic opportunities could lift more people out of poverty and unlock Malawi’s full inclusive growth potential, the latest World Bank Malawi Economic Monitor (MEM) shows. The…

Mastercard Foundation launched the COVID-19 Recovery and Resilience Programme (CRRP) to help micro- small- medium-sized enterprises (MSMEs) to respond to and withstand the impact of pandemic

December 20, 2021

NAIROBI, Kenya. When the first case of COVID-19 was detected in Kenya in March 2020, it marked the beginning of a long journey of business uncertainty, disruption and great anxiety for entrepreneurs of all categories. It was especially hard for micro-enterprises and other small businesses, which traditionally do not have cash reserves or multiple income streams, to cushion them …

The African Development Bank appoints Ms Yacine Fal as Acting Vice President, Regional Development, Integration and Business Delivery

December 19, 2021

| Current Affairs, Financials

Ms. Fal joined the African Development Bank as Principal Legal Counsel in the procurement unit (1998-2007) and subsequently served as Manager in charge of the reform implementation team in the office of the President ABIDJAN, Ivory Coast, The African Development Bank Group (www.AfDB.com) is pleased to announce the appointment of Ms. Yacine FAL, currently Director General, Cabinet Office of…

Trove Finance’s Global Share Dealing app wins 2021 Ecobank Fintech Challenge

December 16, 2021

| Financials, Tech

The Ecobank Fintech Challenge is a flagship event of the Ecobank Group to support and enthuse early stage fintechs from across the African continent ACCRA, Ghana, The leading pan-African Banking Group, Ecobank Group (www.Ecobank.com), announces that Trove Finance, a Nigerian-based global share dealing app, is the winner of the fourth edition of the annual Ecobank Fintech Challenge. The winner…

IMF Executive Board Completes First Review Under the Extended Credit Facility Arrangement and Approves US$212.3 Million Disbursement for the Democratic Republic of the Congo

December 16, 2021

Despite the persistence of the COVID-19 pandemic, the economy is recovering WASHINGTON D.C., United States of America, Despite the COVID-19 pandemic, the rebound in economic activity is stronger than initially projected, supported by higher-than-envisaged mining production and the recovery in non-extractive growth; The conclusion of the first review under the ECF arrangement enables the immediate disbursement of US$212.3 million…

African Development Bank’s Board of Directors approves the institution’s borrowing program for 2022

December 15, 2021

| Current Affairs, Financials

The Bank will continue to promote the development and deepening of African capital markets through the issuance of local currency-denominated debt ABIDJAN, Ivory Coast, The 2022 borrowing program of the African Development Bank has been approved by the Board of Directors for up to $10 billion to be raised from the capital markets. The African Development Bank is…

Post-COVID-19 Recovery and Economic Transformation Will Be Increasingly Service-Sector-Led

December 14, 2021

| Current Affairs, Financials

Prior to the pandemic, Kenya saw strong growth in employment among the higher-skilled services sub-sectors NAIROBI, Kenya, Kenya has a very dynamic private sector, with a relatively high entry rate of new firms, in comparison to other countries with similar levels of per capita income. These firms do face challenges in terms of scaling up – most firms in…

World Bank Supports Cabo Verde to Build a Sustainable and Equitable Recovery

December 7, 2021

| Current Affairs, Financials

This operation, the first in a series of two, is closely aligned with the priorities the Government outlined in its recovery strategy, Cabo Verde Ambição 2030 WASHINGTON D.C., United States of America, The World Bank approved a $30 million Development Policy Financing Operation on December 6 to support the Government’s efforts to strengthen policies for a sustainable, equitable, and…

MFA Nasser Bourita: Morocco was Able to Turn Challenges of Pandemic into Opportunities

December 5, 2021

The Minister also recalled the inauguration of the African Migration Observatory in Rabat in December 2020 RABAT, Morocco, Morocco has distinguished itself by turning the challenges of the Covid-19 crisis into opportunities, via the launch of a comprehensive program of transformative reforms, said Saturday, December 4th, in Rome, the Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, MFA…

Southern Africa Set for Economic Rebound, but Impact of Covid-19 Lingers

December 4, 2021

| Current Affairs, Financials

Southern Africa is projected to grow 3.2% in 2021 and 2.4% in 2022, according to the Bank’s Southern Africa Economic Outlook PRETORIA, South Africa, Southern Africa is set for an economic rebound in 2021 and 2022, provided the Covid-19 pandemic tapers off, according to a report published by the African Development Bank (www.AfDB.org). Like elsewhere on the continent, the…

Minister Thoko Didiza announces second phase of implementation of Presidential Employment Stimulus Initiative for subsistence producers

December 1, 2021

| Financials, Politics

Subsistence producers must note that the type and quantities of support provided will be limited to the commodity applied for, and the size of the current operation physically verified on site PRETORIA, South Africa, The Minister of Agriculture, Land Reform and Rural Development, Ms Thoko Didiza (MP), is pleased to announce the opening on the application process of the…

Minister Gwede Mantashe announces adjustment of fuel prices effective from 1 December 2021

November 30, 2021

| Current Affairs, Financials

South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors PRETORIA, South Africa, The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 1st of December 2021. South Africa’s fuel prices are adjusted on a…

Training Academy for Early Warning Experts from IGAD, SADC and Member States Concludes

November 30, 2021

| Current Affairs, Financials

This training academy will contribute to the capacity building for advancing disaster risk reduction agenda in Africa GENEVA, Switzerland, From 22-25 November 2021, a four-day Training Academy on disaster risk reduction and early warning systems took place. Experts responsible for disaster risk management and meteorological/hydrological services from the Intergovernmental Authority on Development (IGAD), IGAD Member States, Southern Africa Development Community…

USAID Boosts Support to Zimbabwe through Resilience-building

November 29, 2021

| Financials, Health

Urban populations will benefit from the contribution through WFP’s Urban Resilience Building Programme which aims to reach up to 180,000 households across 19 urban domains HARARE, Zimbabwe, The United Nations World Food Programme (WFP) welcomes a US$5.7 million contribution from the United States Agency for International Development (USAID) to support people experiencing vulnerability to food insecurity across urban and…

November 19, 2021

Under the Arab Africa Trade Bridges (AATB) Program, ITFC, Afreximbank, BADEA and ARSO organized a High-level Roundtable on the Harmonisation of Standards for Pharmaceutical Products and Medical Devices in Africa during IATF 2021 in Durban The week-long event brought together government officials, policy-makers, industry leaders and institutional heads from African countries and other regions to discuss the future of…

Lerato Chiyangwa Celebrates her Proud Moment as a Finalist in the Standard Bank Top Women Awards 2021

November 16, 2021

| Business, Financials

JOHANNESBURG, South Africa/ — APO Group’s (www.APO-opa.com) Senior Account Manager Lerato Chiyangwa is all smiles with her recent accolades received in the annual Standard Bank Top Women Awards 2021 – Africa’s acclaimed business award for women. The Standard Bank Top Women Awards (www.TopBusinessWomen.co.za) recently took place where top tier South African women in business were celebrated and honoured. Thirty-one-year-old Chiyangwa…

Nigeria: African Development Bank Group, MTN sign $500,000 grant agreement to study women’s access to financial services

October 21, 2021

| Financials, Home Slide Show, Top News

20-Oct-2021 The African Development Bank has signed a grant agreement for $500,000 with Y’ello Digital Financial Services (YDFS), a fintech subsidiary of MTN Nigeria, to be used for a study into economic, religious, and social factors hampering access to finance for women in northern Nigeria. The research, which includes a feasibility study, women-focused design and testing, will focus on…

Tanzania: Noted high demand for renewable energy production and consumption

September 5, 2021

| Business, Energy, Finance, Financials, Top News

Micro Finance Institutions(MFIs) asked to adopt renewable energy financing models There is a high demand for renewable energy production and consumption across Tanzania, which microfinance institutions(MFIs) can unlock, as a way of addressing energy poverty, and creating a new revenue niche. That was the general assertion by workshop participants organised by the Tanzania Association of Microfinance Institutions (TAMFI) senior-level…

African Development Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund provides more than $7.3 million for youth jobs and skills

September 1, 2021

| Business, Current Affairs, Finance, Financials, Home Slide Show

The Youth Entrepreneurship and Innovation Multi-Donor Trust Fund provides project preparation and co-financing for Bank projects and places great emphasis on employability, entrepreneurship and job creation Access Multimedia Content ABIDJAN, Ivory Coast, August 24, 2021/ — In June and July of this year, an African Development Bank (www.AfDB.org) technical review committee approved eight project proposals to receive funding in…

Tanzania: 24 outstanding entrepreneurs shortlisted for the 4th Citi Micro-entrepreneurship Awards (CMA)

June 22, 2021

| Business, Companies, Financials, Top News

*Ths 85 million up for grabs Dar es Salaam, Tanzania Tanzania Association of Microfinance Institutions (TAMFI) has released about 24 candidates shortlisted for the 4th Citi Micro-entrepreneurship Awards(CMA) final round, narrowed down from 350 participants. Citi Foundation, in partnership with TAMFI, is running the prestigious micro-entrepreneurship competition for the fourth time in Tanzania. This year awards are linked to…

Finance summit rallies banks to build a new coalition to better face the COVID-19

November 13, 2020

| Business, Companies, Current Affairs, Finance, Financials, Home Slide Show, Maisha, Markets, Politcs, Technology, Top News

Finance In Common summit rallies 450 development banks to ramp up, deepen collective efforts to address fragility beyond COVID-19 “Nothing can dampen our collective resolve to provide better opportunities for all” – African Development Bank President Akinwumi Adesina ABIDJAN, Ivory CoastThe first global summit of public development banks on Thursday showcased a collective resolve to accelerate efforts to achieve…

TAMFI wants Micro Finance Institutions(MFIs) to adopt renewable energy financing models

August 29, 2020

| Business, Energy, Essentials, Financials, Home Slide Show, Top News

Dar eS Salaam, 29th August, 2020 There is a high demand for renewable energy production and consumption across Tanzania, which microfinance institutions(MFIs) can unlock, as a way of addressing energy poverty, and creating a new revenue niche. That was the general assertion by workshop participants organised by the Tanzania Association of Microfinance Institutions (TAMFI) senior-level managers of MFIs in…

TAMFI launches energy access project for micro and small entrepreneurs

August 28, 2020

| Current Affairs, Energy, Finance, Financials, Home Slide Show, Top News

*Seeks inclusive financial ecosystem for clean energy uptake Dar es Salaam, 28th August 2020 The project is supported by C.S. Mott Foundation based in Flint Michigan, US. It seeks to develop a program to improve capacity of the microfinance institutions to extend financing to enterprises and end users of renewable energy technologies in Tanzania, by targeting microfinance institutions….

Africa focused Iron Capital announces partnership with the Australian Trade Commission (Austrade).

April 11, 2020

| Business, Companies, Current Affairs, Financials

Australian businesses that want to enter into Africa, with a special focus on Nigeria, Ghana, Kenya, and Zambia, will have wide access to invaluable credible knowledge and extensive network, giving them a headway, if they work with Iron Capital. This is possible in the wake of Iron Capital, an Africa-focused corporate finance and financial advisory firm new partnership with…

BOT, Citibank see micro-entrepreneurship as viable options for every entrepreneurial Tanzania

June 17, 2019

| Current Affairs, Finance, Financials, Markets, Money

DAR-ES-SALAAM Microfinance Institutions play an effective role in poverty alleviation, social empowerment, and economic development within the broader context of financial inclusion. The assertion was made by Bank of Tanzania Deputy Governor, Dr. Bernard Kibesse in an event where 18 winners of the 3rd Citi Microentrepreneurship Awards (CMA) in Tanzania collectively won USD 37,500. He declared that the…

Ecobank appoints digital payment partner to reach over 170 million digital customers

December 14, 2018

| Business, Companies, Current Affairs, Financials

The customers of Ecobank, the Pan-African Banking Group in 33 African countries, can now transact with over 170 million mobile wallets across the continent Ecobank (www.Ecobank.com) The Pan-African bank announced on Dec12, 2018 the appointment of MFS Africa (www.MFSAfrica.com) as Digital payment partner enabling cross-platform payment services for Ecobank account holders. The partnership allows Ecobank customers to send and…

ZABRON MBWAGA: The Overall winner, The Citi Microentrepreneurship Awards 2017/8 (Tanzania)

April 17, 2018

| Business, Companies, Current Affairs, Financials, Industrials

Mr ZABRON MBWAGA is the overall winner, the Citi Microentrepreneurship Awards 2017/8 (Tanzania). About 16 entrepreneurs and one loan officer, have won Citi Micro-Entrepreneurship Awards for 2017/8 funded by Citi Foundation, as announced by Tanzania Association of Microfinance Institutions(TAMFI). The Program in Tanzania is conducted by TAMFI. Winners were named and rewarded last Friday in a colourful event attended…

Activity in African capital markets shows significant decline in 2016 amidst economic uncertainty and global political upheaval: PwC report

February 16, 2017

| Energy, Finance, Financials, Health, Home Slide Show, Industrials, Markets, Media

On a sector basis, the financial services sector continued to dominate the African IPO market during 2016 with 45% of total value and 55% of total volume, followed by consumer goods and industrials with a total value of 31% and 13% respectively JOHANNESBURG, South Africa, February 16, 2017/ — 2016 marked a challenging year for African equity markets in…

Kenya to hold 6TH Tokyo International Conference on African Development (TICAD VI) SUMMIT

August 27, 2016

| Finance, Financials, Health

The Sixth Tokyo International Conference on African Development (TICAD VI) Summit will be held at Kenyatta International Convention Center in Nairobi, Kenya on 27th -28th August 2016. This will be the first time TICAD is being held in Africa since its inception in 1993. Dar Es Salaam, Aug 27, 2016/- The decision to host TICAD VI Summit in Africa…

Dar to become EA regional hub for commodity market

August 5, 2016

| Current Affairs, Financials

Tanzania Commodity Exchange (TCX) is set to make Tanzania a hub for commodity trading in East African region that will involve setting up exchange associations and fostering relationships with International agencies. Commodity Exchanges integrates functioning of several key components of agriculture trade namely farmers, traders to services like Warehouse and Warehouse receipt system. It brings in standardization of…

One -Stop Centre recommended for fire rescue services taxes

July 29, 2016

| Current Affairs, Financials

BUSINESS community in the country has recommended for establishment of one-stop centre for collecting taxes related to fire and rescue services to increase compliance level and improve business environment. According to Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), the one stop point for tax collection will greatly reduce corruption that occurs when payments are done at different…

Diversification and Industrialisation are Critical for the Integration of African Countries into the Global Economy

July 20, 2016

| Current Affairs, Financials

Minister Davies highlighted that the African countries participate in the global economy as mainly suppliers of primary products Dar es salaam, July 20, 2016/- The Minister of Trade and Industry, Dr Rob Davies says African countries need policy space to diversify, industrialise and transform their economies in order to integrate into the global economy. Minister Davies was speaking at…

Deputy Minister opens Key Micro Finance Conference in Dar es salaaam

July 14, 2016

| Current Affairs, Financials

Commends sub-sector for championing equality Dar es Salaam, 14th July 2016: The micro-finance industry in Tanzania plays a big role in bringing equality to all citizens especially the disabled and less fortunate in the rural areas. Deputy Minister of State, Prime Ministers Office(persons with Disability) Hon. Dr. Abdallah Possi , MP, made the assertion when he opened a key two…

National Microfinance Bank PLC (NMB)

June 27, 2016

For more information visit- http://www.nmbtz.com/ National Microfinance Bank Plc (NMB) is one of the largest commercial banks in Tanzania, providing banking services to individuals, small to medium sized corporate clients, as well as large businesses. It was established under the National Microfinance Bank Limited Incorporation Act of 1997, following the break-up of the old National Bank of Commerce, by…

Standard Chartered launches Africa’s most extensive roll out of mobile and online banking

June 10, 2016

| Business, Companies, Financials

Digital Banking made easier, faster and safer for over 1 million clients across 8 markets June 9, 2016: Standard Chartered Bank (SC.com) is bringing its newest mobile and online banking platform to 1 million clients across 8 African markets, the most extensive digital rollout of its kind in Africa by an international bank. Supported by the Bank’s global-standard technology,…

First Lady Margaret Kenyatta launches massive NBK forestation initiative in Northern Kenya

November 12, 2015

| Financials, Home Slide Show

In one of the fastest rates of growth, bank has set up 25 branches since 2013 and is amassing a forest of 100,000 trees with each of the branched it is setting up Nairobi Kenya, 12th November, 2015: Kenya’s First Lady Margaret Kenyatta has lauded the National Bank (NBK-NSE) – Kenya’s fastest growing listed bank- for “contributing a great…

Tanzania Presidential aspirants challenged to state their positions on pensions

October 17, 2015

| Financials, Health

Dar es Salaam, 17th October 2015: Contestants in the presidential and parliamentary elections in Tanzania have been challenged to expound their visions and policies towards old age before the polling date. Speaking at a meeting in Dar es salaam on Monday and attended by HelpAge International, Older persons and the media, Smart Daniel who is the Deputy Country Director,…

Alarming news: Global Economic weakness to last into 2016

October 6, 2015

| Current Affairs, Financials

A relentless deceleration in the economies of the developing world will cause global growth to slow this year and only pick up a bit more pace in 2016, the head of the International Monetary Fund said on Wednesday. In a speech that previewed a report on global growth due next month, IMF Managing Director Christine Lagarde held back from…

Social Safety Nets Expand in Developing Countries, But Majority of the Poorest Still Lack Coverage

July 7, 2015

| Financials, Media

WASHINGTON, July 7, 2015 – A growing number of developing countries are investing in social safety nets to improve the lives and livelihoods of billions of poor and vulnerable people, yet around 55 percent of the world’s poor or 773 million people with acute needs still lack safety net coverage – especially in lower-income countries and in urban areas-and countries must…

Malawi takes key step to advance digital payments and drive inclusive growth

May 1, 2015

| Business, Financials

Government, private sector, mobile operators and development organizations convene to establish a plan for the future LILONGWE, Malawi, April 30, 2015 Today, Malawi took a significant step towards creating a digital payment ecosystem in order to address poverty and drive inclusive growth. An event organized by the Government of Malawi with the United Nations Capital Development Fund’s (UNCDF) Better…

Ask your questions LIVE to the Chief Executive of The Mauritius Commercial Bank (MCB)

March 8, 2015

| Current Affairs, Financials, Media

The Chief Executive of MCB, the largest bank in East Africa, will host an online press conference Wednesday 11th March 2015 at 11 a.m. GMT PORT-LOUIS, Mauritius, March 6, 2015/ — The Chief Executive of MCB (http://www.mcb.mu), the largest bank in East Africa, will host an online press conference Wednesday 11th March 2015 at 11 a.m. GMT to provide updates on the strategy of the…

Despite Progress Much More Must Be Done To End Poverty- Global Monitoring Report 2014/2015

October 8, 2014

| Business, Financials

“The world has made great progress in the last quarter-century in reducing extreme poverty – it was cut by a stunning two-thirds – and now we have the opportunity to end poverty in less than a generation,” said World Bank Group President Jim Yong Kim. WASHINGTON, October 8, 2014 – Much more work needs to be done to end…

Investment environment key to closing Africa’s energy gap, says Standard Bank

August 5, 2014

| Business, Financials

Standard Bank and General Electric today reaffirmed their commitment to Africa at a power financing roundtable held in Washington DC JOHANNESBURG, South-Africa, August 5, 2014/ — Standard Bank – Africa’s largest lender by assets, and General Electric today reaffirmed their commitment to Africa at a power financing roundtable held in Washington DC. The partnership sees both parties aiming to…