8 August 2022
Eastern Africa
Ethio Telecom, Dashen Bank Launch Digital Finance Services
Ethio telecom and Dashen Bank launched digital financial services of overdraft, credit, and saving through telebirr.  Read More

Development Bank of Ethiopia Collects About ETB 11 Billion Loan
The Development Bank of Ethiopia has announced that it has collected some ETB 10 .9 billion (approx. USD 205 million) from the loans it offered to customers during the just concluded fiscal year. Read More

World Bank Injects Additional Funds into the Small and Medium Enterprise Finance Project
Menzwerk Grefie, the Coordinator of the Small and Medium Enterprise Finance Project, revealed that a fund of USD 200 million was allocated for the project from the World Bank. Read More

NSE Shakes off Polls Jitters to Add KES 85 Billion Wealth
The Nairobi Securities Exchange has added KES 85 billion in investor wealth in the last two weeks, showing no sign of pre-election jitters as retail investors continue to buy up cheap stocks. Read More

Rising Electricity Demand Pushes Kenya on Verge of Rationing
Kenya’s demand for power rose to 2,117 Megawatts in July in what saw its buffer capacity drop below the 100MW mark, sparking fears of power rationing from January. Read More

Britam Says HF Stake Sale Expected in One Year
Insurance group Britam Holdings says it could sell all or part of its stake in mortgage financier HF Group within one year as part of its strategy to reduce its exposure to the stock market.  Read More

Safaricom to lose KES 1.5 Billion in new tariff deal
Safaricom stands to lose an estimated KES 1.5 billion (approx. USD 12.6 million) annually after it reached an agreement with the Communications Authority of Kenya to cut mobile termination rates from the current KES 0.99 (approx. USD 0.0083) per minute to KES 0.58 (approx. USD 0.0049) per minute.  Read More

Fuel Prices Continue to Rise Despite Government Subsidies
The Rwanda Utilities Regulatory Authority has increased pump prices for gasoline and diesel, attributing the changes to the instability of petroleum products on the global market. Read More

Why Joint Venture to Develop Bugesera Special Economic Zone is Timely
The government of Rwanda and ARISE Integrated Industrial Platforms, a  Pan-African company that designs, develops, finances, conceives, and operates industrial ecosystems across Africa have entered into a joint venture to develop Bugesera's special economic zone.  Read More

Turkish Trade Show Giant Enters Rwanda
CNR Holding, one of the most important trade show organizers in the world, enters the African market by bringing buyers from African countries together with global manufacturers; thus increasing trade ties with the rest of the world using its shows. Read More

Geita Collects TZS 27 Billion from Internal Sources 
GEITA region has collected about TZS 27.23 billion (approx. USD 11.6 million) from the council’s domestic resources in the last financial year (2021/2022), equivalent to 102 percent of the predicted regional goals.  Read More

Improved Business Environment Vital for Faster Agro-Industrialisation
Tanzania’s move to place agriculture at the top of the agenda is paramount for the ongoing efforts toward the implementation of the Tanzania Agro-industries Development Flagship.  Read More

TBS Offers Free Certification Licence 
Tanzania Bureau of Standards has advised small-scale entrepreneurs to grab an opportunity of getting a free quality certification license for their products to withstand competition in the markets. Read More

PURA, ZPRA Instate Joint Technical Committee to Implement MOU
The Petroleum Upstream Regulatory Authority and Zanzibar Petroleum Regulatory Authority have established a Joint Technical Committee for fast-tracking implementation of the Memorandum of Understanding they have entered. Read More

Northern Corridor Businesses Brace for Tough Week of Voting Fever
Ugandan authorities have asked businesses to brace for a tough week as Kenya, its main import route holds elections.  Read More

Fuel Prices Stabilizing, But Will Remain High
The prices of fuel in Uganda, particularly in Kampala have continued to rise, but at a slower rate over the last two months, compared to the sharp increases registered between March and early July.  Read More

BOU Gives Green Light to More Financial Payment Solutions
The Bank of Uganda has licensed two more financial solutions under the Sandbox regulatory framework, as it implements laws aimed at promoting financial inclusion and safety.  Read More

Uganda Airlines Enters New Self-Reliance Stage
Uganda Airlines, the national flag carrier expects to commence its self-handling project by October, according to the airline’s Acting Ground Operations Manager Richard Kinalwa. Read More
Northern Africa
Algeria's Investments in Doubt as Recession Fears Drive Down Oil Price

Algeria decided to invest heavily in its diminished oil infrastructure as oil and gas prices rose in 2022, yet before the work has been completed, prices are starting to fall over fears of a coming recession.  Read More

Egypt’s Net Foreign Reserves Increased by 53 Percent to USD 7.3 Billion in 9 months

Net foreign direct investment in Egypt increased during the first nine months of the last fiscal year 2021/2022 by 53 percent, on an annual basis. Read More

Egypt, WB Discuss Activating Food Security Agreement
International Cooperation Minister Rania el Mashat and Supply Minister Aly el Moselhi met Sunday with a delegation of the World Bank to activate a development finance agreement that had been endorsed in June.  Read More

Egypt's Tourism Revenues Hike to USD 8.2 Billion in 9 months
Egypt’s tourism revenues increased by USD 5.1 billion during the first nine months of the last fiscal year 2021/2022, on an annual basis, despite the negative effects of the absence of tourists from Russia and Ukraine.  Read More

Sipes Announces its Intention to Acquire Pachin at a Price of EGP 17.5-18.5 per Share
The Paints and Chemical Industries Company announced Sunday that it had received a letter from the International Company for Building Materials and Chemicals declaring its intention to submit a non-binding offer to purchase the shares of Pachin Company.  Read More

The UK Looks to Fill Morocco’s Wheat Supply Vacuum
As the Ukraine war and western sanctions on Russia are constraining access to almost 90 percent of global grain supplies, countries around the world are looking to diversify the base of their grain suppliers and Morocco is no exception to the trend. Read More

Crypto Ownership on the Rise in Morocco Amid Ban
Despite the current nationwide ban on holding and trading in cryptocurrencies, ownership is on a steady rise in Morocco, going from 2.4 percent in 2021 to 3.1 percent in 2022, the highest rate in North Africa. Read More

Over 48,000 Businesses Emerged in Morocco in the First Half of 2022
More than 48,000 new businesses debuted in Morocco during the first half of 2022, according to data from the country’s Office of Industrial and Commercial Property.  Read More

Moroccan Dirham Remains Stable Against US Dollar
After weeks of deteriorating value against the US dollar, Morocco’s national currency MAD maintained the same exchange value against the dollar between July and August, according to data from Morocco’s central bank, Bank Al-Maghrib.  Read More
Southern Africa
Low Gross Domestic Product Growth Bothers Experts
Disparities in economic growth projection for Malawi for 2022 and beyond could have a bearing on planning for businesses and players in other sectors of the economy, an economic expert has said. Read More

Malawi Seeks USD 310 Billion in Unpaid Taxes from US Mining Company
The Ministry of Tourism, Culture and Wildlife Monday awarded over MWK 400 million matching grants to 18 tourism operators. Read More

South Africa
Blow to South Africa Power Supply
Karpowership, the Turkish company seeking to supply more than 1,200 megawatts of power to South Africa, said its appeal to overturn an environmental ruling against its plans has failed in another blow to the country’s attempts to resolve a power crisis. Read More

Eskom Suspends Load Shedding 
Eskom says that it will suspend stage 2 load shedding from Sunday afternoon due to much-improved generation capacity and the lower weekend demand, as well as a full recovery in emergency generation reserves. Read More

‘Wrongly Placed’ Ideas in Nersa Plan will Result in much Higher Tariffs: Eskom
Energy regulator Nersa’s proposed new method for determining electricity tariffs will result in much higher electricity tariffs, and the hardest hit will be households – especially poor ones. Read More

Operation Vulindlela’s Progress in Removing SA’s Biggest Economic Growth Hurdles
Completing the unbundling of Eskom’s generation and distribution entities, and appointing a board for its transmission entity, are among the reform points Operation Vulindlela wants to see completed by the end of 2022. Read More
Zambia to Secure IMF Programme This Month
Finance and National Planning Minister Dr Situmbeko Musokotwane says Zambia expects to receive the IMF bailout package at the end of this month. Read More

Dairy Gold launches Milk Collection Centres in Kabwe, Kapiri Mposhi
Dairy Gold Limited, an associate company of the Trade Kings Group, has launched two milk collection centres targeting small scale farmers in Kabwe and Kapiri Mposhi districts of Central Province. Read More

Bus Owners Reject RTSA’s Fare Reduction
Bus and Taxi Owners Association of Zambia national chairman Sydney Chewe says members of the association have rejected the reduced bus fares which RTSA has proposed. Read More
Western Africa
Broadspectrum Limited Supports John A. Kufuor Foundation's Initiative
Broadspectrum Limited has pledged its commitment to continuously promote the agribusiness sector and play a key role in attracting the youth to venture into the Agribusiness Value Chain. Read More

Vodafone Cash Down for Another 12 Hour Maintenance in 4 Days
Vodafone Ghana has announced another 12 hour shut down of its mobile money service - VodaCash - for maintenance. Read More

GSE, GIPC Partner to Attract More Investors on Accra Bourse
The Ghana Stock Exchange (GSE) has set an ambitious target to more than double the number of companies listed on the local bourse by the next five years. Read More

Access Bank Ghana Records 43 Percent Growth in Profit Before Tax 
Access Bank (Ghana), one of Ghana’s largest retail banks, has recorded an impressive financial performance for the first half of 2022 to maintain its positive growth trajectory over the past few years. Read More
Experts Canvass Currency Swap to Stabilise Naira, Control inflation
With Nigeria battling high inflation, the Chinese Yuan swap deal can be reactivated to fight the menace, experts have advised. Read More

Business Reorganisation Lifts NGX’s H1 Earnings to NGN 4.22 Billion
The Nigerian Exchange Group (NGX Group) has achieved 138.3 per cent growth in gross earnings in its half-year (H1) operations. Read More

Insurer Drives Insurance Penetration with Education Plan
The Nigerian subsidiary of Old Mutual Limited (OML) has initiated an insurance package called ‘Education Protection Plan (EPP or EduSure) to support parents/guardians secure uninterrupted learning for their children. Read More

Underwriter’s Total Assets Increase to NGN 12.8 Billion
Despite the rising economic challenges in the country, underwriting firm, Capital Express Assurance, improved its total assets to NGN 12.858 billion in the year 2021, compared to NGN 11.95 billion recorded in the previous year. Read More
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