3 August 2022
Eastern Africa
Ethiopia Grants License to Kacha to Offer Mobile Money Services.
The National Bank of Ethiopia has granted mobile money license to Kacha Digital Financial Services S.C, making it the first private company in the country to have such a license. Read More

Tea-Making Tender Brews Storm for Energy Agency After Bidder Appeals
The public procurement watchdog has directed the Energy and Petroleum Regulatory Authority to disclose the value of a tender it had floated for cleaning and tea-making services before it proceeds. Read More

Use of Shares for Loans Tumbles to 54 Percent
Retail investors on the Nairobi Securities Exchange have used 54 percent of their shares to secure bank loans, indicating that less than half of small investors’ portfolios represent net wealth. Read More

CRB Suspension Slows Down Banks’ Risk-Based Lending
Banks have been slow to expand lending to individuals and small businesses based on their risk profiles, citing the inability to assess their creditworthiness. Read More

Import Cover in Six-Year Low as Bond Canceled
Kenya’s import cover has fallen to the lowest levels in six-and-a-half years after the National Treasury canceled more than a USD 1 billion sovereign bond, shrinking the country’s stock of dollar reserves.  Read More

Kagame Backs Privatization of State-Owned Enterprises
President Paul Kagame has said that the newly created Ministry of Public Investments and Privatisation will immediately embark on effective management of public investments but also urgently work towards putting some of them into private hands.  Read More

What New RWF 5 billion Injection Means for Umwalimu Sacco
The government has announced that it would allocate RWF 5 billion (approx. USD 4.8 million) towards the recapitalization of Umwarimu Sacco, in a bid to improve teachers' welfare, including access to finance through the body. Read More

The Latest Review Between Tanzania and Egypt to Create Flexibility in the Airline Business
Tanzania has agreed to modernize its bilateral air services agreement with Egypt to create more flexibility for airlines, The Citizen has learned.  Read More

Kilimanjaro Co-op Bank Profit Soars
The Moshi-based Kilimanjaro Cooperative Bank posted a TZS 318 million (approx. USD 136,363.63) profit before tax, up from a TZS 54 million (approx. USD 23,156.09) registered in the previous year, on increased interest income and cost minimization. Read More

Co-ops Bank to Offer Members with Immense Opportunities
The presence of a cooperative bank in the country is set to provide opportunities for cooperative members to strengthen themselves commercially by making large profits and thus promote the well-being of the cooperative members and their institutions in general.  Read More

Congress to Take Energy Sector to New Heights
PAN African Energy Tanzania has said the 2022 edition of the 4th Tanzania Energy Congress ensures stability in energy and that production goes forward to meet the growing gas demand in what is a highly successful industrial economy.  Read Morel

Tight Monetary Policies to Impact Markets, Says IMF
The International Monetary Fund has said it is worried that a tighter monetary stance by the Bank of Uganda will impact capital markets. Read More

Banks to Unveil UGX 1 Trillion Export Credit Facility
Uganda’s commercial banks are planning to provide UGX 1 trillion (approx. USD 256 million) in the export credit facility to help local manufacturers boost their access to the regional markets. Read More

Shilling Depreciation Not Easing Soon
The Uganda shilling continues to depreciate against the US dollar as both local and external factors exert pressure on the local and other emerging currency markets. Read More
Northern Africa
Algeria Buys Around 660,000 Tons of Wheat in a Tender, Traders Say

Algeria’s state grains agency OAIC is believed to have bought around 660,000 tons of optional origin milling wheat in an import tender on Tuesday, European traders said. Read More

Wide Demand for Digital Payment Systems from Consumers in Egypt: MasterCard Index

Egypt is witnessing an acceleration in the use of a wide range of digital payment systems in light of the availability of advanced infrastructure and technology necessary to support payment systems, according to the results of the MasterCard New Payments Index 2022.  Read More

Suez Canal Achieves the Highest Monthly Revenue in its History at USD 704 Million
The Suez Canal achieved the highest monthly revenue in its history with an annual increase of 32.4 percent, reaching USD 704 million in July 2022, up from USD 531.8 million during the same month of 2021, according to the head of the Suez Canal Authority, Osama Rabie. Read More

Egypt Raises Targeted Investments for the Transport Sector by 27.5 Percent in 2022/2023
The Egyptian government aims to increase investments directed to the transport sector in the plan for the current fiscal year 2022/2023 by 27.5 percent to record EGP 307 billion (approx. USD 16.1 million), according to a statement issued today by the Ministry of Planning and Economic Development. Read More

FRA Mulls Issuing Securitized Bonds Worth EGP 20 Billion
The Financial Regulatory Authority said that it is studying a request by the New Urban Communities Authority to issue securitized bonds worth EGP 20 billion (approx. USD 1.04 million)  Read More

Morocco’s Trade Deficit Soars to New Heights Amid Energy Price Crisis
Morocco’s trade deficit rose by a staggering 48.7 percent at the end of the first quarter of 2022, amounting to MAD 150.5 billion (USD 14.6 billion), its highest level in over five years. Read More

Morocco Has Invested USD 5.2 Billion in Solar Energy Projects
Morocco has invested USD 5.2 billion in solar projects so far, with the Noor Ouarzazate complex serving as an example of the country’s potential regarding renewable energy.  Read More

Foreign Investments in Morocco Rebound to Above Pre-Pandemic Levels
The flow of Foreign Direct Investments in Morocco totaled USD 1.647 billion at the end of 2021, marking a strong post-pandemic recovery, says a new report by Bank Al-Maghrib, the Moroccan central bank.  Read More

290 Aquaculture Projects Emerged in Morocco in 2021
Morocco’s National Agency for Aquaculture Development supported the creation of 290 aquaculture ventures in the country in the course of 2021. Read More
Southern Africa
Annual Inflation to Average 23 Percent
The Reserve Bank of Malawi has adjusted upwards the country’s annual average inflation rate target to 23.2 percent from an earlier projection of 12.3 percent. Read More

Tourism Firms Reap from MWK 400 Million Matching Grant
The Ministry of Tourism, Culture and Wildlife Monday awarded over MWK 400 million matching grants to 18 tourism operators. Read More

CFTC approves 100 Percent PTC Shares Acquisition
The Competition and Fair Trading Commission has authorised the proposed acquisition of 100 percent shares in People’s Trading Centre from Press Corporation plc by Tafika Holdings Limited. Read More

Teveta to Regulate Foreign Exam Bodies
Technical Entrepreneurial and Vocational Education and Training Authority has announced that it will soon start regulating foreign examination bodies to raise standards of entrepreneurial and vocational education in the country. Read more

South Africa
PIC to Invest USD 100 Million in Africa Finance Corporation
The Public Investment Corporation has given formal notification to make a USD 100 million (Approx. ZAR 1.65 billion*) equity investment in multilateral financial institution the Africa Finance Corporation. Read More

Johannesburg Stock Exchange Revels in Market Volatility 
The Johannesburg Stock Exchange on Tuesday (02 August), reported a strong performance for the first half of 2022, delivering revenue growth across all segments. Read More

UCount Rewards gives Motorists over ZAR 1.3 Billion back for Fuel Purchases
Fuel price increases have been relentless over the last few months, putting more pressure on the budgets of South Africans who are filling up their tanks at a much higher cost. Read More

Cape Town Gazettes New Traffic Laws to Crack Down on Reckless Taxis and Uber Drivers
The City of Cape Town has gazetted its amended traffic by-law, which it says will help to regulate public transport vehicles and traffic within the city. Read More
ZWK 3 Million Set to Boost Milk Production
A matching grant amounting to ZWK 3.2 million has been committed by Entrepreneurs Financial Center and Rural Finance Expansion Programme aimed at boosting the performance of the dairy sub-sector. Read More

6,000 Farmers Benefit from Zanaco’s AgriPay
Over 6,000 farmers have benefited from the AgriPay Solution, a digital platform operated by Zanaco Bank Plc, which provides various agricultural services, in the past two years. Read More

FQM’s Kansanshi Mine Records 2,180 Tonnes Decrease in Copper Production
First Quantum Minerals has revealed that it has recorded a 2,180 tonnes decrease in copper production at its Kansanshi Mine in Solwezi during the second quarter of 2022. Read More

Kapala Discusses Plans to Export More Electricity
Energy Minister Peter Kapala says the government is eager to start exporting more electricity once connected to East Africa. Read More
Western Africa
Govt to Save USD 13.2 Billion from Power Agreements
The Government has successfully renegotiated Power Purchase Agreements with six Independent Power Producers in the country, the Minister of Finance, Ken Ofori-Atta, has announced. Read More

Absa, Amazon Sign Pact to Lead Cloud Computing Transformation
The partnership allows Absa to identify an implementing partner in Ghana to train and equip youth in the tertiary sector with cloud computing skills and certification in readiness for the workplace. Read More

GAWU Calls for Structural Policy Adjustment in Agriculture
The General Secretary of the General Agricultural Workers Union, Edward Kareweh, has said the country needs effective structural policies to optimise the competitiveness of the agricultural value chain. Read More

Akufo-Addo to Open Sunyani Airport 
The opening of the Sunyani Airport will now ease the difficulties have to go through to get to Sunyani via air. It also means commercial flights can now ply that route. Read More
Cybercrime Rises as Phishing hits 174 Percent in Nigeria, 438 Percent in Kenya
Menace of cybercrime in Africa sustained a huge rising profile in the first six months of the year with phishing and scams hitting 438 percent and 174 percent in Kenya and Nigeria respectively. Read More

NAHCO Posts NGN 10.2 Billion Revenue, Yields NGN 665 Million as Dividend
Ground handling firm, Nigerian Aviation Handling Company, has recorded a significant recovery from the COVID-19 pandemic, posting a turnover of NGN 10.2 billion and dividend of NGN 665 million. Read More

Business Leader Tasks African Entrepreneurs on Innovation
The Executive Director, Growth & Partnerships at Itex Integrated Services, Adekunle Adebiyi, at this year’s Africa Revenue Summit harped on the need for African entrepreneurs to embrace an innovative mindset to contribute to the economic development of the African continent. Read More

70 CSOs Reject Proposed 5 Percent Telecommunications Services Excise Duty
A Coalition of over 70 Civil Society Organisations, the Nigeria Civil Society Situation Room, yesterday urged the Federal Government to desist from increasing and introducing new taxes on Nigerians, particularly the proposed five per cent inclusive excise duty on telecommunications services, raising the tax to 12.5 percent. Read More
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