7 June 2022
Eastern Africa
Nation Prepares More than 15 Mil Quintals of Fertilizer for This Farming Season
The Ministry of Agriculture disclosed today that more than 15 million quintals of fertilizer have been prepared for the current Meher farming season in Ethiopia. Read More

Mayor-Private Sector Conference
The second mayor’s private sector conference has been held for two days from 1-2 June, 2022 at Hilton hotel with the theme ‘Entrepreneurship Initiative for cities recovery and growth and the roles of mayors’. Read More

Integrated Pest Control Flourishes the Horticulture Industry
The implantation of integrated pest management and the use of biological agent control have significantly improved at the horticulture industry, while clear policy has been recommended. Read More

CSO Driven Bank in the Pipeline
Aimed to support civil society organizations and to create inclusive financial accessibility, a new bank named Progress bank announces that it is under formation. Read More

Whistleblowers to Get KES 5 Million as CMA Steps Up Fraud War
Whistleblowers will earn up to KES 5 million (approx. USD 42,600) for leaking capital market fraud after the regulator gazetted new rules in an effort to stop economic crimes. Read More

Value of Insured Bank Deposits Hits KES 819 Billion After Law Changes
The value of insured bank deposits rose by 16.5 percent to KES 819.17 billion (approx. USD 7 billion) last year on the back of an increase in accounts holding more than KES 100,000 (approx. USD 855) and a change in the law that increased compensation for collapsed lenders. Read More

Sendy Partners With Google to Empower MSMEs in Kenya, Nigeria
Sendy, a tech company that builds fulfillment infrastructure for e-commerce and consumer brands has joined with Google in an initiative aimed at empowering Africa’s small and medium businesses. Read More

Britam Braces for KES 7 Billion Loss in Wealth Management Wing
Insurance group Britam made additional provisions of KES 2 billion (approx. USD 17 million) to absorb losses in its asset management business in the year ended December. Read More

Saudi Arabia Participates in UN Broadband Commission for Sustainable Development Meeting in Rwanda
The Kingdom of Saudi Arabia, represented by Governor of Communications and Information Technology Commission Dr. Mohmmed Al-Tamimi, has participated in the UN Broadband Commission for Sustainable Development meeting in Rwanda to enhance work to realize the Sustainable Development Goals through spreading broadband and encouraging countries to adopt national policies for broadband to build the future of societies and develop it in the economic and social fields. Read More

Reflections on the CHOGM Theme, Innovation
The final countdown for CHOGM has started. With thousands of delegates expected to head to Rwanda together with business leaders, civil society groups and leaders as well as heads of governments, the Commonwealth family will come together to discuss the present and future challenges and opportunities. Read More

About 4,000 Kigali Street Vendors to be Settled in New Markets
The City of Kigali is set to work with private investors to construct nine new mini-markets for street vendors and finance some of them to raise their capital so as to make their businesses viable. Read More

NBC Pays KES 4.5 Billion in Profit Share to the Government
The National Bank of Commerce has paid TZS 4.5 billion (approx. USD 2 million) to the government as dividend following the lender’s profitability in 2021. The government accounts for 30 percent shareholding in the bank which was privatised. Read More

NMB Bank's Pledge to its Shareholders After Record Dividend
After a successful year in 2021 that saw shareholders sharing a record TZS 96.7 billion (approx. USD 42 million) in dividend, the management of NMB has pledged to do even better this year and deliver lucrative returns on the investment. Read More

ZIC Brushes House Reps on ‘Takaful’
The Zanzibar Insurance Corporation (ZIC) in collaboration with other stakeholders in the isles recently conducted capacity building training for members of the Zanzibar House of Representatives as one of the key steps towards the introduction of its new Islamic Insurance product, ‘Takaful’. Read More

EA Miles Away from Tapping the Potential of Trade Finance
The East African Community bloc is miles away from tapping the potential of trade finance to boost exports and enhance intra-regional trade. The financial instrument has not been adequately used for trade for what trade experts attribute to not being “well understood by business people” in the seven nation bloc. Read More

Defaulting on Foreign Loans Risking Uganda’s Profile - BoU
Bank of Uganda Director for Research Adam Mugume has said the increasing rate of default on foreign sourced loans increases Uganda’s risk profile. Read More

Surcharge Discouraging Use of Electronic Transactions: Traders
Small scale traders want government to reduce taxes levied on electronic transactions, so as to increase their usability at the grassroots. Speaking to URN, business owners said that cashless transactions quicken trade and are more desirable for both consumers and traders alike, however, the high taxes involved have unanimously slowed their uptake within communities. Read More
Northern Africa
Dbeibah Vows to Boost Economic Cooperation with Algeria

The Libyan Prime Minister Abdul Hamid Dbeibah vowed Monday to take special measures to boost economic and trade cooperation with Algeria, including customs tariffs and resumption of flights between the two countries. Read More

Value of Instantaneous Settlements Between Banks Hits EGP 78.6 Trillion During 2020
Value of payments executed between banks in the local currency on the instant settlement system amounted to EGP 78.6 trillion (approx. USD 4.2 trillion) during 2020, according to the Central Bank of Egypt. Read More

Egypt’s Exports to EU, International Blocs Rise by 77 Percent in 2021
Egypt’s exports to the international blocs of which the African country is not a member rose by 76.9 percent in 2021 to reach USD 20 billion up from USD 11.3 billion in 2020, the Central Agency for Public Mobilization and Statistics has reported. Read More

The Big 5 Construct Egypt Exhibition Returns in June with Participation of Armed Forces Engineering Authority
“The Big 5 Construct Egypt” exhibition will take place in June from 25 to 27 at the Egypt International Exhibition Center, to unite the professionals and product suppliers who will together create Egypt’s growing construction project market. Read More

Suez Canal Seeks to Acquire 15 Percent of World Trade Traffic
Volume of ships passing through the Suez Canal has reached 12 percent of the global trade movement, Head of the Suez Canal Authority, expressing the SCA’s hope to raise this percentage to 15 percent. Read More

Spain’s CaixaBank Launches Currency Exchange Service FXNow in Morocco
The Spanish CaixaBank recently launched its FXNow service in Morocco, making it the only Spanish bank operating international transfers that combine e-banking and online exchange rate management. Read More

737 Hotels in Morocco Receive Over USD 100 Million in Government Support
Moroccan Businesses working in the hospitality sector,  including hotels, are now receiving funds from the MAD 2 billion (USD 202 million) the government has dedicated to supporting the tourism sector. Read More

Only 15 Percent of Morocco’s Rural Areas Have Access to Clean Cooking Solutions
Access to clean fuels and technologies for cooking remains relatively low in rural areas in Morocco, with only 15 percent of rural populations having access to clean cooking solutions as of 2020. Read More
Southern Africa
Cost of Living Moderates in May
The cost of living for a family of six living in an urban setting increased moderately by 0.95 percent to MWK 349,865 (approx. USD 342) in May from MWK 346,580 (approx. USD 339) in April, figures from the Employers Consultative Association of Malawi have shown. Read More

National Bank of Malawi Downplays Devaluation Effect
Malawi Stock Exchange, listed National Bank of Malawi has said the recent 25 percent Kwacha devaluation will not have huge impact on businesses and individuals as it reflects actual market trends. Read More

Ecobank Unveils Free SME Booster Training
Pan-African banking group, Ecobank, has rolled out Ecobank Small and Medium Enterprises  Booster series aimed at Enhancing SME competitiveness through innovative business skills training.  Read More

Transporters Want to Help Save Dollars
The Road Transport Operators Association has said it is committed to working with the government to save the little dollars available in the country. New RTOA President Bisani Banda was speaking in Lilongwe after being elected to the position during an RTOA Special General Meeting. Read More

Cabo Delgado Business Council Calls for Reduction of Bureaucracy in Equivalent Grants Line

The Cabo Delgado Business Council last week said the Post-Cyclone Reconstruction Office needed to reduce the bureaucracy involved in accessing the USD 15 million allocated by the government in form of co-funded donations to the private sector affected by cyclones Idai and Kenneth in seven provinces in the country. Read More

Mozambican Entrepreneurs Set Eyes on US Partnerships
Mozambican entrepreneurs are looking for partnerships with the US private sector in order to drive forward investment projects valued at around USD 43 million. Read More

Job Creation Falls in May
The Mozambican business activity Purchasing Managers Index dropped in May due to a contraction in job creation, which fell to the lowest value in the last three months, according to the Standard Bank, which conducts the survey. Read More
South Africa
Up to ZAR 800 Billion May Exit SA After Change to Offshore Asset Rules
Two of SA’s biggest financial services firms have warned that amendments to the asset allocation limits of local pension funds could result in as much as ZAR 600 billion – ZAR 800 billion (approx. USD 39 million – 52 million) in outflows from the country’s asset pool over the next three to five years. Read More

Most Difficult Season for SA Grape Farmers
Increased input costs, such as high energy, fertiliser, shipping and chemicals costs contributed to the 2022 season being one of “the most difficult in history” for table grapes. Read More

Tencent-Backed Fleet Business Links With Alibaba-Backed Firm
G7 Connect, a fleet management company backed by Tencent, has agreed to merge with its smaller competitor E6, which counts a unit of Alibaba as an investor, bringing the two Chinese platform giants together as shareholders in the combined firm. Read More

SA’s Offer of Covid-19 Vaccines to Africa Falls Flat
SA’s plan to donate 15-million coronavirus vaccines to other African countries has fallen flat, with little interest shown in last month’s offer from President Cyril Ramaphosa. Read More
Joan Aitken Appointed Chair of Transaid
Transaid has announced the appointment of former Traffic Commissioner for Scotland, Joan Aitken OBE FCILT, as Chair of its board of trustees. Joan has been a long-time supporter of the international development organisation and has taken part in two Transaid fundraising cycle challenges, visited projects in Uganda and Zambia, and been a trustee since March 2019. Read More
Western Africa
Cote D’Ivoire
AfDB Provides NGN 1.5 Trillion for Abidjan-Lagos Highway
The African Development Bank (AfDB) has stated that an additional EUR 3.5 million (approx. USD 3.7 million) has been provided for the feasibility study of the Abidjan-Lagos superhighway. Read More

9 banks Partner Government to Finance Youth-Led Business Under YouStart
Government is partnering a consortium of nine banks to provide credit to existing youth-led companies and, in the process, create one million jobs in the next three years. Read More

Ghana Chamber of Mines Elects New President, Executives
The Ghana Chamber of Mines has elected and inducted a new President, Joshua Mortoti, Executive Vice President and Head of West Africa for Gold Fields. Read More

MTN Ghana Pays GHS 3.1 Billion in Taxes to Government
MTN Ghana says it has paid a total of GHS 3.1 billion (approx. USD 393 million) of its 2021 revenue of GHS 7.7 billion (approx. USD 975 million) to the government in taxes. It comprised of corporate taxes, Value Added Tax levies and duties, withholding taxes, communication service tax, national fiscal stabilization levy, Pay As You Earn, and payments to other government agencies. Read More

Insurance Knowledge Goes Up - Report
A research conducted by the National Insurance Commission, has revealed that about 78 percent of Ghanaians have knowledge of insurance. This is an improvement over the 2020 figure of 60 percent, which gives an indication that more Ghanaians are now exposed to insurance information. Read More

Local Producers Decry Rising Expenses on Infrastructure, Security Services
The Association of Food, Beverage and Tobacco Employers has decried the deplorable state of infrastructure and insecurity in the country, saying the challenges hamper growth of the food and beverage industry. Read More

Government Tasked on Tech Infrastructure to Boost Business Growth
The government has been urged to put the right infrastructure in place to enable the use of technology for innovation and growth of small business and enterprise. Read More

NLNG Empowers Journalists, Communicators on Digital Skills
Nigeria LNG in partnership with Journalism clinic has trained journalists and communicators across the country on the use of new digital tools in mobile and visual storytelling that drives positive change in the society. Read More

FDIs into Telecoms Sector Hit USD 57 Million, Airtel stakes USD 42 Million on Spectrum
Some USD 57.79 million in foreign direct investments entered Nigeria’s telecoms sector in quarter one 2022. This is according to the latest capital importation report by the National Bureau of Statistics. Read More
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