20th January 2023 Trade and Financial Services Round Up

  • 20 Jan 2023
  • 3 Mins Read
  • 〜 by The Vellum Team




Users allowed to sue Safaricom over clients’ bank details access

 The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm to collect bank details of mobile phone users.

Clause 3.2.1 in the data privacy statement, which subscribers filled as part of the re-registration process, states that the telecoms operator can “collect and store information including credit or debit card information, information on bank account numbers, Swift codes or other banking information”.

High Court judge Chacha Mwita allowed two senior counsels — Wilfred Nderitu and Charles Kanjama—to invite other subscribers to the class action suit through the press for Safaricom to delete the clause.

The judge directed the lawyers to publish a notice in a daily newspaper, inviting Kenyans who may wish to join the suit.


(Source: Daily News)


Why the shilling remained stable in 2022 amid shocks

The Tanzanian shilling maintained stability against the dollar and other major currencies as depreciation remained below one percent throughout 2022, despite the shocks in the global economy.

According to the Bank of Tanzania (BoT)’s director of economic research and policy, Dr Suleiman Missango, supported by sound economic prospects and conducive monetary policies last year, the local currency depreciation was moderate and sustainable.

(Source: The Citizen)

Uber re-enters Tanzanian market

THE US-based ride-hailing company, Uber, has announced its comeback to Tanzania’s market after its departure in April last year.

When announcing the departure last year the company said in its statement that it would resume operations after agreeing with the government.

 (Source: The Daily News)


 Uganda’s exports to Kenya hit UgShs. 231 billion

Uganda’s export receipts to Kenya have continued rising despite trade blockades, with the latest November earnings hitting $62.7million (UgShs 231 billion), the highest in over three and half years.

According to a monthly Bank of Uganda (BoU) report, in this period in review, the country’s exports to Kenya registered a 25 percent increase from the $46.8million (UgShs 173 billion) earned the previous month of October.

BoU records further indicate that the November revenue was the highest since May 2019 when the country exported goods to Kenya worth $72m (UgShs 266 billion).


Private sector tipped on requirements to trade under AfCFTA

Private sector actors were on Thursday, January 19, taken through the different frameworks governing the African Continental Free Trade Area agreement (AfCFTA) and requirements to start trading across the countries.

This was during a private sector workshop organized by the East African Business Council (EABC) aimed at furthering the engagement and bringing on board the primary implementers of the continental agreement.

(Source: The New Times)


Ethiopia, Masdar cCompany of UAE sign joint agreement to develop solar photovoltaic plants

Ethiopia and Masdar Company of the United Arab Emirates (UAE) have signed Joint Development Agreement (JDA) to develop two solar photovoltaic (PV) plants with a combined capacity of up to 500 megawatts (MW) in Ethiopia.

Prime Minister Abiy Ahmed twitted that he is pleased to see the signing of a Joint development agreement (JDA) between the Government of Ethiopia and Masdar to develop two solar photovoltaic (PV) plants, with a combined capacity of up to 500 megawatts (MW) in Ethiopia.

 (Source: ENA)


Eritrea launches massive initiative to promote production and popularization of sweet potatoes

The Ministry of Agriculture (MoA) has launched a great initiative to promote sweet potato throughout the country in collaboration with the Ministries of Health and Education as well as the local administrations. According to this initiative, the MoA has begun integrated awareness raising programs so that all villages and schools start cultivating sweet potato with in their premises during the course of 2023. For that matter, this program has been included as one of the MoA top priority areas.

(Source: Shabait)


Sudan inflation rate drops to 87.32% as Khartoum water tariffs rise

Sudan’s Central Bureau of Statistics (CBS) reported a decrease in the annual inflation rate in December to 87.32 per cent. Inflation rates were 88.83 per cent in November and 102.61 per cent in October. Sudan’s headline inflation rate averaged 359.09 per cent in 2021, up from 163.26 per cent in 2020.

Mohamed Ali El Ajab, Director general of the Water Corporation, said in a press statement on Tuesday that drinking water tariffs will increase in Khartoum. “The current water tariff does not cover all operating expenses represented in the purification of water, maintenance of equipment, or the cost of pump stations at the Nile and subterranean basins,” said El Ajab.

(Source: Radia Dabanga)


Somalia state lawmaker Mohamed Moalimu opines the army against using Miraa while in service

Lawmaker Mohamed Ibrahim Moalimuu of Somalia’s bicameral parliament has congratulated Somali National Army (SNA) for their recent victory against Al-Shabaab.

Moalimuu reitterated that valiant soldiers have bogged down the military operations in the nation after capturing key towns that had been controlled for a long time by Al-Shabaab.

The former government spokesperson pointed out the attacks as a result of soldiers chewing khat all night long rendering the effective and not be vigilance in the wee hours of the morning.

Moalimuu’ s remarks come after the Kenya government recently doubled its miraa export to Somalia in the past few days

(Source: Dalsan)