Kenya

Business registration agency takes over listing of trusts from Lands ministry

The Business Registration Service (BRS), a State agency under the Attorney-General’s office, has assumed registration of trusts under a new law.

BRS has taken over the role from the Ministry of Lands after President William Ruto assented to the Statute Laws (Miscellaneous Amendment) Act, 2024, last month.

“Effective Wednesday 22nd May 2014, the State Department for Lands and Physical Planning shall cease receiving applications for registration and incorporation of trusts,” said BRS director-general Kenneth Gathuma in a statement.

(Business Daily)

Tanzania

Trade officers barred from collecting taxes

The government has resolved that trade officers in district and municipal councils countrywide will no longer collect taxes from traders; instead, they will only perform their core duties of helping traders grow.

Industry and Trade Minister Ashatu Kijaji unveiled this on Wednesday in the National Assembly, where Members of Parliament endorsed a TShs 110.9 billion budget for her docket for the 2024/25 financial year.

“One of the things we have agreed with the Minister of State in the President’s Office Regional Administration and Local Government (PO-RALG) is that the trade officers are guardians of traders, so they should be relieved of tax collection duties,” Dr Kijaji stated when winding up the debate on the ministry’s budget.

(Daily News)

Uganda

MTN seeks to achieve 90 percent network coverage next year

In a post-annual general meeting statement released yesterday, MTN said it was committed on achieving 90%% geographical coverage across Uganda by 2025

“Our vision for the future is resolute. With ongoing support from our shareholders and customers, We are poised for even greater achievements. Together, we are unstoppable,” Ms Sylvia Mulinge, the MTN chief executive officer, said, noting the telecom will continue to invest significantly in network infrastructure, customer acquisition, and Fintech innovations.

(Monitor)

Rwanda

Kagame inaugurates new Rwf22 bn Radiant Insurance building

President Paul Kagame, on Thursday, May 23, inaugurated a Rwf22 billion new Radiant Insurance building located in the central business district.

The nine-storey building, which covers 2,348 square meters and used 80 percent locally sourced materials, will house the company’s headquarters, offices of the World Bank and International Finance Corporation, commercial bank offices, and other institutions.

Thanked for his contribution by allocating the plot of land, which allowed the non-life insurance company to expand its activities in a bigger space, the Head of State said that it is the country’s responsibility to support such projects.

“It is our wish that we see the promotion of investments and advancement of economic activities, be it in Kigali, as the capital, or other secondary cities across the country,” said President Kagame.

(The New Times)

Ethiopia

African Development Bank boosts youth and women-led businesses in Ethiopia with USD 42.86 million grant

The Board of Directors of the African Development Fund – the African Development Bank Group’s concessional financing window – approved a grant of USD 42.86 million to Ethiopia on 22 May 2024 to fund the implementation of the Agri-MSMEs Development for Jobs Program.

Aimed at boosting the growth and productivity of youth and women-led MSMEs in Ethiopia, the program focuses on improving access to finance, providing business development services, and strengthening the entrepreneurship-enabling environment.

AfDB’s financing is bolstered by a USD 10 million contribution from the Development Bank of Ethiopia and USD 6.24 million from the Ethiopian Government. These will significantly boost this promising initiative, which seeks to eliminate the barriers to finance access for youth and women entrepreneurs in Ethiopia.

(2Merkato)

Sudan

Sudan Transparency and Policy Tracker: ‘RSF exploiting North Darfur trade route’

In a report titled ‘The Military, Economic, and Humanitarian Consequences of the RSF’s Control of Mellit, North Darfur’, published on May 15, the Sudanese Transparency and Policy Tracker sheds light on the recent developments in North Darfur following the RSF takeover of Mellit last month. The report highlights the multifaceted impact of this strategic move, particularly in terms of military dominance, economic exploitation, and humanitarian implications.

Mellit is located approximately 60 kilometres from the North Darfur capital, El Fasher, and is positioned at a crucial junction linking El Fasher to Kufra, in southeastern Libya, and Ed Debba, in the Sudanese Armed Forces (SAF)-held Northern state.

The town now serves as a pivotal base for the RSF to control cross-border trade routes, especially those originating from Libya. This control allows the RSF to smuggle vital resources such as fuel and weapons, essential for sustaining the conflict, thus strengthening their military position, STPT argues.

(Dabanga)