Kenya  

Safaricom Shareholders to Vote on Vodafone’s CEO Nomination Powers  

Safaricom shareholders will vote at the company’s Annual General Meeting on 31 July on proposed changes to the firm’s governance that would grant Vodafone Kenya the right to nominate the Chief Executive Officer, provided it continues to hold more than 50 per cent of the company’s shares. The proposal follows Vodafone Kenya’s acquisition of a majority stake in Safaricom after completing the purchase of the Kenyan government’s shares, increasing its ownership to 55 per cent.  

Under the proposed amendments, the Safaricom Board would retain the authority to appoint the CEO from Vodafone Kenya’s nominees. At the same time, the company would also gain enhanced rights to nominate executive and shareholder-appointed directors during its period of majority ownership. The changes are intended to align Safaricom’s governance structure with its new ownership framework. However, they have also sparked debate over the balance between majority shareholder influence and the company’s traditionally strong Kenyan identity.  

(Source: Reuters)  

Tanzania 

AfCFTA Opens Bigger Markets and Investment Opportunities for Tanzania 

Tanzania is positioning the African Continental Free Trade Area (AfCFTA) as a key driver of economic transformation, with the government urging businesses to capitalise on access to a continental market of more than 1.4 billion consumers. Officials say the agreement is expanding opportunities for exporters, manufacturers and investors by reducing trade barriers and encouraging value addition across sectors. 

The government believes AfCFTA will boost industrialisation, attract foreign investment and strengthen Tanzania’s role as a regional trade and logistics hub. Businesses are being encouraged to improve product quality and competitiveness to take advantage of preferential market access. At the same time, continued investments in transport infrastructure, ports and trade facilitation are expected to enhance the country’s export capacity and regional integration. 

(Source: Tanzania Invest) 

Uganda 

Stanbic Lowers Lending Rates to Boost Uganda’s SACCO Sector 

Stanbic Bank Uganda has reduced lending rates for agriculture-based Savings and Credit Cooperative Organisations (SACCOs) to 10 per cent per annum, with multi-purpose SACCOs eligible for financing at 12.5 per cent per annum. Announced at the 28th Annual General Meeting of the Association of Microfinance Institutions of Uganda (AMFIU), the initiative aims to expand access to affordable credit for grassroots financial institutions serving smallholder farmers and rural communities. Eligible SACCOs can access loans of up to UGX 7 billion. 

The bank says the move is part of a broader financial inclusion strategy that has channelled more than UGX 362 billion through SACCOs and Village Savings and Loan Associations since 2021, reaching nearly four million Ugandans. By lowering the cost of capital, Stanbic aims to strengthen agricultural productivity, support rural enterprises and enhance the capacity of community-based lenders to finance economic growth across Uganda. 

(Source: The Independent Uganda) 

Rwanda 

New Fuel Supply Deals Could Lower Rwanda Pump Prices by Up to 30% 

Rwanda’s new government-to-government fuel supply agreements with Kenya and Tanzania could reduce pump prices by between 10 and 30 per cent over the next three years if fully implemented, according to trade economists. The agreements are expected to diversify fuel sources, streamline procurement and lower transport and supply chain costs by allowing Rwanda to import petroleum products through more efficient regional arrangements. 

The new framework is also expected to strengthen Rwanda’s energy security by reducing dependence on traditional supply routes and improving resilience against global market disruptions. Analysts say the deals could enhance competition in the domestic fuel market, stabilise prices and support economic growth by lowering transport and production costs across key sectors. The agreements form part of broader regional energy cooperation between Rwanda, Kenya and Tanzania aimed at improving fuel availability and supply efficiency. 

(Source: The New Times) 

Ethiopia 

CBE Dominates Ethiopia’s Digital Finance Market with 70% Share 

The Commercial Bank of Ethiopia (CBE) continues to dominate Ethiopia’s financial sector, controlling 70 per cent of the country’s digital transaction market, according to figures presented by the bank’s President, Abe Sano. During the 2024/25 financial year, CBE processed 3.48 billion digital transactions valued at more than 22 trillion Birr, reinforcing its position as the backbone of Ethiopia’s rapidly expanding digital finance ecosystem. 

The state-owned lender also recorded significant growth in deposits and lending, mobilising 707.4 billion Birr in new deposits, raising total deposits to 2.4 trillion Birr. CBE issued 648 billion Birr in credit, with nearly 91 per cent directed to the private sector, reflecting a shift towards greater private-sector financing. However, despite its strong market position, concerns remain over transparency after the bank failed to publish its annual report for the 2024/25 financial year. 

(Source: The Reporter) 

Sudan 

Sudanese Pound Slides as Dollar and Gold Prices Surge 

The Sudanese pound resumed its sharp decline against the US dollar, with the parallel market exchange rate falling to around 5,400 pounds per dollar after briefly strengthening in recent weeks. Currency traders attributed the renewed depreciation to rising government demand for foreign exchange and sustained demand from importers and merchants. At the same time, gold prices climbed to record highs, with a gram of gold reaching approximately 625,000 Sudanese pounds, reflecting growing demand for safe-haven assets amid economic uncertainty. 

The downturn coincided with the government’s second increase in the customs exchange rate within a month, raising the customs dollar by about 6.4 per cent. Despite the pressure on the currency, the Central Bank of Sudan said it remains committed to supplying foreign exchange for eligible imports through commercial banks to support the economy. Finance Minister Gibril Ibrahim denied that recent exchange rate improvements were driven by foreign deposits, maintaining that government policies had helped stabilise the market despite the severe economic impact of the ongoing conflict. 

(Source: Sudan Tribune) 

Somalia 

Gov’t Expands Maritime Diplomacy Following Landmark Legal Reforms 

Somalia is strengthening its international maritime partnerships following its accession to 15 international maritime conventions, with the Minister of Ports and Maritime Transport, Abdulkadir Mohamed Nur, holding high-level talks with Turkish and Egyptian officials during Türkiye’s Fifth Maritime Summit in Istanbul. The meetings focused on expanding cooperation in maritime transport, port development, trade and regional security, with Somalia describing the engagements as part of broader efforts to modernise its maritime sector and deepen strategic partnerships. 

The diplomatic outreach comes as Somalia implements its most significant maritime legal reforms since independence, aligning its regulatory framework with international standards on maritime safety, environmental protection, shipping and seafarer welfare. The government says the reforms will strengthen maritime governance, attract investment, and support major infrastructure projects, including expanded operations at Mogadishu Port and the planned construction of a new international port and Special Economic Zone, thereby positioning Somalia better to leverage Africa’s longest coastline for economic growth. 

(Source: Sonna News)