Kenya

Safaricom Raises Dividend by 67% as Profit Hits KSh99.7B

Safaricom Plc has increased its total dividend by 66.7 per cent to KSh2 per share for the year ended March 31, 2026, after reporting a 67.3 per cent rise in net profit to KSh99.7 billion, driven by strong M-Pesa growth in Kenya and sharply reduced losses in Ethiopia.

The proposed payout comprises a final dividend of KSh1.15 per share, in addition to the interim dividend of Sh0.85 paid earlier this year. Total shareholder payouts for the period total KSh80 billion.

This marks a sharp increase from the previous financial year, when Safaricom paid a total dividend of KSh1.20 per share, comprising a final payout of Sh0.65 and an interim dividend of KSh0.55.

The company’s profitability in Kenya rose by 24.7 per cent to KSh119.7 billion, largely supported by growth in revenues from its mobile money service, M-Pesa.

(Source: Business Daily)

Uganda

Museveni Backs Dangote Oil Refinery in Tanzania

President Yoweri Museveni has hinted at using Uganda’s crude oil as a contribution towards building a mega crude oil refinery in East Africa, to be located in Tanga, Tanzania. The move is part of broader efforts to boost local refining capacity and reduce Africa’s dependence on imported petroleum products.

The plans for a refinery received a major boost today, as Aliko Dangote, Africa’s richest man, pledged to help East Africa build the new oil refinery in Tanzania.

“I can commit the two presidents. If they will support the refinery, we’ll build the identical one that we have in Nigeria – 650,000 barrels here,” Dangote said.

Earlier, President Museveni revealed that President William Ruto recently sent him a message about the possibility of building a refinery in Tanga to use crude oil from Kenya, South Sudan, and the Democratic Republic of the Congo (DRC) as feedstock.

(Source: Independent)

Tanzania

TIRA Promotes Insurance Inclusion for Strong Financial Protection

The country’s insurance industry is undergoing a significant transformation, driven by the Tanzania Insurance Regulatory Authority (TIRA) through the National Inclusive Insurance Strategy (NIIS), which aims to expand access to risk protection.

This reform agenda positions insurance as a vital instrument for safeguarding lives, livelihoods, and assets against economic, social, and environmental shocks that continue to affect communities across the country. As the sector regulator, TIRA is playing a central role not only in shaping policy direction but also in driving a broader vision to make insurance services accessible, affordable, and relevant to all Tanzanians.

Particular focus is being placed on populations that have historically been excluded from formal financial systems, including low-income households, rural communities, and those operating within the informal economy.

(Source: Daily News)

Rwanda

Preventive Audits Save Rwf10B in Two Years – OAG Report

The growing use of preventive audits has not only saved public funds but also continues to deliver tangible improvements in people’s lives, Auditor General Alexis Kamuhire has said.

He made this point on Wednesday, May 6, as he presented the latest report on public finance management to Parliament.

Kamuhire highlighted significant progress in the management of government resources, alongside the increasing effectiveness of early audit interventions.

In the financial year ending June 30, 2025, the Office of the Auditor General reviewed 96 per cent of all public expenditure, reflecting strong oversight across government institutions.

(Source: The New Times)

Ethiopia

Ethiopia Hosts Pan-African Finance Forum to Confront Mounting Debt Pressures

Ethiopia has launched the Second African Forum on Sovereign Finance, convening top policymakers and financial leaders to address rising debt vulnerabilities and tightening fiscal space across the continent.

The three-day gathering, held in Addis Ababa, has brought together representatives from finance ministries, debt management offices, multilateral institutions, credit rating agencies and institutional investors under the theme “Enhancing Fiscal Space and Debt Sustainability.”

Opening the session, State Minister Semereta Sewasew cautioned that successive global shocks have deepened fiscal pressures across African economies. She noted that external financial buffers have steadily eroded, with foreign exchange reserves relative to external debt declining sharply over the past decade.

(Source: ENA)

Sudan 

UN, UK Condemn Drone Strikes on Khartoum Airport as Flights Remain Suspended

The United Nations (UN) warned on Tuesday that air operations at Khartoum International Airport remain suspended after drone strikes on the facility and other parts of the capital, significantly disrupting humanitarian logistics.

Stéphane Dujarric, Spokesperson for the Secretary-General, told reporters in New York that the airport is “vital to humanitarian access,” particularly for the movement of personnel following the recent UN team’s resettlement in Khartoum.

The British Embassy in Sudan also expressed grave concern, stating on the X platform that attacks on civilian infrastructure and vital aid routes must stop.

“Every strike endangers innocent lives,” the Embassy said, calling on the warring parties to agree to a humanitarian truce and commit to a civilian-led future for the country.

(Source: Sudan Tribune)

Somalia

Finance Minister Hosts High-Level UN Delegation In Mogadishu

The Minister of Finance of the Federal Government of Somalia, H.E. Bihi Iman Egeh, held a productive meeting with a high-level United Nations delegation at the Ministry of Finance headquarters.

The delegation included Shoko Noda, Assistant Secretary-General of the United Nations and Director of the Crisis Bureau, and Lionel Laurens, the United Nations Development Programme (UNDP) Resident Representative for Somalia.

During the meeting, the two sides discussed ongoing economic developments, particularly the impact of drought, floods, and climate change on the country’s economy.

They also explored the most effective approaches to strengthening economic resilience and advancing sustainable development projects across the country. The discussions placed special emphasis on enhancing cooperation between the Federal Government of Somalia and UNDP, with both sides underscoring the importance of accelerating development programmes and supporting recovery and economic growth.

(Source: SONNA)