Trade and Financial Service Round-Up

  • 8 Jul 2024
  • 2 Mins Read
  • 〜 by Shammah Sirima



Uganda oil imports end Kenyan firms’ fuel transit business

The first oil shipment destined for Uganda docked at the port of Mombasa on Wednesday, marking an end of Kenyan oil market companies fuel transit business to the neighbouring country.

MT Navig8 Matines, sailing under the Liberian flag, docked at the new Kipevu Oil Terminal 2 (KOT2) at 7.15 am (GMT +3) carrying about 60,000 metric tonnes of petrol with the second vessel, MT SINBAD, with about 70,000 metric tonnes of diesel, scheduled to arrive in Mombasa on Wednesday night.

The first ship was welcomed with water cannon salute celebrations with Uganda Energy Minister Ruth Nankabirwa, Uganda National Oil Corporation (Unoc) Board Chairman Mathias Katamba and CEO Proscovia Nabbanja leading the country’s delegation in receiving the consignment.

(The East African)


NSSF reaps big from MTN, surpasses 2023/2024 targets

The National Social Security (NSSF) says it ended the financial year 2023/2024 on a good note, having surpassed its set targets.

The Fund’s Managing Director, Patrick Ayota, said a preliminary analysis shows that performance on the key indicators will surpass annual targets.

“We have commenced our annual audit. We will update NSSF members at the end of that exercise,” he said in a statement.

The Fund’s assets, according to Ayota, now stand at UGX21.6 trillion. “Recall that our target for June 2025 was UGX20 trillion. We reached that target in January 2024, 18 months ahead of the target. I want to thank the entire NSSF family for the hard work they have put in to grow the Fund,” he said.

The Fund’s membership stands at about 2.2 million members.

(The Independent)



Payment system infrastructure to reduce cash transactions

The International Monetary Fund (IMF) has said payment system infrastructure will help reduce the predominance of cash-based transactions which remains a barrier to financial inclusion in Tanzania.

The IMF’s latest report said more than 80 per cent of Finscope respondents received their income through cash and made most of their payments in cash.

Among the 55 per cent of respondents who have engaged in a remittance transaction, nearly all – about 90 per cent – made the transfers through mobile money.

(Daily News)


Rwandan businesses, Kenya Ports partner to ease global supply disruptions

Rwanda’s Private Sector Federation (PSF) and the Kenya Port Authority committed to collaborating in coping with disruptions in the global supply chains. The agreement was reached during a recent Golden Circle breakfast meeting held in Kigali.

The meeting themed “The Future of Logistics vs. the Ongoing Global Dynamics” was attended by bankers, policymakers, logistics professionals, business owners, government institutions, private sector representatives, delegations from Kenya, and staff from the Kenya Port Authority, among others. It aimed at having a clear understanding of the current global trends and establishing clear initiatives to enhance logistics efficiency and resilience through strategic interventions and partnerships that address key challenges.

(The New Times)



Ethiopia’s financial sector healthy, growing: PM Abiy

Prime Minister Abiy Ahmed said Ethiopia’s financial sector has been showing encouraging stability with a healthy growth trajectory, urging domestic banks to build their competitiveness.

The premier made the remark responding to queries and comments put to him by members of the House of Peoples Representatives today.

In his response to questions regarding the economic conditions of the country, the premier said the measures being taken by the government to curb the macroeconomic challenges of the country have been bearing fruits.