Kenya

CBK advances fast-payment system for seamless financial interoperability

The Central Bank of Kenya (CBK) is advancing the development of a Fast-Payment System (FPS) to enable instant money transfers across all financial institutions in Kenya. This system, being developed in collaboration with various industry stakeholders, aims to integrate payment services and address challenges in the current system, such as high costs, fragmentation, and limited accessibility. The FPS will build on previous efforts to enhance interoperability within the East African Community (EAC) and align with global best practices. Once implemented, this solution will improve Kenya’s financial inclusion and competitiveness, aligning with the National Payments Strategy 2022-2025.

(Central Bank of Kenya)

Tanzania

Tanzania wins IMF, World Bank accolades

The International Monetary Fund (IMF) and the World Bank Group (WBG) have designated Tanzania as the second country, after Madagascar, to benefit from the Enhanced Cooperation Framework for Scaled-Up Climate Action. The initiative aims to address the country’s adverse impacts of climate change. According to a statement released last week, the IMF Executive Board approved an arrangement under the Resilience and Sustainability Facility (RSF) in June 2024 and also the active engagement of WBG in climate action efforts in Tanzania.

(Daily News)

Uganda

How Uganda, Kenya will benefit from the newly unveiled ferry

A ferry linking the mainland areas of Namayingo and Bukhooli to Western Kenya has been launched. Residents and leaders in both Uganda and Kenya are now optimistic that the ferry will open up Western Kenya and Eastern Uganda in terms of transport and trade. Busia-Kenya County Governor, Mr Paul Nyongesa Otuoma, reiterated the importance of Uganda and Kenya in terms of trade, saying the two neighbours are “great trading partners” and thinks the ferry services will increase the volumes of the people on the islands with Western Kenya. Budalangi Member of Parliament Raphael Wanjala is counting on the ferry to increase cultural and trade ties between Uganda and Kenya. The Commissioner of Maritime Services in the Ministry of Works and Transport, Mr Robert Ntambi, said the intervention will result in increased investment and collaboration among stakeholders and increased investment in water transport by the private sector, which will further bring about increased trade, tourism, and employment. According to him, there will most likely be an increase in commercial activities on the lake which will translate into more revenue for the government.

(Monitor)

Ethiopia

Improving quality of commodities crucial to boost export trade: trade & regional integration ministry

The Ethiopian Commodity Exchange (ECX) Academy graduated 85 trainees upon completion of courses in coffee quality evaluation and cupping, e-trade, as well as quality assessment for grains, pulses, and oilseeds. During the occasion, State Minister Yasmin stated that the ministry is working to enhance export performance. She emphasised that improving the quality of export commodities is essential for boosting the country’s export trade.

(ENA)

Somalia

Sharp decline in Somali piracy, but vigilance still essential, IMB warns

The International Maritime Bureau (IMB) has urged continued caution despite a significant drop in piracy incidents off the coast of Somalia during the first nine months of 2024. According to the IMB’s latest report, only eight Somali piracy incidents were recorded, including three hijackings and two vessels fired upon. No attacks were reported between July and September, a period likely influenced by the region’s monsoon season. However, the IMB Piracy Reporting Centre (PRC) warned against complacency, highlighting that Somali pirates still pose a threat. Pirates remain capable of attacking ships more than 1,000 nautical miles from the Somali coast, indicating that the piracy threat is far from over. 

(Radio Dalsan)