KENYA

Banks fight KRA link amid customer data leak worries

Banks have blocked the push by the Kenya Revenue Authority (KRA) to integrate its system with theirs amid fears that the taxman could access sensitive personal information like the flow of cash in accounts without guardrails. The KRA wants access to the data systems of 38 banks in line with a quiet change to the law in December, which gives the taxman powers to compel a taxpayer to integrate its system with that of the authority in fresh efforts to weed out tax evaders and boost revenue by billions of shillings.

(Business Daily)

TANZANIA

CRDB Bank’s infrastructure bond generates Sh323 billion

The oversubscription of CRDB Bank’s Samia Infrastructure Bond, which raised Sh323 billion, has drawn mixed reactions over investor appetite and trust in Tanzania’s capital markets. The bond aimed to raise Sh150 billion, but investors oversubscribed it by 115%, according to a statement issued by the bank yesterday. This bond is a financial initiative designed to enhance rural infrastructure projects managed by the Tanzania Rural and Urban Roads Agency (Tarura).

(The Citizen)

UGANDA

Umeme Buyout

This week, Uganda’s Parliament discussed a proposal to borrow USD 190.99 million from Stanbic Bank for the Umeme Limited buyout, which is part of the electricity sector restructuring. This is to compensate power distributor Umeme Limited for investments in the national grid after its concession expires next month.

(Business Daily)

RWANDA

Rwandan central bank at 6.5 pc on growth

The National Bank of Rwanda (NBR) – the country’s central bank – has maintained the policy rate at 6.5%, as the economy still rides on the strong performance recorded last year, with growth projected at seven per cent in the medium term in 2025. NBR Governor John Rwangombwa,  on 13th February, said, “Although there are slight pressures on inflation, it is expected to remain within the two and eight per cent band.” 

(The East African)

ETHIOPIA

AU commends Ethiopia’s economic development efforts as a potential model

The African Union (AU) Commission for Economic Development has commended Ethiopia’s economic development efforts as a potential model for other African nations to follow. AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, Albert M. Muchanga, announced the creation of a comprehensive continental document aimed at promoting sustainable development and economic prosperity across Africa. The initiative, according to Commissioner Muchanga, is designed to foster a unified approach to shaping Africa’s economic future.

(ENA)

SUDAN

UN appeals for $6bn as Sudan’s ‘shocking crisis’ deepens

The United Nations has launched a $6 billion appeal to tackle Sudan’s escalating humanitarian crisis, warning that millions face famine and displacement as the war continues. “Sudan is a humanitarian emergency of shocking proportions,” said Tom Fletcher, the UN’s emergency relief coordinator. “Famine is taking hold. An epidemic of sexual violence rages. Children are being killed and injured. The suffering is appalling.” Nearly two years of conflict have displaced 12 million people, with over 3.5 million seeking refuge in neighbouring countries. The UN aims to assist 26 million people in Sudan and the region.  

(Dabanga)

SOMALIA

Somalia takes key step toward joining WTO

The Deputy Prime Minister of the Federal Government of Somalia,  Salah Ahmed Jama, participated in important discussions in Geneva today regarding the country’s accession to the World Trade Organisation (WTO). This long-anticipated process is seen as a critical development for Somalia’s economic future, to enhance global trade relations and promote economic growth. Joining the WTO would provide Somalia with greater access to international markets, attract foreign investment, and simplify global trade procedures, all of which are key to the country’s economic advancement. 

(Radio Dalsan)