Kenya

Kenyans default on Sh83bn bank loans in 4 months

Borrowers have defaulted on an extra Sh82.9 billion in bank loans in just four months, signalling the economic struggles that have seen the share of non-performing loans hit a 16-year high. Latest Central Bank of Kenya (CBK) data show the non-performing loans (NPLs) ratio— the proportion of loans for which no interest or principal has been received for at least three months—hit 14.9 per cent in May from 13.3 per cent in December, as the stock of bad loans piled. The stock of bad loans rose from Sh487.7 billion in December to close April at Sh570.6 billion, with the worsening of the NPLs ratio in May pointing to a further rise in non-payments.

(Business Daily)

Tanzania

NBC extends its new digital payment system to Dodoma

The National Bank of Commerce (NBC) has extended its new digital payment solution to Dodoma, seeking to simplify transactions by companies and organisations operating in the capital city. Dubbed NBC Connect, the digital service will enable corporate customers in the region to make safe and reliable payments without physical movement to bank branches. The Dodoma launch follows the recent two launches in Mbeya and the Lake Zone respectively.

(The Citizen)

Uganda

High domestic debt puts pressure on bank deposits

Banks are concerned that the government’s domestic debt will strain banking as Treasury returns to the market following revenue shortfalls. Lenders and traders who are owed Shs33 trillion in domestic debt are worried about the government’s ability to meet its payment obligations in light of a budget that devoted 30% of revenue collections to debt servicing. Uganda owes lenders Shs88 trillion, nearly twice the Shs52.7 trillion budget with Shs47.9 trillion due to foreign debt and Shs33 trillion owed to domestic creditors, which has prompted repayments to be spread over several years. 

(Monitor)

Rwanda

PM Ngirente makes the case for preferential trade deals with the EU

Prime Minister Edouard Ngirente has emphasized the need for Rwanda to establish preferential trade agreements with the European Union (EU) in order to stimulate economic growth. Europe has become the largest source of investment for Rwanda, with over $870 million invested in key sectors such as construction, manufacturing, real estate activities, agriculture, mining, and ICT over the past five years. According to Ngirente, these investments have significantly improved livelihoods by creating jobs and empowering the private sector, which has become a crucial driver of economic growth. They have also fostered innovation, entrepreneurship, and technological advancements, positioning Rwanda as a regional hub for innovation and trade.

(The New Times)

Ethiopia

Ethio Telecom, Techno Mobile, and Transsion Manufacturing Company partner to increase smartphone penetration in Ethiopia

Ethio Telecom, Techno Mobile, and Transsion Manufacturing Company have entered into a strategic partnership to provide smartphones in Ethiopia. The partnership aims to increase smartphone penetration, promote affordability, and bridge the digital divide in the country.

As part of the partnership, Ethio Telecom will purchase and sell Techno’s CAMON 20 commercial mobile series. Techno Mobile will assemble and deliver the devices, and the three companies will collaborate on sales, after-sales service, and customer support. The partnership is expected to increase the accessibility of high-quality mobile devices nationwide. This will empower customers to use digital services more widely and enhance 4G and 5G network usage.

(2Merkato)

Sudan

Fears $1.5 Billion Sudan aid ‘may not reach those in need’

Concerns are mounting regarding the fulfilment of $1.5 billion in donor pledges made toward humanitarian relief for Sudan at the Geneva Conference. There are fears that the aid may not reach those in need under the current authority. Discussions are underway for a new truce mediated by Saudi Arabia and the United States, focusing on a permanent ceasefire, humanitarian access, and political progress. Concerns were raised by journalists and displaced people regarding the fulfilment of donor pledges made at the recent Geneva conference, amounting to $1.5 billion. Fayez El Seleik, a former press advisor to former Prime Minister Abdallah Hamdok, emphasised the importance of establishing safe corridors and pathways to ensure the delivery of aid to eligible recipients.

(Dabanga)

Somalia

Somalia and Pakistan are set to bolster commercial ties

The Prime Minister of the Federal Government of Somalia H.E. Hamza Abdi Barre met with the President of Pakistan. The duo discussed ways to improve bilateral ties between Somalia and  Pakistan as well as livestock, fisheries, and energy cooperation. President Arif and PM Hamza also talked about how they could cooperate to fight terrorism. Pakistan and Somalia are active commercial partners, trading a variety of commodities. In 2008–2009, Somalia exported $34,822.059 million USD worth of goods to Pakistan, with Pakistan in return exporting $17,781.883 million USD worth of goods to Somalia.

(Radio Dalsan)