Trade and Financial Services Round-Up

  • 28 Aug 2023
  • 3 Mins Read
  • 〜 by Kennedy Osore



State to legalise phone, email tapping in dirty cash fight


Telephone calls and emails of Kenyans suspected to be dealing in money laundering and terrorism financing will be tapped if lawmakers approve changes to a Bill seeking to escalate the fight against terrorism and dirty money deals in the country.


The parliamentary committee on Finance proposed the changes to the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023 on Wednesday seeking to legalise the bugging of suspects’ private communication.


The proposal, if adopted by the House, will give the State security machinery unfettered access to private communications of suspects in money laundering and terrorism financing.


Currently, State agencies are not legally allowed to tap the private communications of persons suspected of involvement in dirty money deals and terrorism financing.


(Source: Business Daily)




Trade between India and Tanzania hits $6.4 billion


Trade between Mumbai and Dar es Salaam has reached $6.4 billion, with Tanzania being described as the focal point of India’s relations with the African continent.


But, other than vehicles Tanzania also imports from India things like petroleum and oil obtained from bituminous minerals, medicines, turbo-Jets, turbo-propellers and other gas turbines, electrical transformers, static converters and inductors and cycles fitted with auxiliary motors.


(Source: The Citizen)




World Bank funding embargo to Uganda


Following the World Bank decision issued on Aug. 8 to stop new public funding to Uganda in relation to the passing of the anti-homosexuality bill into law, a group of civil society organisations under the umbrella group – Civil Society Budget Advocacy Group are calling on the government to renegotiate with the global lender.


In a statement issued recently, the group calls on the government to re-examine its spending patterns with the main objective of further cutting down on its public administration costs by reviewing the public service salary structure.


They also want the government to renegotiate with the World Bank on key project intervention areas that have a multiplier effect on Ugandans.


(Source: The Independent)




I&M Bank, Old Mutual partner to provide MSMEs with comprehensive insurance solutions


I&M Bank has partnered with Old Mutual Insurance to provide comprehensive insurance solutions to clients of both leading institutions in their respective fields.


This is a move that will see the insurance penetration in Rwanda rise from the current 1.7%.


Currently, the insurance penetration of most African countries stands at 2% and this partnership will see a rise in the number of MSMEs covered by insurance in Rwanda.


This collaboration aims to provide Business Asset Insurance and Staff Medical Insurance, revolutionising the insurance landscape for MSMEs in Rwanda.


(Source: The New Times)




Ethiopian Electric Power to Sell Electricity to Local Companies in Foreign Currency


Ethiopian Electric Power (EEP) has announced its intention to sell electricity to local companies in foreign currency, marking the first time such a move is being made.


Contracts have been signed with nine foreign companies, with a total value of $73 million for the upcoming year. These companies are strategically located near transmission lines, making the delivery of electricity easier and more cost-efficient. Moreover, by purchasing electricity directly from EEP, it is hoped that these companies could avoid power outages and other disruptions.






RW Hamse “Reprint of Shilling. It is part of the country’s economic growth.”


The Prime Minister of the Federal Government of Somalia, Mr. Hamza Abdi Barre, chaired the first meeting of the National Committee for the Management of the Somali Shilling Reissue Project, which discussed how to speed up and reform the Somali Shilling. 


The Governor of the Central Bank and the members of the Committee briefed the Prime Minister on the activities of the Committee, based on the policy of the National Government to reform the country’s economy, especially the return of the Somali Shilling which will change the economy of the poor people in the country.


(Source: Radio Dalsan)