KENYA

CBK, investor standoff drives interest rates to 16-year high

A standoff between investors and the Kenyan government over interest rates escalated this week after the sale of the October Treasury bond raised less than 20 percent of the Sh35 billion on offer.

Latest data show that the State only raised Sh6.3 billion out of a target of Sh35 billion as investors sought higher returns, suggesting they have better alternatives.

The rates investors are asking for are the highest in over 16 years, surpassing the previous highs seen at the end of 2015 and early 2016 when they touched 16 percent.

CBK data show that investors encouraged to hold out for a premium by the government’s high fiscal deficit, demanded an average of 18.46 percent on the reopened five-year bond and 17.96 percent on the reopened two-year bond in the dual-tranche sale.

(Source: Business Daily)

TANZANIA

TCB launches 82nd branch in Mpwapwa

Tanzania Commercial Bank (TCB) Chairman, Dr Edmund Mndolwa, has called on Tanzanians to promote financial discipline and overcome the fear of accessing loans from financial institutions.

He said during the launch of the bank’s branch in Mpwapwa District, Dodoma Region, on Wednesday that accessing loans from commercial banks is a way of improving their socio-economic welfare.

According to a statement issued by TCB’s Acting CEO, Jema Msuya, the bank currently has 82 branches and more than 5,000 agents nationwide.

He noted that the bank is increasing its digital operation so as to compete with other institutions that are operating online services.

(Source: Daily News)

UGANDA

Starlink casts a financial lifeline to Jumia in new deal

The stars may finally be aligning for Jumia after SpaceX’s Starlink tapped the online retailer, once dubbed Africa’s ‘Amazon’ to drive its satellite internet offering across the continent.

Jumia will sell Starlink’s satellite terminals and other kits in some African nations, starting with Nigeria in the coming weeks, and subsequently expanding to Kenya and others.

Jumia will help Starlink sell terminals in areas that especially lack formal addresses and city mapping, areas where traditional broadband infrastructure often falls short, yet the demand for connectivity remains high.

Starlink-Jumia partnership also has an edge over traditional internet providers in Africa.

While MTN Group Ltd. and Vodacom Group Ltd. have predominantly supplied Africa’s broadband, challenges persist in extending infrastructure to remote areas.

(Source: The Independent)

RWANDA

RRA to launch a technology that will help people transfer vehicles without having to copy them

Starting on October 16, 2024, the Tax and Peace Center will introduce technology that will facilitate the transfer of vehicles without going to this centre.

This was announced during the launch of Taxpayer’s Month when those with all tax and customs-related issues are provided with prompt services to resolve them.

Residents mainly business service providers, real estate owners and taxpayers say that they have faced various problems including high debts, but there are also those who have stopped services due to bankruptcy or other reasons.

(Source: RBA)

ETHIOPIA

Ethiopia: Enkopa summit launches in Addis

Enkopa Summit, a two-day event centred on entrepreneurship and innovation, commenced today in Addis Ababa, Ethiopia.

Its primary objective is to redefine Ethiopia’s economic growth by fostering engaging panel discussions, visionary keynotes, demonstrations of enterprise best practices, and exclusive investor dialogues.

The summit serves as a convergence point for local and regional decision-makers, experts, innovators, investors, and corporate leaders, facilitating purpose-driven conversations that will shape Ethiopia’s economic transformation.

(Source: 2merkato.com)

SUDAN

Economist: Declining Sudanese Pound ‘going the way of Lebanese Pound’

Sudanese economist, Prof Hassan Bashir, warns that the collapse of the Sudanese Pound (SDG) “could catch up with the Lebanese Pound (LBP)* if the war continues,” indicating that Sudan is in the “on the brink”. On Sunday, the Dollar exchange rate on the parallel market reached SDG 875, while at Omdurman National Bank it reached SDG 700.

In an interview with Radio Dabanga Prof Bashir predicts that “the impact of the war will continue for decades even if it stops now,” indicating that reconstruction will require huge resources. He adds that “the response of the international community to the government that is formed after the war depends on it being a credible civilian government,” and that “it is likely that the economic situation will continue to deteriorate in the event of the formation of a government that is not accepted by the international community”.

(Source: Dabanga)