KENYA

Stanbic lowers ESG loan screening threshold to Sh50m

Stanbic Bank Kenya will from next month start screening loans of Sh50 million and above for environmental, social and governance (ESG) compliance, tightening the sustainability threshold which currently starts at Sh300 million.

The bank says the lower pre-credit screening threshold will help it ensure at least 20 percent of its loan portfolio is channelled to sustainable green projects within the next three to five years.

Stanbic Bank Kenya and South Sudan CEO Joshua Oigara said in an interview with the Business Daily that the increasing severity and frequency of climate change risks means lenders will have to elevate their accountability to society by not funding projects that aggravate the situation.

(Source: Business Daily)

TANZANIA

Absa launches mobile phone app

ABSA Bank Tanzania on Wednesday launched a mobile phone application ‘Absa Mobi Tap’ which allows merchants and Micro, Small, and Medium Enterprises (MSMEs) to use smartphones to process contactless card transactions.

A Mobi Tap application will speed up payment processes for both buyers and sellers by leveraging smartphones as a point of sale (POS) terminal at zero cost. Customers can conveniently tap their debit or credit cards on an Android phone or tablet to complete transactions swiftly.

Absa Head of Retail Banking, Ms Lilian Ndabu, said the mobile app is the lender’s testament to remaining focused on building a digital-led business agile to adapt changes to meet customer needs.

(Source: Daily News)

UGANDA

‘Too late for newcomers in Uganda oil sector’

Major contracts for construction activities for the Tilenga project have been awarded two years after a Final Investment Decision (FID) for the project was taken.

The project is located in Bulisa and Nwoya districts and is led by TotalEnergies. Philippe Groueix, the Chair of TotalEnergies in Uganda and General Manager of TotalEnergies EP Uganda, said with the big contracting period over, the focus should be on the execution of the contracted works.

TotalEnergies and the joint Venture Partners CNOOC were expected to award contracts worth over $6 billion for 40 work packages for the Tilenga, Kingfisher, and East African Crude Oil Pipeline (EACOP) Projects at the time when the FID was taken in February 2022.

(Source: The Independent)

RWANDA

UK PM insists Rwanda migrants plan ‘will work’

UK leader Rishi Sunak insisted on Thursday, December 7 that his latest immigration plan will work, as the issue threatened to tear apart his ruling Conservatives, putting his premiership in jeopardy.

Sunak came out fighting after his government’s latest attempt to deport asylum seekers to Rwanda sparked the resignation of his immigration minister who said it did not go far enough.

His ex-interior minister Suella Braverman also said the law was destined to fail, and urged Sunak to change course on immigration – a major political battleground in next year’s expected general election.

(Source: The Business Times)

ETHIOPIA

Ethiopia’s exports to the EU growing

Ethiopia’s exports to Europe have grown at an annual rate of six percent over recent years under the European Union’s ‘Everything But Arms’ (EBA) agreement, according to the EU Ambassador to Ethiopia.

The achievement was highlighted at a forum organised by the EU Chamber in Ethiopia, where two policy briefs on forex disbursement and customs administration were announced to enhance Ethiopia’s business climate. The EU Ambassador emphasized Ethiopia’s significant role in the European market and efficient use of the EBA, offering zero percent customs duties and no quantitative restrictions. The country’s exports under the EBA have grown at an average of six percent annually, reaching approximately Birr 140 billion over the last five years, with a remarkable 47 percent increase last year.

(Source:2merkato.com)