Trade and Financial Services Round-Up.

  • 2 Feb 2024
  • 3 Mins Read
  • 〜 by Jewel Tete


UK and Kenya in fierce tax fight

The United Kingdom has made an official complaint over the higher import duty Kenya charged on some of its products, a senior government official has revealed. In line with the East Africa Community (EAC) Customs Union, Kenya applied a tariff of 35 percent on imported whiskies from the UK. However, the Economic Partnership Agreement (EPA) the two countries signed sets import duties on whiskies from the UK at 25%. Trade Principal Secretary Alfred K’Ombudo said the UK argued for a standstill on the higher tariff, which would contradict the regional bloc’s CET (common external tariff)

(Business Daily)



TADB, TCB ink deal to boost lending to smallholder farmers

The Tanzania Agricultural Development Bank (TADB) has signed a new agreement with the Tanzania Commercial Bank (TCB) to boost credit guarantees to small-scale farmers through the Smallholder Farmers Credit Guarantee Scheme (SCGS). The TADB said the new five-year partnership deal with TCB signed in Dar es Salaam was worth Tshs 21 billion up from Tshs 7 billion allocated in 2018 when the credit guarantees to smallholder farmers were initiated. TADB Managing Director Mr Frank Nyabundege said in Dar es Salaam yesterday that the agreement implemented through the Smallholder Farmers Credit Guarantee Scheme (SCGS) would double the accessibility of loans among smallholder farmers, unlike before.

(Daily News)



Centenary Bank steps up to WhatsApp banking

Centenary Bank has shown its commitment to deliver innovative and customer-centric banking solutions by announcing the launch of its latest innovation, CenteWhatsApp banking. This pioneering service is designed to provide customers with convenient and secure access to a wide range of banking services directly through the widely used messaging platform, WhatsApp.

CenteWhatsApp banking leverages the ubiquity of WhatsApp to bring banking services closer to customers, ensuring they can transact anytime, anywhere, through the messaging platform on their mobile devices. This initiative represents a significant step towards redefining the banking experience and promoting financial inclusion in Uganda.




Ethiopia to further strengthen economic ties with other BRICS members

The first BRICS Sherpa and Sous-Sherpa meeting was held in Moscow, Russia, according to the Ministry of Foreign Affairs. The Ethiopian delegation headed by the Governor of the National Bank of Ethiopia and Ethiopia’s BRICS Sherpa, Mamo Esmelealem Mihretu, participated in the meeting. In these bilateral meetings, his counterparts expressed their unwavering commitment to further enhance ties with Ethiopia. Governor Mamo expressed Ethiopia’s commitment and readiness to play a constructive role in further strengthening BRICS. He also highlighted the trade, investment, and tourism opportunities of Ethiopia. The Sherpas and Sous-Sherpas have also agreed to strengthen the strong bilateral relations of Ethiopia with their respective countries and enhance their cooperation in development finance, trade and investment within the BRICS platform. Ethiopia, along with Egypt, Iran, Saudi, and the UAE, recently joined the BRICS.




Sudan currency rate continues to decline as 90% of industries destroyed

The official exchange rate of the US Dollar witnessed an increase of nine per cent in Sudan this week. Economist Haisam Fathi attributes the rise to the consequences of the war between the Sudan Armed Forces (SAF) and Rapid Support Forces (RSF) raging in the country since April 15 last year. White Nile state has reportedly become the largest state in the country that exports food grains and gum arabic. The greenback was trading for SDG1,050 at the Omdurman National Bank and SDG1,035 at the Bank of Khartoum on Wednesday, SDG85 (nine per cent) more than the day before. The US Dollar rate at the parallel market increased only slightly, to SDG1,120, compared to SDG1,115 last week.