Kenya

Nairobi slaps Uganda with fresh hurdle on fuel imports

Kenya has thrown a fresh hurdle on Uganda’s direct fuel import scheme, doubling the bond fee for imported consignments destined for Kampala to $45 million (Kshs. 5.78 billion at current exchange rates).

 (Business Daily)

Tanzania

Tanzanian entrepreneur gets $40 million investment for his fintech

A fintech company, NALA, founded by Tanzanian entrepreneur Benjamin Fernandes, has received a financial boost after it was announced on the US stock exchange NASDAQ to have secured a $40 million (over Kshs.100 billion) investment.

This investment will enable the fintech, which relocated its regional head office to Kenya, to achieve its goal of further international growth and to improve the quality and security of payments across Africa through a new payment system developed by the company called Rafiki. 

(The Citizen)

Uganda

Gains, losses in Uganda’s fuel import business

Middlemen who, until last week, were in charge of Uganda’s importation of petroleum products have now been eliminated from the chain, paving the way for reduced pump prices across the country. With the elimination of mostly Kenyan-based middlemen from the fuel importation process, Ugandan consumers will not have to shoulder the costs associated with intermediaries in the supply chain. 

(The Monitor)

Rwanda

Rwandan consumers show resilience, optimism

Rwandan consumers demonstrated financial resilience in the second quarter of 2024, with the majority expressing increased optimism about their income prospects for the coming year.

This is according to a new report by TransUnion Rwanda. TransUnion, a credit reference bureau, indicated that 33 per cent of surveyed consumers said their incomes had increased in the previous three months (April-June), 22 per cent started a new business, and 21 per cent started a new job, leading to increased income.

(The Daily News)

Ethiopia

Ethiopia earns record $1.4bn from coffee exports

Coffee exports brought Ethiopia $1.43 billion in revenue during the just-concluded Ethiopian fiscal year, the government has said. The country exported 298,500 tonnes of coffee during the 2023/24 fiscal year that ended on July 7, the Ethiopian Coffee and Tea Authority (ECTA) said in a statement on Tuesday. 

(The East African)

DRC

DRC now Kenya’s fastest-growing EAC export market 

The Democratic Republic of Congo (DRC) has overtaken Uganda to become Kenya’s fastest-growing export market within the East African Community bloc, new data shows, despite frosty diplomatic relations between Nairobi and Kinshasa. 

(The East African)

Somalia

Somalia to pay $7.8 million annually to East African Community

In a significant move towards strengthening regional cooperation and economic integration, the East African Community (EAC) has welcomed Somalia as its newest member, with the war-torn nation set to contribute $7.8 million annually to the organisation’s budget. 

(Radio Daslan)