Kenya  

Parliamentary Committee agrees on Banks’ plight for extended time to hit Sh10bn minimum capital

Banks will have up to eight years to raise their minimum statutory capital to at least Sh10 billion, if Parliament approves select committee’s proposal to more than double the compliance period to help small lenders conform without strain. The Parliamentary Committee on Finance and National Planning has agreed with Kenya Bankers Association (KBA) that requiring banks to increase the minimum or core capital from the current minimum of Sh1 billion to Sh10 billion within three years as proposed in the Business Laws (Amendment) Bill, 2024 will put a strain on small banks and hurt their ability to lend. The proposal, if adopted in Parliament, will offer a reprieve to lenders that currently have core capital below Sh10 Billion.

(Business Daily)

Tanzania 

Tanzania’s Export Processing Zones Authority launches collective investment scheme

The Export Processing Zones Authority (EPZA) has introduced a collective investment scheme as a strategic mechanism to finance the development of industrial sheds and warehouses, essential for supporting industrial activities. EPZA Director General, Charles Itembe announced the initiative on December 3, 2024 stating that the scheme aligns with recommendations from capital markets stakeholders. “The collective investment scheme targets the industrial Real Estate Trust Fund to finance the construction of industrial sheds and warehouses, essential for supporting industrial activities.

(The Citizen)

Uganda

Uganda Confirms Central Bank Accounts Hack, Downplays Loss

A senior official at Uganda’s Finance ministry confirmed that accounts in the country’s central bank had been hacked but he downplayed the extent of the losses. The Bank of Uganda has said that late on Thursday it was awaiting a police investigation into a news report that offshore hackers stole 62 billion Ugandan shillings from the central bank. State owned New Vision newspaper reported on Thursday that hackers, identifying themselves as “Waste”, accessed the Bank of Uganda’s IT systems and illicitly transferred the funds earlier this month.

(Reuters)

Rwanda 

BPR Bank Rwanda wins Bank of the Year 2024 award

BPR Bank Rwanda has been honoured as ‘Bank of the Year 2024 – Rwanda’ by the Financial Times and its subsidiary The Banker. The prestigious accolade was presented at a gala event held at the Peninsula Hotel, London, on December 4 2024. This recognition underscores BPR Bank’s unwavering commitment to driving Rwanda’s financial ecosystem forward, with a strong focus on Small and Medium Enterprises (SMEs), climate change management, and social empowerment initiatives. In 2024, BPR Bank Rwanda stood out for its robust SME investment programs. This year the bank has partnered with Denmark’s Investment Fund for Developing Countries (IFU) and the International Finance Corporation (IFC) to designate Rwf 62 billion in financing to entrepreneurship and job creation

(The New Times)

Ethiopia 

Ethiopia Earns USD 674 Million from Coffee Exports in Four Months

Ethiopia’s coffee export sector continues to deliver results, with the Ethiopian Coffee and Tea Authority announcing that the country earned over USD 674 million from coffee exports in the first four months of the current fiscal year. Sahlemariam Gebremedihin, Communications Affairs Director at the Authority, highlighted that 150,346 tons of coffee were exported to international markets during this period. This performance exceeded the Authority’s planned target of 98,999 tons, achieving 152% of the export volume goal. In financial terms, the Authority achieved 127% of its revenue target. Compared to the same period in the previous fiscal year, the country recorded a 51% increase in both export volume and revenue, representing an additional 62,587 tons of coffee and a revenue increase of USD 226.89 million.

(2 merkato)