Kenya 

Safaricom gets approval for new money market fund

Safaricom’s Ziidi Money Market Fund has received approval from the Capital Markets Authority (CMA). The fund will operate in partnership with three fund managers: Standard Investment Bank (SIB), ALA Capital Limited, and Sanlam Investments East Africa Limited.

(Business Daily)

Tanzania

BoT moves to rein in digital firms

The Bank of Tanzania has launched a crackdown on clandestine online loaning services as part of a wider move to tighten regulatory structures for digital lending operations in the country. According to BoT officials, only four out of 20 formal license applications had been approved by November 14 under stricter guidelines introduced in August to remove shortcomings noted in the conduct of digital microfinance activities. The central bank is also liaising with the Tanzania Communications Regulatory Authority (TCRA) to cut off 69 other lenders discovered to be running mobile phone apps for providing online loans under the radar.

(The East African)

Uganda 

Uganda taps oil revenues to fund SGR

Ending nearly two decades of anticipation, the network is expected to transform trade dynamics and serve as the main artery linking Uganda to the Democratic Republic of Congo (DRC), South Sudan, Rwanda, and Burundi. Uganda plans to fund the railway using proceeds from the pipeline and refinery projects.

(Nation.Africa)

Ethiopia 

Safaricom expands 4G network

Safaricom Telecommunications Ethiopia PLC has officially launched its network and added Nekemte City to the 07 Family. This expansion of the reliable, fast 4G Network to Nekemte marks a crucial step in rolling out the services to western Ethiopia and represents a new chapter to the mission of reaching all of Ethiopia.

(TechAfrica News)

Rwanda

Rwandan Franc depreciates by 16pc against the US dollar over geopolitics, says governor

The Rwandan Franc (RWF) has depreciated by 16.3 per cent against the US dollar during the 2023/2024 fiscal year due to economic contractions from geopolitical hangovers. John Rwangombwa, the Governor of the National Bank of Rwanda, revealed this while addressing the Senate on pressing financial and economic challenges this week. He attributed the shedding of the Franc to a sharp fall in the prices of Rwanda’s main exports, like minerals and coffee, which significantly reduced the country’s foreign exchange earnings.

(The East African) 

South Sudan

South Sudan and Congo to integrate revenue systems 

Revenue Authorities of South Sudan and the Democratic Republic of Congo are set to integrate their revenue systems with other Northern Corridor nations in the East African community to improve the efficiency of border documentation. Dr John Deng, Northern Corridor Transit and Transport Coordination Authority, said the countries have agreed to adopt technologies in their customs processes.

(The East African)

Somalia

US cancels $1.1 billion Somalia debt in major boost for Mogadishu

The US has written off more than $1.1 billion of Somalia’s debt, marking a significant win for Mogadishu on the international stage. During a brief ceremony at the US Embassy grounds in Mogadishu, officials announced that Somalia would no longer be burdened by the debt, allowing the government to redirect spending toward urgent priorities.

(The East African)