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Tuesday, 21 November 2017

VIRTUAL ADVOCATE - A SOLUTION SET TO REVOLUTIONIZE OFFICE PRODUCTIVITY

Virtual Advocate Chief Executive Officer, Nzaro Kachenje (centre), addresses participants during the official launch of Virtual Advocate online document solutions application in Dar es Salaam yesterday. With him are, Virtual account manager, Asha Bura (right) and application’s administrator, Francis Lusinde. Application is said to cut down document processing time and operational costs by over 90 percent.
Dar es Salaam, Saturday, November 18, 2017

‘Virtual Advocate’ is a revolutionary document solution platform that allows users to transform their frequently used documents and forms into intelligent templates, enabling super-fast production of tailor-made documents, increasing efficiency and productivity.

Departments such as legal, credit, human resources, sales and the like, whether in bank, real estate, insurance companies or education providers, can leverage from the myriad of benefits of the new platform.

By streamlining the documentation process, Virtual Advocate guarantees improved productivity by cutting down document processing time and operational costs by over 90 percent. The system reduces the need for multiple editing and dependency on lawyers and thus reduces costs and time spent.

Speaking to journalists, the CEO of Virtual Advocate, Mr Nzaro Kachenje, said that they found the existing traditional processes of drafting, monitoring and managing documents to be unnecessarily time consuming, costly, stressful and prone to errors. To counter this, they endeavored and succeeded to integrate modern technologies into the day-to-day documentation process to produce a robust, one stop center for most documentation needs, which they branded ‘Virtual Advocate’.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 20 NOV. 2017

Monday, 20 November 2017

STANBIC TANZANIA SELECT GRADUATE TRAINEES TO CONTRIBUTE TO THE FUTURE OF BANKING


Stanbic Bank Tanzania has recruited six graduate trainees under its 2017 graduate program that aims at identifying and nurturing young talents to take on leadership positions at the institution and the banking industry. The program is tailored to encourage high-level growth with professional qualifications and training critical to a career in banking. 


Speaking to the graduates during the Executive Committee (EXCO) induction session in Dar es Salaam recently, Stanbic Bank Tanzania CEO Ken Cockerill said “Our graduate program is designed to develop our future business leaders and we count on you to play a significant role in shaping the direction of the organization as we move forward in this dynamic and rapidly changing world in which we operate.” 

On behalf of EXCO, the bank’s Head of Human Capital, Eutropia Vegula welcomed the graduates to the bank and assured them that “You have made the right decision in choosing Stanbic, the bank prides itself as an institution where great careers are made. And this program is illustrative of the bank’s commitment to human development as underscored in the Second Five Year Development Plan (FYDPII) as a pillar that is critical to the transformation of the economy into a middle-income country.”

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 17 NOV. 2017

Friday, 17 November 2017

KAMPALA DECLARATION ON HOUSING FINANCE - ENGAGING THE HOUSING VALUE CHAIN FOR GROWTH


The 33rd AUHF Conference and AGM brought together key players in Africa's housing and housing finance sector. Through this declaration, the AUHF members express their commitment to promote and finance the delivery of affordable housing in Africa.

The Centre for Affordable Housing Finance, as the secretariat of the AUHF, is committed to operationalizing this declaration into our work and believe that it will catalyze increased delivery of affordable housing on the continent over the next year.

UNDERSTANDING UGANDA'S HOUSING FINANCE MARKET


Centre for Affordable Housing Finance in Africa

30th October 2017

Over the last five years, Uganda has experienced a slowdown in economic growth due to the adverse weather conditions affecting its agriculture sector, an increased public debt burden and political pressures from the South Sudanese crises. Despite these challenges, the economy has shown signs of recovery with a 2017 growth rate of 5.8 percent. This can be attributed to improved weather conditions that are likely to boost agricultural production and cross-sectoral involvement in major infrastructure investment projects. A 35 percent increase in road and energy infrastructure investment contributed significantly to the country’s economic growth in the first quarter of 2017. 


However, the poor implementation and management of these investment projects has been identified as a key risk to economic growth in the country. In an attempt to stimulate economic growth through an increase in private sector credit, the Bank of Uganda reduced its Central Bank Rate (CBR) from 15 percent in June 2016 to 9.5 percent in October 2017. Private Sector Credit (PSC), a leading indicator of the financial sector’s contribution to economic activity, has improved to 5.3 percent in early 2017 from - 0.1 percent in mid-2016. This has had positive effects on the construction, real estate and mortgage sector as it continues to hold the lions share of PSC.

A Country Overview of Housing Finance Markets in Uganda


2017 has seen a general decline in interest rates on mortgages, from 22 to 18 percent. This suggests an increase in the availability of mortgage finance in the country.

On the demand side, the issuance of mortgage finance in Uganda continues to depend on verifiable income in the underwriting process. However, borrowers with formal ,verifiable income constitutes less than 38 percent of the working population.

TTCL TARGETS GREATER PROFITS

TANZANIA Telecommunications Company Limited (TTCL) Chief Executive Officer, Mr Waziri Kindamba (centre), briefs reporters on the fate of the company to become fully business corporation after the Parliament recently approved Tanzania Telecommunication Corporation Act, 2017. Right is Wholesale Manager, Ms Herrieth Lema and Mr David Kalay (left), Chief Financial Officer.
Tanzania Telecommunications Company Limited (TTCL) management has expressed optimism that it will meet its target for its envisaged super profit of between 7bn/- and 8bn/- in the 2017/2018 financial year.

With that profit, the state-of-the-art telecom company will provide dividend to the government amounting to 1bn/- in the same financial year, according to TTCL Chief Executive Officer, Mr Waziri Kindamba.

Mr Kindamba who was speaking at a news conference in Dar es Salaam yesterday, said the company’s revenue increase comes against the backdrop of the newly approved Tanzania Telecommunication Corporation Act, 2017 that is currently pending approval by President John Magufuli.

On Wednesday, Members of Parliament (MPs), debated and approved the new legislation that seeks to transform TTCL into a fully established state-of-the-art business corporation.

DIAMOND TRUST BANK LAUNCHES SPECIAL ACCOUNT FOR NGOs





Diamond Trust Bank Tanzania (DTB Tanzania), has launched a special Current Account for the NGO sector. The Community Account is offered at zero operational fees except for actuals (Cheque book & Transfer fees) to Not-for-Profit entities i.e. Charities, Non-Governmental organizations (NGOs), Religious Organizations, Societies, Clubs and Trusts.

The DTB Community Account is available in TZS and USD with online access to customers 24/7 via Internet banking. The product benefits include interest on average monthly float balances above TZS 50 Mio /USD 50,000 and free salary processing for Not-for–profit employees who opt to bank with DTB Tanzania.

Speaking during the colorful launch event that brought together more than 100 customers of the Bank and Not-for-profit stakeholders at the Best Western Coral Beach Hotel in Dares Salaam, the Country Manager and CEO of DTB Tanzania, Mr. Viju Cherian said that “Our strategic focus is to possess a complete product offering that caters for all demographics, businesses entities and economic scales. We are a Bank for all people and this is clearly evident from our dynamic products and services portfolio”.

KENYA AIRWAYS COMPLETES $2 BLN DEBT RESTRUCTURING


NAIROBI (Reuters) - Kenya Airways has finished restructuring $2 billion of debt, the carrier said on Wednesday, completing a key part of its turnaround plan after heavy losses.

The airline’s top shareholder, the Kenyan government, and 11 local lenders converted the bulk of their debts into shares, helping to relieve cash flow pressure.

“This has been a $2 billion restructuring,” Mbuvi Ngunze, the former Kenya Airways CEO who has been advising on the transaction since June, told Reuters.

That figure includes full commitments to financiers and operating aircraft leasing companies, which are not normally reflected in the balance sheet, he said.

As part of its assistance to the company’s revival efforts, the government also offered contingent guarantees for $750 million of the airline’s debt for 10 years.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 16 NOV. 2017

ARSENAL WELCOMES WORLDREMIT AS FIRST-EVER OFFICIAL ONLINE MONEY TRANSFER PARTNER


Leading digital money transfer company WorldRemit and Arsenal partner to use the power of football to find a better way to connect communities
LONDON, United Kingdom, November 17, 2017/ -- WorldRemit (www.WorldRemit.com) becomes the first Official Online Money Transfer Partner of the Premier League club, Arsenal (www.Arsenal.com). The leading digital money transfer business, formed by a UK-based entrepreneur from Somaliland, has joined forces with Arsenal to accelerate the company’s growth and help more people save money on international transfers.

The global partnership will provide WorldRemit with a range of rights and player access to support its expansion plans. The partnership agreement includes match day LED branding for every Premier League, League Cup and FA Cup match along with TV interview backdrop presence for every home Premier League match along with global digital and social media rights across Arsenal’s online and mobile platforms.

WorldRemit will work closely with Arsenal’s first-team players to create unique content that will support new and existing community engagement initiatives around the world.

Thursday, 16 November 2017

WHAT BANKERS EXPECT FROM PROF. LUOGA




















Last month, President John Magufuli appointed Prof Luoga, the immediate-past vice-chancellor for Academic Affairs at the University of Dar es Salaam (UDSM) (in the picture) as the new governor of the BoT, replacing Prof Benno Ndulu, whose tenure in office expires in January 2018.


Dar es Salaam. Bankers are hopeful that the new governor of the Bank of Tanzania (BoT), Prof Florens Luoga, will come up with a lasting solution to the rising levels of non-performing loans (NPLs) when he takes office in the next few weeks.

Last month, President John Magufuli appointed Prof Luoga, the immediate-past vice-chancellor for Academic Affairs at the University of Dar es Salaam (UDSM), as the new governor of the BoT, replacing Prof Benno Ndulu, whose tenure in office expires in January 2018.

Bankers, in separate interviews to The Citizen, praised the way Prof Ndulu handled the country’s monetary policy during his 10 years as governor. They also believed that Prof Luoga was the right choice – and that he needed time and unstinted cooperation of all stakeholders in performing his new duties as a matter of course.


BANK OF TANZANIA PAYS 727M/- TO FBME BANK DEPOSITORS

Deputy Minister for Finance and Planning, Dr Ashatu Kijaji.
The Deputy Minister for Finance and Planning, Dr Ashatu Kijaji has said 727m/- has been paid to people with savings at the FBME bank, whose business licence was revoked and placed under liquidation by the Central Bank in May this year.

She gave the statistics in Parliament here yesterday while answering a supplementary question by Ms Zainab Katimba, who wanted to know how much has been paid since the BoT placed the bank under liquidation after it was accused by the U.S. government of large-scale money laundering.

She said the money was paid to more than 625 FBME bank customers with not more than 1.5 m/- since June this year by the Deposit Insurance Fund which is under the Deposit Insurance Board.

However, she said the payment will be paid in shillings even for customers with foreign currency since that is according to banking rules and regulations. Dr Kijaji said for customers with over 1.5m- deposit, they should continue to wait because the money will be paid after receivership.

BCX YATOA ELIMU YA MATUMIZI YA KADI YAKE YA UHURU PAY KWA ABIRIA WA KIVUKONI NA TEGETA-NYUKI

 Mawakala wa Kampuni ya BCX wakiwa katika picha ya pamoja wakijiandaa kutoa elimu ya jinsi ya kutumia mfumo mpya wa kielektroniki wa malipo ya nauli katika usafiri wa Daladala kwa kutumia Kadi au Stika kwa abiria wa eneo la Feri zoezi lililofanyika hivi karibuni jijini Dar es Salaam.
Dereva wa Daladala, Abdallah Kombo akigawa vipeperushi kwa Abiria vinavyoelezea namna ya kutumia mfumo mpya wa malipo ya nauli kielektroniki katika usafiri wa Daladala, uliozindulwa hivi karibuni na Kampuni ya BCX jijini Dar es salaam.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 15 NOV. 2017

KENYA GOVERNMENT, BANKS NOW CONTROL 87 PER CENT OF KENYA AIRWAYS


Nairobi, Kenya - The Treasury and 10 Kenya local banks will control 87 per cent of Kenya Airways (KQ) under the national carrier’s debt restructuring plan which will see them convert loans of Sh44.2 billion to equity.

The government’s stake under the plan will rise to 48.9 per cent from 29.8 per cent, while the banks’ stake will stand at 38.1 per cent, acquired under a special purpose vehicle known as KQ Lenders Co.

Both say in notices posted Monday that they have also applied to the Capital markets Authority (CMA) for exemption from a requirement to make a takeover offer for the airline, on the grounds that the restructuring is on the basis of rescuing a firm in financial distress in the interest of the public.

“KQ Lenders Co will be issued with new shares in KQ equivalent to 38.1 per cent of the ordinary voting shares in the capital of KQ in consideration for conversion of a portion of the debt being equivalent to $167.24 million (Sh17.2 billion),” reads the notices in part.

“The effect of the debt conversion (by the government of Kenya) is the acquisition of an additional 19.1 per cent of the ordinary voting shares of KQ resulting in the increase of the government’s shareholding from 29.8 per cent to 48.9 per cent.”

REAL ESTATE INVESTMENT - MAKING MONEY WITH INFLATION

By Dr. Fred Msemwa

Deciding to own a property be it residential or commercial is one of the major decisions that a family or an individual can make. Owning a property entails investing a significant amount of money and obviously a big opportunity cost to the investor.

But this cost goes with good returns given a myriad of advantages to the owner that go beyond the security that one feels. It gives the owner, several inherent advantages ranging from hedging one’s wealth against inflation, flexibility in transferring wealth and building wealth for relatively less efforts.

Of course these advantages come with challenges too. For the sake of today’s discussion lets dwell on advantages. You only hate inflation if you don’t have an asset that is inflating.

If you own a residential or commercial building, an oil field, a private university, and an organic farm, a gold mine, or a rental property, you are likely to be smiling as you see inflation in action!

Inflation is increasing the prices of your assets hopefully faster than the input costs and the costs to operate your asset. You think rents and prices are expensive now, but I promise you they’ll look cheaper ten years from now.

Owning real estate is a business of making money with inflation. If there so happens to be hyperinflation, your cash is devaluing rapidly as your real assets start surging in nominal value.

CRDB BANK DONATES 15 MILLION FOR CONSTRUCTION OF SCHOOL OFFICES

Dar es Salaam Regional Commissioner, Mr Paul Makonda contributes his 400,000/- for teachers' offices construction at CRDB Bank Azikiwe branch before receiving 15m/- donated by the bank staff and customers and signify official launching of the campaign to donate for the building of Dar public schools teachers' offices on Tuesday. Looking on is the bank's Managing Director, Dr Charles Kimei. The boxes will be put in all CRDB's 252 branches countrywide.
Some of the CRDB Bank customers and staff have contributed 15m/-in less than two months for Dar es Salaam teachers’ offices construction initiative.

The donation for constructing public schools — primary and secondary teachers’ offices came from the bank headquarter and a single branch in Dar—Azikiwe. Late September, CRDB decided to put donation boxes at its 252 branches across the country to assist and boost up building of teachers office in Dar.

CRDB Managing Director Dr Charles Kimei said on Tuesday the contribution was raised from customers and staff who have been touched by poor working conditions of primary and secondary school teachers and Dar RC initiative to solve them. “This is part of the ongoing contribution exercise conducted through the bank’s 252 branches countrywide.

The donations are coming from the bank headquarters and Azikiwe branch only,” Dr Kimei said during the money handover soft ceremony to Dar RC Paul Makonda at Azikiwe Branch.

MOODY'S CUTS GT BANK, UBA PARENT FIRMS' CREDIT RATINGS


Global agency Moody’s has downgraded credit ratings of Guaranty Trust Bank Plc and United Bank for Africa Plc, which owns subsidiaries in Kenya and other African countries upon downgrade of Nigeria.

The firms operate as GTBank and UBA in Kenya.

Moody’s downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of the two banks, as well as B3 from B2 the long-term foreign currency deposit ratings. It also demoted the baseline credit assessments of GTBank to b2 from b1.

“The rating action follows Moody’s downgrade of Nigeria’s government bond ratings to B2, with a stable outlook from B1, and reflects the government’s reduced capacity to provide support to Nigerian banks in times of stress ...”

EAC MASSIVE ROAD PROJECT UNDER WAY


The preparation phase for the proposed road which will link Uganda and Tanzania through Masaka and Kumunazi respectively has just kicked off under the auspices of the East African Community.

The African Development Bank (AfDB)’s East Africa Regional Resource Centre (EARC), and the East African Community (EAC) have signed the Financing Agreement amounting to US $ 1.2 million to finance the Project Preparation Phase of three key Multinational Road Sections between Masaka in Uganda to Kumunazi in Tanzania.

The Secretary General of the East African Community, Ambassador Liberat Mfumukeko, signed the agreement on behalf of the Community while Mr Gabriel Negatu, Director General of the African Development Bank - East Africa Regional Resource Centre (EARC), inked the same on behalf of African Development Bank.

The purpose of the Grant is to finance the Project Preparation Phase of the proposed three (3) key Multinational Road Sections between Masaka in Uganda to Kumunazi in Tanzania.

GOVERNMENT CLEARS WAY FOR BAGAMOYO PROJECT


The government has officially submitted its letter of approval for the Bagamoyo Special Economic Zone venture to China Merchants Port, agreeing and accepting the investor’s comprehensive project proposal.

The Tanzania Ambassador to China, Mr Mbelwa Kairuki, submitted, on behalf of the government, the letter from the Prime Minister’s Office to China Merchants Port Managing Director, Bai Jingtao, on the 10th of November, 2017.

According to information from Ambassador Kairuki , the letter from the Prime Minister’s Office to China Merchants Ports was a reply to the investor’s project proposal after the approval by the Cabinet meeting.

“With the approval by the Cabinet meeting, the Tanzanian government formally agreed and accepted the comprehensive proposal submitted by the China Merchants Port and the Oman Sovereign Fund on March 31, this year,” the Ambassador said. Having submitted the letter, Mr Bai thanked Ambassador Kairuki for his personal visit to Shenzhen City in China -- the headquarters of the company, and thanked the Tanzanian Government for its high attention and full support for the Bagamoyo project.

PRIVATE SECTOR SHOT ITSELF IN THE FOOT

Minister for Finance and Planning, Dr Philip Mpango
. . . Mpango outlines reasons for government stance on PPP

Dodoma - Poor performance record coupled with a long history of complications by the private sector in some development projects have forced the government to invest and execute its infrastructural ventures.

Responding to a proposal put forward by parliamentarians when debating the 2018 fiscal budget of 32.47trn/- and the proposed National Development Plan in the National Assembly, here on Tuesday, Finance and Planning Minister, Dr Philip Mpango remarked.

He insisted that the government would continue with prudential borrowing to effect its development projects as the private sector was not applying the ‘friend in need is a friend in deed’ approach.

“It is not that the government does not want to engage the private sector in its development projects; we know it is an engine for the economic growth, but we have bad experience and all of you are witnesses,” said Dr Mpango.

He said the government would keep on borrowing so long as the national debt is stable, to improve the local economy capacity and implement some of the development projects of key interest.

Wednesday, 15 November 2017

PEOPLE’S BANK OF ZANZIBAR PROFIT RISES TO SH16BN

PBZ managing director Juma Hafidh 

In Summary

  • Speaking during a press conference yesterday, PBZ managing director Juma Hafidh said the bank’s profit jumped to Sh15.7 billion from the previous year’s Sh12.8 billion.
Zanzibar. The People’s Bank of Zanzibar (PBZ) has recorded a 22.7-per cent increase in profit after tax deduction during the third quarter of 2017 compared to the same period last year.

Speaking during a press conference yesterday, PBZ managing director Juma Hafidh said the bank’s profit jumped to Sh15.7 billion from the previous year’s Sh12.8 billion.

ETIHAD AIRWAYS MARKS OPENING OF LOUVRE ABU DHABI WITH SPECTACULAR A380 FLY-BY

An Etihad Airways Airbus A380 conducts a low-level fly-by of the new Louvre Abu Dhabi

‘From Abu Dhabi to the World’ - Airline celebrates capital’s new architectural wonder

Abu Dhabi, United Arab Emirates – Hundreds of visitors from around the world, attending yesterday’s official public opening celebrations of the Louvre Abu Dhabi, were treated to a low-level fly-by of the Jean Nouvel designed museum by one of Etihad Airways’ flagship Airbus A380 aircraft. 

Sporting the airline’s ‘Facets of Abu Dhabi’ livery, the aircraft chosen for the display now also features Louvre Abu Dhabi’s official logo on each of its four engines, to promote the opening of the institution.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 14 NOV. 2017

CURRENT VACANCIES AT THE AFRICAN DEVELOPMENT BANK




SIDO MARKET VICTIMS COMPENSATED

Mbeya RC Amos Makalla inspecting SIDO market construction accompanied with Commissioner of Insurnce Dr. Baghayo Saqware (right), Sido Market Chairperson and Mbeya Regional Police Commissioner Mohamed Mpinga (Left).    
Mbeya RC Amos Makalla handing over a dummy cheque to Mr. Mohamed Omary Magayu a recipient businessman in SIDO market after his insurance claims being settled.   

Commissioner of Insurance Dr. Baghayo Saqware addresses the SIDO market business community (not in picture) about the importance of insurance to the businesses.
By Oyuke Phostine

About eighty Sido Market businessmen, under the patronage of the Tanzania Insurance Regulatory Authority (TIRA) are being compensated with a lamp some amount of TZS 1,538,653,057.08 by insurance companies after inferno touching their trading properties in August this year leaving them in anguish.

While addressing the population attending the official ceremony of insurance compliance to the beneficiaries, Commissioner of Insurance Dr. Baghayo Saqware urged business community in SIDO market to take up Insurance product that will help them retain their capitals after unprecedented calamities.

Also, Dr. Saqware asked Tanzanians to shun off the negative beliefs that are/were rumored around insurance business in recent past, the stance is, this sector is well regulated by the Authority and all insurance companies doing business in Tanzania are supposed to delivery services in accordance with rules and regulations of the land.

In addition, Mbeya Regional Commission, Hon. Amos Makalla insisted that since the authority is the leading arm of the government when it comes to policies and regulation of the insurance market it is high time citizens to have confidence in insurance services

Tuesday, 14 November 2017

DCB COMMERCIAL BANK VACANCY ANNOUNCEMENT - CHIEF MANAGER, COMMERCIAL

YOWERI MUSEVENI: I SALUTE YOU!

Ugandan President, Yoweri Museveni.
  • It’s for Tanzania’s green light for the oil pipeline to traverse its territory as well as creating a conducive environment for project implementation
Ugandan President Yoweri Museveni has saluted the Tanzanian government for allowing the 1,445 Hoima-Tanga crude oil pipeline to traverse its territory as well as creating a conducive environment for the project’s implementation.

Mr Museveni gave the kudos at the weekend during a groundbreaking ceremony to lay a foundation stone of the crude oil pipeline that will transport crude oil from Hoima to Tanga Port in Tanzania.

President John Magufuli, who wound up a three-day official state visit on Saturday, was represented by the minister for Foreign Affairs and East African Cooperation, Dr Augustine Mahiga, who led a team of senior politicians and technocrats.

Addressing a rally in Kabale parish, Buseruka sub-county in Hoima District during the launch of the East African Crude Oil Pipeline (EACOP) project on the Ugandan side, Mr Museveni said oil discovery in Uganda was done by local experts who were trained by the Ugandan government.

NEW PLAYERS EAT INTO WESTERN UNION MARKET

A customer at a Western Union outlet in Nairobi. New entrant Wave has been the key beneficiary in the competition for diaspora remittances going by the performance at Equity Bank.
Money transfer service provider Western Union has reported a decrease in transactions in Africa as competition for diaspora remittances increased following entry of new players such as Wave.

Western Union’s third quarter financials show an 11 per cent decline in the number of transactions conducted in its Middle East, African and South Asian markets.

This was the only cluster to report a drop in the number of transactions, which was attributed to a decline in Africa. The decline follows a trend that started in 2015 with a 1 per cent drop in transactions before a six per cent drop last year.

Western Union had not responded to our queries seeking specific performance in the East African market by the time of going to press.