SPEECH DELIVERED BY DR. AKINWUMI A. ADESINA, PRESIDENT, AFRICAN DEVELOPMENT BANK GROUP AT THE OPENING SESSION OF THE 53RD ANNUAL MEETINGS OF THE BOARD OF GOVERNORS, BUSAN, KOREA, MAY 23, 2018

Dr. Akinwumi A. Adesina, President, African Development Bank Group.

ACCELERATING AFRICA'S INDUSTRIALISATION

Drawing on the example of South Korea’s economic transformation

Every year since 1964, the African Development Bank Group brings together development experts and Africa’s Central Bank Governors, Finance and Economic Planning Ministers to discuss the continent’s economic fortunes.

Busan, Korea’s second-largest city and industrial hub, is host to the Bank’s 53rd Annual Meetings this week attended by finance and development experts, business leaders and Finance Ministers from Africa and beyond.

The “Land of the Morning Calm,” Chaohsien in Korean, offers Africa several lessons on how to fast-track economic and industrial development. Korea is the only economy in the world that has grown at an average annual rate of more than 5% for 50 consecutive post-war years. Today, it is the world’s 11th largest economy and one of the leading industrial and economic powerhouses. Its exceptional economic success has taken vision, creativity, ingenuity, fiscal discipline, and a willingness to focus on long-term priorities.

“Africa has a lot to learn from Korea, a leading global industrial economy… especially in the areas of technology, in agriculture and in manufacturing,” according to Henry Rotich, African Development Bank Governor and Kenya’s Minister of Planning.

In addition, Korea’s vested commercial and diplomatic interests in Africa continue to grow. It is one of the Bank’s 26 non-regional member nations, comprised of leading OECD member countries. Korea is an ideal place to discuss Africa’s efforts to industrialize.

REGIONAL COOPERATION, STRUCTURAL REFORMS KEY TO ECONOMIC TRANSFORMATION

Africa’s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of Africa’s trade and economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano and a former Governor of Nigeria’s Central Bank, during his address at the 2018 Annual Meetings of the African Development Bank Group in Busan, Korea.

“Africa’s economic transformation will be best achieved through fast-tracking regional cooperation and the execution of hard-nosed structural reforms that focus on the development of the continent’s human capital and material resources,” said Emir Sanusi II.

The Emir shared insight about revamping African regional integration, trade and economic relations with Executive Directors and Governors of the Bank, comprising Finance, Budget and Economic Planning Ministers from member nations.

AFRICAN DEVELOPMENT BANK AND KOREA LAUNCH THE KOREA-AFRICA ENERGY INVESTMENT FACILITY

The Government of Korea and the African Development Bank have signed a Letter of Intent to launch the Korea-Africa Energy Investment Facility (KEIF) to provide significant support to the New Deal on Energy for Africa, which aims to achieve universal access to energy.

The signing, which took place on Tuesday, May 22, 2018 during the Korea-Africa Economic Cooperation (“KOAFEC”) meeting at the African Development Bank’s Annual Meetings in Busan, builds on the 2016 KOAFEC Ministerial Conference, which recognized enhancing access to energy as a strategic factor for the modernization and transformation of African economies. The Facility will contribute towards Africa’s efforts to achieve universal access to energy and to transform its energy systems.

KOREA ANNOUNCES $5-BILLION FINANCIAL PACKAGE FOR AFRICA AT AFRICAN DEVELOPMENT BANK ANNUAL MEETINGS

The Government of Korea and the African Development Bank have issued a Joint Declaration following the conclusion of the Ministerial Roundtable of the Korea-Africa Economic Cooperation (KOAFEC) Conference taking place during the African Development Bank’s 53rd Annual Meetings in which Korea announced a $5-billion bilateral financial assistance package for Africa.

The Ministerial Roundtable is the signature event of the biennial KOAFEC Conference, gathering a peer group of African Ministers of Finance who also serve as the African Development Bank Board of Governors to discuss topical issues and a pan-African approach to engagement with Korea. Taking place under the theme “Africa and the 4th Industrial Revolution: Opportunities for leapfrogging?”, the Ministerial Conference highlighted the need for long-term planning for industrial development and execution of projects, as well as a focus on value addition in sectors where Africa has comparative advantage for example in agriculture and natural resources. There was also a need to further leverage technology such as the mobile phone for more inclusive growth, in favour of the youth.

AFRICAN LEGAL SUPORT FACILITY GOVERNING COUNCIL AND MANAGEMENT BOARD MEETS IN BUSAN

The African Legal Support Facility (ALSF) held its 25th Management Board and 9th Governing Council meetings on 20 and 21 May 2018 respectively, on the margins of the 2018 African Development Bank Annual Meetings in Busan, Korea. The members reviewed the 2017 activities of the ALSF and discussed the future plans for the institution.

The Board approved, and the Governing Council subsequently endorsed the 2017 Annual Report and Audited Financial Statements. Regarding the implementation of ALSF projects, the members took note of the increased volume and effectiveness of the Facility’s work. The Board and Governing Council members also recognized the growing demand for ALSF’s services. They underscored importance of the Facility in the years ahead. To respond effectively to the Regional Member Countries (RMCs) needs, the Board and Governing Council members observed that it will be imperative for the Facility to meaningfully engage with various stakeholders as well as continue to be creative, innovative and efficient.

TELECOMS’ QUARTER 1 STRUGGLE

Mobile money and data are currently driving revenues in the telecommunication sector, sending operators to shift their energies on the two revenue streams.

Dar es Salaam. Telecommunication firms put up a spirited fight for market dominance during the first quarter of 2018 as they sought to grab a pie of the lucrative revenue amid declining mobile money subscriptions.

Mobile money and data are currently driving revenues in the telecommunication sector, sending operators to shift their energies on the two revenue streams.

According to the latest Tanzania Communications Regulatory Authority (TCRA) figures, the number of mobile money subscribers dropped by a cool 2,575,551 during the first quarter of the current calendar year. The country had a total of 21,889,618 mobile money subscribers but the number fell to 19,314,067 in March 2018.

EXIM BANK’S YEAR LONG CAMPAIGN REACHES MWANZA

The Regional Commissioner of Mwanza region, John Mongella (wearing a hat) receives a donation of 40 beds and mattresses from the Head of Human Resource of Exim Bank, Fredrick Kanga during the handover event at the Sekou Toure government hospital in Mwanza region. Left is the chief medical officer of the region, Rutachunzibwa Thoma.

Mwanza - Exim Bank Tanzania, has donated 40 beds and mattresses to the Sekou Toure Hospital, in Mwanza region. The Corporate Social campaign dubbed “20 years of taking care of the community”which was launched in August last year 2017 during the banks 20th anniversary has invested heavily into the Tanzanian health care especially when it comes improving the healthcare delivered to women.

In Tanzania, hospitals and clinics suffer from a shortage of medicine, medical supplies and beds, particularly public referral hospitals. In an attempt to address these shortages plaguing the nation, Exim Bank Tanzania, a Tanzanian bank with an unmatched international presence, has embarked on countrywide initiative of donating 500 beds and mattresses to maternity wards at public hospitals in 13 regions across the country as part of yearlong corporate social campaign aimed at celebrating 20 years of serving the Tanzanian community.

Sekou Toure government hospital in Mwanza is the tenth hospital to receive this donation, after Morogoro Regional Referral Hospital in Morogoro last month, Mwananyamala Regional Referral Hospital in Dar es Salaam in March, Bombo Referral Hospital in Tanga in February, Mbeya Zonal Referral hospital in Mbeya in January, Mount Meru Regional Hospital in Arusha in December, Dodoma Referral Hospital in November, Ligula Hospital in Mtwara in October, Mnazi Mmoja Hospital in Zanzibar in September and Temeke Referral Hospital in Dar es Salaam in August last year. The event was held at the maternity ward on the hospital grounds and was honored by the presence of the Regional Commissioner of Mwanza, Mr. John Mongella.

MEN WHO GAVE AFRICA ITS TALLEST BUILDING

MAHAT MOHAMUD NOOR (LEFT) OF WHITE LOTUS PROJECTS WITH MOKASE MONONO AT THE CONSTRUCTION SITE OF THE PINNACLE, SOON-TO-BE AFRICA’S TALLEST BUILDING ON APRIL 25, 2018.

How do you build the tallest building in Africa? Well, naturally you need a thick slab of audacity. But first, you dream.

Sometimes monstrous dreams like these are borne in the oddest and remotest of places, in this case in the hearts of two friends in the hinterlands of Northern Kenya: Abdinasir Ali Hassan (executive chairman, Hass Petroleum) and Mahat Mohamoud Noor (White Lotus Projects).

“In 1970, we were travelling back home to Garissa from Wajir Primary Boarding School. When we got to the Lorian Swamp, we found it flooded and impassable,” says Mahat.

“For three days, we were marooned there. I recall thousands of mosquitoes buzzing around us at night but I didn’t feel them, I was looking at the land, the water, the waste, and thinking, ‘when will this become a farmland that can feed the people of this region? And now, close to half a century later, we are about to finally sign off a road from Mudogashe to Wajir. With the road, that dream will become a reality. By that swamp, we dreamt big. We believed that we would end up in the big city and fly as high up as anybody else can,” he says.

The flight started. Mahat became an accountant; ran the PricewaterhouseCoopers office in Somalia before coming back in 1989, got a job as an audit manager at Firestone, then went to Middle East as a general manager for the biggest confectionery and biscuit company (United Food Industries).

He then got into the energy industry. His childhood friend, Abdinasir got into business, joined his brother at Hass Petroleum in 1997 and expanded it into half a dozen countries in Africa.

The “Lorian Dream” finally took shape after another partner joined in— Raju Poosapati, the co-founder and vice chairman of White Lotus. He is a banker and a businessman who has invested heavily in the region: 12,000 acres of farmland in Malindi and Narok under Farm Africa; cashew nuts farming in Tanzania, mining in Zambia and South Africa and other ventures.

Together they looked at Upper Hill in Nairobi and all the pieces slowly fell in place. In 2013, the seed of audacity was planted.

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EMIRATES ANNOUNCES 30TH CONSECUTIVE YEAR OF PROFIT

DUBAI: In its 2017-18 annual report, the Emirates Group posted a profit of AED4.1 billion ($ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED102.4 billion ($27.9 billion), an increase of 8% over last year’s results, and the group’s cash balance increased 33% to AED25.4 billion ($ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter holidays at the end of March.

CAUTION AS MOBILE MONEY THEFT RISES

Dar es Salaam. Mobile money users should think twice before deciding to send cash to numbers or names that they are not familiar with.

The caution comes following reports of a wave of mobile money thefts as fraudsters come up with new ways of extracting money from users. There have been widespread complaints that the fraudsters send short messages to selected numbers, providing numbers purported to belong to a mobile money agent and request their targets to send money, citing various reasons.

“Send me some money via 0767432449 because mine is unavailable. It is urgent,” this is a message that a Dar es Salaam resident, Mr Aziz Jabil, received.

He got the text in the morning after speaking with his brother who studies in Tanga a day before, where he agreed to send some cash to him.

“I talked to my brother during the night and he asked me to send him cash using his Airtel Money number, but the next morning I received an SMS, directing me to send the money to a new Vodacom number,” he said.

AFRICAN DEVELOPMENT BANK AND UNIDO JOIN FORCES TO ACCELERATE AFRICA'S INDUSTRIALIZATION

Collaboration has also been initiated for the establishment of staple crop processing zones in a select number of African countries

BUSAN, Republic of Korea, May 21, 2018/ -- The African Development Bank (AfDB) (www.AFDB.org) and the United Nations Industrial Development Organization (UNIDO) (www.UNIDO.org) signed a Memorandum of Understanding (MoU) on Monday, May 21 to step up collaboration to boost Africa’s industrialization. “The Bank launched in 2016 its Industrialization Strategy for Africa 2016-2025, which was the outcome of collaborative work with UNIDO and the United Nations Economic Commission for Africa. The signing of the present MoU is key to our Strategy’s implementation,” said African Development Bank President Akinwumi Adesina. “The Bank already benefits enormously from UNIDO’s expertise in developing policies, programmes and knowledge tools which supports our member countries to industrialize.” In 2017, the Bank allocated US $1.2 billion to Industrialize Africa – one of the Bank’s High 5 development priorities – mostly to projects for financial sector operations.

TTCL SETS ASIDE SH640BN FOR KEY PROJECTS

Dar es Salaam. The Tanzania Telecommunication Corporation Limited (TTCL) has set aside Sh640 billion for projects aimed at expanding and upgrading its network around the country.

The revelation was made on Friday by the firm’s board chairman, Mr Omari Nundu, during the Korea-Tanzania ICT Cooperation seminar held in Dar es Salaam.

The money would be spent on rolling out 3G or 4G mobile sites countrywide, replacing power and air conditioning systems, upgrading the transport network and submarine cables, improving rural communications, among others.

“TTCL will also spend Sh26.38 billion on operations and business support systems, including upgrading the mobile money platform and the billing system,” Mr Nundu revealed.

According to Mr Nundu, TTCL will also spend $5 million on corporate customer projects and an additional Sh11 billion on value added services such as public cloud solutions, anti-spam systems, cashless and paperless services as well as network security enhancement.

During the occasion, Mr Nundu hailed the Republic of Korea for being at the forefront of bringing socio-economic change to the country through its significant contribution in the Information and Communication Technology sector.

He said TTCL had come along way and in spite of past challenges, the firm was now on solid footing. He cited as an example the establishment of the e-payment gateway system and growth of T-Money, its mobile money facility, among others, for improving the firm’s competitiveness.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 22 MAY 2018

STANCHART KENYA SENDS HOME 285 STAFF

STANCHART KENYA CEO, LAMIN MANJANG.

Standard Chartered Bank Kenya terminated 285 employees last year at a cost of Sh173.1 million, marking the third consecutive staff cuts for the lender in as many years.

The bank disclosed the job cuts in its latest annual report, emphasising its strategy of entrenching use of technology to boost efficiency across its operations.

“The bank’s organisational transformation journey which started back in 2015 continued into 2017, as we prioritised productivity and effectiveness in the business,” StanChart said in the report.

“Through the transformation we had a headcount decrease from 1,872 in 2016 to 1,587 staff as at end of December 2017.”

FINAL JOMO KENYATTA INTERNATIONAL AIRPORT AUDIT FOR DIRECT NEW YORK FLIGHTS STARTS

KENYA AIRPORTS AUTHORITY MD, JONNY ANDERSEN WHEN HE APPEARED BEFORE NATIONAL ASSEMBLY PUBLIC INVESTMENTS COMMITTEE.

Monday, 21st May 2018 - Officials from an American security agency will from today conduct an audit of Jomo Kenyatta International Airport (JKIA) that will determine the fate of direct flights between Nairobi and New York.

The Transportation Security Administration (TSA) officials will audit the airport until Friday in the race to get the Last Point of Departure (LDP) status. The exercise will find out whether Kenya has addressed issues raised by TSA last year in regard to security.

Jonny Andersen, the Kenya Airports Authority (KAA) managing director, sought to be excused from Parliamentary sessions this week to facilitate the audit.

“This will allow us prepare to host the US team that is coming to assess the entire airport. We will have staff available to help in the audit,” Mr Andersen told the Public Investments Committee.

The audit is critical as Kenya Airways plans to start direct flights to John F Kennedy International Airport in New York on October 28.

ETIHAD AIRWAYS ATLAS MAGAZINE RECOGNISED WITH TWO COVETED COMMUNICATOR AWARDS

• Airline’s in-flight publication awarded for excellence in photography and design

Abu Dhabi, United Arab Emirates – Etihad Airways’ in-flight magazine, Atlas, published by London based Ink, has received two prestigious Communicator Awards in the major categories of Design Features – Photography and Design Features – Overall Design. The 24^th Annual Communicator Awards, which were announced in New York, recognise creative excellence and innovation in global marketing and communications.

A stylish manual for the modern traveller, Atlas provides an authoritative global briefing to readers on the month’s hot topics covering the fields of food, fashion, culture, travel, business and technology. The style and outlook of the magazine mirror Etihad’s own design values and focuses on attention to detail, which has set the acclaimed UAE national airline apart since it started flying in 2003.

BITCOINS INVESTORS COULD END WITH NOTHING, EXPERT WARNS

The director of treasury and financial markets at CRDB Bank Plc, Mr. Alex Ngusaru.

In Summary

Mr Alex Ngusaru, told the bank’s shareholders at the weekend that one should think twice before putting investing his/her money into Bitcoins dues to their unpredictable trends.

Arusha. The buzz about Bitcoins is driven by speculation, an expert said here at the weekend, calling upon Tanzanians to caution injecting their money into cryptocurrencies.

The director of treasury and financial markets at CRDB Bank Plc, Mr. Alex Ngusaru, told the bank’s shareholders at the weekend that one should think twice before putting investing his/her money into Bitcoins dues to their unpredictable trends.

“The decision to invest remains purely on the interested individual. 

However, I would advise that you only invest in Bitcoins when you have enough extra income,” he said. 

CAG UNVEILS THE ROT IN PUBLIC HOSPITALS

The Controller and Auditor General (CAG), Prof. Mussa Asaad

In Summary

The recently released report by the Controller and Auditor General (CAG) exposed the rot at the Muhimbili National Hospital (MNH), which has caused various companies to reject claims worth Sh1.86 billion.

Dar es Salaam. As the government campaigns for universal health coverage, some hospitals are accused of fraudulently charging patients with insurance coverage.

The recently released report by the Controller and Auditor General (CAG) exposed the rot at the Muhimbili National Hospital (MNH), which has caused various companies to reject claims worth Sh1.86 billion.

STANBIC BANK ENHANCES PRODUCT OFFERING FOR SMEs

Stanbic Bank Tanzania through its special product offering for small and medium enterprises (SMEs), Biashara Direct, aims to improve the efficiency of businesses by providing a convenient, hassle-free banking experience.

In a statement issued by the bank in Dar es Salaam yesterday, the bank’s Head of Enterprise Banking, Farha Mohamed said, “we are excited about our Biashara Direct offer which simplifies the banking process through digital solutions for SMEs, including a dedicated business banker to assist enterprises with financial advice via phone or email. Our product now offers USSD payment solutions through all mobile phones making it accessible to a bigger population and, with a Swahili language option which allows our clients to transact in their ideal language”.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 21 MAY 2018

WAZIRI LUKUVI, MWENYEKITI WA KAMATI NAPE, WAMWAGA SIFA UTENDAJI WA SHIRIKA LA NYUMBA LA TAIFA (NHC)

Picha za matukio yaliyojiri wakati wa ziara ya Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, ilipofanya ziara na kupata maendeleo ya ujenzi wa miradi ya Shirika la Nyumba la Taifa (NHC) leo. Katika ziara hiyo, Waziri Lukuvi amesifia kasi ya utendaji wa Shirika la Nyumba la Taifa huku Mwenyekiti wa Kamati wa Ardhi, Maliasili na Utalii, Nape Moses Nnauye akisema Shirika hilo ni mfano wa kuigwa kwa utendaji wenye viwango ikilinganishwa na mashirika mengi nchini.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akiongozana na Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika. Katika ziara hiyo Waziri Lukuvi amesifia kasi ya utendaji wa Shirika la Nyumba la Taifa huku Mwenyekiti wa Kamati wa Ardhi, Maliasili na Utalii akisema Shirika hilo ni mfano wa kuigwa kwa utendaji wenye viwango ikilinganishwa na mashirika mengi nchini.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akizungumza na Arden Kitomari wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika. 

Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, wakifuatilia maelezo kutoka kwa Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi.

Kaimu Mkurugenzi wa Ubunifu wa Shirika la Nyumba la Taifa, Margreth Ezekiel akiwaeleza Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, maendeleo ya ujenzi wa jengo la biashara na makazi la Morocco Square linalojengwa na NHC Dar es Salaam.

Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akiongozana na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.

Msanifu wa Majengo wa Shirika la Nyumba la Taifa, Robert Kintu akiwaeleza Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, maendeleo ya ujenzi wa jengo la biashara na makazi la Victoria Place linalojengwa na NHC Dar es Salaam. 

Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akielezea mbele ya Kamati ya Ardhi, Maliasili na Utalii juu ya utendaji wa Shirika la Nyumba la Taifa. Kamati hiyo ilifanya ziara ya siku moja ya miradi mbalimbali ya Shirika.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akiwaelekeza wajumbe wa kamati kuelekea kwenye mradi wa Morocco Square NHC jijini Dar es Salaam. 

Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akiongozana na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akijadiliana jambo na baadhi ya wajumbe wa Kamati ya Kudumu ya Bunge ya Ardhi, Maliasili na Maliasili wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.

Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akijadiliana jambo na Mkurugenzi wa Uendelezaji Miliki wa Shirika la Nyumba la Taifa, Haikamen Mlekio katika ziara iliyofanyika leo mchana katika miradi ya Shirika la Nyumba la Taifa. 

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akijadiliana jambo na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi na Mkurugenzi wa Uendelezaji Miliki wa Shirika la Nyumba la Taifa, Haikamen Mlekio katika ziara iliyofanyika leo mchana katika miradi ya Shirika la Nyumba la Taifa.

BARCLAYS BANK ENGAGES CLIENTS ON FINANCIAL RISK MANAGEMENT PRINCIPLES

Barclays Africa Group Limited (BAGL) Strategic Markets Origination Africa, Mohamed Sayed, speaks to Barclays Bank clients on Financial Risk Management principles during a workshop organized by Barclays Bank Tanzania in Dar es Salaam recently.

Barclays Bank Tanzania Director of Markets, Corporate and Investment Banking, Esther Maruma (right), chats with Barclays Bank customers during a one-day Financial Risk Management workshop organised by the Bank for its clients in Dar es Salaam recently. 

Barclays Bank Tanzania Director of Markets, Corporate and Investment Banking, Esther Maruma (right), shares a light moment with Barclays Africa Group Limited, Strategic Markets Origination Africa, Mohamed Sayed during a one-day Financial Risk Management workshop organized by Barclays Bank for its clients in Dar es Salaam. Looking is one of the bank's customers, Emmanuel Matalu.

A cross section of Barclays Bank customers listen attentively during the workshop.

Barclays Bank Tanzania Head of Markets Sales, Irene Rwegalulira (second right), shares a light moment with some Barclays Bank customers during the workshop.

NMB BANK PLC NETWORK REACHES 168 DISTRICTS

NMB Bank has facilitated easy payment of different government taxes and revenues by connecting more than 168 districts countrywide through mobile services for convenient transactions without necessarily visiting branch offices.

The Bank’s Chief- Retail Banking Mr Abdulmajid Nsekela said here on Wednesday that the institution will keep on introducing more innovations for swift and secure money transfers hence increasing business expansion and more players in the financial inclusion strategy.

In working on the agenda, NMB has opened two more branches in Igoma and Ilemela in Mwanza City, making it nine in the Central Business District, 13 branches in the region and total 224 branches countrywide.

“The Bank will keep on expanding its wings by opening more branches across the country, bringing services closer to the people and support various national strategies like industrialisation agenda by introducing special services to the industrial investors in the region and the Lake Zone at large,” he said.

TPB, TWIGA MERGER PROMOTES FINANCIAL INCLUSION

TPB Bank Chief Executive Officer (CEO), Mr Sabasaba Moshingi.

The merging of TPB Bank and Twiga Bancorp into a strong and efficient financial entity guarantee customers’ better services as well as promoting financial inclusion.

TPB Bank Chief Executive Officer (CEO), Mr Sabasaba Moshingi said in Dar es Salaam yesterday that the government move to merge the two banks is an opportunity to bring closer banking services to the people, particularly rural areas.

“Strong and efficient TPB Bank will reach more people in the country to access banking services necessary for supporting their socio-economic activities for improved living standards,” he said.

Mr Moshingi allayed fears to Twiga Bancorp customers that their deposits will remain secure and also are guaranteed better banking services to support efforts in building robust economic growth. He said current customers will continue to be served in the Twiga Bancorp branches while finalising procedures including putting together the systems of the two banks to allow customers access banking services at TPB Bank.

In the meantime, TPB Bank almost doubled its pretax profit in quarter one this year to 6.82bn/- up from 3.99bn/- of the same quarter last year.

ATCL TO EXTEND WINGS TO MUMBAI, BUJUMBURA, ENTEBBE

Air Tanzania (ATCL) will begin direct flights to India and China when the Boeing 787-8 Dreamliner arrives in July and extend regional routes to Bujumbura, Burundi and Entebbe, Uganda using the Bombardier Dash 8 Q 400.

The ATCL’s Head of Communications, Josephat Kagirwa told the ‘Daily News’ that, the routes have been chosen after a feasibility study proved they were commercially feasible.

The 787 Dreamliner, expected to be a flagship aircraft for ATCL, will be the fourth in a total of six aircraft that President John Magufuli’s administration plans to purchase to revive the state-owned airline.

Two more Bombardier CS300 aircraft are expected to beef up ATCL fleet before embarking on more international and regional routes. ATCL revival is one of government flagship infrastructure development projects in a bid to transform the country into a regional transportation hub. It currently flies to destinations such as Arusha, Dar es Salaam, Kigoma, Mbeya, Mtwara, Mwanza, Tabora and Moroni in Comoro.

The ATCL Head of Communications said the decision to begin with Mumbai was purely on a commercial basis after a feasibility study established it was viable to venture into the markets.

CRDB ANNOUNCES HALVING OF PROFIT AS BAD LOANS BITE

Arusha - CRDB Bank netted Sh36 billion as profit last year, almost a half of what one of the largest lenders in the country generated in 2016.

The drop in profit has been attributed to the accumulation of non-performing loans (NPLs) and other challenges facing the financial sector, the managing director Charles Kimei said here on Wednesday.

Currently, the bank has outstanding loans amounting to Sh3 trillion, prompting it to devise several strategies to woo more clients, including reducing interest rates for borrowers and attract more clients.

During 2016 CRDB made a profit of Sh63.7 billion with the dropping levels also attributed to an initiative set to clean up the loans book.

The profit scenario also indicated a downward trend even this year as only Sh13.6 billion was realised in the first quarter of this year (January to March), down from Sh26.18 billion during the same period last year.

The MD, who was addressing journalists ahead of the 23rd shareholders’ conference on Saturday, said he was confident the strategies laid down would see the bank soaring high again.

BARCLAYS ADVISES FIRMS ON PROFIT BOOSTING POLICIES

Dar es Salaam - Barclays Africa Group Limited (BAGL) has urged large corporate bodies in the country to develop flexible risk management policies that would help them grow their profit margins.

Speaking in Dar es Salaam yesterday at a one-day seminar workshop to its clients, the Strategic Markets Origination Africa for BAGL, Mr Mohamed said that flexible policies by corporate entities can help them in the identification and evaluation of risks.

“Policy ensures all financial risks are recognized and treated in line with the board’s management theory.

A good policy must be flexible based on market conditions,” he said.

A policy, he said, should have discipline in terms of equipment and tenor.

ETIHAD UNVEILS GIANT CHARITY SUITCASE, ENCOURAGING “OVER-PACKERS” TO DONATE DURING HOLY MONTH OF RAMADAN

• Research shows the vast majority of leisure travellers over-pack for their holiday
• Giant suitcase to be located at Abu Dhabi International Airport to receive guest donations
• Etihad staff to contribute during giant suitcase visit to airline’s headquarters.

Abu Dhabi, United Arab Emirates – Etihad Airways, the national airline of the UAE, has unveiled its “Giant Suitcase” initiative for the Holy Month of Ramadan. With more than 75 percent of travellers admitting to over-packing clothes for their holidays, this programme will provide them with the opportunity to do-good through a simple donation programme.

Etihad has placed a Giant Suitcase in their terminal at Abu Dhabi International Airport, encouraging travellers to donate just one item they know they can do without to those less fortunate.

Signs and stickers have been placed throughout the Departures section of the airport pointing in the direction of the Giant Suitcase, with thought-provoking questions such as “Are you planning on wearing everything you packed?” or “Do you really need all three pairs of those packed shoes?”

CLYDE & CO BRIEFING - COMMODITY EXCHANGES IN TANZANIA

CRDB BANK PREPARES FOR GLOBAL 'FUTURE PROOF' ADJUSTMENTS

CRDB Bank Managing Director, Dr Charles Kimei speaks to various media personnel in Dar es Salaam on Wednesday, on the bank’s forthcoming 23rd Shareholders Annual General Meeting to be held in the Arusha City, this weekend. He is flanked by the Director of Marketing, Mr Jadi Ngwale (left) and Credit Director, Mr James Mabula.

CRDB Bank will this year review their total performance and adjust future working scopes in the backdrop of the changing global economy.

Speaking in Arusha ahead of the CRDB Annual General Meeting and Stakeholders’ Conference, coming up here this weekend, the Bank’s Managing Director, Dr Charles Kimei allayed fears that local banks in the country were facing financial crisis saying everything was fine and that his own group had managed to realize a profit margin amounting to over 36bn/- as this financial year draws to a close.

“We are doing very well as a bank, we made a profit of 53 billion/- before taxes and netted 36 billion/- after deductions,” said Dr Kimei adding that he was sure that if there were some slight challenges facing financial institutions in the country they should all be addressed by now.

STATE PURSUES FEW BUT STRONG BANKS STRATEGY

State owned commercial banks’ efficiency and stability are set for a big boost under the institutional consolidating that has started through mergers, the central bank said on Wednesday.

Bank of Tanzania’s (BoT) Deputy Governor Bernard Kibesse told reporters in Dar es Salaam that the mergers aim at retaining few but strong banks, which are highly competent in the provision of financial services.

He said the merging process has already begun with the merger of TPB Bank and Twiga Bancorp and will proceed with other state-owned banks to boost efficiency and financial stability in the banking industry. “

Other state owned banks will be combined to create strong, well capitalised and focused banks,” said Dr Kibesse who oversees financial stability and deepening. In October 2016, the central bank put Twiga Bancorp under statutory management after its capital dwindled beyond acceptable level. “

The government wants to get rid of many but underperforming banks and remain with strongly positioned banks with identity in the market,” he said.and well positioned financial institutions will reduce operational costs and lending interest rates, spearheading development agenda, as a result.

TANZANITE ONE BOWS TO GOVERNMENT PRESSURE

Leader of the Discussion Committee on behalf of the government, the Minister of Constitution and Legal Affairs, Prof. Palamagamba Kabudi, exchanges signed agreement documents with the Tanzanite One Mining Company Limited Managing Director, Faisal Juma. The Mining Company has agreed to compensate the government in regard to some irregularities committed by the firm in the past.

Tanzanite One Mining Company has agreed to compensate and pay all taxes it owes the government, conceding some malpractices in its operations in the country.

Chairman of President John Magufuli formed negotiation committee Prof Palamagamba Kabudi and Director of Tanzanite One Faisal Juma signed the payment agreement in Dar es Salaam on Wednesday.

In his post-signing speech, Prof Kabudi who doubles as Legal and Constitutional Affairs Minister said Tanzanite One has agreed to compensate the government after being satisfied that initially there were improper issues that occasioned loss to the government.

Prof Kabudi said the compensation, which he did not quantify, will be paid in installments, with the first imbursement, which will exclude taxes, effected within two weekHe added that the mining firm will equally be required to pay all taxes it owes the government.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 17 MAY 2018