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Thursday, 23 March 2017

DOUBLE YOUR RETURNS WITH BANCABC


BANCABC LAUNCHES A FIXED DEPOSIT ACCOUNT WITH A DIFFERENCE

BancABC Head of Retail and Business Banking Mrs. Joyce Malai (left) and Head of Marketing, Upendo Nkini (right) jointly display a poster for the newly launched Double your Returns Account at the launch ceremony, which was held at the Bank's headquarters in Dar es Salaam recently.

Double your returns with BancABC. Earn interest rate of up to 16% and borrow against this deposit instantly should you have the need.


March 14, 2017:
BancABC, which is part of Atlas Mara, has launched a special product that will see one earn up to 16% on structured fixed deposit accounts.

Commonly, Fixed deposits have advantages that many would find attractive. To begin with, its interest rates are higher than savings account as the amount is retained by the bank until a given maturity date chosen by the customer. Other advantages are assured returns, flexibility and borrowing against the deposit. BancABC has gone a step further and not only offered an attractive interest of 16% but also an opportunity borrow against this deposit.

Speaking in Dar es Salaam during a press conference held at the bank headquarters, the BancABC Head of Retail and Business Banking Mrs. Joyce Malai said that there is no better offer of this nature in the market so far.


Tuesday, 21 March 2017

ETHIOPIAN AIRLINES AIRBUS TOUCHES DOWN AT KIA

THE third Airbus (A350 XWB) of the Ethiopian Airlines -- received on the first day of February this year and immediately named after Erta Ale, a large basaltic shield volcano located in the Afar Region of North Eastern Ethiopia – has finally touched down at the Kilimanjaro International Airport (KIA) in Northern Tanzania.
The Ethiopian Airlines’ Traffic and Sales Manager in Northern Zone of Tanzania, Ms Fitsimt Dejene, told the ‘Daily News’ that the new aircraft has a configuration of 30 Cloud Nine business class and 313 economy class seats. Ethiopian was the first African Airline to take delivery of Airbus A350 XWB in 2016 -- part of the airlines’ continuous fleet modernization programmes.
It is recalled that in 2012, the first flight of Ethiopian Dreamliner dubbed ‘The Dream Tour’ went on a sightseeing flight over Mount Kilimanjaro with around 270 invited guests, consisting of ministers, ambassadors, Ethiopian Sheba Miles gold members and the media.

NMB INAUGURATES NEW MONEY TRANSFER SERVICE

THE National Microfinance bank (NMB) has launched a new service dubbed Mobile Tanzania Interbank Mobile System (TISS) that allows customers to transfer up to 3m/- from one bank to another.

The new service according to the Head of Banking Operations, Mr Geofrey Mwijage, aims at reducing long queues and the cost of commuting in search for NMB branches for cash transfers.
“We want our customers to get a service that goes with the current technology and the good news is that we have complied with all the requirements and standard needed by the regulator ― the Bank of Tanzania (BoT),’’ he said.

Thursday, 16 March 2017

CLYDE & CO SPECIAL UPDATER - VERIFICATION OF WORK PERMITS WITHIN 30 DAYS FROM 22 FEBRUARY 2017

STANBIC TANZANIA PROMOTES INVESTMENT BETWEEN TANZANIA AND CHINA


Stanbic Bank Executive Head of Corporate and Investment Banking, Thomas Bisonga officiating a Chinese Economic Forum in Dar es Salaam on Tuesday. The forum was organized to demonstrate the bank’s commitment to partner with Chinese customers in their quest to move their business to the next level.

Dar es Salaam, March 15 2017 - STANBIC Bank Tanzania (SBT) continues to improve the investment climate and providing value added services to the Chinese business community wanting to invest in Tanzania.

According to the bank’s Executive Head of Corporate and Investment Mr. Thomas Bisonga, the China direct investment will be driven by Stanbic Bank Tanzania’s aspiration of, supporting the growth of economic activities in Africa. 
Mr. Bisonga was speaking during a Chinese Economic forum organised by the bank in Dar es Salaam on Tuesday. The forum was organized to demonstrate the bank’s commitment to partner with Chinese customers in their quest to move their business to the next level.   Through the partnership, Stanbic Bank is able to link its clients to growth opportunities offered by Tanzania, and other African economies.

INTERVIEW WITH INEKE BUSSEMAKER, MANAGING DIRECTOR & CEO OF NATIONAL MICROFINANCE BANK


TanzaniaInvest had the pleasure of interviewing Ineke Bussemaker, MD and CEO of the National Microfinance Bank (NMB), Tanzania. 


NMB is one of the biggest commercial banks in Tanzania, 32% of which is owned by the government. 

Bussemaker talks about the current lack of liquidity in the banking sector, the country’s investment potential and economic outlook. 

TanzaniaInvest (TI): Tanzania is among the top African destinations for FDI. What is your view on the country’s potential and framework for investments? 

Ineke Bussemaker (IB): Tanzania, as well as Kenya and Cote d’Ivoire, are the top African countries that investors are very interested in. 

The investment appetite for Tanzania is largely driven by its size with 50m people but the country is still quite underdeveloped so there is high growth potential, especially in agriculture. 

However, Tanzania is struggling to transform that potential and ideas into practical projects. 

This is due to a range of issues that Tanzania has to solve. 

One is political decision-making: it is taking investors a very long time between their first visit to Tanzania and the time when they reach an agreement with any government entity. 

MASTERCARD PARTNERS WITH MOBILE MONEY AFRICA TO HOST THE CASHLESSAFRICA CONFERENCE AND EXPO IN NIGERIA

The CashlessAfrica Conference and Expo is a platform for technology companies, FinTech’s and other financial institutions to come together and share best practices in order to build a strong economy in Nigeria
LAGOS, Nigeria, March 15, 2017/ -- Leading digital payment solutions provider, Mastercard (www.Mastercard.com), has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo (http://CashlessAfrica.com). The event is organised by Mobile Money Africa and is scheduled for 22 to 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria.

The CashlessAfrica Conference and Expo is a platform for technology companies, FinTech’s and other financial institutions to come together and share best practices in order to build a strong economy in Nigeria. The event looks at the importance of rethinking current models and gaining valuable market insight to introduce relevant digital payment solutions to the benefit of all people.

With over 85 percent of retail transactions still made in cash and cheques, the potential for digital payments to make a tangible difference is immense. This year Omokehinde Adebanjo, Vice President and Area Business Head of West Africa at Mastercard, will participate as a keynote speaker to discuss matters impacting Nigeria and the broader continent and how partnerships will be critical to shifting economies beyond cash.

Wednesday, 15 March 2017

DEWJI, BAKHRESA LISTED FOR AFRICA CEO AWARD

Tanzanian entrepreneur Mohammed Dewji

TWO prominent Tanzanian entrepreneurs, Mohammed Dewji and Said Salim Bakhresa have been shortlisted for this year’s CEO of the Year Award by African CEO Forum.

The CEO of the Year for Africa will be announced in Geneva, Switzerland, on the evening of next Monday during the 5th Edition of Africa CEO Forum 2017, according to African Media Agency statement. The Forum is held in two days - Monday and Tuesday.

The forum - the most highprofile international event on African private sector development - for fifth consecutive year will honour Africa business leaders and companies that shaped the year in Africa.

DAR CONSTRUCTION CONFERENCE AND TRADE EXPO 2017

BANKS FAIL TO RECOVER 1.3TRI/- FROM BORROWERS

Banks are holding a whooping 1.3tri/- of non-performing loans in the last quarter of 2016, an amount equivalent to 4.5 per cent of the total budget for the 2016/17 financial year, Bank of Tanzania unedited statistics show.

The amount which underscore the challenge of rising default risks by borrowers due to tight liquidity, is above total revenue collection by Tanzania Revenue Authority for January this year which reached 1.14tri/-.

It is also clearly beyond the amount set aside in the current financial year for the initial phase of construction of the standard gauge railway which begins from Dar es Salaam to Morogoro. The government set aside 1.0tri/- during the current financial year for initial construction of the railway.

The ratio of non-performing loans to gross loans, increased to 9.5 percent from 6.4 percent recorded at the end of December 2015. World Bank data show nonperforming loans stand 8.5 per cent on average as of last year, hence elevating risks for default.

GOVERNMENT SAVES BILLIONS IN BULK PURCHASING THROUGH GPSA

Extensive public sector reforms carried out since 1990’s are paying off as some public institutions have improved performance and quality service delivery.

Among the institutions that have been doing well is the Government Procurement Supplies Agency (GPSA), that was established under the Executive Agency Act CAP 245 R.E 2009 and came into effect through Government Notice (GN). No. 235 of 7th December 2007 and its amendments through Government Notice No.133 of 13th, April, 2012.

The agency was established to enhance economy and efficiency in procurement by providing the government and non-government institutions with goods and services (Common Use Items and Services) through proper arrangement of common procurement, storage, distribution and clearing and forwarding.

THE JAKAYA MRISHO KIKWETE FOUNDATION (JMKF) LAUNCHED IN DAR ES SALAAM

Former President, Jakaya Kikwete poses for a souvenir photo with Jakaya Mrisho Kikwete Foundation (JMKF) Board of Directors during the introduction and soft launch of the fund in Dar es Salaam on Monday.

Retired President Jakaya Kikwete on Monday launched the Board of Trustees of his foundation, outlining four key priority areas of focus, promising to work closely with the government and other organisations with similar ambitions.

Mr Kikwete further led the board members in their maiden meeting to deliberate on various issues for the best interest of the ambitious foundation that goes by the name “Jakaya Mrisho Kikwete Foundation” (JMKF).

Addressing a news conference for the first time since he handed over presidential powers to the Fifth Phase Government and a few minutes before launching the board, Mr Kikwete said the foundation decided to focus on four areas as it could not deal with everything.

TANZANIA MORTGAGE MARKET UPDATE AS AT 31 DEC. 2016

Tuesday, 14 March 2017

TPDC, DANGOTE AGREE ON GAS TARIFFS

TANZANIA Petroleum Development Corporation (TPDC) and Dangote Cement Company have finally agreed on gas tariffs and costs of constructing infrastructure to supply the energy to the cement manufacturing plant.
TPDC acting Managing Director Kapuulya Musomba, addressing reporters in Dar es Salaam late yesterday evening, said the two parties have as well agreed on costs of connectivity of the cement plant to the Mtwara-Dar es Salaam gas pipeline.
“These agreements have been reached in compliance with President John Magufuli’s directives during his official tour of Mtwara recently,” explained Engineer Musomba, hinting that the two parties have had a weeklong deliberation on the project.
He could not, however, reveal the agreed prices, saying that will be announced after appraisal by the Energy and Water Utilities Regulatory Authority (EWURA). Now that the two parties have agreed on the costs, what lays ahead is the procurement of a contractor to work on about six kilometres of the pipeline and other infrastructure to supply the gas to the factory.

HEAVY RAINS LEAVE COUNTRYWIDE TRAIL OF DESTRUCTION, DEATHS

HEAVY rains yesterday pounded in different parts of the country, killing two and destroying infrastructure, crops, houses and livestock.
In Dar es Salaam, rains wreaked havoc in the morning destroying roads and houses rendering them inaccessible, while in Morogoro more than 1,800 people were left homeless as rains ‘washed’ away their houses. In Kaliuwa District, Tabora Region, two children died after they were struck by lightning during heavy rains that were accompanied by thunderstorm.
A snap survey conducted by the ‘Daily News’ witnessed flash floods in different parts of Dar es Salaam, including flooded houses and roads creating long traffic jams while in other areas people were forced to carry their clothes in plastic bags and cross flooded roads in their underpants.

Monday, 13 March 2017

JK UNVEILS JAKAYA KIKWETE FOUNDATION TRUSTEES

Retired President Jakaya Kikwete has today inaugurated the Jakaya Mrisho Kikwete Foundation (JMKF) board of trustees.

Mr Kikwete said he would use the foundation as a vehicle that would make it possible for him to continue serving Tanzanians.

MAXCOM AFRICA (MAXMALIPO) YAWAKARIBISHA WATANZANIA KUSHIRIKI UNUNUZI WA HISA KWA NJIA YA MTANDAO

Mkuu wa kitengo cha Masoko na Ubunifu wa Kampuni hiyo, Deogratius Lazari Mosha.

Kampuni ya Maxcom Africa (Maxmalipo) inawakaribisha watanzania kushiriki manunuzi ya hisa za makampuni yaliyoorodheshwa kwenye Soko la hisa la Dar es salaam(DSE) kwa njia ya mtandao (simu za kiganjani) na kufanya malipo kupitia kwa mawakala wa Maxmalipo waliopo nchi nzima Tanzania.

Mkuu wa kitengo cha Masoko na Ubunifu wa Kampuni hiyo, Deogratius Lazari Mosha, amewaambia waandishi wa habari jijini Dar es salaam leo kwamba Maxcom Africa (Maxmalipo) ikishirikiana na soko la hisa la Dar es Salaam (DSE) kwa kutumia mfumo madhubuti wa simu za viganjani unamwezesha Mtanzania kuweza kushiriki kwenye Manunuzi ya hisa za makampuni yaliyoorodheshwa kwenye soko la awali la mitaji (primary markets ) kwa kupiga *150*36#, ameongeza kwamba baadhi ya makampuni hayo kwa sasa ni Vodacom na TCCIA.


RELIEF AS SHILLING STABILIZES IN MARCH

THE shilling has held steady its position in the first two weeks of this month thanks to lower demand for the greenback from importers.
The shilling opened the month trading at 2,237/16 a US dollar and closed the last week at 2,237/68, a steady level though still two months high. The local currency stability is however, the results of demand and supply and neither on increased exports nor productivity.
National Microfinance Bank (NMB) said that the local currency was stable against the dollar last week due to lower demand for the greenback from importers. “Shilling holds steady due to lower demand for dollars from importers,” the bank said in its daily e-Markets report last week.
The bank added: “We (NMB) expect trading activities to remain in the current range even on tomorrow’s trading session”. CRDB Bank said midweek on its market highlights report that shilling/ dollar pair continued to show no volatility and maintain stability.

FASTJET TANZANIA CELEBRATES FLYING 2.4 MILLION PASSENGERS

In Summary

Johannesburg. Fastjet Tanzania has celebrated impressive strides of flying more than 2.4 million passengers across the Tanzanian sky, the company announced Friday.

The low-cost airline began flight operations in Tanzania on November 29, 2012, flying passengers from Dar es Salaam to just two domestic destinations - Kilimanjaro and Mwanza.

The low-cost airline began flight operations in Tanzania on November 29, 2012, flying passengers from Dar es Salaam to just two domestic destinations - Kilimanjaro and Mwanza.


VODACOM IPO TURNOUT BAFFLES BROKERS

VODACOM IPO, the biggest initial public offer in history that was launched last week, has drawn strong investors interest on prospects of attractive dividend yields.
Brokers have it that the trend demonstrated by buyers in the first two days of the IPO was new in the market since many came to buy straight instead of asking and decide later.
Vodacom 476bn/- went on sale last Thursday at 850/- a share The telephone market leader offers 560million through IPO. ZanSecurities Chief Executive Officer Raphael Masumbuko said unlike other IPOs many showed up in the first two days and most were fresh stock buyers.
“Some buyers deposited money in our account a day before the IPO was opened… and many came to buy straight. “The IPO sells by itself since Vodacom brand is a household name,” Mr Masumbuko told 'Daily News' in the weekend. “Buyers don’t flick their eyes because of price.

TTCL ROLLS OUT 4G NETWORK IN ARUSHA CITY

THE State owned, Tanzania Telecommunications Company Limited (TTCL) has rolled out the high speed fourth-generation data connectivity in Arusha City, further complementing the 134 kilometres of the National Fibre Optic Cable Network circumnavigating the country.

The TTCL 4G launch, graced by the Regional Commissioner, Mr Mrisho Gambo, comes at a time when the Arusha- based Headquarters for the Tanzania National Parks is also finalising process to link all its data and communication system to the Tanzania Telecommunications Company’s data network which is essentially the National ICT Broadband Backbone (NICTBB).
“While this development is positive and targets to push the country’s economic wheels even further, there are challenges of some saboteurs who vandalise TTCL infrastructure; as the head of the security committee in the region, let me assure the management that we shall deal with such culprits,” said Mr Gambo.

ADESINA CHAIRS SESSION ON INFRASTRUCTURE FINANCING AT WALL STREET JOURNAL'S “INVESTING IN AFRICA” CONFERENCE IN LONDON


Leading investors, business executives, entrepreneurs and policymakers in Africa gathered in London at the Dow Jones News Building on March 7, 2017, for The Wall Street Journal’s one-day “Investing in Africa” conference to discuss technology, infrastructure, policy development and the growing private-sector role in the transformation of the continent.

African Development Bank President, Akinwumi Adesina, was in the thick of the action, meeting several top investors and entrepreneurs, as well as greeting friends old and new from international capitals.

The evidence is that African investment is rising fast on the global financial agenda, as is the African Development Bank, which a majority of participants in an online poll agreed was likely to overtake the World Bank and the IMF in African investment deals within a decade.

KIKWETE FOUNDATION FOR LAUNCH


FORMER President Jakaya Kikwete (pictured) will today launch the Jakaya Mrisho Kikwete Foundation (JMKF) that envisages working for Africa and the country’s development largely to address major issues in the society.
According to a statement issued in Dar es Salaam yesterday, JMKF will focus on sustainable development, health, education and good governance as well as peacekeeping.
“After the launch, former President Kikwete will address the media, for the first time since he relinquished power on November 5, 2015,” read the statement.
Mr Kikwete, who handed over power to President John Magufuli sixteen months ago, will launch the foundation amid leading the Board of Trustees Meeting in Dar es Salaam before talking to the media.
The former head of state, the statement said, has decided to tackle the four issues of sustainable development, health, education and good governance to which he dedicated a lot of efforts during his 10 years in State House.

Thursday, 9 March 2017

RISE IN FOOD PRICES PUSHES INFLATION UP

A woman cooks food. Maize flour prices rose last month, driving inflation up. PHOTO | FILE 

Dar es Salaam. The year-on-year inflation rose to 5.5 per cent in February from 5.2 per cent in January, the National Bureau of Statistics (NBS) said yesterday, attributing the change largely to increasing food prices.
With a weighting of 38.5 per cent, food and non-alcoholic beverages are the biggest driver of inflation in the country.
“That means the speed of price increase for commodities in the year ending February 2017, has increased as compared with the speed of price increase recorded for the same period in the previous month,” said the NBS acting labour and price statistics manager, Ms Ruth Minja.
The increase in the headline inflation was attributed to price increase of mainly food items, according to her. Some of the food items that contributed to an increase in inflation include maize grain, rice, maize flour, sorghum, green bananas and beans.

UZINDUZI WA HISA ZA VODACOM PLC

                            

DODOMA RECORDS RISE IN REAL ESTATE

   

    In Summary
   The firm’s planning officer, Mr Said Mohamed, said they had decided to chip-in and invest in the country’s administrative capital city in order to allow government officials to own modern and low-housing.
   He said his firm was using cheap but steady building technologies and that a simple three-room house would be marketed at between Sh16million and Sh18million.
Dodoma. Dar es Salaam-based Global Agency Limited is expecting to invest in the real estate industry in Dodoma Region, it has been learnt.
The firm’s planning officer, Mr Said Mohamed, said they had decided to chip-in and invest in the country’s administrative capital city in order to allow government officials to own modern and low-housing.
He said his firm was using cheap but steady building technologies and that a simple three-room house would be marketed at between Sh16million and Sh18million.
“We have decided to play our part in supporting the government’s smooth relocation of its seat from Dar es Salaam to Dodoma by ensuring that officials own houses at affordable costs,” he explained.

SHUHUDIA TUKIO LA UZINDUZI WA UUZWAJI WA HISA ZA VODACOM TANZANIA

BARCLAYS BANK TANZANIA CELEBRATES INTERNATIONAL WOMEN'S DAY

Some Barclays Bank Tanzania women workers, posing for a souvenir photograph during a function to mark the International Women Day celebrations in Dar es Salaam on Wednesday.

March 08, 2017 Dar es Salaam, Tanzania; Barclays Bank Tanzania has celebrated the international women’s day in consideration of the global theme #BeBoldForChange. The day was widely celebrated by all Barclays staff across the country including the head office where all the women were dressed in black attire and wore blue and white scarfs with the words “I’m Bold For Change”.

“This is a special day for all the women around the world and especially all the women working at Barclays. It’s been over 20 years since the Beijing declaration where we saw all women around the world fight for equal rights with men. I am happy to be among my fellow women to engage in inspirational talks, discussions on development and opportunities for women in Barclays”, said the Barclays Bank Tanzania Limited Board Member, Ms Fatma Karume.