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Monday, 29 February 2016

ETIHAD AIRWAYS COLLECTS LEADING FINANCE AWARD


Etihad Airways has been presented with the Best Finance Transformation Award in 2015 by Innovation Enterprise, a leading US-based company specialising in enterprise innovation.

The award was given to Etihad Airways, which triumphed over other leading companies, for its Outstation Finance Transformation program, developed to centralise the airline’s processing functions to a low-cost operating environment.

James Rigney, Etihad Airways’ Chief Financial Officer, said: “We are proud to receive this award for the great work carried out by our financial planning team. We had a short window of six months to implement our transformation program, and their dedication to this task has allowed us to reduce finance manpower, start moving to a regional structure, and to deliver cost and revenue improvements which have delivered US$28 million in savings, with a target of a further US$50m this year.”

SIMBAPAY EXPANDS AFRICA REMITTANCE SERVICE TO MORE EU COUNTRIES


Africans living in these EU countries will now be able to send money back home instantly and free of charge
LONDON, United Kingdom, February 29, 2016/ -- SimbaPay (www.SimbaPay.com), a leading digital money transfer provider, has expanded its instant Africa money transfer service to 5 new EU countries. The new countries are France, Germany, Ireland, Italy and Spain. This follows a pilot that has been running for 3 months in the new EU countries.

Africans living in these EU countries will now be able to send money back home instantly and free of charge. Money transferred via the service to Africa is credited instantly at the destination mobile money wallet, merchant or bank account.

According to Nyasinga Onyancha, CEO for SimbaPay “Our goal of connecting all Africans living abroad to any Mobile Money wallet or Bank Account in Africa just moved one step closer.” He also expressed that “We’re quite pleased to deliver this to Africans in the EU and partner banks in Africa that have been requesting we expand the service to these new territories”.

Thursday, 18 February 2016

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


INNOVATIVE BEST KINONDONI DISTRICT YOUNG ENTREPRENEURS LAUNCHED

The Executive Director of the Tanzania Private Sector Foundation (TPSF), Godfrey Simbeye, speaks to reporters during the launch of the Innovative Best Kinondoni District young entrepreneurs aged between 18 and 30 years that have started a project or business that is impacting their communities at an event held in Dar es Salaam recently. Three prize finalists will win between 10m/- and 20m/- to support and scale up their enterprises. Centre is the innovator of the project, District Commissioner, Paul Makonda and TPSF Business Development Manager, Jane Gonsalves.

MO DEWJI FOUNDATION HANDS OVER 100 MILLION SHILLINGS TO MSOGA POULTRY FARMING PROJECT

MO DEWJI Foundation Public Relations Officer, Mr Zainul Mzige (second right), presents a dummy cheque for 100m/- to joint Chairmen of the Msoga Poultry Farming Project, Mr Michael Mkindo (third left) and MP for Chalinze Mr Ridhiwani Kikwete in Coast Region on Tuesday. Looking on (left) is Bagamoyo District Commissioner, Mr Majid Mwanga and Ward Councillor for Msoga, Mr Hassan Mwinyikondo.

WATEJA WA TIGO, AZAMTV NA LIGABBVA KWENDA KUANGALIA MECHI YA BARCELONA BURE

Mtendaji Mkuu wa Azam TV, Rhys Torrington (kushoto) akizungumza wakati wa uzinduzi wa Promosheni ya kujishindia safari ya kwenda kushuhudiamechi ya Ligi Kuu ya Hispania maarufu kama La Liga, kati ya Deportivo la Coruna na Barcelona Machi mwaka huu . Katikati yake ni Meneja Promosheni wa Tigo Pesa, Mary Rutta.Kulia kwake Mkuu wa Idara ya Masoko ya Azam TV, Mgope Kiwanga .Promosheni hiyo ya ushirikiano wa Tigo Pesa na Azam TV, inaanza rasmi leo hadi Machi 13 na washindi wawili watakwenda Hispania.

Dar es Salaam, Februari 17 2016: Tigo, Azam Media na LigaBBVA leo wametangaza ushirikiano baina yao ambao utawapa fursa watumiaji wa huduma Tigo Pesa wanaonunua vifurushi vya michezo vya AzamTV kupata nafasi ya kusafiri bure bila malipo kwenda kutazama mechi ya ligi kuu kati ya miamba wawili wa Hispania – Barcelon na Deportivo la Coruna – itakayofanyika Aprili mwaka huu.

Akiongea katika uzinduzi wa promosheni hiyo leo jijini Dar es Salaam, Meneja wa Promosheni wa Tigo Pesa, Mary Rutta amesema, “Kwa kufahamu mapenzi makubwa waliyonayo watanzania kwa mpira wa miguu hasa ligi kuu ya Hispania, Tigo imeungana na Azamtv na LigaBBVA ili kuwapa watanzania, hususan wateja wa Tigo Pesa fursa hii adimu na bure ya kusafiri na kwenda kutazama mechi kati ya Barcelona and Deportivo la Coruna itakayochezwa Aprili 17.”

Rutta alisema: “Mtumiaji wa Tigo Pesa anachohitaji kufanya kushinda fursa hii ni kuhakikisha kimoja kati ya vifurishi vikuu vya AzamTV kipo hewani (Pure, Plus, Play) na hapo atakuwa ameingia katika droo ya kumpata mshindi wa kwenda kushuhudia mechi hii ya kusisimua. Tunapenda kuwahimiza wateja wa Tigo watumiaji wa huduma ya Tigo Pesa kuchangamkia fursa hii ya kusafiri bila malipo kwenda Hispania.”

FASTJET YAPUNGUZA SAFARI ZA KILIMANJARO - NAIROBI


Dar es Salaam, Februari 17, 2016 - Fastjet imepunguza mtiririko wa safari zake kwenye njia ya Kilimanjaro Tanzania na Nairobi Kenya kuanzia Jumatatu Februari 15, 2016.

Fastjet ambao awali walikuwa wanatoa safari za kila siku kwenye njia hii hivi sasa watakuwa wanafanya safari kutoka Uwanja Ndege wa Kimataifa wa Jomo Kenyatta hadi Uwanja wa Ndege wa Kimataifa wa Kilimanjaro mara mbili kwa wiki siku za Ijumaa na Jumapili tu.

Mabadiliko ya mtiririko wa safari utazifanya ndege za fastjet kuondoka Nairobi kila Ijumaa na Jumapili saa 5.40 na kutua Kilimanajaro saa 6.40 na safari ya kurudi ndege itaondoka Kilimanjaro saa 7.10 na kutua Nairobi saa 8.10.

Kupunguzwa kwa safari hizo kumetokana na kuwepo kwa mahitaji kidogo miongoni mwa wateja nyakati za wiki kutoka masoko yote mawili ya Kilimanjaro na Nairobi na hivyo kufanya safari za ndege za kila siku kutokuwa nzuri kibiashara kwenye siku hizo.

Shirika hilo limesema kuwa lengo lake ni kurejesha safari hizo kwenye njia ya Kilimanjaro –Nairobi pindi tu wateja wake watakapohitaji.

CRDB BANK CELEBRATES TWO DECADES OF ‘METEORIC RISE’


CRDB Bank yesterday launched a series of celebrations marking its 20 years since its privatisation, boasting of having grown to become the largest financial institution in the country.

The four-month marathon of celebrations would involve offering donations to various institutions mainly, those involved in education and recognition of the firm’s long serving staff and shareholders.

The bank said it took off with a loss of 1.8bn/- in 1997 amid a number of challenges including obsolete technology that barred its 19 branches to communicate each other.

However, 20 years later, CRDB has 198 branches full connected and made a profit of 130bn/- at end of 2015, thanks to innovation championed by local staff.

CRDB Managing Director Dr Charles Kimei said before privatisation the bank offered hardly three normal banking services that limited its profitability and growth.

“In 20 years all of us we have witnessed rapid growth in total assets, deposits, branch network and loan portfolio,” Dr Kimei told journalists.

NATIONAL MICROFINANCE BANK, CARE PARTNER TO SERVE THOUSANDS

Director of CARE International, Paul Daniel (second left) and CEO of National Microfinance Bank PLC (NMB), Ineke Bussemaker, jointly launch the rolling out of specialized financial products friendly to rural-based groups at an event held in Dar es Salaam yesterday. Right is NMB Acting Chief Retail Banking, Abdulmajid Nsekela and the Director of Gender and Women Development of CARE International, Oliver Kinabo.
The National Microfinance Bank has teamed up with the global humanitarian giant CARE International to develop unique financial inclusion model aimed at extending loans to thousands of groups.

The NMB Managing Director Ms Ineke Bussemaker said in Dar es Salaam yesterday that the partnership aims at providing financial solutions to over 10,000 financially-excluded groups which is equal to 25,000 people across the country.

“Through the partnership with CARE, we take a significant step towards reducing Tanzania’s dependence on cash and enhancing financial inclusion in the country,” she said.

She added, “Achieving the two goals would result in a more empowered, inclusive economy, where those who are already included in the financial mainstream are able to better live the lives they want and those excluded to participate in the formal economy to build self determined lives,” She said the targeted groups mainly village saving and loans associations (VSLAs) will benefit from the new NMB Pamoja Account by linking with the bank having the widest network in the country.

MAJOR TELECOMS ATTAIN FINANCIAL INTEROPERABILITY IN TANZANIA

BOT Governor, Prof. Benno Ndulu.
Vodacom, the leading telecom in Tanzania is finally joining three others, Airtel, Tigo and Zantel -- for subscribers to transfer money across multiple networks enabling the country achieve full interoperability.

The Bank of Tanzania (BoT) Governor, Prof. Benno Ndulu said in Dar es Salaam yesterday that Vodacom Tanzania was joining others in the networks interoperability agreemement.

He said the move was vital in expansion of financial services and promotion of financial inclusion. “I have just been informed that Vodacom has joined. This makes Tanzania the first country in the world to achieve full interoperability among its mobile network operators,” he said in his opening remarks at a workshop on financial inclusion jointly organised by BoT and the World Bank.

Tigo, Airtel and Zantel reached interoperability agreement in 2014 to allow their customers transfer money into each others electronic wallets.

Following the agreement facilitated by World Bank’s International Finance Corporation, Financial Sector Deepening Trust (FSDT) and BoT, bilateral pricing agreements were signed between Tigo, Airtel and Zantel in accordance with the wallet to wallet interoperablity rules.

All have implemented and launched the services with Tigo and Airtel wallet to wallet service starting in September 2014 and Tigo and Zantel service in December 2014.

Wednesday, 17 February 2016

UK TRADE AND INVESTMENT ENVOY VISITS TANZANIA

Prime Minister, Kassim Majaliwa, speaks with the British High Commissioner to Tanzania, Ms. Dianna Melrose (right) and UK Trade and Investment Envoy to Tanzania and Kenya, Lord Clive Hollick (centre), when they paid a courtesy call on him in Dar es Salaam on Monday. 

ACACIA MINING PROFIT FALLS AS GOLD PRICE DECLINES


Tanzania's gold miner, Acacia Mining annual profit for 2015, fell by 31 per cent as gold prices continued their drop. The gold mining company, which operates three mines in Tanzania, said in a report that earnings before interest, tax, depreciation and amortisation for 2015 fell to $175 million from $252.7 million a year earlier.

Total revenue for the year amounted to US$868 million which was seven per cent below 2014, as a result of the US$104 per ounce lower average realised gold price, despite the 2 per cent increase in sales.

The UK-listed miner, previously known as African Barrick Gold, reported a net loss of $197 million for the last year December 31, 2015, compared with a net profit of $89 million the year before.

Gold prices fell by about 10 per cent in 2015. Acacia declared a final dividend of $0.028 a share, bringing its total dividend for 2015 to $0.042 cents a share, in line with 2014.

ETIHAD AIRWAYS TO OPEN A SPECTACULAR NEW FIRST CLASS LOUNGE IN ABU DHABI


In May of this year, Etihad Airways will open a spectacular new First Class Lounge at Abu Dhabi International Airport’s Terminal 3, for the exclusive use of its First Class guests, Etihad Guest Platinum and Etihad Airways Partners Platinum guests, and those staying in The Residence onboard its Airbus A380 fleet‎. The investment and development of the world-leading facility highlights the airline's commitment to its valued top-tier guests.

Peter Baumgartner, Etihad Airways Chief Commercial Officer, said: “The new First Class Lounge in Abu Dhabi will be the jewel in the crown of our ever-growing global lounge portfolio, a showcase of intelligent design and innovation,‎ and the world’s best premium airport experience. We are confident that it will deliver a product and service which is as highly acclaimed as it is inflight and look forward to unveiling its many unique features with great pride.”

The state-of-the-art space combines modern Arabian design elements and the understated elegance and luxury synonymous with the Etihad Airways brand, demonstrating the airline’s legendary hospitality and constant drive for perfection in its multi-award-winning First Class experience, both on the ground and in the air.

EXIM BANK TANZANIA LAUNCHES PREFERRED BANKING

Exim Bank Tanzania Head of Treasury, George Shumbusho explains the bank’s new Preferred Banking service to stakeholders at its launch in Dar es Salaam recently.
With the launch of Preferred Banking– a new service that offers high value customers a unique set of banking privileges and lifestyle benefits such as attractive discounts on shopping, dining, leisure, travel, hotel stay and a lot more; Exim Bank Tanzania has once again laid down another marker, in its rich yet relatively short history.This is evidence of the Banks commitment to remain the most innovative bank in Tanzania.

This exciting new initiative is tailored to exclusively benefit the middle to upper segment of SMEs and individual clients who are the key contributors to the Banks growth.This segment hitherto has been deprived of the special needs and recognition and the banking facility in line with their success and position. Preferred Banking is here to answer all these needs and more.

Speaking during the launch of the new proposition, Mr. Aloyse Maro – the bank's Product Manager said: "Preferred Banking is designed to meet the financial needs of high value customers in style. Customers will get a dedicated relationship manager, preferential treatment at our branches, preferential pricing across products and Lifestyle rewards & discounts on shopping, dining, leisure, travel, hotel stays and others."

HSBC KEEPS LONDON BASE IN VICTORY OVER ASIA; SHARES GAIN


HSBC Holdings Plc recommitted its future to London, ending 10 months of deliberations over whether to move its headquarters, after securing concessions from the U.K. government on regulation and taxes. The shares rose.

Europe’s largest bank said it will continue its 23-year stay in the U.K. capital after its board, led by Chief Executive Officer Stuart Gulliver and Chairman Douglas Flint, convened there on Sunday. The decision was unanimous, according to a statement from the bank.

“As we evaluated jurisdictions against the specified criteria, it became clear that the combination of our strategic focus on Asia and maintaining our hub in one of the world’s leading international financial centers, London, was not only compatible, but offered the best outcome for our customers and shareholders,” Flint said in the statement.

The shares increased 1 percent to 445 pence at 10:04 a.m in London, bringing the loss this year to 17 percent.

FASTJET EXITS KILIMANJARO TO NAIROBI ROUTE


Fastjet is reportedly suspending its new route between Kilimanjaro and Nairobi after it proved to be economically unviable when operated with a big aircraft.

Sources close to the airline say the suspension came as a result of poor load factors because there are no enough passengers between Nairobi and Kilimanjaro to fill an A319 with at least 70 percent. Flights between Dar es Salaam and Nairobi however continue to be operated, with a presently single daily frequency.

There simply are not enough passengers between Nairobi and Kilimanjaro to fill an A319 with at least 70 per cent.

Kenya Airways uses an Embraer 190 and Precision operates an ATR on this route, all smaller aircraft and their load factors on this route are far from full house. No airline can afford to fly planes with low load factors while charging such low fares.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


STANBIC BANK TANZANIA PAYS 3BN/- FINE FOR ROLE IN DUBIOUS DEAL


Stanbic Bank Tanzania has finally paid a fine of 3bn/- to the Bank of Tanzania (BoT) for its role in the dubious transaction in which six million US dollars (about 12bn/-) was withdrawn in cash in a matter of days by a local firm, Enterprise Growth Market Advisors (EGMA), in 2013.

“The bank submitted its defence in regard to the matter but we were not satisfied and they agreed to pay the fine as required,” the central bank’s Governor, Professor Benno Ndulu, told this newspaper in a telephone interview.

Prof Ndulu would not go into details but emphasized that the commercial bank had deposited the money at the central bank as it had been directed.

On January 17, this year, the Minister for Finance and Planning, Dr Philip Mpango, revealed at a news conference that Stanbic Bank Tanzania had been given until January 30, 2016, to defend itself against the penalty.

“The law requires the bank to file its defence in 20 days and if the central bank is not satisfied, then Stanbic Bank Tanzania will be compelled to pay the fine,” Dr Mpango explained then.

Saturday, 13 February 2016

NATIONAL MICROFINANCE BANK WINS OVERALL PPF AWARD

Deputy Minister for Finance and Planning, Ashatu Kijaji hands an award for overall victory to the Chief Human Resources Officer of National Microfinance Bank (NMB), Charles Kazuka, during the 25th General Meeting of PPF in Dar es Salaam on Thursday. NMB emerged the overall winner among institutions in sending employees' contributions to the pension fund in 2015. Looking on are PPF Managing Director, William Urio (right) and Board Chairman, Ramadhan Khijjah.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


MAGUFULI TOASTED ON 100 DAYS IN OFFICE

President John Magufuli at work at State House in Dar es Salaam, on his first day in office, November 6, 2015.
As President John Magufuli chalks his first 100 days in office today, a section of politicians, academicians, religious leaders and the general public have saluted his achievements so far.

Most of those interviewed by the ‘Daily News’ said President Magufuli is a man of his word and has walked the talk without mincing words They prayed the efforts continue into the next five years.

“In such a short time, Dr Magufuli has achieved what many leaders have failed to achieve, especially in straightening public institutions that were dominated by corruption and increasing revenue collection to unprecedented levels,’’ one of the commentators said.

Former Prime Minister, Judge (retired) Joseph Warioba said President Magufuli has started on good footing, noting that within the first 100 days in office, he has started delivering on the promises he made to the public during his election campaigns and when launching the 11th Parliament when he defined his government’s direction.

Friday, 12 February 2016

REGULATOR WADES INTO KENYA AIRWAYS, FASTJET PRICE WAR


The airline regulator has dived into the price war between Fastjet and Kenya Airways demanding that the former sets its prices inclusive of all taxes involved.

Budget carrier Fastjet has prices exempting tax, luggage charges and other levies. The prices appear low luring consumers as KQ struggles to keep up by cutting its prices by 30 per cent. The Kenya Civil Aviation Authority has now ordered Fastjet to include ‘taxes, fees and other charges’ on its pricing, stating that the law requires that passengers are accurately informed.

“It has come to the notice of the authority that airlines continue to advertise in the local print media prices that are exclusive of taxes, fees and other charges,” said the director general KCAA Gilbert Kibe in a notice in the dailies.

Fastjet and Kenya Airways are at the peak of prolonged price wars that have forced the latter to lower its charges for the Dar-Nairobi route with the hope of retaining customers along the way.

CHINESE FIRM SAYS LEGAL BATTLE WITH KEMPINSKI HOTEL IN KENYA COSTLY


Avic International, a Chinese developer now says it has lost USD 176.7M in construction delays arising from the endless court battle between it and Villa Rosa Kempinski hotel in Kenya.

The international hotel is protesting the planned construction of a rival 43-storey hotel in an adjacent plot.

Avic now claims that the appeal that Kempinski filed before the environmental body –Nema tribunal saw it lose USD20,000m for each of the 93 days that construction stalled pending the rulling.

Villa Rosa Kempinski hotel in Kenya in September challenged NEMA’s decision to award Avic approvals for its Sh9 billion complex leading to a freeze in construction work for the entire period of the proceedings as provided for by law.

In another instance last week, Kempinski hotel in Kenya opened the second round of the battle with an appeal against Nema after its tribunal dismissed its case on grounds that it was filed outside the 60-day window following the award of an approval.

PRESIDENT OBAMA SIGNS POWER AFRICA INITIATIVE INTO LAW


President Barrack Obama has signed into law the Power Africa deal a move aimed at expanding electricity to millions of households in sub-Saharan Africa. This measure has been widely supported as it is a game-changer in saving lives and accelerating growth on the continent.

The Electrify Africa Act leverages partnerships with the private sector in order to bring first-time electricity access to about 50 million people who live in undeserved parts of Africa. The bill unanimously passed the House of Representatives and Senate.

The initiative is set to use a system of loan guarantees since no new US federal funds have been allocated for the project. The loan will be used to add 20,000 megawatts of electricity to the continent’s grid by 2020.

The supporters of the bill argue that access to power is a fundamental development challenge long experienced in Africa and a boost to it will therefore rekindle economic growth and improve access to education and public health.

“It is a huge milestone for business start-ups that have to close at dark and for school children, who are often forced to study by dangerous, inefficient kerosene lamps,” said House Foreign Affairs Committee Chairman Ed Royce.

GE OIL & GAS UNIVERSITY HELPS TO CAPACITATE TANZANIAN ENGINEERS IN ITALY

GE OIL & GAS UNIVERSITY HELPS TO CAPACITATE TANZANIAN ENGINEERS IN ITALY


Three Tanzanian engineers have completed and commended a specialized 4 months training at the GE Oil & Gas University in Florence, Italy.

The training was under the sponsorship of General Electric (G.E), the world leader in the digital manufacturing industry, through its Oil & Gas section. The beneficiaries were Mr. Fabian Mwose (a Petroleum Engineer), Ms. Lilian Zambi (a Chemical & Process Engineer) and Ms. Limi Lagu (a chemical & Process Engineer), all from the Tanzania Petroleum Development Corporation (TPDC).

A press statement released by the firm earlier this week, details that, the three engineers joined other international participants in the 4 months training program that provides a complete approach to developing knowledge with courses that deliver in-depth training in 4 different disciplines: Leadership, Energy, Oil & Gas Processes, and Oil & Gas Equipment, comprised of 40+ courses.

The GE Oil & Gas University opened its doors in 2005 and is committed to helping Oil & Gas top employees from selected customers worldwide the opportunity to acquire fundamental management and technical skills to consolidate their overall understanding of the Oil & Gas industry. The University offers a program that is recognized by industry-leading organizations worldwide, who every year entrust it with the education and development of their top young talent. It has hosted 87 companies since 2005 including national and International oil companies. The University has also recorded about 507 graduates from 30 countries, 212 in the resident course and 295 in the various localized courses held over the years.

DUBAI TO PRESS AHEAD WITH WORLD'S LARGEST MALL AS GULF ECONOMY SLOWS

"We will be reacting to the demands of the market. The project is massive and complex and will have to be built in stages," said Ahmad bin Byat, vice-chairman and managing director of Dubai Holding, a company owned by the emirate's ruler that is responsible for the project.
Reuters, 10 February 2016 - DUBAI: Dubai said on Tuesday it would press ahead with plans to build the world's largest shopping mall despite an economic slowdown looming in the region, but would assess market demand before proceeding with the project's later stages.

The Mall of the World project, encompassing 8 million square feet (745,000 square metre) of shopping space connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms, was announced in mid-2014, just as oil prices began a precipitous plunge.

Oil makes little direct contribution to Dubai's economy, but its drop has dampened consumer and investor confidence in the Gulf's financial and tourist hub as neighbouring governments slash subsidies and economists cut growth forecasts.

"We will be reacting to the demands of the market. The project is massive and complex and will have to be built in stages," said Ahmad bin Byat, vice-chairman and managing director of Dubai Holding, a company owned by the emirate's ruler that is responsible for the project.

EXIM BANK'S INNOVATION FC ENTERS BANKER'S LEAGUE SEMI FINAL

Exim Bank Football squad which claimed a 1-0 victory over Akiba Commercial Bank’s Team in the quarter finals of the Banking League competition match held at Karume Grounds in Dar es Salaam recently.
Exim Bank Head of Treasury, George Shumbusho handing a gift to Exim Innovation FC winger Yussuf Abdillah, whose goal against KCB booked the bank a slot to play in the semi final of the banking competition league.
Dar es Salaam, February 9th, 2015: Exim Innovation FC over the weekend booked a semi-final slot to play DTB FC after narrowly defeating bitter rivals KCB bank by a solitary goal in the on-going bankers’ league competition.

The all important goal was scored by Exim Innovation FC winger Yussuf Abdillah, sending the capacity crowd that had gathered to witness the match at Karume Grounds, Dar es Salaam on Saturday into wild cheers.

The competition features 16 banks across Dar es Salaam City. It aims to strengthen the banks’ ties and friendship, regardless of their status as competitors.

Wednesday, 10 February 2016

TANZANIA FINANCIAL SECTOR REGISTERS STEADY GROWTH


Tanzania financial and banking sector has remained sound and stable with levels of capital and liquidity above regulatory requirements.

The Bank of Tanzania (BoT) Monetary Statement for the mid-year to December 2015 shows that the ratio of core capital to total risk weighted assets and off-balance sheet exposures was 17.5 per cent above the minimum legal requirement of 10 per cent.

Similarly, the ratio of liquid assets to demand liabilities stood at 37.4 per cent which was within the minimum regulatory limit of 20 per cent.

The quality of the banking sector’s assets improved as reflected by the ratio of non-performing loans to gross loans, which decreased to 6.4 per cent from 6.8 per cent recorded at the end of December 2014.

The sector continues to maintain steady growth with total assets growing by 19.3 per cent to 26.92tri/- in December last year compared to 22.55tri/- recorded in corresponding period.

AIRTEL TANZANIA CLIENTS SHARE 3BN/- BONUS

Airtel Money Business Enterprise Manager, Asupya Nalingigwa.
Airtel Tanzania yesterday announced distribution of interest to more than six million Airtel Money customers including the super and retail agents.

The firm will pay interest for the period from April 2015 to December 2015 and every Airtel Money customer will receive a portion of interest based on their Airtel Money account balances every day.

Airtel Money Business Enterprise Manager, Asupya Nalingigwa said, "we are really excited to be announcing this distribution of profit share worth 3.3bn/- to our loyal Airtel Money users. This is the second profit share, last year we shared Mobile Money Trust Account profit of 5.3bn/- with our customers".

GOLD MINER ACACIA LOOKS BEYOND TANZANIA

Acacia CEO, Brad Gordon.
Gold mining company Acacia Mining is looking to go beyond Tanzania into Kenya and West Africa. Acacia CEO Brad Gordon told the 2016 Investing in African Mining Indaba that the company’s growth had stemmed from a focus on business fundamentals, people and relationships.

Gordon spends a lot of time on government dialogue with his company marketing itself more like a consumer products company than a mining business. Its contrarian view on exploration has also resulted in exploration assets being acquired at good rates.

The former Barrick Africa has taken 40 per cent out of its costs since 2012 and expects to see another 15 per cent improvement in its all-in sustaining costs (AISC) position in 2016, with AISC in this debt-free case being a proxy for additional free cash flow. Over two years, $200-million of costs have been dragged out of the business.

It responded to a stumble in the 2015 third quarter (Q3) by completely restructuring the workforce and achieving a much-improved Q4. The company now has 4,500 personnel, including contractors, which is down from 11,000.

TANZANIA POSTAL BANK OPENS A BRANCH IN BABATI

Treasury Registrar, Mr Lawrence Mafuru (right) receives Tanzania Postal Bank's ATM card from the Chief Executive Officer of the bank, Mr Sabasaba Moshingi, shortly after he officiated the launch of the bank's Babati Branch in Manyara Region yesterday.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB


TOTAL WAR DECLARED AGAINST TAX EVASION

Finance and Planning Minister, Dr. Philip Mango.
The government yesterday declared total war against tax evasion, reaffirming its resolve to collect all liable taxes to finance service provision to the citizens.

Finance and Planning Minister Philip Mpango asked the business community, including traders and investors, in a meeting in Dar es Salaam yesterday, to adhere to the laws, rules and regulations governing their businesses, describing tax evasion as unacceptable and intolerable.

“Evading tax is a crime... we know there are some few insincere TRA (Tanzania Revenue Authority) employees who collude with dishonest traders to deny the government its rightful revenues... they must be taken to task,” charged Dr Mpango, directing Acting TRA Commissioner General Alphayo Kidata to act tough against undisciplined tax collectors.

The minister asked the business community to support the government in its strides to fight extreme poverty amongst the citizens and deliver high quality social services.

Tuesday, 9 February 2016

OPIC ENTERS INTO $250 MILLION PARTNERSHIP WITH BAYPORT


TUESDAY, FEBRUARY 02, 2016 - Bayport Management Ltd (“BML”), a leading emerging market financial services group, today announced the closing of a $250 million senior debt facility with the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution. The long-term loan will support the group’s financial inclusion and growth agenda across its operations.

Under the terms of the agreement, OPIC will provide financing in the form of long term debt that will enable BML to fund its strategic growth aspirations in Africa and Latin America, which includes organic expansion in existing countries and the development of a broader range of financial solutions in those markets. All of this activity will be underpinned by a custom-built new technology platform that is being developed in-house.

Bayport delivers on its developmental objectives by making a broad spectrum of financial services accessible to people generally excluded from traditional banking and other life enhancing financial products. Its Tanzanian operation, for example, is innovating through product development initiatives in the purpose loans arena. Bayport's "Chagua Chochote" product offering in Tanzania enables customers to acquire income-generating items such as motor bikes and three-wheeled motorcycle pickups. Customers also have access to other financial solution products such as insurance and mortgage-type loans that allow them to own a surveyed plot of land from the Vikuruti Development.

Elizabeth Littlefield, president and CEO of OPIC, says that both Africa and Latin America are key regions for global economic growth.

BANK OF KIGALI PICKS NEW CEO AS GATERA RESIGNS

Bank of Kigali offices in Rwanda.
Bank of Kigali (BK), Rwanda’s largest bank by assets, has picked Diane Karusisi as its new managing director following the resignation of James Gatera, as it strategises to stay at the apex of the country’s banking sector.

Mr Gatera’s vacation of office, after close to nine years at the helm, was announced Monday by the bank’s Board.

“The board accepted his resignation to take effect from the date when the incoming chief executive officer is approved by the central bank,” said the Board.

Although BK said his new position “will be announced in the near future,” The East African learnt that Mr Gatera could replace Jack Kayonga, the CEO and chairman of Crystal Ventures – the ruling party’s (RPF) investment arm, which has a portfolio of shareholdings in at least 12 large local firms including Inyange Industries, Bourbon Coffee, Ruliba Clays.

TWIGA BANCORP ALLOCATES 5BN/- TO VILLAGE COMMUNITY BANKS

Twiga Bancorp Bank has set aside 5bn/- to be loaned to various entrepreneurs through their village community banks (VICOBA) to boost their income generating activities at national level for the financial year 2016.

The Director of Business Development at Twiga Bancorp Bank, Mr Solomon Haule, said this in Dar es Salaam over the weekend during the launch of a special programme to assist VICOBA groups with loans.

Mr Haule who spoke on behalf of the Managing Director of the bank, Mr Cosmas Kimario, said formerly most groups had faced a challenge of accessing loans in various financial institutions because they lacked assets that would act as collateral.

“In addressing the challenge the bank has established the programme to assist the government’s efforts in eradicating poverty by raising the living standards and the economy of its people and the country as a whole,” said Mr Haule.

The programme will go in line with special trainings to equip members with entrepreneurial skills, best ways to utilise funds and managing savings in financial institutions.

NATIONAL MICROFINANCE BANK ALLOWED TO CHALLENGE HIGH COURT RULING

The Court of Appeal has allowed the National Microfinance Bank (NMB) to challenge the decision of the High Court in relation to payments of 615m/- to businessman Augustino Wesaka Gidimara, who trades as Builders, Paints and General Supplies.

Justice Katharina Oriyo ruled in favour of the bank last week after granting an application for extension of time within which to apply for stay of execution of the High Court’s decision issued on October 31, 2014, regarding the payments in question.

“I am satisfied that this is a fit case to invoke the Court’s discretion. Accordingly, the applicant (NMB) is hereby granted an extension of 30 days leave within which to apply for an order of stay of execution,” Justice Oriyo declared.

She pointed out that having perused the affidavit by a bank official, Lilian Komwihangiro, presented before the court she found there was sufficient material to explain away the delay to apply for stay of execution.

“The applicant categorically explains why it was not legally possible to apply for a stay of execution of the decree within the prescribed time without annexing a copy of such decree,” the justice said.

55 TO LOSE JOBS AS AIRTEL TANZANIA RESTRUCTURES

Airtel Tanzania yesterday announced that it was embarking on “strategic rightsizing” exercise to reposition its business and enhance delivery of its services.

“The move is geared at provision of affordable and quality services to the Tanzanian market,” Airtel said in a statement. It said:”Approximately 55 members of the team will be affected by the initiative.”

“However, a good number of the employees will be offered alternative employment to partners who will be taking over management roles on an outsourced model.”

The statement released by Airtel Tanzania’s Corporate Communications Director, Ms Beatrice Singano stated that “The rightsizing exercise aligns the structure with the organization’s operational model”.

BENKI YA NMB YAWAFIKIA WAKAZI WA TURIANI, YAKABIDHI MADAWATI KWA SHULE YA MSINGI MTIBWA

Benki ya NMB imetoa msaada wa madawati 60 yenye thamani ya shilingi milioni 5 kwa shule ya Msingi Mtibwa iliyo katika kata ya Turiani – Mvomelo mkoani Morogoro. Huu ni mwendelezo wa benki kujali wateja na jamii inayozunguka matawi yake huku ikiamini kuwa ni kupitia jamii ndipo wateja wake wengi wanapotoka, kwa hiyo kurudisha sehemu ya faida kwa jamii ni utamaduni waliojiwekea.

Kwa mwaka huu – 2016 NMB imepanga kutumia zaidi ya Shilingi Bilioni 1 kusaidia jamii katika Nyanja za elimu na afya pamoja na kusaidia vipaumbele vilivyowekwa na serikali kwenye elimu ikiwa ni pamoja na Tehama na maabara kwa shule za msingi na sekondari.

Meneja wa Tawi la NMB Turiani akikabidhi madawati kwa Mkuu wa Shule ya Msingi Mtibwa - Enock Kagonji huku Mwanafunzi wa darasa la sita Nasma Seif akishuhudia tukio hilo.
Wanafunzi wa Shule ya Msingi Mtibwa wakiwa wamekalia madawati waliyopewa na NMB.
Meneja wa NMB Kanda ya Mashariki – Nazaret Lebbi akikata utepe kuashiria kuanza kwa matumizi ya madawati yaliyokabidhiwa na NMB kwa shule ya msingi mtibwa.


Friday, 5 February 2016

EXIM BANK LAUNCHES ITS TALENT MANAGEMENT PROGRAM

Exim Bank Tanzania Head of Human Resources, Mr. Frederick Kanga speaks during the roll out of the bank’s Talent Management Program with an intention of identification, mobilization, development and retention of high potential employees held in Dar es Salaam recently.
Exim Bank has rolled out its Talent Management Program with an intention of identification, mobilization, development and retention of high potential employees. The purpose of this initiative is to enable the bank to develop successors of the Senior Management from within the Bank.

Speaking during the kick off meeting held in Dar es Salaam recently, Head of Human Resources of the Bank, Mr. Frederick Kanga said “This is a special program which is very transparent, initiated by the Bank with an intention of discovering the wealth of the Human Capital which the Bank has, and later utilize that wealth to bring about the intended transformation and sustainability.’’

“The Bank has identified three key pillars which will lead to its growth; people being the first pillar, then technology and processes. Based on this philosophy, the Bank believes that availability of strong foundation of talent pool is a major success factor for both business growth and business continuity,” said Mr. Kanga.

FASTNET EXPANDS FOOTHOLD AFTER FLEET UPGRADE

Fastjet says there will be up to 1,000 more seats per day available to its Tanzanian customers thanks to the addition of another Airbus A319 to its current fleet of four aircrafts.

“Fastjet Tanzania’s current fleet of four aircraft are almost fully utilised, and the addition of the fifth responds to our growth strategy and to the need for additional seat capacity on both domestic and international routes,” said Mr John Corse, Fastjet Tanzania’s General Manager.

Mr Corse also noted that the new aircraft would mean that Fastjet Tanzania aircraft fleet was sufficiently large enough to assist in managing any operational challenges should one of its aircraft need to be taken off the schedule for mandatory servicing and maintenance.

He said that the new aircraft would mean that Fastjet Tanzania’s aircraft fleet was sufficiently large enough to maintain the robustness of the Fastjet operation.

The Airbus-manufactured A319 aircraft is a single aisle twin-engine jet that offers superior levels of efficiency and low environmental impact, in addition to the high levels of comfort expected in modern state-of-the-art aircraft.

It is configured to carry 156 passengers which affords an economy of scale to support the low cost model in which Fastjet Tanzania operates.

NBC LAUNCHES MALENGO SAVINGS CAMPAIGN, WINNER TO GRAB NEW TOYOTA LAND CRUISER PRADO

NBC Bank Tanzania Retail Director, Mussa Jallow (centre), cuts a ribbon to official launch the NBC malengo savings campaign in Dar es Salaam yesterday. Looking on left is NBC Head Marketing, Alina Maria Kimaryo and banks campaign Manager, Mtenya Cheya.
Dar es Salaam 4th Feb, 2016 - One of the leading retail banks in Tanzania, the National Bank of Commerce (NBC) yesterday launched a liability campaign, aiming at promoting the Malengo Savings Account.

The campaign will last for three months from 1st February to 30th April 2016. During the three month campaign period depositing customers will benefit from an attractive interest rate and stand a chance to win a brand new Toyota Land Cruiser Prado.

The Malengo Savings Account is a savings account that is specifically designed to help customers achieve their goals within a specific period of time.

“The objective of the campaign is to create awareness of the importance of saving for the future in order to realize ones goals” said Musa Jallow NBC Retail Director. All one has to do to stand a chance to win is to open a Malengo savings account at any NBC branch across the country.

AfDB APPROVES US$ 16.5 MILLION FOR INSTITUTIONAL SUPPORT PROJECT FOR GOOD GOVERNANCE IN TANZANIA

The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, February 3 in Abidjan a loan of US $16.5 million to finance the Tanzania Institutional Support Project for Good Governance (ISPGG III). The objective of this project is to support the Government of Tanzania in promoting inclusive growth and macroeconomic stability by enhancing economic and financial governance through more effective public financial management and improved business environment.

By supporting the Government of Tanzania’s public financial management (PFM) reform agenda, this project will contribute to efforts geared towards enhancing capacity, and improving accountability, transparency and integrity in the management of public resources. The project will also contribute to an improvement in the business enabling environment, by strengthening capacity to fight corruption, the streamlining of business registration and licensing processes and operationalization of the public-private partnership (PPP) framework.

During the Board presentation, Director of the Bank’s Governance, Economic and Financial Management Department, Jacob Mukete, noted that “the project builds upon Bank-supported capacity building and PFM reforms in Tanzania, and complements the ongoing Power Sector Reform and Governance Support Programme and the Public Financial Management Reform Programme (PFMRP IV) supported by other development partners through basket funding.”

BENKI YA NBC YAZINDUA KAMPENI YA MALENGO

Mkuu wa Huduma za Rejareja za Kibenki wa benki ya NBC, Mussa Jallow (katikati), akikata utepe kuzindua rasmi kampeni ya Malengo ya benki hiyo jijini Dar es Salaam jana. Kushoto ni Meneja Masoko wa NBC, Alina Maria Kimaryo na kulia ni Meneja wa kampeni hiyo, Mtenya Cheya.
Mkuu wa Huduma za Rejareja za Kibenki wa benki ya NBC, Mussa Jallow (kulia), akizungumza wakati wa uzinduzi wa kampeni hiyo jijini Dar es Salaam jana. Kushoto ni Mkuu wa Kitengo cha Bidhaa za Kuwekeza cha benki hiyo, Andrew Massawe.
Mkuu wa Kitengo cha Bidhaa za Kuwekeza cha benki hiyo, Andrew Massawe (kushoto), akizungumza kuhusu faida mbalimbali za mteja wa benki hiyo atakayeshiriki kampeni ya malengo ya NBC. Kulia ni Mkuu wa Huduma za Rejareja za Kibenki wa benki hiyo, Mussa Jallow.
Kampeni ya malengo itadumu kwa muda wa miezi mitatu kutoka Februari 4 mpaka Aprili 30 2016. Katika kipindi hicho cha miezi mitatu ya kampeni, wateja wanaoweka fedha watafaidika na kiwango cha kuvutia cha riba na kuwa katika nafasi kubwa ya kushinda gari mpya aina ya Toyota Land Cruiser Prado kama linavooeneka pichani.
Baadhi ya maofisa wa Benki ya NBC wakipozi kwa picha wakati wa uzinduzi wa kampeni hiyo jijini Dar es Salaam. Hii ni kampeni ya tatu ya kuwekeza kuzinduliwa na NBC na kama ilivyo katika miaka mingi kampeni zote zimekuwa za mafanikio makubwa katika suala zima la mrejesho na ufahamu wa wateja. Mwaka jana NBC ilizindua kampeni ya kuwekeza iliyopewa jina la “Weka Upewe” ambayo ilishuhudia NBC ikitoa zawadi kadhaa kwa wateja wao nchini kote.