ADVANS BANK SASA YAWA RASMI LETSHEGO BANK (T) LIMITED

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma akionyesha nembo na muonekano mpya ya benki hiyo iliyobadilishwa kutoka kutambulika kama Advans Bank kuwa rasmi Letshego Bank. 

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma (wa pili kulia) akionyesha nembo na muonekano mpya ya benki hiyo iliyobadilishwa kutoka kutambulika kama Advans Bank kuwa rasmi Letshego Bank. Wanaoshuhudia ni Dru Jayaratne (wa kwanza kulia), Mkurugenzi Mtendaji wa FAIDIKA Bw. Mbuso Dlamini (wa pili kushoto) na Meneja Rasilimali watu wa benki ya Letshego Bi. Rehema Ngusaru.

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma akiomwonyesha Mkurugenzi Mtendaji wa FAIDIKA Bw. Mbuso nembo na muonekano mpya ya benki hiyo iliyobadilishwa kutoka kutambulika kama Advans Bank kuwa rasmi Letshego Bank.

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma (wa pili kulia) akipongezwa na Mkurugenzi Mtendaji wa FAIDIKA Bw. Mbuso Dlamini (wa pili kushoto) mara baada ya kuzindua nembo na muonekano mpya ya benki hiyo iliyobadilishwa kutoka kutambulika kama Advans Bank kuwa rasmi Letshego Bank. Wanaoshuhudia ni Dru Jayaratne (wa kwanza kulia), na Meneja Rasilimali watu wa benki ya Letshego Bi. Rehema Ngusaru.

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma (kulia) akifurahia jambo pamoja na baadhi ya wateja wa benki hiyo Bi. Flora Ferdinand (katikati) na Bi. Farida Walele (kushoto), mara baada kuzindua rasmi muonekano na nembo mpya ya benki hiyo iliyokuwa ikijulikana hapo awali kama Advans Bank.

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma (wa nne kushoto) akiwa katika picha ya pamoja na baadhi ya wajume wa bodi na watendaji wa kampuni ya FAIDIKA, pamoja na baadhi ya wafanyakazi wa benki hiyo mara baada kuzindua rasmi muonekano na nembo mpya ya benki hiyo iliyokuwa ikijulikana hapo awali kama Advans Bank.

Mkurugenzi Mtendaji wa benki ya Letshego ya Tanzania Bw. Yohane Kaduma (aliyevalia suti na tai nyekundu) akiwa katika picha ya pamoja na baadhi wafanyakazi wa benki hiyo mara baada kuzindua rasmi muonekano na nembo mpya ya benki hiyo iliyokuwa ikijulikana hapo awali kama Advans Bank.

Benki ya Advans ya Tanzania imebadili jina kuwa Letshego Bank (T) Limited kufuatia umiliki wa asilimia 75 za hisa za benki hiyo iliyonunuliwa na kampuni ya Letshego Holdings Limited baada ya kuwekeza zaidi ya Shilingi bilioni 19.

Akizungumza Jijini Dar es Salaam jana wakati wa uzinduzi wa muonekano mpya wa benki hiyo, Mkurugenzi Mtendaji wa benki hiyo Bw. Yohane Kaduma alisema umiliki huu uliyofanyika tangu mwaka 2015, umefanya Letshego kuwa mbia mkuu wa benki hiyo huku asilimia 25 ikiendelewa kumilikiwa na wanahisa waanzilishi ambao ni Advans SA, na Shirika la Maendeleo ya Uholanzi (FMO) ambao kwa mujibu wa Bw. Kaduma, watendelea kutoa ushirikiano kiuongozi na kiutawala.

ADVANS BANK CHANGES NAME TO LETSHEGO BANK (T) LTD

The Managing Director of Letshego Bank Tanzania, Mr. Yohane Kaduma, shows the logo of the newly re-branded financial entity to the Managing Director of Faidika, Mr. Ika Mbuso, during the bank's official launch in Dar es Salaam on Thursday.

Dar es Salaam — Letshego Bank (T) Limited has promised to provide broad-based tailor-made financial solutions to people of different economic positions as it seeks to make a breakthrough in a market of over 50 players.

Letshego Bank (T) Limited comes to Tanzania after acquiring a 75 per cent stake in what used to be known as Advans Bank Tanzania in a transaction worth Sh19 billion.

The transaction was completed last year, according to chief executive officer (CEO), Mr Yohane Kaduma.

It saw Advans SA and the Netherlands Development Finance Company (FMO) shedding 75 per cent of the shareholding to Setswana investors.

Advans SA and FMO will remain minority shareholders.

According to Mr Kaduma, the transformation will see the bank improving its services in order to bring solutions to financial challenges facing its clients.

WANAFUNZI SHULE ZA MSINGI NA SEKONDARI KUNUFAIKA NA NMB KUPITIA MAFUNZO YA UWEKAJI AKIBA. ZAIDI YA SHULE 20,000 KUNUFAIKA

Benki ya NMB kwa kushirikiana na shirika la kimataifa la Women's World Banking wamezindua mpango wa kuwawezesha watoto na vijana kujua umuhimu wa kutumia taasisi za fedha katika kutunza na kujiwekea akiba kwaajili ya matumizi ya baadae. Mpango huo umepewa jina la WAJIBU mahususi kwaajili ya akaunti za akiba za watoto na vijana.

WAJIBU yenye maana ‘Wajibika’ inajumuisha aina tatu za akaunti za akiba: NMB Mtoto Akaunti, NMB Chipukizi Akaunti na NMB Mwanachuo Akaunti zilizotengenezwa kwaajili ya vijana katika kila hatua ya maisha yao huku lengo likiwa kuwasaidia wazazi na vijana kujiwekea akiba na kupanga matumizi wao wenyewe au kwa msaada wa wazazi ili kutimiza azma yao.

NMB Chipukizi Akaunti ni akaunti ya kipekee na maalumu kama akaunti ya kwanza ya aina yake kutambulishwa nchini, akaunti hii ni maalumu kwa vijana wenye umri kati ya miaka 13 mpaka miaka 17 na wanamiliki akaunti hiyo kwa majina yao. Akaunti hizi zinaunganishwa na msemo kuwa JIfunze, Jipange – WAJIBIKA! Mpango huo mahususi kwajili ya kuwawezesha watoto na wazazi kujua masuala ya kifedha na jinsi ya kutumia taasisi za kifedha kujiwekea akiba kwa maendeleo.

BANK OF TANZANIA NOTICE TO THE GENERAL PUBLIC

THINGS BEGIN TO HAPPEN IN DODOMA

Nyerere Square, Dodoma.

• Tanesco, TTCL, water authority lay bare grand expansion plan

Fresh details have emerged on the Dar es Salaam-Dodoma ‘migration’ after providers of such utilities as water, electricity and telecommunications announced grand plans to upgrade and expand service delivery in the new capital-designate within 100 days.

The present utility infrastructure and set-up in Dodoma have created doubt as to whether the 43-year old decision to shift to the centrallylocated region could at this time around materialise.

According to some critics, the capital transfer would hit a technical snag especially after some ministries, including the Prime Minister’s Office explicitly declared to move permanently to the Capital City District, which is part of the semi-arid Dodoma region.

But the state water, telecom and electricity firms, which had been investing multi-billion dollars on infrastructures in Dar es Salaam, said they are well organised to counter any rising demand owing to population inflows.

The Tanzania Telecommunication Company Limited (TTCL) has told the ‘Daily News’ that the firm, which has received funding from the TIB Development Bank, will upgrade the national broadband network to enable data transfer from the current 40 GB to 200 GB by November this year.

AFRICAN STATESMEN PUSH FOR GOOD GOVERNANCE

Former African presidents follow the speech by renowned South African businessman, Mr. Sipho Abednego Nkosi (not in picture), during the African Leadership Forum coordinated by UONGOZI Institute in Dar es Salaam yesterday. They are from left; Hifikepunye Pohamba (Namibia), Joaquim Chissano (Mozambique), Benjamin Mkapa (Tanzania), Thabo Mbeki (South Africa) and Armando Guebuza (Mozambique).

Former African Heads of State have underscored the need for good governance, implementable policies, selfless leadership and centred antigraft administrations for Africa to unleash its potential to achieve sustainable development.

The former leaders said failure to charter the right path to development, would lead to unequal distribution of wealth and conflicts.

In his opening remarks, during the African Leadership Forum that started yesterday in Dar es Salaam, the former Tanzania President, Mr Benjamin Mkapa, said African people must drive themselves to bring development in their countries, noting that no outsider will come and do so for them.

Mr Mkapa said it is upon African people to take the challenge into their own hands to ensure the African Union (AU) Agenda 2063 is realized by using the vast and abund a n t natural resources found in the continent.

“This year's theme is 'How we can enable African businesses to t r a n s - form t h e Continent ' . . . more quickly and more sustainably. As you know, we have agenda 2063, that has set the goal of 2063 for a prosperous Africa based on inclusive growth, and sustainable development... how we get there will depend on how the people take up the challenge," he explained.

Mr Mkapa, who was giving his opening remarks in the two-day leadership forum, cited Mwalimu Julius Nyerere's key conditions that would drive the country's development after colonialism, which included people, land, good policies, good leadership.

KENYA AIRWAYS FLIES INTO A ROUGH CLOUD AFTER RECORD SH26.2BN LOSS

Kenya Airways CEO Mbuvi Ngunze during the announcing of the carrier's financial results in Nairobi on July 21, 2016.

Kenya Airways has plunged deeper into the red after recording a Sh26.2 billion net loss for the year ended March 2016.

This is a worse performance compared to the Sh25.7 billion net loss that the national carrier recorded a year ago.

Annual results released on Thursday last week by the listed airline, known as KQ by its international code, showed that its net loss had worsened two per cent, largely due to foreign exchange losses and an increase of other costs, including interest on loans.

KQ’s management said that a 12.9 per cent weakening of the shilling against the US dollar cost the carrier Sh9.7 billion in foreign exchange losses.

Kenya Airways, whose total loans now stand at Sh113.2 billion, also saw its finance costs increase by Sh2.3 billion to close the year at Sh7 billion, mainly due to depreciation of the shilling.

“Ninety eight of our loans are dollar-denominated, including local ones. We got these loans when the shilling was trading at 75 or 78 units to the dollar and we are repaying them at 101,” said Mr Dick Murianki, the airline’s acting finance director.

“As at the end of the financial year, we held cash in various countries such as South Sudan and Nigeria and translation of these monetary assets has seen us lose significant value.”

4.5TRI/- TRANSACTED IN MOBILE FINANCIAL SERVICES

TCRA Head of Corporate Communications, Mr. Innocent Mungy.

Tanzania is among few nations in Africa that have made exemplary strides in mobile financial services, currently with 4.5tri/- being transacted using mobiles phones each month.

Briefing journalists yesterday during the fourth Annual Mobile360 Africa in Dar es Salaam yesterday, Tanzania Communication Regulatory Authority (TCRA) Head of Corporate Communications Mr

Innocent Mungy said currently mobile finance services covers the whole country.

The three day fourth Annual Mobile360 Africa conference which ends today, seeks to discuss barriers and find solutions that will enable the underserved population access to the services.

Mr Mungy said through mobile money services provided by all telecommunication companies in the country, has been instrumental in bringing financial services closer to the public, especially those living in rural areas and do not have access to banking services.

“A greater number of people are benefitting from the mobile money services, including in purchasing, accessing money in their bank accounts and sending money to loved ones from the comforts of their homes,” he explained.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB

PRIVATE SECTOR NODS TO DODOMA

The government has been challenged to prepare clear-cut strategies that will enable the private sector to come up with an appropriate business plan on how to tap the emerging potential in the form of the move to Dodoma, the new capital designate.

Both the Tanzania Private Sector Foundation (TSPF) and an economist from the Confederation of Tanzania Industries (CTI) have positively received the government’s directives to shift to the new capital.

They equally see the move as an important step to diversify industrial sector, open business opportunities in the region and decongest the country’s commercial city--Dar es Salaam.

“The private sector sees the government intention to shift to Dodoma as new business opportunity because a lot of investments will be required to meet the demand of the increasing population,” TPSF Executive Director, Mr Godfrey Simbeye, told the ‘Daily News’ in Dar es Salaam yesterday.

President John Magufuli recently expressed his commitment to relocate his office to Dodoma before the end of his five-year term.

FIVE EX-AFRICAN LEADERS TO ATTEND FORUM IN DAR

Former Mozambican president, Joaquim Chissano.

Five former African presidents are set to attend a high-level meeting scheduled for today in Dar es Salaam to deliberate on the obstacles preventing the continent’s business from flourishing and recommend the way forward.

They are former Mozambican presidents Joaquim Chissano and Armando Guebuza, Thabo Mbeki of South Africa, Hifikepunye Pohamba of Namibia and Bakili Muluzi of Malawi.

According to a statement released by UONGOZI Institute in Dar es Salaam, the two-day African Leadership Forum will also bring together more than 100 key influential leaders and thinkers across the continent and leaders from business, government, civil society and academia.

Themed ‘Enabling African Businesses to Transform the Continent,’ the forum is the third in a series of annual high level meetings convened by former President Benjamin Mkapa and UONGOZI Institute.

The statement detailed that although recent growth rates in Africa are celebrated in policy and development circles, significant challenges remain with regard to realising the potential of the private sector in Africa.

It said enabling businesses to enhance the competitiveness of the continent create employment opportunities and enhance Africa’s economic growth and sustainable development will be the focus of the African Leadership Forum this year.

REAL ESTATE CAPITAL MARKETS INVESTMENT SEMINAR 2016

ETIHAD AIRWAYS OFFER; 5-DAY EARLY BIRD SALE - FLY TO DUBAI FROM AS LOW AS USD 99!

PRIME MINISTER TO MOVE TO DODOMA IN SEPTEMBER

The government has reiterated its intention to shift from Dar es Salaam to Dodoma with the Prime Minister, Mr Kassim Majaliwa, confirming that he will be the first to implement the presidential directive - come September.

In his keynote address to the CCM National Congress after he was elected the party’s National Chairman on Saturday, President John Magufuli told delegates that before the end of his first term in office, the entire government would have been moved from Dar es Salaam to Dodoma.

Dr Magufuli repeated the commitment here yesterday at the solemn occasion to mark the Heroes Day at national level, saying that his government was serious this time around. He added that he was honouring the dream by the Father of the Nation, Mwalimu Julius Nyerere.

“It does not click in our minds that Mwalimu expressed his intention to ensure that Dodoma becomes the country’s capital, only to see his children and grand children failing him,’’ Dr Magufuli stated.

When invited by the president to greet the mammoth crowd at the function, the prime minister directed all the ministers to put measures in place to shift from Dar es Salaam to Dodoma immediately.

ARUSHA BUSINESSMAN LEMA, "MZEE WA MILIONI 7 KWA DAKIKA" IN COURT OVER TAX EVASION

Prominent Arusha businessman Samwel Lema was yesterday brought before the Kisutu Resident Magistrate’s Court in Dar es Salaam to face a number of criminal changes jointly with another prominent businessman, Mohammed Mustafa Yusufali, popularly known as ‘Mzee wa Milioni 7 kwa Dakika’ (Man who makes 7m/- per minute).

However, the prosecution could not read the charges against them because they were brought to the court after working hours. The two prominent businessmen were returned back to the custody of the Prevention and Combatting of Corruption Bureau (PCCB) until today.

It is a second case for Yusufali as he is currently facing 199 counts relating to tax evasion of over 15bn/- alongside four others. Earlier yesterday, the court handed back the prime suspect (Mohamed Mustafa Yusufali), to the PCCB for further grilling in the 15bn/- evading tax case. Principal Resident Magistrate Huruma Shaidi gave such order after taking into consideration a request presented before him by the prosecution, led by Senior State Attorney Mutalemwa Kishenyi and PCCB lawyer Leonard Swai.

The prosecution informed the court that PCCB needed more time to interrogate Yusufali, alias Mohamedali, alias Choma, alias Jamalii, because he was facing other allegations. The prosecution team could not give more details but promised to return him immediately after the session. Earlier, the prosecution briefed the court on the developments of the case, including the status on investigations, saying such assignment was going on.

They, therefore, requested the court to grant more time for them to complete the investigation. The magistrate granted the request and adjourned the matter to August 5, for another mention.

Yusufali is charged alongside Alloyscious Gonzaga Mandago, Isaack Wilfred Kasanga, Taherali Sujjauddin Taherari and Mohamed Seif Kabula with 199 counts. They include forgery, uttering false documents, money laundering, occasioning loss to a specified authority and evading tax of over 15bn/-.

NATIONAL HOUSING CORPORATION (NHC), BANCABC HOUSE PROJECTS IN MTWARA COME TO FRUITITION

Bank of Tanzania Governor (BOT), Prof. Benno Ndulu (centre), greets BancABC Director of Corporate & Investment Banking, Khalifa Zidadu (left), when he inspected residential apartments built by the National Housing Corporation (NHC), in collaboration with BancABC in Mtwara for BOT staff. On the right is NHC Director General, Nehemiah Kyando Mchechu.

National Housing Corporation (NHC) and BancABC have handed over to Bank of Tanzania (BOT) 10 residential houses that will be used by staff of its newly established branch in Mtwara Region.

Speaking during the handing over ceremony, NHC Director General, Nehemiah Mchechu said that the 10 houses in Shangani area are part of 50 houses that BOT had purchased. The remaining 40 houses are in Raha Leo.

“The houses focus to accommodate the demand of the general public for residential purposes, there are other 20 houses in this Shangani project that the public can take advantage of,” said Mr. Mchechu.

Speaking during the same event, BancABC Head of Corporate and Investment Banking, Khalifa Zidadu said BancABC has supported Shangani project to its full completion and they are also providing the same to support Raha Leo project.

VODACOM'S M-PESA SWITCHES TO NEW PLATFORM

Vodacom Tanzania has unveiled its brand new M-Pesa platform (second generation platform) which, among other things, will make the mobile money service faster, more robust and with less downtime while offering customers more services via the advanced platform.

The newly improved platform, which is now hosted in Tanzania, will enable Vodacom to respond faster to its customer needs as well as offer new additional products and services. "We have built the best mobile money world-class platform.

And I’m proud to say, given the work done on this platform Tanzanians have an excellent opportunity to grow mobile money and specifically M-Pesa," Vodacom’s Chief Officer for M-Commerce, Sitoyo Lopokoiyit said at the launching event in Dar es Salaam over the weekend. "

This will result into a situation where innovation is not only about Vodacom, Innovation is about the customers, the businesses and Tanzanian developers connecting on this platform to deliver services for their customers, and that is the essence of this platform.”

ACACIA MINING PROFIT UP AS GOLD PRICES RISE

Acacia Mining profit in the first half of 2016 has soared as gold prices and sales surged while operating costs fell.

The gold mining company, which operates three mines in Tanzania, said in a statement its earnings before interest, tax, depreciation and amortisation for the six months to June 30 rose 91 per cent to 184.9 million US dollars, helped by lower costs and higher gold sales.

The gold miner, said it was now expecting to deliver at or above the upper end of the full year production guidance of 750,000 - 780,000 ounces and at the lower end of all in sustaining costs of 950-980 US dollars per ounce.

Revenue rose 58.2m US dollars to 504.9m US dollars due to a 13 per cent increase in gold sales volumes combined with a 1 per cent increase in the average realised gold price to 1,209 US dollar. The increase in sales ounces was due to the higher production base, Acacia said.

“As we move into the second half of 2016, we expect a step up in production at Buzwagi with grade increasing each quarter until the end of the year as mining is re-established in the main zone of the ore body,” the company said.

TRACTOR ASSEMBLY TO BEGIN AT MAKESHIFT FACTORY IN KIBAHA

Permanent Secretary (PS) in the Ministry of Industry,
Trade and Investment, Dr Adelhem Meru.

The government is looking for temporary premises to begin tractor assembling by Polish tractor firm, Ursus S. A, as construction of an assembling plant is scheduled to begin this financial year at Kibaha in Coast Region.

The Permanent Secretary (PS) in the Ministry of Industry, Trade and Investment, Dr Adelhem Meru, confirmed to the ‘Daily News’ recently that the project, which is part of a 110 million US dollars soft loan from Poland, would begin at a temporary location while construction plans for an assembling factory were being finalised.

"We are looking for a temporary premise for assembling work to begin immediately before the construction of the plant starts," he said over the phone on the planned tractor assembling plant billed to be one of the largest factories of its kind in East Africa.

The assembling factory is to produce about 2,400 tractors annually for local consumption and for selling to other East African countries, Dr Meru said. The National Service, JKT, economic wing, SUMA JKT, signed a contract with Ursus in 2015 for the delivery of 2,400 tractors, tools and spare parts - and it includes equipping an assembly hall and service centres within the country.

The signing of the agreement was witnessed by former Prime Minister, Mr Mizengo Pinda, the Minister for Defence and National Service, Dr Hussein Mwinyi and former Polish Lech Wałesa.

The agreement was an outcome of Mr Pinda's visit to Poland in 2014 where the East European country committed itself to provide 110 million US dollars for the supply of tractors and cereal storage facilities.

MANY TAKE DODOMA MOVE WELL

Dodoma town, Tanzania.

DODOMA: FACTFILE

• LOCATION: Situated in the geographical centre of the country; 486 kilometres (302 miles) west of the former capital Dar es Salaam and 441 kilometres (274 miles) south of Arusha. It is also 259 km north of Iringa through Mtera. It covers an area of 2,669 square kilometres (1,031 sq mi) of which 625 square kilometres (241 sq mi) is urbanised. 
• THE DECISION: Designated new national capital since 1973 by President Julius Nyerere (pending complete transfer of official functions from Dar es Salaam. 
• FIRST STEPS: On October 6, 1973, following the decision, founding President, Mwalimu Julius Nyerere, established a ministerial portfolio and set up the Capital Development Authority (CDA) as the Government Implementing agency for the task. 
• ECONOMY: Surrounding region is a market centre for groundnuts, castor beans, sunflower seeds, gum, maize, rice, wheat, coffee, tea, tobacco, and sorghum. Grape farming has made the region the country’s leading wine production centre. Cattle raising is important throughout the region. 
• TRANSPORTATION: The new capital city is connected by air, road and rail. Relocation of the national capital began in earnest in the early 1980s and was scheduled to be completed in 2005; at that point, however, only the legislature regularly convened there. The population is primarily agricultural.

The government is well prepared to make Dodoma the country’s capital city in the next five years as affirmed by President John Magufuli over the weekend during the CCM National Congress, where he was elected the new national chairman of the ruling party.

In separate interviews with this newspaper on Sunday, Dodoma Regional Commissioner (RC), Mr Jordan Rugimbana and the Deputy Minister for Works, Transport and Communication, Engineer Edwin Ngonyani, said the government was now ready more than ever before for the move.

Mr Rugimbana said the region had laid strategies in place, including demarcating land for provision of various services to accommodate the government and its institutions and expansion of other services such as health and education.

“We expect an influx of people moving to Dodoma from Dar es Salaam and other regions. So we are preparing to accommodate all of them, including students. This includes boosting social services, such as medical care,” he noted.

He said the government, including ministries and other institutions, will be located at Ihumwa near the Chamwino State Lodge; earmarked to serve as the State House. Other earmarked sites include land for the construction of residential, commercial buildings and other services.

TWIGA BANCORP FINANCIALS ARE SOUND, STRONG - TREASURY REGISTRAR

Treasury Registrar, Lawrence Mafuru clarifies on the recent misleading information published in the media regarding Twiga Bancorp at a press conference held in Dar es Salaam on Monday. He is flanked by the bank's Chief Executive Officer, Cosmas Kimaro (right) and the Director of Human Resources and Administration, Amina Lumuli. 

Treasury Registrar (TR) Lawrence Mafuru has said Twiga Bancorp customers’ savings were safe and the bank was steady to offer its services.

The clarification comes following recent media reports that the financial institution is in a crisis, saying the media misinformed the public on its stance. “Reports that the bank is about to be closed is not true. Such misinformation might cause panic to customers as financial institution keeps savings,” said the TR.

Mr Mafuru explained that the government gave directives to Twiga Bancorp to address challenges facing the financial institution pointing out that the bank was in need of capital to strengthen its services.

NATIONAL MICROFINANCE BANK SHARES RALLY AFTER BOND LISTING

The Permanent Secretary (PS) in the Ministry of Industries, Trade & Investments, Dr. Adelhem Meru, rings a bell to officially symbolize the listing of 41.4bn/- NMB Retail Bond on the Dar es Salaam Stock Exchange (DSE) in the city on Tuesday. He is flanked by DSE Chief Executive Officer, Mr. Moremi Marwa (left) and NMB Bank Managing Director, Ms. Ineke Bussemaker.

National Microfinance Bank (NMB) shares rallied by 5.2 per cent after listing its three-year 41.4bn/- bond on the Dar es Salaam Stock Exchange (DSE) on Tuesday.

The listing automatically pushed up NMB share price by 5.2 per cent yesterday after opening the week trading at 1,710/- a piece to close the market at 1,800/-.

The listing termed ‘Bell Ringing Ceremony’ was graced by the Permanent Secretary for Ministry of Industry, Trade and Investment, Dr Adelhelm Meru. The PS hailed the move and urged other investors in the private sector to join the bandwagon of raising capital through markets.

“This retail bond is expected to facilitate development of a vibrant retail bond market and open doors for other companies, and municipal bodies to explore new methods to meet financing needs,” he said.

BANK OF TANZANIA OFFICIAL ALLAYS FEARS ABOUT LIQUIDITY SQUEEZE

Cash squeeze in circulation should be nothing to worry much about as it is part of measures undertaken to control the economy, a senior Central Bank official has said.

Mr Paul Maganga, the Domestic Market Associate Director with the Central Bank told the 'Daily News' on Wednesday that scarcity of money currently being experienced was part of a tight monetary policy taken to help in monitoring and control money in the circulation.

He said the recent government directive for ministries, local governments and public corporations to transfer their money to the Central Bank was among the measures which had contributed to the scarcity of money in the circulation.

About 500bn/- is the sum of money thought to have been held by the public corporations, ministries and local governments in commercial banks. The directive on the other hand has helped the Bank of Tanzania (BoT) to monitor and control money in circulation, he said.

Instead the public entities should maintain an operational account at their preferred commercial bank with a minimum of balance to cater for their monthly operational expenses as per their monthly cash flow projections.

Mr Maganga said also that the tight liquidity in the circulation is contributed by most corporate engaged in paying annual taxes last month, thus cutting spending of funds that could have been directed to investments. Similarly, the present situation of dry money in the market is explained by the less government expenditure for both recurrent and development.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB

CHINESE BOOST FOR CENTRAL RAILWAY LINE

President John Magufuli bids farewell to visiting President of China Exim Bank, Mr. Liu Liang, at the Chamwino State Lodge in Dodoma on Wednesday. Left is Chinese Ambassador to Tanzania, Dr. Lu Youqing. (Photo by State House)

• Exim Bank agrees to give 16tri/- soft loan 
• New 2,190-km standard gauge line in offing

PLANS for the construction of a 2,190-kilometre central railway line to standard gauge form are now up for implementation as Chinese Exim Bank has agreed to give a soft loan of 7.6 billion US dollars (about 16 trillion/-) to finance the project.

According to a statement issued on Wednesday by the State House, the amount is enough to cover construction of 2,190 kilometres. The project is expected to start this financial year as the government has also set aside about 1tri/- from the current budget for the purpose.

Once completed, it is expected that the project will revolutionise Tanzania’s economy and other countries in Eastern and Central Africa including Burundi, Rwanda and Democratic Republic of Congo (DRC). The first phase will constitute the construction of the railway line from Dar es Salaam to Mwanza via Isaka and Tabora.

Exim Bank gave a nod on Wednesday over financing the construction after its president, Mr Liu Liang, met President John Magufuli at the State Lodge in Dodoma.

Mr Liu said apart from the funds, the bank would cooperate with Tanzania in exchanging experience and skills on the construction of the railway and its management. He praised Dr Magufuli for what he termed “his true desire to bring development to the country,’’ including fostering the construction of the central railway line. “On this central railway line project, we have a positive view. We see it as good project.

SSC ISLAMIC FINANCE LAUNCHES INTEREST FREE LOANS FOR MICRO AND SMALL ENTEPRISES

SSC Islamic finance is a financial services company offering financing solution to micro and small enterprises while observing Islamic sharia.

We offer this solution by a way of Murabaha, a popular Islamic financing contract where we purchase and re-sell goods to a client with a known and pre-agreed profit margin.

In doing this, we remove the element of interest (riba) while creating a scenario of risk sharing with our clients. Unlike conventional financing, which involves interest charging and risk transfer to a client.

Our financing solution is not restricted to Muslims only, unlike the common perception in the market, we serve the general public as long as they qualify to our requirements.

BARCLAYS BEGINS EGYPT SALE PROCESS, AT LEAST TWO INTERESTED - SOURCES

A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015.

Barclays (BARC.L) has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday.

The UK-based lender is offloading its Africa unit as part of a plan by Chief Executive Jes Staley to simplify its structure and seek higher shareholder returns, although attempts to sell all the assets together have come up against difficulties including the disparate nature of the business.

Banks have now been invited to submit bids for the Egypt business, which are due at the end of August, according to two of the sources. Sources have previously said Barclays Egypt's equity value was around $400 million (£304.5 million).

Dubai-based Emirates NBD ENBD.DU, which bought BNP Paribas' Egyptian unit in 2013, is one of the interested parties and has mandated Perella Weinberg Partners to advise it, according to three sources aware of the matter.

The New York-based investment firm also worked on the BNP Paribas Egypt deal with Emirates NBD, which on Monday reported a 16 percent jump in second-quarter net profit.

SABMILLER SALES HURT BY ECONOMIC VOLATILITY IN AFRICA

LONDON (Reuters) - Brewer SABMiller, in the process of being bought by Anheuser-Busch InBev, reported lower quarterly revenue on Thursday, hurt by tough conditions in some African markets.

The maker of beers such as Castle Lager, Peroni and Grolsch said group net revenue fell 4 percent in its first quarter, ended June 30, with volume flat.

Excluding the impact of acquisitions, disposals and currency fluctuations, revenue rose 2 percent as gains in Europe, South Africa and Latin America offset more challenging conditions in other African markets, where volume was hurt by economic volatility and tough conditions.

In its trading statement on Thursday, which comes ahead of its annual general meeting, SABMiller did not mention its pending $107 billion takeover by Anheuser-Busch InBev, which received approval by the United States on Wednesday.

The takeover of the London-listed brewer has come under scrutiny in recent weeks as a drop in the British currency has reduced the relative attractiveness of the all-cash offer aimed at most SAB shareholders.

FOREIGN CURRENCY EXCHANGE RATES, COURTESY OF NMB

TANZANIAN LAWYER OFFERS ONLINE CONFLICT RESOLUTION

Madeline Kimei, Commercial Mediator & ADR 
Consultant.

Madeline Kimei, a Tanzanian commercial lawyer tells TouchBase Africa (TBA) about the role her company, Resolution Experts, is playing in the growing niche market in Private Dispute Resolution services.

Q. Tell us about Resolution Experts and how you came to recognize the need for private dispute resolution services?

Resolution Experts specializes in commercial/contract advisory and dispute resolution consultancy and training. We also provide for dispute system design, investigations, workplace conflict management and online dispute management.

I set up the company after realizing that there was growing demand for such a service in Tanzania’s legal industry. Since its inception in 2014, my company has introduced a number of products including an online dispute resolution platform iRESOLVE ™ for the resolution of dispute in an online system.

Q. Why did you become involved in Alternative Dispute Resolution, mediation or arbitration?

A. I began to feel that there had to be a better way to resolve disputes and so started to think about whether I could find a way that would give me greater personal satisfaction in terms of helping companies and private clients. I concluded that arbitration and mediation were alternatives that would enable me to provide a service offering greater value. So I moved my practice in that direction.

Civil litigation is so uncertain and so expensive that it makes sense to pursue ADR in most cases. For example, the process is private and confidential, reducing the reputation risk often associated with litigation. Besides any award by the arbitrator is equally binding as a court judgment.
Q. Tell us more about commercial mediation?

A. I became a mediator because the cost of litigation, in time, money and emotion, is enormous. It is expensive for both sides. For a business, there is time employees lose from productive work to prepare documents as well as money for lawyers.

The advantage of mediation is that it enables both parties to explore options and choose decisions that work for them. The mediator’s job is to help the parties negotiate and to provide a sort of “time-out” in the dispute which helps the parties engage and communicate better. However, the mediator, unlike a judge or arbitrator, will not decide for the parties what their decisions should be.

MARKETERS' NIGHT OUT, GOLDEN TULIP HOTEL - 22 JULY

KNIGHT FRANK REPORTS RENT DROP IN UGANDAN CAPITAL, KAMPALA

Rent for office space in prime places of Kampala city has decreased by almost 30%, property agency Knight Frank has reported. Rent drop in Ugandan capital Kampala has been fueled by mass exodus of people from the city centre knight Frank says.

Rent drop in Ugandan capital Kampala got to the lowest of $12, from highs of $15-16.5 per square metre in some properties over the period.

The drop in rents in the city over the last six months is likely to go on into the mid-term but innovative investors in property could reap heavily when demand inevitably start rising, according to Knight Frank.

Knight Frank Uganda managing director, Judy Rugasira, while addressing the media on July 08 said that many tenants in Kampala are now opting for rental office spaces away from the CBD which has become more congested.

“We foresee this trend continuing as the key demand drivers of commercial office space continue to look for office space out of the congested central business district,” Rugasira says.

Low sales

“According to our research, many retail tenants generally registered low sales during the first quarter of 2016 compared with the same period last year; and this is partly attributed to the slowdown in the economy given that the country witnessed an election period during the first quarter of the year and investors withholding their investments,” she said.

She added that the average daily traffic in the retail segment fell by 2.1% in comparison to the first and second quarters of the year, with retailers exerting pressure on property owners to allow them pay for rent in shillings as opposed to foreign currencies to enable them easily manage their monthly rental bills.

RADISSON BLU HOTEL AND CONVENTION CENTER OPENS IN KIGALI, RWANDA

Radisson Blu Hotel and Convention Center is now opened in Kigali, Rwanda; this is according to Radisson Blu which is an international chain of full service hotels and resorts brand for Radisson Hotels.

Senior Vice President Business Development of the Carlson Rezidor Hotel Group, Mr. Andrew McLachlan confirmed the news and said that the new Radisson Blu Hotel and Convention Center is approximated to cost US$ 300m and will entail the five-star Radisson Blu hotel having 292 rooms and conference facilities that can accommodate over 5,000 guests.

“We are very pleased to launch this landmark hotel and convention center under the brand-Radisson Blu. This new opening in Kigali, Rwanda promotes and strengthens our position in the East African Economic Community and on the African continent at large. Africa is one of our largest growth markets where we have averagely signed a new hotel every 37 days and opened a new hotel every 60 days”, Mr. McLachlan said.

Carlson Rezidor Hotel Group currently has the largest pipeline of hotels under development compared to any international hotel operator in Africa.

WAZIRI MAHIGA AZUNGUMZA NA WAANDISHI WA HABARI KUHUSU MKUTANO WA AU

Waziri wa Mambo ya Nje na Ushirikiano wa Afrika Mashariki, Dkt. Augustine Mahiga akizungumza kwenye mkutano na waandishi wa habari jana mchana kuhusu Mkutano wa Wakuu wa Nchi wa Umoja wa Afrika uliomalizika hivi karibuni nchini Rwanda. Katika mkutano huo Mhe. Waziri alielezea mambo mbalimbali yaliyojadiliwa katika Mkutano huo ikiwemo suala zima la Haki za Wanawake katika kufanya maamuzi, kupata nafasi za Uongozi na kushirikishwa kwenye utatuzi wa migogoro mbalimbali Barani Afrika. Kaulimbiu ya mkutano huo ilihusu "Haki za binadamu hususan za Wanawake". Kulia ni Mkuu wa Kitengo cha Mawasiliano ya Serikali Wizarani, Bi. Mindi Kasiga.

Dkt. Mahiga akionyesha kwa waandishi wa habari Hati yake ya Kusafiria (passport) aliyopatiwa wakati wa mkutano wa AU. Hati hiyo imeanzishwa na Umoja wa Afrika kwa lengo la kuimarisha umoja na kurahisisha mawasiliano. Kulia ni Bi. Kasiga.

Waandishi wa Habari wakimsikiliza Waziri Mahiga kwenye mkutano uliowakutanisha naye. (Picha na Reginald Philip).

WAZIRI MAHIGA ASAINI MKATABA WA UENYEJI WA BENKI YA MAENDELEO YA AFRIKA MASHARIKI (EADB)

Waziri wa Mambo ya Nje na Ushirikiano wa Afrika Mashariki Mhe. Dkt. Augustine Mahiga pamoja na Mkurugenzi Mkuu wa Benki ya Maendeleo ya Afrika Mashariki (EADB), Bi. Vivienne Yeda wakisaini Mkataba wa Uenyeji (Host Agreement) wa Ofisi za Benki hiyo nchini. Hafla hiyo ilifanyika katika Ofisi za Wizara ya Mambo ya Nje na Ushirikiano wa Afrika Mashariki tarehe 20 Julai, 2016.

Waziri Mahiga na Bi. Yeda wakibadilishana Mkataba mara baada ya kuusaini. 

Dkt. Mahiga akiwa katika picha ya pamoja na Bi. Yeda, Mkurugenzi wa Kitengo cha Sheria wa Wizara ya Mambo ya Nje na Ushirikiano wa Afrika Mashariki, Balozi Baraka Luvanda (kulia) na Mkuu wa Biashara wa EADB hapa nchini Bi. Juliana Sweke (kushoto). (Picha na Reginald Philip).

Waziri wa Mambo ya Nje na Ushirikiano wa Afrika Mashariki Mhe. Dkt. Augustine Mahiga (Mb) amesaini Mkataba wa uenyeji (Host Agreement) wa Ofisi za Benki ya Maendeleo ya Afrika Mashariki (EADB) na Mkurugenzi Mkuu wa Benki hiyo Bi. Vivienne Yeda. Mkataba huo umesainiwa jana katika Ofisi za Wizara kwa lengo la kurasimisha kisheria Ofisi za Benki hiyo zilizopo nchini.

Aidha, uwekaji saini wa mkataba huo ni utekelezaji wa agizo la Mkutano wa Wakuu wa Nchi Wanachama wa Jumuiya ya Afrika Mashariki uliofanyika tarehe 2 Machi, 2016 Mjini Arusha, Tanzania. Mkutano huo pamoja na mambo mengine uliazimia kuanzishwa kwa Ofisi za Benki hiyo katika Makao Makuu ya kila nchi Mwanachama ili kuwezesha utekelezaji madhubuti wa shughuli za Benki hiyo.

Benki ya Maendeleo ya Afrika Mashariki ni Taasisi ya Fedha iliyoanzishwa mwaka 1967 chini ya iliyokuwa Jumuiya ya Afrika Mashariki, kwa lengo la kutoa misaada ya kifedha na misaada mingine ndani ya Jumuiya ya Afrika Mashariki.

CENTRAL BANK OF KENYA CHIEF ORDERS BANKS TO DISCLOSE TOP SHAREHOLDERS ON WEBSITES

The Kenya banking sector regulator has ordered all lenders to disclose their top shareholders on their websites in fresh efforts to improve corporate governance in the industry.

The Central Bank of Kenya Governor Patrick Njoroge.

The banking sector regulator has ordered all lenders to disclose their top shareholders on their websites in fresh efforts to improve corporate governance in the industry.

A majority of Kenyan banks — which keep their shareholding secretly guarded — are now racing to beat the August 1 compliance deadline set by Central Bank of Kenya (CBK) governor Patrick Njoroge.

Dr Njoroge said Wednesday banks must reveal on their websites and update periodically a share register of those who hold at least five per cent shares of the lender.

The directive is expected to lift the corporate veil on banks that have over the years kept their ownership closely guarded.

The CBK also plans to introduce term limits for bank chief executives and non-executive directors, Dr Njoroge said, arguing that this measure is aimed at strengthening the governance of Kenyan banks.

“Greater transparency in ownership will ensure public confidence,” he said at a briefing in Nairobi.

Dr Njoroge added that unlimited directorship tenures “breed complacency”.

AFRICA ONLINE AND AVANTI IMPROVE DOWNLOAD SPEEDS ACROSS EAST AFRICA

Monday July 21, 2016 - Africa Online, a Pan-African broadband provider and Avanti Communications, a leading provider of satellite data communications services, has announced that consumer and business customers in Kenya and Tanzania can now benefit from increased downlink speeds to 15Mbps in a move that will improve their satellite connectivity.

Kenneth Munyi, Ag Country Manager, Africa Online Tanzania said the new offering is valid in Kenya and Tanzania for both existing and new service subscribers. “Providing increased value to customers is core to our service offering and the Avanti downlink speeds increase will greatly assist customers to become more productive and save time, “said Mr. Munyi.

Africa Online, in May 2016, announced its renewed contract with Avanti Communications, who appointed the Corporate Broadband Provider as a partner until 2018. Mr. Munyi said that the strong relationship between the two companies has enabled significant growth for Africa Online over the last 18 months. “The contract extension will enable provision of fast, affordable satellite broadband in an effort to assist in bridging the digital divide,”

TRANSFORM AGRICULTURE INTO A WEALTH CREATION SECTOR, AfDB PRESIDENT AKINWUMI ADESINA URGES

AfDB President Akinwumi Adesina with Rwanda’s Foreign Minister Louise Mushikiwabo, at the 35th Session of the NEPAD Heads of State and Government Orientation Committee meeting in Kigali on July 16, 2016.

The issue of Africa’s industrialization was the focus of the 35th Session of the NEPAD Heads of State and Government Orientation Committee that met in Kigali, Rwanda, in the context of the African Union Summit.

At the July 16, 2016 event, the leaders deliberated on the importance of intensifying industrialization and scaling up the continent’s electrification programs. They urged the New Partnership for Africa’s Development to work with regional trading blocs to achieve industrialization for sustainable development.

Representing Rwanda’s President, Foreign Minister Louise Mushikiwabo asked the delegates to consider implementing partnerships aimed at reaching sustainable development. “Our goal of sustainable development cannot be realized without industrializing Africa. Our deliberations are important and should lead to practical outcomes geared towards achieving an industrialized Africa,” she added.

SERENGETI BREWERIES YAZINDUA BOMBA LA 470M/- KUDHIBITI MAJITAKA

Naibu Waziri ofisi ya Makamu wa Raisi Mazingira Mheshimiwa Luhaga Mpina (katikati) akiongozana na Mkurugenzi Mtendaji wa Kampuni ya Bia ya Serengeti Helene Weesie wakiongozana kuelekea kwenye bomba la kudhibiti majitaka ambalo linalenga kuhakikisha kiwango cha juu kiafya kwa kampuni, mazingira na wakazi wa maeneo yaliyo karibu.

Mkurugenzi wa Mahusiano wa kampuni ya bia ya Serengeti, John Wanyancha akifafanua jambo kwa wageni waalikwa katika hafla ya uzinduzi wa bomba la majitaka ambalo lilizinduliwa na Mhe. Luhaga Mpina Naibu Waziri ofisi ya Makamu wa Raisi Mazingira mapema leo katika kiwandani hapo hivi karibuni.

Naibu Waziri ofisi ya Makamu wa Raisi Mazingira Mheshimiwa Luhaga Mpina, Mkurugenzi Mtendaji wa Kampuni ya Bia ya Serengeti Helene Weesie na waandishi wa habari wakifuatilia kwa makini jinsi mtambo wa kusafirisha majitaka unavyofanya kazi kutoka kwa mmoja wa wasimamizi wa mradi huo.

Naibu Waziri ofisi ya Makamu wa Raisi Mazingira Mheshimiwa Luhaga Mpina (katikati) akifurahi jambo na Mkurugenzi Mtendaji wa Kampuni ya Bia ya Serengeti Helene Weesie mara baada ya kukata utepe katika mtambo kusafirisha majitaka katika hafla iliyofanyika hivi karibuni kiwandani hapo.

Naibu Waziri ofisi ya Makamu wa Raisi Mazingira Mheshimiwa Luhaga Mpina akiwasha mtambo wa kusafirisha majitaka kiwandani hapo mara baada ya kuzindua rasmi katika hafla iliyofanyika katika kiwanda hicho Temeke Jijini Dar es salaam.