FRENCH EMBASSY PARTNERING TRADE VIA FORUM

THE French Embassy in Tanzania has organized a four-day forum that centred on fostering partnership and development through businesses in Dar es Salaam.

The Business forum, the first ever and dubbed ‘Semaine de la France’ (France Week), kicks off next Monday and expected to receive participants from 50 companies and 250 stakeholders from Dar es Salaam and Paris.

French Ambassador to Tanzania Malika Berak said that various sectors were selected for the France-Tanzania Business Forum on the back of the Dar es Salaam’s industrialization drive policy.

“This is a private sector driven forum… centred on strengthening and nurturing trade initiative whose ultimate goal is to improve France-Tanzania business partnership,” Berak told journalists yesterday.

The Ambassador said the unprecedented event envisages to spread a better knowledge of Dar and Paris by building new bridges and solidifying the existing relationship.

TZ BENEFITS FROM SH7.8BN SWISS AID

Dar es Salaam. Switzerland has spent $3.5 million (Sh7.8 billion on strengthening Tanzania’s tourism market linkages with agro-processors.

The three-year programme aimed at upgrade locally produced and processed horticultural commodities for consumption of foreign tourists in hotels.

“Under the project, some agro-processors have penetrated local tourism markets for value addition. Local tourist hotels have responded positively to the locally upgraded products,” the Tanzania cluster coordinator of the United Nations Industrial Development Programme (Unido) project for upgrading agro-processed products, Mr Peter Donelon, told The Citizen on Tuesday here. 

The programme is scheduled to end nine months to come.

According to him, since the plan has been successful Switzerland is ready to embark on the second phase.

AZANIA BANK VACANCIES - INDEPENDENT BOARD OF DIRECTORS

INVITATION TO PARTICIPATE AT THE AFRICAN CONNECT BUSINESS FORUM TO BE HELD AT SERENA HOTEL, DAR ES SALAAM ON 5 APRIL 2017

70BN MEDICINE PLANT TO CURB COUNTERFEITS

Availability of counterfeit drugs in the domestic market will soon become history, thanks to the establishment of a pharmaceutical industry in the country.

Zinga Pharmaceutical Industry whose construction is scheduled to take 18 months, subject to fund release, will produce Antiretroviral drugs, Anti-Malaria, Anti-Hypertension and non-penicillin antibiotics, among others.

Health, Community Development, Gender, Elderly and Children Minister Ummy Mwalimu told a stakeholders’ meeting here yesterday that establishment of the pharmaceutical factory will guarantee drug availability and improve health services in the country.

“I commend the promoters of Zinga pharmaceutical company for coming up with this idea... as the minister responsible with the health sector, I am indeed happy for the project, especially after hearing that ARVs and anti-Malaria drugs will be among the products produced,” said the minister in a speech read on her behalf by acting Government Pharmacist Hosiana Mapunjo.

NATIONWIDE ELECTRICITY ACCESS DOUBLES

Minister for Energy and Minerals, Prof. Sospeter Muhongo (centre) flanked by World Bank Country Director for Tanzania, Burundi, Malawi and Somalia, Ms. Bella Bird, wave as they alight from a wheel loader shortly after officiating at the ground-breaking ceremony for the 80MW Regional Rusumo Hydro-electric project in Ngara District, Kagera Region yesterday.

Nationwide access to electricity has more than doubled, from less than 30 per cent to 67.3 per cent during the past decade, Energy and Minerals Minister Sospeter Muhongo has said.

Prof Muhongo revealed further that access to power in rural areas increased from just two per cent in 2007 to 47.5 per cent today, noting that 97.3 per cent of urban folks have been connected to electricity.

“At 97.3 per cent access in urban areas, Tanzania is among few African countries to record high achievement as per global standards,” Minister Muhongo stated yesterday during the ground-breaking ceremony for the 340 million US dollars Rusumo Falls Hydro-electrical power plant.

The project also entails construction of transmission lines at a cost of 121 million dollars to link the national grids of Tanzania, Burundi and Rwanda.

ETHIOPIAN PRIME MINISTER JETS INTO DAR TODAY

Ethiopian Prime Minister, Hailemariam Desalegn.

Tanzania and Ethiopia are today expected to sign three crucial agreements to strengthen the existing cooperation between the two friendly countries at State House in Dar es Salaam.

This follows the arrival of Ethiopian Prime Minister Hailemariam Desalegn in the city for a two-day official visit to Tanzania. Mr Desalegn’s visit is a response to last month’s invitation by President John Magufuli to the Ethiopian leader.

Addressing reporters in Dar es Salaam yesterday, Deputy Minister for Foreign Affairs and East African Cooperation, Susan Kolimba said the plane carrying the Ethiopia leader is expected at the Julius Nyerere International Airport (JNIA) this morning.

ATCL COLLECTS SH9BN IN FOUR MONTHS: OFFICIAL

In Summary

Mr Matindi said the company managed to collect Sh9 billion in the first four months since it started operating using two new aircrafts last October.

Dodoma. Although Air Tanzania Company managing director Lasislaus Matindi has admitted that it will take time for the company to reposition itself, revenue collection is increasing.

Mr Matindi said the company managed to collect Sh9 billion in the first four months since it started operating using two new aircrafts last October.

However, Mr Matindi said about 80 per cent of the revenue was spent on operational costs and on settling some outstanding debts.

He said the company had paid about Sh2 billion debts and $160,000 per month as lease fees and maintenance reserve for the aircraft.

“We have installed a new revenue management system, which helps us to control theft and be able to track records accurately. 

TWIGA BANCORP FATE STILL UNDER BANK OF TANZANIA

BANK of Tanzania (BoT) is still working on reorganising the ownership of Twiga Bancorp almost five months after it called for interested parties to acquire the capital-troubled bank.

BoT Director of Banking Supervision Mr Kened Nyoni told the `Daily News' that the Central Bank resolved to reorganise Twiga’s ownership in a bid to address problems of undercapitalisation. “Bank of Tanzania will inform all stakeholders including the public regarding the final resolution to be adopted for Twiga,” Mr Nyoni said.

The measure taken in the last week of last October after BoT determined Twiga was a significantly undercapitalised institution based on Banking and Financial Institutions Act, 2006 and its regulations.

ETIHAD AIRWAYS REASSURES PASSENGERS OF SERVICE AND INFLIGHT OFFERING FOLLOWING DIRECTIVE ON US-BOUND FLIGHTS

Abu Dhabi, UNITED ARAB EMIRATES – Etihad Airways is reassuring passengers of its highest level of service to minimise disruption following the introduction of a new US travel directive on electronic devices.

Effective March 25, passengers on all US-bound flights from, or transiting through, Abu Dhabi International Airport will not be permitted to carry electronic devices bigger than a smart phone or mobile into the aircraft cabin.

Items such as laptop computers, tablets including iPads, gaming devices, cameras and e-readers will be required to be placed in checked-in luggage. Medical devices are exempt and can be carried onboard.

KAMPUNI YA ZANTEL YAKABIDHI MSAADA WA VITABU 152 KWA CHUO CHA KARUME CHA SAYANSI NA UFUNDI CHA UNGUJA, ZANZIBAR

Mkuu wa Chuo cha Karume cha Sayansi na ufundi Haji Abdulhamid akitoa shukrani baada ya kupokea msaada wa vitabu 152 vyenye thamani ya Tsh 10 milioni kutoka kwa Kampuni ya Mawasiliano ya Zantel. Kushoto ni Mkurugenzi wa Zantel Afrika, Mohamed Ali Dabbour, Mwenyekiti wa Zantel, Rachel Samren (wa pili kushoto) na Mkurugenzi Mkuu wa Zantel Tanzania Benoit Janin.

Mwenyekiti wa Zantel, Rachel Samren akikabidhi msaada wa vitabu vyenye thamani ya Tsh. milioni 10 kwa Mkuu wa Chuo cha Karume cha Sayansi na ufundiHaji Abdulhamid katika hafla ya makabidhiano iliyofanyika juzi Unguja-Zanzibar.Kulia ni Mkurugenzi Mkuu wa Zantel Tanzania, Benoit Janin.

MPS SEE BUSINESS AS USUAL IN THE 2017/18 BUDGET

MPs paying attention to the Minister of Finance and Planning Dr. Phillip Mpango (not in picture) as he read the 2017/2018 budget estimates in the Parliament, Dodoma yesterday.

Speaking at Bunge grounds after Finance and Planning minister Philip Mpango presented the framework for the next financial year yesterday, some MPs said it was business as usual as much was not attained in development expenditure.

Dodoma. Some MPs see the next Budget as having nothing new, since 60 per cent of money for development projects for 2016/17 is yet to be released.

Speaking at Bunge grounds after Finance and Planning minister Philip Mpango presented the framework for the next financial year yesterday, some MPs said it was business as usual as much was not attained in development expenditure.

“We have only one quarter of the year ahead and more than 60 per cent of the development expenditure is yet to be released….it’s obvious that we cannot achieve it,” lamented Mr David Silinde (Momba—Chadema).

He said the new estimates were likely to be the same as the current ones althoug the government had increased the Budget from Sh29.5 trillion to Sh31.699 trillion for the next financial year.

GOVT UNVEILS 31.7TRI/- BUDGET

THE government yesterday unveiled its 31.7tri/- National Development Plan and Budget Ceiling for the 2017/2018 fiscal year, an increase of 2.2tri/- over the current 29.5tri/- financial plan.

Finance and Planning Minister, Dr Philip Mpango tabled the budget projections before Parliament in line with the National Development Plan for 2017/2018. Overall, he proposes a budget totalling 19.7tri/- in recurrent financing which includes a wage bill of 7.2tri/- and another 9.4tri/- for financing the national debt.

The budget projections indicate the national budget goes up from 8,000bn/- to 9,461.4bn/- following the maturing of the previous loans taken for financing development projects.

The “Other charges (OC)” budget line receives some 3tri/- against 11.9tri/- set aside for development. However, the government plans to collect 19.9tri/- from domestic sources, including local government revenue, which is pegged at 63 per cent of the budget -- compared to the current 18.46 trn/-.

From domestic collection, tax revenue is estimated at 17.1tri/-, which is equivalent to 85.6 per cent while non-tax revenue and LGAs own sources would rope-in 2.18tri/- and 687.3bn/- respectively.

BANK OF TANZANIA PRESS RELEASE - DISCOUNT RATE REDUCTION SHOULD MAKE BANKS THINK ABOUT LENDING RATES

VACANCY - DCB COMMERCIAL BANK PLC BOARD MEMBERSHIP

STANBIC BANK ESTABLISHES STRATEGIC PARTNERSHIP WITH CHINESE INVESTORS

Stanbic Bank Executive Head of Personal and Business Banking, Hentie Stemmet handing over a painting as a present to The Economic and Commercial Representative from The Chinese Embassy in Tanzania, Lin Zhiyong during a dinner event for customers from the Chinese community in Dar es Salaam over the weekend. Stanbic Bank – which is in a strategic partnership with Industrial and Commercial Bank of China - organized the event to demonstrate the bank’s capabilities in terms of providing the group with tailored services that will make it easier for them to carry out business between Tanzania and China.

Stanbic Bank Executive Head of Personal and Business Banking, Hentie Stemmet speaking during the event.

Stanbic Bank Relationship Manager, Agnes Mlolele speaking during the dinner event in Dar es Salaam over the weekend.

Standard Bank Head, Pan Africa China Banking, Lo George speaking during the dinner event in Dar es Salaam over the weekend.

RAIS DKT. JOHN POMBE MAGUFULI APOKEA RIPOTI YA MDHIBITI NA MKAGUZI WA MKUU WA HESABU ZA SERIKALI (CAG), IKULU JIJINI DAR ES SALAAM MACHI 27, 2017

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akipokea Nakala ya Vitabu vya Ripoti ya Mkaguzi Mkuu wa Hesabu za Serikali (CAG), Profesa Mussa Assad Ikulu jijini Dar es Salaam Machi 27, 2017.

Waziri Mkuu Kassim Majaliwa akiwa anapiga makofi pamoja na Katibu Mkuu Ikulu, Alphayo Kidata mara baada ya Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli kupokea Ripoti hiyo kutoka kwa Mkaguzi Mkuu wa Hesabu za Serikali (CAG) Profesa Mussa Assad Ikulu jijini Dar es Salaam.

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akimpongeza Mkaguzi Mkuu wa Hesabu za Serikali (CAG) Profesa Mussa Assad mara baada ya kupokea ripoti hiyo Mkaguzi Mkuu wa Hesabu za Serikali (CAG).

Rais wa Jamhuri ya Muungano wa Tanzania Dkt. John Pombe Magufuli akifurahi pamoja na Waziri Mkuu Kassim Majaliwa pamoja na Mkaguzi Mkuu wa Hesabu za Serikali (CAG) Profesa Mussa Assad mara baada ya kupokea ripoti hiyo Ikulu jijini Dar es Salaam.

PRESIDENT MAGUFULI ORDERS AUDIT ON MINERAL WEALTH

President John Magufuli receives the annual audit report from the Controller and Auditor General (CAG), Prof. Mussa Assad, at State House in Dar es Salaam yesterday. This is in fulfillment of the law that requires the CAG to present the report to the President before the end of March each year.

• Tightens grip on tax holidays

President John Magufuli has directed the Controller and Auditor General (CAG) to conduct an in depth audit of the mining sector to plug out loopholes that occasion massive losses from the country’s rich mineral reserves.

Dr Magufuli issued the directives when receiving the CAG’s report for the financial year ended June 30, 2016 at the State House yesterday in Dar es Salaam, where the head of state briefed the CAG to cast a critical focus on tax holidays, contracts and payments of government revenues.

“How is it possible that Tanzanians can go without medicine in hospitals, water, electricity … and endure poor roads while their gold is being taken away? I want you to conduct an in depth audit of the mineral sector so that Tanzanians will know what belongs to them … and if they’re getting it,” Dr Magufuli stressed.

The president also directed Prime Minister Kassim Majaliwa to convene a joint meeting that will bring together all ministers, permanent secretaries of all ministries, Bank of Tanzania (BoT) Governor and heads of public institutions so that the CAG could tell each one of their (financial) audit status, so they could take steps to correct the mistakes. “Mr Majaliwa, you will chair the meeting … and CAG, you will tell each one of them the audit state of their respective areas …

BITS AND BYTES 2017 CONFERENCE TO BE HELD IN DAR

Bits & Bytes Managing Director, Lilian Secelela Madeje (right), addressing a media conference in Dar es Salaam yesterday on the three days conference focuses on developing solutions for challenges faces Tanzanians in different sectors such as Financial Technology (FinTech), Data, Agriculture, Education and Health. A brief occasion was held in Dar es Salaam yesterday. Looking on from left are, Irena Bakic from Codebus University, Dr. Alex Awiti from Aga Khan University; Tiffan Ann Norwood, Tribefan CE0; Simo-Pekka Parviainen, Finnish Embassy First Secretary and Risha Chande from Twaweza.

Dar es Salaam 27^th March 2017 - Bits & Bytes 2017 conference will be held in Dar es Salaam from 28^th to 30^th March where by a number of topics will be addressed.

Speaking in Dar es Salaam today, the conference organizer, Lilian Secelela Madeje, Managing Director and Co-Founder of Bits & Bytes said  the conference will focuses on developing solutions for challenges faces Tanzanians in different sectors such as Financial Technology (FinTech), Data, Agriculture, Education and Health.

“Bits & Bytes Tech Conference is an innovation and technology conference in

Tanzania that is organised and run by Tanzanians and for young emerging

entrepreneurs, students, visionaries and thought leaders.

ZANTEL ROLLS OUT ITS 4G NETWORK AND MOBILE ISLAMIC BANKING IN PEMBA

Zanzibar’s Deputy Minister of Construction, Communication and Transportation, Hon. Mohamed Ahmada (Second left) and the Director of Islamic banking Division for the People's Bank of Zanzibar Said Mohamed Said launching the high speed fourth-generation (4G) data connectivity as well as the mobile Islamic banking in Pemba Island recently. Looking on is Zantel’s Chief Executive Officer, Benoit Janin (left) and the head of Zantel in Zanzibar Mohamed Musa Baucha.

Zantel’s Chief Executive Officer, Benoit Janin speaks during the launch of high speed fourth-generation (4G) data connectivity as well as the mobile Islamic banking in Pemba Island recently. In the middle is Zanzibar’s deputy Minister of Construction, Communication and Transportation, Hon. Mohamed Ahmada and (right) is the Director of Islamic banking Division for the People's Bank of Zanzibar Said Mohamed Said.

TTCL NEEDS 300BN/- CAPITAL INJECTION

TTCL Mwanza branch

TANZANIA Telecommunication Company Limited (TTCL) needs 300bn/- to install new and modern technology to increase efficiency and competitiveness in the market.

The TTCL Board Chairman Omary Nundu told the parliamentary committee for infrastructure in its one day tour at the National Data Centre that the funding was important to make the telecom firm profitable. “The funds will help in the replacement of outdated infrastructures for TTCL to implement smoothly its business transformation strategy,” he said.

The Chairman of the parliamentary committee for infrastructure, Prof Norman Sigala, called upon the government and all its institutions to pay their debt owed to TTCL amounting to 9bn/- for it to offer better telecom services in the country.

Also he encouraged public institutions to use the National Data Centre that has international standards assuring quality and safety of their data.

STANBIC BANK TANZANIA HOSTS A CAPACITY BUILDING EVENT

Stanbic Bank Tanzania Head of Global Markets, Ivan Tarimo presenting a topic during a capacity building event for the bank’s NGO and International Organisation clients in Dar es Salaam recently. The event acted as a forum to equip the group with insightful information on to help them make meaningful decisions for their businesses.

Stanbic Bank's East Africa Regional Economist, Jibran Qureishi presenting an economic update during a capacity building event for the bank’s NGO and International Organisation clients in Dar es Salaam recently. The event acted as a forum to equip the group with insightful information on to help them make meaningful decisions for their businesses.

Stanbic Bank Tanzania Head of Client Access, Allan Chiombolla presenting a topic during a capacity building event for the bank’s NGO and International Organisation clients in Dar es Salaam recently. Looking on is the bank’s Head of Transactional Products and Services, Charles Mhina.

NINAYO PARTNERS WITH HEIFER FOR THE BENEFIT OF FARMERS

NINAYO company’s founder and CEO Jack Langworthy addresses a news conference in Dar es Salaam yesterday on the partnership between NINAYO and Heifer International Tanzania, which will enable farmers to reach wider markets by selling their products online using www.NINAYO.com.  With him is the Heifer International Tanzania Country Director Leticia Mpuya. 

NINAYO company’s founder and CEO Jack Langworthy addresses a news conference in Dar es Salaam yesterday on the partnership between NINAYO and Heifer, which will enable farmers to reach wider markets by selling their products online using www.NINAYO.com.  He is flanked by NINAYO operations manager Bovan Mwakyambiki. 

BANCABC LAUNCHES A FIXED DEPOSIT ACCOUNT WITH A DIFFERENCE

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

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

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

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

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

ETHIOPIAN AIRLINES AIRBUS TOUCHES DOWN AT KIA

THE third Airbus (A350 XWB) of the Ethiopian Airlines -- received on the first day of February this year and immediately named after Erta Ale, a large basaltic shield volcano located in the Afar Region of North Eastern Ethiopia – has finally touched down at the Kilimanjaro International Airport (KIA) in Northern Tanzania.

The Ethiopian Airlines’ Traffic and Sales Manager in Northern Zone of Tanzania, Ms Fitsimt Dejene, told the ‘Daily News’ that the new aircraft has a configuration of 30 Cloud Nine business class and 313 economy class seats. Ethiopian was the first African Airline to take delivery of Airbus A350 XWB in 2016 -- part of the airlines’ continuous fleet modernization programmes.

It is recalled that in 2012, the first flight of Ethiopian Dreamliner dubbed ‘The Dream Tour’ went on a sightseeing flight over Mount Kilimanjaro with around 270 invited guests, consisting of ministers, ambassadors, Ethiopian Sheba Miles gold members and the media.

NMB INAUGURATES NEW MONEY TRANSFER SERVICE

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

The new service according to the Head of Banking Operations, Mr Geofrey Mwijage, aims at reducing long queues and the cost of commuting in search for NMB branches for cash transfers.

“We want our customers to get a service that goes with the current technology and the good news is that we have complied with all the requirements and standard needed by the regulator ― the Bank of Tanzania (BoT),’’ he said.

PRIVATE EQUITY & VENTURE CAPITAL IN TANZANIA CONFERENCE

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

STANBIC TANZANIA PROMOTES INVESTMENT BETWEEN TANZANIA AND CHINA

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

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

According to the bank’s Executive Head of Corporate and Investment Mr. Thomas Bisonga, the China direct investment will be driven by Stanbic Bank Tanzania’s aspiration of, supporting the growth of economic activities in Africa. 

Mr. Bisonga was speaking during a Chinese Economic forum organised by the bank in Dar es Salaam on Tuesday. The forum was organized to demonstrate the bank’s commitment to partner with Chinese customers in their quest to move their business to the next level.   Through the partnership, Stanbic Bank is able to link its clients to growth opportunities offered by Tanzania, and other African economies.

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

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

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

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

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

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

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

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

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

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

Click here to access the complete article, courtesy of TanzaniaInvest

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

The CashlessAfrica Conference and Expo is a platform for technology companies, FinTech’s and other financial institutions to come together and share best practices in order to build a strong economy in Nigeria

LAGOS, Nigeria, March 15, 2017/ -- Leading digital payment solutions provider, Mastercard (www.Mastercard.com), has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo (http://CashlessAfrica.com). The event is organised by Mobile Money Africa and is scheduled for 22 to 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria. The CashlessAfrica Conference and Expo is a platform for technology companies, FinTech’s and other financial institutions to come together and share best practices in order to build a strong economy in Nigeria. The event looks at the importance of rethinking current models and gaining valuable market insight to introduce relevant digital payment solutions to the benefit of all people. With over 85 percent of retail transactions still made in cash and cheques, the potential for digital payments to make a tangible difference is immense. This year Omokehinde Adebanjo, Vice President and Area Business Head of West Africa at Mastercard, will participate as a keynote speaker to discuss matters impacting Nigeria and the broader continent and how partnerships will be critical to shifting economies beyond cash.

DEWJI, BAKHRESA LISTED FOR AFRICA CEO AWARD

Tanzanian entrepreneur Mohammed Dewji

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

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

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

DAR CONSTRUCTION CONFERENCE AND TRADE EXPO 2017

BANKS FAIL TO RECOVER 1.3TRI/- FROM BORROWERS

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

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

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

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

GOVERNMENT SAVES BILLIONS IN BULK PURCHASING THROUGH GPSA

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

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

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

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

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

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

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

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

TANZANIA MORTGAGE MARKET UPDATE AS AT 31 DEC. 2016

TPDC, DANGOTE AGREE ON GAS TARIFFS

TANZANIA Petroleum Development Corporation (TPDC) and Dangote Cement Company have finally agreed on gas tariffs and costs of constructing infrastructure to supply the energy to the cement manufacturing plant.

TPDC acting Managing Director Kapuulya Musomba, addressing reporters in Dar es Salaam late yesterday evening, said the two parties have as well agreed on costs of connectivity of the cement plant to the Mtwara-Dar es Salaam gas pipeline.

“These agreements have been reached in compliance with President John Magufuli’s directives during his official tour of Mtwara recently,” explained Engineer Musomba, hinting that the two parties have had a weeklong deliberation on the project.

He could not, however, reveal the agreed prices, saying that will be announced after appraisal by the Energy and Water Utilities Regulatory Authority (EWURA). Now that the two parties have agreed on the costs, what lays ahead is the procurement of a contractor to work on about six kilometres of the pipeline and other infrastructure to supply the gas to the factory.

HEAVY RAINS LEAVE COUNTRYWIDE TRAIL OF DESTRUCTION, DEATHS

HEAVY rains yesterday pounded in different parts of the country, killing two and destroying infrastructure, crops, houses and livestock.

In Dar es Salaam, rains wreaked havoc in the morning destroying roads and houses rendering them inaccessible, while in Morogoro more than 1,800 people were left homeless as rains ‘washed’ away their houses. In Kaliuwa District, Tabora Region, two children died after they were struck by lightning during heavy rains that were accompanied by thunderstorm.

A snap survey conducted by the ‘Daily News’ witnessed flash floods in different parts of Dar es Salaam, including flooded houses and roads creating long traffic jams while in other areas people were forced to carry their clothes in plastic bags and cross flooded roads in their underpants.