Foreign Exchange Rates

Ascon Africa advert_6th Dec. 2018

Stanbic Bank - Uhuru Banking - 5th Nov. 2018

CMTL Advert - 5th Nov. 2018

Thursday, 31 May 2018

UGANDA OKAYS TAXES ON WHATSAPP


In Summary

Ms Justine Kayinza (NRM, Bududa) argued that rather than taxing citizens on mobile money, the government should direct its efforts on strengthening the country’s border points, to enable the Uganda Revenue Authority to collect enough revenues.
Ugandan parliament yesterday passed the controversial taxes on mobile money transaction and social media use amid strong protests from some members. The new law will impose a mandatory Shs200 (TSh 120) daily levy for WhatsApp users starting July 1, while mobile money transactions will also attract a one per cent levy on the total value of the transaction.
But the debate on tax on social media faced stiff resistance from younger MPs with Kyaddondo East MP Robert Kyaggulanyi, aka Bobi Wine, dismissing it as double taxation. 

BOA NETS 3000 NEW CLIENTS IN MTWARA

Dar es Salaam. Bank of Africa Tanzania (BoA) has registered 3000 new clients in Mtwara alone during one month of its deposit mobilization campaigns in the regions, The Citizen has learnt.
The two campaigns: ‘Deposit Campaign and SME Campaign’, were conducted in Mtwara from November to December last year (2017), specifically targeting cashew nut farmers in the region.
The Bank’s chief executive officer, Ammishaddai Owusu-Amoah said the two campaigns were aimed at boosting the morale of its staff and simultaneously inculcating a culture of savings and financial discipline into the minds of cashew nut farmers in Mtwara.

HEINEKEN® IGNITES MARKET WITH EPIC UEFA CHAMPIONS LEAGUE FINAL VIEWING EXPERIENCE FOR FOOTBALL FANS IN TANZANIA


  • The VVIP Heineken® UCL Final Viewing Bash targeted football fans and Heineken® consumers in Tanzania and ran parallel to the UEFA Champions League Final in 8 other premium nightlife spots.
  • Heineken® has had a long-standing partnership with UEFA Champions League and will remain one of the league’s principal sponsors until 2021.
Dar es Salaam, Tanzania May 28th 2018: It was a night of drama that reached epic proportions as excitement erupted and passion for football was prominently on display as die-hard fans, local soccer stakeholders, celebrities and legends of the game descended upon Msasani Peninsula in Dar es Salaam for the Heineken® UEFA Champions League finals 2018.

Over Tanzanian soccer, 26oo fans enjoyed the ultimate Heineken® live screening experience of the UEFA Champions League finals, where Liverpool Football Club & Real Madrid clashed for exclusive bragging rights. Real Madrid was crowned champions after a brilliant display by winning 3 to 1 against Liverpool.

International premium beer brand Heineken® hosted the biggest most premium VVIP experiences in Dar es Salaam on the 26th of May 2018. Heineken is the global sponsor of the UEFA Champions League and for Tanzania, the company invited football fans, sports personalities & presenters together, to watch the UCL finals.


Wednesday, 30 May 2018

MWANZA JOINS LEAGUE OF CITIES WITH RIDE HAILING SERVICES WITH THE ARRIVAL OF TAXIFY

District Commissioner for Nyamagana, Ms. Mary Tesha who represented the Mwanza Regional commissioner at the Taxify Mwanza launch speaks during a media conference to announce the launch of Taxify services in Mwanza recently. Mwanza finally joins the league of modern cities with the arrival of Taxify, the world’s fastest-growing ride-hailing platform.
Regional General Manager for Taxify, Shivachi Muleji (left) hands over a t-shirt to the District Commissioner for Nyamagana, Ms Mary Tesha who represented the Regional Commissioner at the Taxify Mwanza launch in the City today recently.
Taxify Operations Manager in Tanzania, Remmy Eseka speaks during a media conference to announce the launch of Taxify services in Mwanza recently.
Tanzanian hip-hop artist Fareed Kubanda a.k.a Fid Q speaks during a media conference to announce the launch of Taxify services in Mwanza recently.
The Lake Zone Manager for Taxify, Milumbilwa Kipimo speaks during a media conference to announce the launch of Taxify services in Mwanza recently.
  • Mwanza, Tanzania’s Rock City finally joins the league of modern cities today with the arrival of the world’s fastest-growing ride-hailing platform. 
Mwanza - Taxify, one of the biggest ride-hailing firms in Africa, has recently launched its services in Mwanza with hundreds of drivers signed up and ready to accept rides anywhere in the city.

To celebrate, Taxify is offering a 50% discount to riders from 28th of May 2018 to end of June 2018. The fares for this period start from: TZS 700, TZS 460 per km, TZS 70 per minute, while the minimum price is TZS 2,000.

Tuesday, 29 May 2018

THE CRYPTOS EVOLUTION

Arafat A Haji, Head of Treasury & Global Markets, 
Eximbank (Tanzania) Ltd.
You might have noticed the ever, growing hype on cryptocurrencies with more reference to bitcoins, over the last one year or so, both locally and globally.

While the majority think the definition of cryptocurrencies is bitcoin, the fact is, bitcoin is one of the many existing cryptocurrencies.

I, personally, have seen many ads for various seminars conducted in Tanzania by so called “bitcoin trainers,” although I have not attended any.

This has continued to bring about awareness much as this created awareness created worries me and I will discuss these worries later in this article.

But first, let us establish where and when these cryptocurrencies emerged and at least understand who were the pioneers and their intentions or motive in creating them.

The origin of Cryptocurrencies:

In 2008, Sutoshi Nakamoto, in his announcement, said he created a Peer-to-Peer electronic Cash System, (Sutoshi Nakamoto still remains a mystery).

He said he had a goal of inventing something that many had failed to establish in digital Cash, hence
announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending.
The system is completely decentralized with no server or central authority. – Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.

There have been multiple attempts to build centralised electronic cash systems, until this invention of the mysterious Sutoshi Nakamoto of Bitcoin using Peer-to-Peer network file sharing.

NBC LAUNCHES A UNIVERSITY SCHOLARSHIP PROGRAMME

Dar es Salaam University College of Education (DUCE) Acting Principal, Prof. Godliving Mtui, College of African Wildlife Management (CAWM) Rector, Prof. Jaffari Kideghesho, College of Business Education (CBE) Rector, Prof. Emanuel Mjema and Institute of Finance Management (IFM) Deputy Rector Academic, Research and Consultancy, Dr. Imanueli Mnzava, sign a Tsh 300 million sponsorship deal from NBC Bank whereby 60 students will be sponsored in four universities during the 2018/19 academic year. A brief occasion was held in Dar es Salaam over the weekend. Looking on from sixth left is NBC Managing Director, Theobald Sabi, NBC Ag Board Chairman, Dar. Kassim Hussein and other NBC Directors.
NBC has launched a Higher Education Scholarship Programme involving four universities in the country, part of the bank’s three-tier corporate social responsibility policy which focuses on education, vocational skills and empowerment of businesses.

Under the scholarship package worth 300m shillings, which targets the disabled students and those from poor families but who qualify for university admission, 60 students will be sponsored during the 2018/19 academic year.

“We shall give first priority to disabled students who failed to secure loans from the Higher Education Loan Board, followed by those who come from economically vulnerable families,” said NBC Managing Director Theobald Sabi during the launch in Dar es Salaam over the weekend.

RWANDA, FRESH FROM ITS DEAL WITH ARSENAL, ANNOUNCES A SURGE IN UK VISITORS

A poster showing the new Rwanda-Arsenal partnership. Rwanda on May 23, 2018 became the official tourism partner of English football club Arsenal FC, whose players will sport a "Visit Rwanda" logo on their sleeves.
Rwanda, which last week announced a controversial sponsorship deal with Arsenal football club, has revealed that the number of British travellers visiting the central African country has grown by more than 20 per cent in just 12 months.

Visit Rwanda, the nation’s tourist board, has come under fire for spending a reported £30 million to have its brand name displayed on the shirt sleeves of the north London Premiership team next season. Rwanda, one of the poorest countries in the world, with 63 per cent of the population living in extreme poverty, according to the World Bank, receives as much as £62 million a year in foreign aid from the UK.

Clare Akamanzi, chief executive of the Rwanda Development Fund, defended the partnership on Tuesday, telling the BBC that the three-year deal was funded by “money that we directly generated from tourism”. She said also that the deal cost “less than” £30million.

“We sell 96 gorilla permits a day, each gorilla permit costs $1,500, that means we make more than $50 million a year,” she said.

Rwanda’s tourism industry contributes to 12.7 per cent of the country’s GDP, supporting 132,000 jobs.

The country is best-known for its 480-strong mountain gorilla population, for which people travel from all over the world to see, paying £1,300 for a permit to enter the Volcanoes National Park with a guide to track down the roaming animals.

NMB REVIEWS INTEREST RATES, COMES WITH A TOTAL LOAN SOLUTION FOR ITS CUSTOMERS

YOUNG LAUREATES OF “THE AFRICA OF MY DREAMS” ESSAY CONTEST LIGHT UP AFRICA DAY


On Friday 25 May 2018, on the last day of the Annual Meetings which were held this year in Busan, Korea, the African Development Bank celebrated Africa Day, which every year commemorates the founding conference of the Organization of African Unity (now the African Union) on 25 May 1963.

The four finalists invited to Busan

The high point of this commemoration was the award ceremony for the prizewinners in the writing contest launched by the Bank last February The Africa of my Dreams. From over 2,000 entries received, four finalists were chosen for the quality of their writing and their creativity. At the Bank’s invitation, all four came expressly to Busan to receive their awards from the President of the African Development Bank, Akinwumi Adesina, in the main auditorium of the Bexco Convention Centre in Busan, which hosted the Meetings.

English and French being the official languages of the Pan-African Organization, each of the prizes awarded was in one of the two languages.

The two top prize winners were Zimbabwean, Geraldine Mukumbi, in the the English language category, and Togolese, Ayi Renaud Dossavi-Alipoeh, in the French.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 28 MAY 2018

TANZANIA SIGNS A US $64.4M GRANT WITH CHINA FOR TWO MAJOR INFRASTRUCTURE PROJECTS


Tanzania signs a US $64.4m grant with China for two major infrastructure projects in the country.Finance and Planning Ministry Permanent Secretary Dotto James inked the deal on behalf of the Tanzanian government while China’s ambassador to Tanzania Wang Ke signed on behalf of China.

Speaking after signing event, Mr James clarified that the cash was a grant and not a loan. The funds are meant to be spent on two infrastructure projects, that includes the construction of a national university of transport to be constructed at Mabibo in Dar es Salaam at a cost of US $62m.
Feasibility study

On the second project, a feasibility study worth US $1.4m will be conducted on a new Standard Gauge Railway (SGR) project.

Also read: Tanzania SGR project still open for tendering

According to James construction of SGR has already kicked start and the project will be done in two phases. Phase I of the project will begin from Dar es Salaam to Morogoro while phase II will cover from Morogoro to Makutopora in Dodoma.

ECOBANK NAMED AFRICA'S BEST & MOST INNOVATIVE RETAIL BANK

Friday, 25 May 2018

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 25 MAY 2018

STATE GIVES STIEGLER'S 700 BILLION

The Minister for Energy Dr Medard Kalemani

In Summary

Other projects planned include extension of Kinyerezi I and II, Somanga Fungu power project (330MW), Mtwara power project (300MW), Kakono Power Project (87MW) and others.
Dodoma. The Ministry of Energy has tabled its budget for 2018/19 on Thursday showing that it will spend 98.4 percent of the Sh1.692 trillion for development projects.

The projects include the contested Stiegler’s Gorge hydro-power project which is expected to generate 2,100 megawatts.

The Minister for Energy Dr Medard Kalemani said the government allocated Sh700 billion for the hydropower project located in the Selous Game Reserve. This is about 41 pc of the ministry's budget.

WHY CRDB BANK, NDULU SHONE IN AFRICAN BANKER AWARDS EVENT

CRDB Bank managing director Charles Kimei speaks to senior officials of the Prisons Services in Dar es Salaam yesterday. With him is the Tanzania Prisons Services Commissioner General, Dr Juma Malewa. PHOTO|THE CITIZEN CORRESPONDENT 

In Summary

The bank – the largest in Tanzania in terms of asset size – emerged as the Best Regional Bank for East Africa during this year’s African Banker Awards, which is possibly, the most prestigious event in Africa’s banking and finance sector.
Dar es Salaam. CRDB Bank Plc shone at the 2018 African Banker Awards, thanks to its efforts in reaching out to the unbanked segment of the society.
The bank – the largest in Tanzania in terms of asset size – emerged as the Best Regional Bank for East Africa during this year’s African Banker Awards, which is possibly, the most prestigious event in Africa’s banking and finance sector.
The awards, held under the patronage of the African Development Bank (AfDB), classifies regional banks in accordance with their specific regions from North, East, South, West or Central Africa.

DIASPORA REMIT 5TRI/- IN FIVE YEARS


Tanzanian's in the Diaspora have a huge contribution to the country’s economic development, having injected in $2.3bn (over 5tri/-) in the past five years.

Foreign Affairs and East African Co-operation Minister, Dr Augustine Mahiga, on Wednesday commended Tanzanians in foreign lands whom he said have also spent 29bn/- in buying residential units, commercial areas, office spaces and plots from the National Housing Corporation (NHC) between 2011 and 2017.

Dr Mahiga unveiled the data in the National Assembly here while tabling his ministry’s 177bn/- budget estimates for recurrent and development votes in the coming financial year.

He explained that statistics from the Bank of Tanzania (BoT) indicate that Tanzanians living in different parts of the world sent back home a substantial amount of money during the six-year period.

The 177bn/- budget proposal represents an increase by 20bn/- from the budget that the House approved last year for the current fiscal year.

5 MORE PARKS TO BOOST TOURISM


President John Magufuli has approved a proposal to upgrade five game reserves into national parks to widen the country’s tourism scope.

Natural Resources and Tourism Minister, Dr Hamisi Kigwangalla, broke the good news in the National Assembly here on Tuesday while winding up the ministry’s budget estimates for the 2018/2019 fiscal year.

He named the upgraded game reserves as Burigi, Biharamuro, Kibisi, Ibanda and Chief Rumanyika. “The president’s approval is timely as the ministry strives to open up other tourist corridors in the country,” he said.

Dr Kigwangalla told the House that the ministry was taking advantage of Chato Airport to open the North-East tourist corridor, hinting that the ministry has further forwarded other requests to the Head of State to have more game reserves upgraded.

They are Swaga Swaga, Mkungunero, Rungwa, Mhesi, Ugala, Kibosi and Moyowosi. The minister promised to work hard to improve infrastructure to attract more tourists in the areas.

Thursday, 24 May 2018

PRECISION AIR AND MAXMALIPO IN PARTNERSHIP TO PROVIDE E-TICKETING


Dar es Salaam. Precision Air Tanzania on Thursday announced a partnership with Maxcom Africa aimed at providing a payment platform for electronic ticketing.

The partnership, according to Precision Air managing director Sauda Rajab, will ensure the company’s customers enjoy flexibility and convenience in purchasing flight tickets.

This, she said, would be achieved through various payment platforms such as mobile money, banks, and Maxmalipo agents.

“Our company will continue to explore new and improved technologies to increase our customers’ access to our services as well as improve our business,” noted Ms. Rajab.

TELCOS RAISE INTERNATIONAL CALL TARIFFS


Dar es Salaam. Callers generally paid more to make international calls during the first quarter of this year compared with what they paid during the fourth quarter of 2017.

According to the quarterly telecoms statistics for March 2018, State-owned TTCL Corporation topped the list after increasing its international tariff to Sh1,294 per minute up from ShSh600 during the last year’s fourth quarter.

The second major increase was by Vodacom Tanzania, which raised its rate to Sh1,458 per minute last March, up from Sh1,090 in December. This was also higher than the Sh1,432 average rate for the quarter.

A report by the Tanzania Communications Regulatory Authority (TCRA) shows that other tariff increases were made by Halotel (from Sh1,330 to Sh1,565 per minute) and Benson (from Sh536 to Sh760).

Tigo and Airtel tariffs for international calls remained at Sh1,258 and Sh1,520 per minute respectively, while Zantel made a slight reduction, dropping to Sh1,040 from Sh1,200 per minute.

In any case, Airtel remains the second most expensive network for international calls, just behind Halotel.

ETIHAD AVIATION GROUP TO DONATE 150,000 MEALS TO CHARITY EVERY YEAR

(Left to right) Paul Christopher Haines, General Manager, Etihad Airport Services-Catering, Syed Jassim Mohamed, Senior Manager, Abu Dhabi Food Control Authority, Sultan Al Shehhi, General Manager, Grace Conservation, Chris Youlten, Managing Director, Etihad Airport Services, Khaled AlMehairbi, Senior Vice President and General Manager Etihad Airport Services Ground – Abu Dhabi Hub and CSR Strategy, Mohamed Rashed Al Shehhi, Head Grace Conservation and Kristian James Ireson, Manager Health and Safety- Etihad Airport Services - Catering.


Abu Dhabi, United Arab Emirates – Etihad Aviation Group has launched a community programme that will deliver 400 meals per day to charity. The initiative will be held throughout 2018 and beyond, with approximately 150,000 meals to be donated every year.

As part of its sustainability and corporate social responsibility efforts, the Abu Dhabi-based airline has teamed up with the Grace Conservation Programme of Emirates Red Crescent and Abu Dhabi Food Control Authority to donate in-flight meals to labourer residences in the Mussaffah area of Abu Dhabi.

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

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

ACCELERATING AFRICA'S INDUSTRIALISATION

Drawing on the example of South Korea’s economic transformation


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

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

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

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

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

REGIONAL COOPERATION, STRUCTURAL REFORMS KEY TO ECONOMIC TRANSFORMATION


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

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

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

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


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

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

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


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

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

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


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

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

Wednesday, 23 May 2018

TELECOMS’ QUARTER 1 STRUGGLE


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

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

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

Vodacom Tanzania Plc and Tigo Tanzania emerged as major gainers among the key players, with the former raising its M-Pesa subscription number by a cool six percent.

Tuesday, 22 May 2018

EXIM BANK’S YEAR LONG CAMPAIGN REACHES MWANZA

The Regional Commissioner of Mwanza region, John Mongella (wearing a hat) receives a donation of 40 beds and mattresses from the Head of Human Resource of Exim Bank, Fredrick Kanga during the handover event at the Sekou Toure government hospital in Mwanza region. Left is the chief medical officer of the region, Rutachunzibwa Thoma.
Mwanza - Exim Bank Tanzania, has donated 40 beds and mattresses to the Sekou Toure Hospital, in Mwanza region. The Corporate Social campaign dubbed “20 years of taking care of the community”which was launched in August last year 2017 during the banks 20th anniversary has invested heavily into the Tanzanian health care especially when it comes improving the healthcare delivered to women.

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

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

MEN WHO GAVE AFRICA ITS TALLEST BUILDING

MAHAT MOHAMUD NOOR (LEFT) OF WHITE LOTUS PROJECTS WITH MOKASE MONONO AT THE CONSTRUCTION SITE OF THE PINNACLE, SOON-TO-BE AFRICA’S TALLEST BUILDING ON APRIL 25, 2018.
How do you build the tallest building in Africa? Well, naturally you need a thick slab of audacity. But first, you dream.

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

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

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

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

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

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

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

EMIRATES ANNOUNCES 30TH CONSECUTIVE YEAR OF PROFIT


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

CAUTION AS MOBILE MONEY THEFT RISES


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

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

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

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

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

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


Collaboration has also been initiated for the establishment of staple crop processing zones in a select number of African countries
BUSAN, Republic of Korea, May 21, 2018/ -- The African Development Bank (AfDB) (www.AFDB.org) and the United Nations Industrial Development Organization (UNIDO) (www.UNIDO.org) signed a Memorandum of Understanding (MoU) on Monday, May 21 to step up collaboration to boost Africa’s industrialization.

“The Bank launched in 2016 its Industrialization Strategy for Africa 2016-2025, which was the outcome of collaborative work with UNIDO and the United Nations Economic Commission for Africa. The signing of the present MoU is key to our Strategy’s implementation,” said African Development Bank President Akinwumi Adesina. “The Bank already benefits enormously from UNIDO’s expertise in developing policies, programmes and knowledge tools which supports our member countries to industrialize.” In 2017, the Bank allocated US $1.2 billion to Industrialize Africa – one of the Bank’s High 5 development priorities – mostly to projects for financial sector operations.

TTCL SETS ASIDE SH640BN FOR KEY PROJECTS

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

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

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

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

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

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

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

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 22 MAY 2018

STANCHART KENYA SENDS HOME 285 STAFF

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

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

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

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

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

KENYA AIRPORTS AUTHORITY MD, JONNY ANDERSEN WHEN HE APPEARED BEFORE NATIONAL ASSEMBLY PUBLIC INVESTMENTS COMMITTEE.
Monday, 21st May 2018 - Officials from an American security agency will from today conduct an audit of Jomo Kenyatta International Airport (JKIA) that will determine the fate of direct flights between Nairobi and New York.

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

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

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

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

ETIHAD AIRWAYS ATLAS MAGAZINE RECOGNISED WITH TWO COVETED COMMUNICATOR AWARDS

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

Abu Dhabi, United Arab Emirates – Etihad Airways’ in-flight magazine, Atlas, published by London based Ink, has received two prestigious Communicator Awards in the major categories of Design Features – Photography and Design Features – Overall Design. The 24th Annual Communicator Awards, which were announced in New York, recognise creative excellence and innovation in global marketing and communications.
A stylish manual for the modern traveller, Atlas provides an authoritative global briefing to readers on the month’s hot topics covering the fields of food, fashion, culture, travel, business and technology. The style and outlook of the magazine mirror Etihad’s own design values and focuses on attention to detail, which has set the acclaimed UAE national airline apart since it started flying in 2003.

Monday, 21 May 2018

BITCOINS INVESTORS COULD END WITH NOTHING, EXPERT WARNS

Director of Treasury and Financial Markets at CRDB Bank Plc, Mr. Alex Ngusaru.


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

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

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

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

CAG UNVEILS THE ROT IN PUBLIC HOSPITALS

Controller and Auditor General (CAG), Prof. Mussa Assad.


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

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

The audit report for the financial year 2016/17 also unveiled that Sh241.97 million billed to the National Health Insurance Funds (NHIF) for medicines did not reach the patients.

“During the year under review, I noted that bills amounting to Sh1.86 billion were rejected by insurance companies. Some hospital staff was involved in such fraudulent bills,” reads part of the report.

STANBIC BANK ENHANCES PRODUCT OFFERING FOR SMEs


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

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

Elaborating on the new feature of the product, Ms. Mohamed explained that the USSD product has been upgraded to accommodate accounts with multiple signatories to transact with the maker/checker functionality.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 21 MAY 2018

Friday, 18 May 2018

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

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

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akiongozana na Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika. Katika ziara hiyo Waziri Lukuvi amesifia kasi ya utendaji wa Shirika la Nyumba la Taifa huku Mwenyekiti wa Kamati wa Ardhi, Maliasili na Utalii akisema Shirika hilo ni mfano wa kuigwa kwa utendaji wenye viwango ikilinganishwa na mashirika mengi nchini.
Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akizungumza na Arden Kitomari wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika. 
Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, wakifuatilia maelezo kutoka kwa Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi.
Kaimu Mkurugenzi wa Ubunifu wa Shirika la Nyumba la Taifa, Margreth Ezekiel akiwaeleza Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, maendeleo ya ujenzi wa jengo la biashara na makazi la Morocco Square linalojengwa na NHC Dar es Salaam.
Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akiongozana na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.
Msanifu wa Majengo wa Shirika la Nyumba la Taifa, Robert Kintu akiwaeleza Wajumbe wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, maendeleo ya ujenzi wa jengo la biashara na makazi la Victoria Place linalojengwa na NHC Dar es Salaam. 
Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi akielezea mbele ya Kamati ya Ardhi, Maliasili na Utalii juu ya utendaji wa Shirika la Nyumba la Taifa. Kamati hiyo ilifanya ziara ya siku moja ya miradi mbalimbali ya Shirika.
Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akiwaelekeza wajumbe wa kamati kuelekea kwenye mradi wa Morocco Square NHC jijini Dar es Salaam. 
Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akiongozana na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.

Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akijadiliana jambo na baadhi ya wajumbe wa Kamati ya Kudumu ya Bunge ya Ardhi, Maliasili na Maliasili wakati kamati hiyo ilipofanya ziara ya siku moja ya miradi mbalimbali ya Shirika.
Mwenyekiti wa Kamati ya Kudumu ya Ardhi, Maliasili na Utalii, Nape Moses Nnauye akijadiliana jambo na Mkurugenzi wa Uendelezaji Miliki wa Shirika la Nyumba la Taifa, Haikamen Mlekio katika ziara iliyofanyika leo mchana katika miradi ya Shirika la Nyumba la Taifa. 
Waziri wa Ardhi, Nyumba na Maendeleo ya Makazi, William Vangimembe Lukuvi akijadiliana jambo na Kaimu Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa, Felix Manyama Maagi na Mkurugenzi wa Uendelezaji Miliki wa Shirika la Nyumba la Taifa, Haikamen Mlekio katika ziara iliyofanyika leo mchana katika miradi ya Shirika la Nyumba la Taifa.