HOW TO BUILD AN EMERGENCY FUND IN A YEAR

By Kelvin Mkwawa, MBA - Seasoned Banker.

The last two weeks, I shared some tips on how to develop a savings culture through my articles named “How to save money while in College” and “How to save for your retirement”. The purpose of doing that is to encourage you to start developing a savings culture which is critical for our financial well-being. Today’s article is on ‘emergency fund’ and is a continuation onstressing the importance of savings in our society and for our own personal development. An emergency fund is money that you have saved to help you cover unexpected costs that come with everyday life. It’s understandable that to set up an emergency fund when you are living salary-to-salary is a hassle; you need extra savings to protect you in case of emergency but you don’t make enough money to create that cushion. No wonder many people are struggling to create the emergency fund. But it is possible to build your emergency fund from zero even if you are living on a month-to-month salary. The size of an emergency fund is dependent on your current financial situation and also will probably change as your financial situation does, so it’s important to revisit your budget and make sure you’re covered. So how much should you save for an emergency fund? A general rule of thumb states that an emergency fund should cover at least six months of your expenses.

In order to ensure that your emergency fund is used properly, you need to be able to identify a true emergency. A true emergency is a situation that requires your immediate attention and action, and that can affect your long-term well-being or impact the viability of an important asset (such as your home). Also, it is vital to realize that an emergency fund isn’t a fund for large entertainment and leisure purposes; for example, a vacation trip to Serengeti does not qualify as an emergency. Building an emergency fund is different for everyone. How you approach the saving process, how much you save, and where you put the money dependson your own circumstances. The most important part is that you do indeed save for emergency expenses. Since an emergency fund is designed to cover an unexpected emergency, it needs to be placed in a place that is reliable and you can access immediately when you need it. It is advised that an emergency fund should be placed in any type of savings account and not in money market accounts. In this article, I will share a few tips that will help you build your emergency fund fast so that you are prepared before the next disaster hits.

• Sell Unnecessary Stuff – Everyone owns some things that may be of less importance but we still keep them; sell them. You truly don’t need 20 pairs of shoes, 3 TV sets at your house or closets and closets of clothes. You should start looking at your stuff as an emergency has already occurred and see which stuff you truly don’t need and which items are important for your well-being. Those that you truly don’t need, start looking to sell them slowly and set a goal of selling at least one item per week and depositing the money into your emergency fund account. This exercise will help you reduce the clutter in your house while helping your emergency fund to grow quickly.

THE ROLE OF CAPITAL MARKETS IN SME FINANCING NEEDS

NORWAY PLEDGES 127BN/- AID TO TANZANIA

President John Magufuli welcomes Norwegian International Development Minister, Nicolai Astrup to State House in Dar es Salaam on Wednesday.

The Norwegian Government had pledged 56 million US Dollars (about 127bn/-) financial support to development projects in Tanzania.

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VACANCY ANNOUNCEMENTS AT EAST AFRICAN DEVELOPMENT BANK (EADB)

CRDB BANK CEO PAYS A COURTESY CALL ON THE VICE PRESIDENT

Vice President, Samia Suluhu Hassan in conversation with the new CRDB Bank CEO, Abdulmajid Nsekela, who paid a courtesy call on her at her office in Dar es Salaam on Wednesday. The visit is part of the new CRDB Bank Boss' plan to meet with key stakeholders and introduce himself and strengthen business relations.

KCB BANK HOLDS BIASHARA CLUB WORKSHOP FOR ITS SME CUSTOMERS

Head of SME and Mortgage of KCB Bank Mr. Abdul Juma, speaks with Mwanza business owners and executives during the KCB Bank Biashara Club Workshop held at Gold Crest Hotel in Mwanza on 29th November 2018. The event attended by more than 150 businesses in the SME sector aimed to build capacity on matters of finance management, record keeping and tax compliance.

Trade Sales Manager KCB Bank Ms. Lightness Mlay, answers questions from Mwanza business owners and executives during the KCB Bank Biashara Club Workshop held at Gold Crest Hotel in Mwanza on 29th November 2018. The event attended by more than 150 businesses in the SME sector aimed to build capacity on matters of finance management, record keeping and tax compliance.

TAARIFA KWA UMMA KUTOKA NHC - UTARATIBU MPYA WA MALIPO KUPITIA MFUMO WA SERIKALI WA GePG

UONGOZI WA BENKI YA CRDB WATEMBELEA SHIRIKA LA NYUMBA LA TAIFA (NHC), WAJADILIANA MASUALA MBALIMBALI YA KIUSHIRIKIANO

Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akimkaribisha ofisini kwake Mkurugenzi Mtendaji wa Benki ya CRDB, Ndugu Abdulmajid Mussa Nsekela ambaye alifika makao makuu ya NHC na Watendaji wake wakuu kuzungumzia masuala mbalimbali ya ushirikiano wa kitaasisi yanayohusu ujenzi wa makao makuu mapya ya Benki ya CRDB yanayojengwa na NHC eneo la Palm Beach. Wakurugenzi hao kwa pamoja wameeleza kufurahishwa na michakato na mahusiano ya taasisi hizo mbili kubwa nchini kwenda vizuri. 

Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akisalimiana na Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela.

Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akisalimiana na Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela. 

Meneja, Ofisi ya Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Arden Kitomari akisalimiana na Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela. 

Jengo la Makao Makuu mapya ya Benki ya CRDB yanayojengwa na NHC eneo la Palm Beach linavyoonekana kwa sasa.

Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela akitia saini kitabu cha wageni huku Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akishuhudia na Watendaji wakuu wa NHC na CRDB.

Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akimkaribisha Naibu Mkurugenzi Mtendaji wa Benki ya CRDB, Esther Kitoka wakati uongozi wa CRDB ulipofika NHC kujadiliana masuala mbalimbali ya kiushirikiano.

Mkutano baina ya viongozi wakuu waandamizi wa benki ya CRDB na wale wa NHC ukiendelea kwenye makao makuu wa Shirika la Nyumba la Taifa (NHC), Kambarage House.

Mkutano baina ya viongozi wakuu waandamizi wa benki ya CRDB na wale wa NHC ukiendelea kwenye makao makuu wa Shirika la Nyumba la Taifa (NHC), Kambarage House.

Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela akifafanua jambo kwenye mkutano huo huku Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akifuatilia.

Mkurugenzi Mtendaji wa Benki ya CRDB Ndugu Abdulmajid Mussa Nsekela akifafanua jambo kwenye mkutano huo huku Mkurugenzi Mkuu wa Shirika la Nyumba la Taifa (NHC), Dk. Maulidi Banyani akifuatilia. Picha ya pamoja baada ya Mkutano baina ya viongozi wakuu waandamizi wa benki ya CRDB na wale wa NHC ukiendelea kwenye makao makuu wa Shirika la Nyumba la Taifa (NHC), Kambarage House.

Picha ya pamoja baada ya Mkutano baina ya viongozi wakuu waandamizi wa benki ya CRDB na wale wa NHC ukiendelea kwenye makao makuu wa Shirika la Nyumba la Taifa (NHC), Kambarage House.

VACANCY ANNOUNCEMENT AT CRDB BANK PLC - HEAD OF PROJECT MANAGEMENT

PRESIDENT JOHN MAGUFULI OPENS EAST-CENTRAL AFRICA'S BIGGEST UNIVERSITY LIBRARY AT UNIVERSITY OF DAR ES SALAAM

President John Magufuli is assisted by China's Ambassador to Tanzania, Wang Ke, in sorting out books in a shelf shortly before inaugurating a state-of-the-art reference library at the University of Dar es Salaam on Tuesday.

President John Magufuli on Tuesday inaugurated the largest library in East and Central Africa at the University of Dar es Salaam. The 93.6 billion facility has a storage capacity of 800,000 books, can accommodate 2,100 students at a go, and boasts of 160 internet-connected computers.

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TAXIFY, UBER APP BILLING FRAUD HITS TANZANIAN USERS

A number of taxi-hailing Uber and Taxify users in Dar es Salaam have lodged complaints against rogue drivers using various ways to extend the distance travelled by riders in order to charge them exaggerated fees.

Tanzanian riders who talked to The Citizen expressed concerns that local users of the taxi-hailing service are fast losing confidence in the automated billing system, which drivers are manipulating to defraud passengers.

Taxify and Uber said they were aware of the violations.

“Yes we have received such complaints. Our system regularly identifies drivers who try to abuse the GPS system, after which they are automatically deactivated from the platform,” Taxify country manager Tanzania Remmy Eseka told The Citizen.

Uber communications officer for East Africa, Ms Janet Kemboi, said the company was also taking measures to prevent fraudulent activities by drivers.

“We have advanced anti-fraud measures. Drivers found doing this will be removed from the app; riders should report any concerns they have and our 24/7 customer support teams will look into the issue and offer refunds when applicable,” she said.

Complaints

One passenger who used a Taxify taxi on Sunday from the US embassy to Kinyerezi said he was billed TSh18,000 (Sh802) on grounds that he had travelled 22 kilometres, while before the journey, the Taxify billing estimate indicated that he would pay between TSh8,000 (Sh356) and TSh12,000 (Sh535).

“I was surprised to receive such a bill, so I asked the driver why the bill is different from the one indicated before the trip; all he said was there was a traffic jam,” the passenger told The Citizen.

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GAVANA LUOGA AWAPONGEZA WAFANYAKAZI BOT KUANDAA MIFUMO YA KUKUSANYA MALIPO YA SERIKALI

BANK OF TANZANIA NOTICE TO THE GENERAL PUBLIC - CHINA DASHENG BANK LIMITED

HOSPITALI YA SEKOU TOURE YANUFAIKA NA UWEPO WA BENKI YA I&M JIJINI MWANZA

Mkuu wa Wilaya ya Ilemela Dr. Severine M. Lalika akikabidhi mfano wa hundi iliyotolewa na Benki ya I&M kwa Kaimu Mganga Mfawidhi wa Hospitali ya Sekou Toure, Dr. Isack Manyori. Wa kwanza kulia ni Mkuu wa Idara ya Wateja wa Reja Reja wa Benki ya I&M, Bi. Ndabu Swere aliewasilisha msaada huo kwa niaba ya Afisa Mtendaji Mkuu wa Benki ya I&M.

Wafanyakazi wa Hospitali ya Sekou Toure wakiwa katika picha ya pamoja na Mkuu wa Wiliya ya Ilemela Dr. Severine M. Lalika na wafanyakazi wa Benki ya I&M baada ya hafla fupi ya makabidhiano ya msaada wa Shilingi Milioni 10 uliotolewa na Benki ya I&M ili kuboresha huduma katika wodi ya watoto ya hospitali hiyo.

Mwanza, Tanzania, Novemba, 2018 - Benki ya I&M kupitia sera yake ya kurudisha kwa jamii “Corporate Social Responsibility” leo imetoa msaada wa Shilingi Milioni 10 ili kuboresha huduma katika wodi ya watoto ya Hospitali ya Sekou Toure ya Jijini Mwanza.  Akizungumza katika hafla ya kukabidhi fedha hizo mbele ya Mkuu wa Mkoa wa Mwanza Mh.John Mongella, Mkuu wa Idara ya Wateja wa Reja Reja wa Benki ya I&M, Bi. Ndabu Swere amesema Benki ya I&M inautazama Mkoa wa Mwanza kiupekee katika kuchangia ukuaji wa uchumi wa nchi na hivo uwepo wa Benki ya I&M utautaongeza nguvu ya mkoa huu katika kuchangia ukuaji wa uchumi wa nchi kupitia utoaji wa huduma za kibenki kwa wateja wa reja reja, wafanyabiashara wadogo, wa kati na wakubwa.

“Wakati wa uzinduzi rasmi wa tawi letu la Mwanza mnamo mwezi Mei, tulimuahidi Mkuu wa mkoa kuwa Benki ya I&M haitoishia tu katika kutoa huduma za kibenki kwa wananchi wa Mwanza bali itajikita pia kuhakikisha kuwa inachangia katika ustawi wa jamii ya watu wa Mwanza kupitia sera ya kurudisha kwenye jamii ambapo kwa kudhihirisha hilo siku ya leo Benki ya I&M itakabidhi mchango wa Shilingi Milioni 10 kwa ajili ya kuboresha huduma katika wodi ya watoto katika Hospitali hii ya Sekou Toure” alisema Bi. Ndabu Swere

WAFANYAKAZI WA BENKI YA NBC WAJITOLEA DAMU KUCHANGIA WENYE UHITAJI

Mkurugeni Mtendaji wa NBC, Theobald Sabi akizungumza na waandishi wa habari akielezea jinsi wafanyakazi wa benki hiyo walivyoguswa katika kujitolea damu kwa ajili ya watu wenye uhitaji.

Baadhi ya wafanyakazi wa Benki ya NBC wakijitolea damu ili kusaidia wenye uhitaji kupitia Mpango wa Taifa wa Damu Salama katika hafla iliyoandaliwa na benki hiyo jijini Dar es Salaam jana.

Mkurugenzi wa Hazina na Masoko ya Fedha wa NBC, Peter Nalitolela akihojiwa na waandishi wa habari kuhusu zoezi hilo. NBC imeandaa zoezi hilo kwa muda wa siku tatu ambapo wafanyakazi wake watashiriki katika uchangiaji wa damu kwa hiari.

Mmoja wa Wafanyakazi wa NBC, Salama Mussa (kulia), akipimwa damu yake ili kuona kama inakidhi vigezo vya kujitolea damu katika hafla hiyo. Anayempima ni mhudumu kutoka Mpango wa Taifa wa Damu Salama, Ndonya Hussein.

Mmoja wa wafanyakazi wa NBC, Jeff Ndossa (kulia), akijitolea damu ili kusaidia wenye uhitaji kupitia Mpango wa Taifa wa Damu Salama katika hafla iliyoandaliwa na NBC jijini Dar es Salaam jana. Anayemtoa damu ni mhudumu kutoka Mpango wa Taifa wa Damu Salama, Ali Juma.

EMIRATES INTRODUCES SMART CHECK-IN

Emirates passengers will soon check in for their flight, complete immigration formalities, enter the Emirates Lounge, and board their flights, simply by strolling through the airport, as the airline starts testing the latest biometric path technology — a mix of facial and iris recognition.

The latest biometric equipment has already been installed at Emirates Terminal 3, Dubai International Airport and can now be found at select check-in counters, at the Emirates Lounge in Concourse B for premium passengers, and at select boarding gates.

Trials for the Smart Tunnel, a project by the General Directorate of Residence and Foreigners Affairs in Dubai in collaboration with Emirates, was launched on last month and will become a world-first for passport control, where passengers simply walk through a tunnel and are “cleared” by immigration authorities without human intervention or the need for a physical passport stamp.

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MATUKIO MBALIMBALI YA ZIARA YA WAZIRI WA MAENDELEO YA KIMATAIFA WA NORWAY

Waziri wa Maendeleo ya Kimataifa wa Norway, Mhe. Nikolai Astrup katikati akiendelea na mazungumzo na Naibu Waziri wa Fedha na Mipango, Mhe. Dkt. Ashatu Kijaji (hayupo pichani). kushoto ni Balozi wa Norway nchini Tanzania, Mhe. Elisabeth Jacobsen.

Naibu Waziri wa Fedha na Mipango, Mhe. Dkt. Ashatu Kijaji akisikiliza kwa makini hoja zilizokuwa zinajadiliwa katika mazungumzo hayo. Kulia ni Kaimu Mkurugenzi wa Idara ya Ulaya na Amerika, Bw. Jestas Nyamanga.

Waziri wa Maendeleo ya Kimataifa wa Norway, Mhe. Nikolai Astrup akiwa katika Shirika la Reli Tanzania. Mhe. Waziri alienda katika Shirika hilo kutembelea wahandisi wa kike wanaofadhiliwa na Serikali ya Norway. Katika programu hiyo Serikali ya Norway ishafadhili wahandisi wa kike 506 kwa gharama ya zaidi ya Dola za Marekani milioni 4.2 kwa kipindi cha miaka 8. Ufadhili huo umepunguza uwiano wa wahindisi wa kiume na wakike kutoka 1:27 kabla ya programu kuanza na kufikia 1:10 kwa sasa.

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HON. SPEAKER AND DAR ES SALAM CITY MAYORS SUPPORT DCB SHARE ISSUANCE

Speaker of the Parliament, Hon. Job Ndugai (2nd left) receives share purchase documents from the Managing Director of DCB Commercial Bank PLC, Godfrey Ndalahwa, after buying shares of the bank at his office in Dodoma Recently, as DCB Dodoma Branch Manager Joseph Njile (left) and Head of Marketing and Communication Rahma Ngassa (right) witness. Partly hidden is Director of Credit Isidory Msaki.

Hon. Speaker, Job Ndugai (left) shakes hands with Sales Officer of the Dodoma Branch of DCB Commercial Bank Plc, Nuru Ashraf as he ushers in a delegation from the bank at his office in Dodoma recently led by DCB Managing Director Godfrey Ndalahwa (2nd left), Head of Marketing and Communications, Rahma Ngassa and Director of Credit Isidory Msaki.

DCB Commercial Bank Managing Director, Godfrey Ndalahwa (1st left) in a jovial mood with mayors from Dar es Salaam City Municipal Councils after they turned up to acquire shares from the bank in Dar es Salaam recently. On his left is His Lordship the Mayor of Ilala Charles Kuyeko, His Lordship the Mayor of Kigamboni Malady Hoja, His Lordship the Mayor of Dar es Salaam City Isaya Mwita, His Lordship the Mayor of Ubungo Boniface Jacob, and His Lordship the Mayor of Kinondoni Benjamin Sitta. Right is DCB Director of Credit, Isidory Msaki. A share is sold at Tsh 265.

His Lordship the Mayor of Kigamboni, Mabadi Hoja fills forms after buying DCB shares. Left is DCB official Brino Londo. 

His Lordship Mayor of Ubungo, Boniface Jacob fills forms after buying DCB shares. Right is a DCB official Catherine Ngassa.

The Dar es Salaam City Mayor His Lordship Isaya Mwita fills forms to complete his transaction for purchasing shares from DCB. Right is DCB official Adam Yusuph.

His Lordship the Mayor of Kinondoni Municipal Benjamin Sitta peruses instruction forms for purchase of DCB shares. Right is a DCB official Brino Londo. 

DCB Head of Marketing and Communication, Rahma Ngassa (right) thanks His Lordship the Mayor of Kinondoni Municipal Council, Benjamin Sitta for supporting the bank by buying shares. Centre is a DCB official Brino Londo.

DCB Bank Managing Director, Godfrey Ndalahwa (left) thanks His Lordship the Mayor of Ubungo Boniface Jacob after he purchased the bank’s shares at a function in Dar es Salaam recently. Right is a DCB official Catherine Ngassa.

STANDARD BANK’S AFRICA-CHINA TRADE CORRIDOR LINKS AFRICA AND CHINA IN WORLD’S NEXT BIG GROWTH PARTNERSHIP

Over the past decade China’s trade with Africa increased from USD 100 billion in 2007 to USD 230 billion by the end of 2017. While much of this trade has been dominated by Chinese exports, the inaugural China International Import Expo (CIIE) held in Shanghai from 5 – 9 November 2019 marked the practical expression of China’s intention to change the content and balance of its trade with Africa.

As China evolves away from export-led growth towards a mixed consumption-led development model, Africa has been identified as China’s chief source of future beneficiated commodities, industrial and services imports. To this end both the national and provincial governments of China worked to ensure that many of the 150 000 Chinese importers attending the inaugural CIIE arrived with pre-determined import orders to fill.

As such, the CIIE represented a unique opportunity for Standard Bank, Africa’s biggest bank, which is also celebrating a decade-long institutional relationship with the Industrial and Commercial Bank of China (ICBC), “to demonstrate the capability of the Africa-China trade corridor that both banks have been striving to build,” says Leon Barnard Chief Executive, Personal and Business Banking, Africa Regions, Standard Bank.

Standard Bank’s extensive investment in building the world’s most advanced trade platform between Africa and China saw the bank take 61 clients from nine African countries to the inaugural CIIE, assisting them secure export contracts with Chinese receivers at the Expo.

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FOREX WOES AS SHOPS REMAIN CLOSED

A security guard outside a bureau de change shop. The government wants the bureaux to operate according to the laid down regulations. PHOTO|FILE 

Arusha: -A former cashier with a tour company here, now running his private business, had a deal with a colleague last week and was paid $200 (about Sh460,000) for the services he rendered.

In normal times, charging $200 or even larger amounts of the convertible currency would not bother anybody in Arusha.

One would just pop into any bureau de change to get the Tanzanian shillings equivalent and proceed to his or her daily business.