Kitomari Banking & Finance Blog is a premier site for banking, finance, business, economic, investment and stock market news as well as selected informative articles from Tanzania, East Africa and the rest of the World. We operate 24 hours a day, 365 days a year with complete context, perspective and precision.
Thursday, 29 February 2024
WASHINGTON D.C. TO HOST ENERGY THOUGHT LEADERS FOR POWERING AFRICA SUMMIT
Representing Nigeria, H.E. Honourable Adebayo Adelabu, Minister of Power; H.E. Honourable Dr. Dele Alake, Minister of Solid Minerals Development; and H.E. Honourable Obongemem Ekperikpe Ekpo, Minister of State for Gas, will meet with distinguished Ministers from Egypt, Ethiopia, Sudan, Zimbabwe, Malawi, Senegal, Eswatini, Djibouti, and São Tomé & Príncipe, along with sponsors, African utilities organizations, regulators, and DFIs on 5-6 March at The Mayflower Hotel.
Washington: Ministers and government representatives from over 15 African countries will arrive in Washington D.C. this March, uniting under the theme: Capital Flows Underpinning the Energy Transition. They will meet government stakeholders, institutional investors, private financiers, service, and technology providers from across the U.S., to discuss Africa’s energy challenges and new investment opportunities.
High-level boardroom sessions will explore challenges and themes including lowering Africa’s cost of debt, the Sovereign Guarantee Impasse, and a more suitable future finance roadmap.
Summit sponsor and 9th Powering Africa Summit (PAS24) co-host, Power Africa will help to drive much of the collaborative discussion. The organization has allocated more than $575 million to strategic investments in the energy sector since its inception. Investments have since surpassed $25 billion, generating more than 14,000MW on the continent.
WASHINDI 12 WA NMB MASTABATA NA WENZA WAO WAPAA AFRIKA KUSINI
Wednesday, 28 February 2024
BENKI YA MAENDELEO YA AFRIKA (AfDB) KUTOA SH. BIL. 398.7 KUJENGA SGR
Tanzania na Benki ya Maendeleo ya Afrika (AfDB) zimesaini mikataba miwili yenye thamani ya zaidi dola za Marekani milioni 158.1 (shilingi za Tanzania bilioni 398.7) kwa ajili ya ujenzi wa Mradi wa Kimataifa wa Reli ya Kisasa (SGR) utakaoziunganisha nchi za Tanzania, Burundi na Jamhuri ya Kidemikrasia ya Kongo pamoja na kuiongezea mtaji Benki ya Maendeleo ya Kilimo nchini (TADB).
Hafla ya utiaji saini wa mikataba hiyo imefanyika jijini Dar es Salam kati ya Waziri wa Fedha, Mhe. Dkt. Mwigulu Lameck Nchemba na Meneja Mkazi wa Benki ya Maendeleo ya Afrika (AfDB) nchini, Dkt. Patricia Laverley.
Akizungumza baada ya kusaini mikataba hiyo, Waziri wa Fedha, Mhe. Dkt. Mwigulu Lameck Nchemba alisema kati ya fedha hizo, dola milioni 91.76 (shilingi bilioni 231.3) ni kwa ajili ujenzi wa reli ya kisasa kutoka kipande cha sita (Lot 6) chenye urefu wa kilomita 411 kutoka Tabora hadi Kigoma na kipande cha saba (Lot 7) chenye urefu wa kilomita 156 kutoka Uvinza hadi Malagarasi.
Alisema mradi huo utaunganishwa na bandari ya Dar es Salaam kupitia mradi unaondelea wa ujenzi wa reli ya SGR kutoka Dar es Salaam – Morogoro – Makutupora – Isaka – Tabora (Lot 1, 2, 3 na 4), kwa lengo la kuiunganisha Tanzania na nchi ya Burundi kupitia reli ya kisasa kutoka Malagarasi hadi Musongati Burundi yenye urefu wa kilomita 84 na baadae iungane na Jamhuri ya Kidemokrasia ya Kongo kutokea Malagarasi.
GGML COMMITS TO NURTURING TALENT AND ADDRESSING SKILLS SHORTAGES
Geita Gold Mining Limited (GGML), a prominent player in Tanzania's mining industry for over two decades, has been at the forefront of addressing the critical issue of skills shortages and talent development within the sector. Since its inception in 2000, GGML has not only focused on operational excellence but also on investing in the future workforce of Tanzania.
Recognising the importance of preparing future employees and cultivating talent, GGML, in collaboration with other stakeholders, made a significant contribution of over two million dollars in 2009 towards developing curricula for the Integrated Mining Technical Training (IMTT) Program for the Tanzanian youth at the Vocational Education and Training Authority (VETA), Moshi. This initiative has borne fruit over the years, with more than 1,400 young individuals receiving training in open pit mining, thereby helping to alleviate skills shortages in the industry.
However, GGML's commitment to talent development goes beyond vocational training. In 2009, the company launched a graduate recruitment program to provide practical training opportunities for unemployed university graduates. The program had an initial intake of 12 graduates, followed by 12 in 2012, and laid the foundation for the ABU graduate program. After a five-year hiatus, GGML commenced the internship program in 2017, providing young Tanzanians with valuable hands-on experience within the GGML, while allowing them to further specialise in their respective fields. Between 2017 and 2023, GGML took on 194 graduates for its internship program.
CRDB YAZINDUA HUDUMA YA BIMA YENYE MISINGI YA SHARIA
Akizindua huduma hizo, Sheikh Mkuu na Mufti wa Tanzania, Dkt. Abubakar Zubeir ameipongeza Benki ya CRDB kwa kuonyesha njia katika huduma zake kwa kutambua kwamba wapo baadhi ya wateja ambao hushindwa kupata huduma kutokana na imani zao za kidini.
Kwa upande wake, Kamshna wa Bima na Mkurugenzi Mtendaji wa Mamlaka ya Usimamizi wa Bima Tanzania (TIRA), Dkt. Baghayo Saqware amesema ubunifu unaotatua changamoto zinazowakwamisha Watanzania kutumia huduma za bima unahitajika ili kuikuza sekta hiyo na kuwawezesha wananchi wengi kuwa na uhakika wa mipango na miradi wanayoitekeleza.
Mwaka 2021 Benki ya CRDB ilianzisha kitengo maalum cha huduma zinazofuata misingi ya Shariah yaani CRDB Al Barakah Banking hali iliyoifanya kuwa benki ya kwanza nchini kufikisha huduma zinazozingatia shariah nchi nzima. Katika kipindi hicho chote mpaka sasa, CRDB Al Barakah inao wateja zaidi ya 135,000 na kufanya uwezeshaji wa zaidi ya Shilingi bilioni 125, sehemu kubwa ikielekezwa kwa wajasiriamali wadogo na wa kati.
“Katika mwendelezo wa kuboresha huduma zetu, Benki ya CRDB kwa kushirikiana na wenzetu, Zanzibar Insurance Corporation (ZIC) Takaful, leo tunazindua huduma za bima zinazofuata misingi ya shariah maarufu kama Takaful. Hii inapelekea kwa mara nyingine CRDB kuwa Benki ya kwanza nchini kuleta huduma hizi kwa wateja wake nchi nzima,” amesema Raballa.
USIKOSE LIVERPOOL vs SOUTHAMPTON LEO EMIRATES FA CUP NDANI YA DStv
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Tuesday, 27 February 2024
SGR MAIDEN TRIAL SIGNALS SIGNIFICANT LEAP IN TRANSPORT SECTOR
- Takes 2 hours 20 minutes to Morogoro from Dar es Salaam at moderate speed
- Scores spotted along the route to capture the historic moment
The journey, which signalled a significant leap in the country’s transportation sector, witnessed the unveiling of the first passenger coaches, a milestone long-awaited since their arrival in the country last year.
Chief Government Spokesperson Mr. Mobhare Matinyi spearheaded the eminent assembly of journalists and editors from various media houses across the country, as they boarded the coaches to enjoy and have firsthand information on the historic trial.
Departing from the Tanzanite Station in Dar es Salaam promptly at 10:30 am, the train traversed to Morogoro, arriving at 12:50 pm, amid a wave of enthusiasm and anticipation.
The trial, initiated with four passenger coaches accommodating both business and economy classes, showcased the infrastructure’s capabilities and amenities. Business class accommodates 45 passengers, while economy has a capacity of 78 passengers per coach respectively.
Notably, a few individuals could be spotted along the route, capturing the historic moment on their mobile phones. With eager anticipation and excitement, they documented the train’s maiden voyage, recognising its significance in Tanzania’s transportation narrative.
Monday, 26 February 2024
ABSA BANK ANNOUNCES NEW BUSINESS & BRAND PROMISE
Dar es Salaam, Monday, 26 February 2024: Absa Bank Tanzania has announced its new brand promise which marks the next evolution to the Absa brand journey.
Absa Bank Tanzania made this announcement following a similar announcement made last week Friday by Absa Group Limited, its parent company, which is one of Africa’s largest diversified financial services groups that owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has representative offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.
Speaking during the official announcement, Mr. Obedi Laiser, The Bank’s Managing Director, said “Today we are taking the next step on our business and brand journey, revealing our newfound vision as a purpose led and values driven business, and communicating our new brand positioning.
Since we launched the Absa brand in Tanzania four years ago, the brand has gown significantly and it has now evolved to better reflect where we are now, our global ambitions and to align with our new purpose. We are concentrating on what we do AND why we do it: our purpose and aspiration - to be a leading African bank, empowering Africa’s tomorrow, together … one story at a time.”
The new brand promise which the bank has announced is encapsulated in a short and easy to remember phrase “Your Story Matters”.
Absa Bank Tanzania made this announcement following a similar announcement made last week Friday by Absa Group Limited, its parent company, which is one of Africa’s largest diversified financial services groups that owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has representative offices in China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.
Speaking during the official announcement, Mr. Obedi Laiser, The Bank’s Managing Director, said “Today we are taking the next step on our business and brand journey, revealing our newfound vision as a purpose led and values driven business, and communicating our new brand positioning.
Since we launched the Absa brand in Tanzania four years ago, the brand has gown significantly and it has now evolved to better reflect where we are now, our global ambitions and to align with our new purpose. We are concentrating on what we do AND why we do it: our purpose and aspiration - to be a leading African bank, empowering Africa’s tomorrow, together … one story at a time.”
The new brand promise which the bank has announced is encapsulated in a short and easy to remember phrase “Your Story Matters”.
GEITA RC ADVISES 2024/25 GGML INTERNS TO CAPITALISE ON OPPORTUNITY
He has encouraged the graduates to seize the opportunities available both inside and outside of the mine to further develop themselves after completing the year-long internship programme.
Ten interns from last year's program have been selected to participate in the Africa Business Unit Graduate (ABU) program. This program allows them to exchange experiences with graduates from other countries, such as Ghana and Guinea, where AngloGold Ashanti, the parent company of GGML, operates mines.
During his keynote speech at the official launch of this year's GGML internship program, Shigella recently made a call to action for the 40 attendees. He addressed the 2024/25 cohort of interns and 10 individuals who completed last year's program and continued with higher training at GGML.
Ten interns from last year's program have been selected to participate in the Africa Business Unit Graduate (ABU) program. This program allows them to exchange experiences with graduates from other countries, such as Ghana and Guinea, where AngloGold Ashanti, the parent company of GGML, operates mines.
ABSA DECLARES BOLD NEW BUSINESS & BRAND PROMISE
JOHANNESBURG, 23 February 2024: Absa has launched its repositioned brand to the market signalling a shift to being a more deliberately customer-centric business with the new brand promise of ‘Your Story Matters’. The bank has set a clear trajectory to ensure that Absa’s entire suite of services and offerings lives up to this crucial pivot towards a more human-centred, empathetic banking service ethos across the continent. The refreshed brand strapline is part of the business’ ambitions to align their offerings and brand experience with their internal corporate purpose launched last year of ‘Empowering Africa’s tomorrow together, one story at a time’.
“As a full-service bank, we cater for customers from all walks of life – from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch, we are a bank for all seasons,” says Arrie Rautenbach, Group CEO of Absa. “Your Story Matters is more than a strapline, it is a declaration of our intent that our customers are much more than mere account numbers, they matter to us and so do the stories behind the individuals. Gaining this context will allow Absa to serve them in a more meaningful manner,” he adds.
The reimagining of the brand follows a detailed review of customer insights, feedback and research. “A very consistent message comes across in research into perceptions of banks and banking,” says Sydney Nhlanhla Mbhele, Absa’s Group Chief Marketing and Corporate Affairs Officer. “Customers feel that the relationship is one-sided and that banks don’t understand either their life situations or their individual needs. This often leaves them feeling helpless as well as disconnected from opportunities to improve their individual or business prospects,” he adds.
Infusing a bit more humanity into the Absa ecosystem that already sees the very best digital offerings that banking has to offer, coexisting with an extensive physical network was central to this approach. As a global bank with a presence in ten Pan-African countries and five representative offices in strategic markets including London, New York and Beijing, Absa understands that customer needs vary widely. What can they expect as the bank embarks on the next stage of its own strategic journey?
PREMIER IMPLEMENTATION BUSINESS JOINS AXUM
Edwin Macharia, Global Managing Partner at Axum. |
Nairobi, Kenya, 25th February 2024: Steve Kisakye, Winnie Wambugu, and the full staff complement of the entity formerly known as Dalberg Implement, a renowned leader in on-the-ground program implementation with vast expertise in strategy execution, have joined Axum, an Afrocentric impact firm dedicated to fostering inclusive growth across the Global South.
Steve Kisakye, Global Managing Director at Dalberg Implement. |
This move comes in response to existential risks that the world is facing that call for rapid shifts in the impact sector, including in the creation of innovative, locally-driven solutions. By joining forces, Axum will amplify impact and empower communities on a larger scale by leveraging combined expertise in collaborative and sustainable initiative-building.
This will establish Axum as a premier impact firm focused on the Global South with a combined strength of 10 partners and over 70 staff with blended capabilities in strategy, program design, and implementation as well as innovative financing. Collectively, this aggregates over 150 years of localized leadership experience in designing and implementing successful and sustainable solutions, having served clients across more than 50 countries in Africa, and 100+ in the world.
This will establish Axum as a premier impact firm focused on the Global South with a combined strength of 10 partners and over 70 staff with blended capabilities in strategy, program design, and implementation as well as innovative financing. Collectively, this aggregates over 150 years of localized leadership experience in designing and implementing successful and sustainable solutions, having served clients across more than 50 countries in Africa, and 100+ in the world.
JAMBOJET TO START DIRECT FLIGHTS FROM ZANZIBAR TO MOMBASA IN JULY
22 February 2024, Zanzibar: Jambojet, a leading airline in Africa renowned for its affordable fare rates, has ventured into Zanzibar to invest further in the East African aviation sector. The airline plans to launch direct flights between Zanzibar and Mombasa starting on July 1st, 2024.
The introduction of direct flights to Mombasa aims to bolster tourism and trade between Zanzibar and Mombasa. This endeavour is anticipated to strengthen tourism as well as increase inflow and outflow of investments that shall sustain the cultural, religious, historical heritage, and blue economy resources that are a common wealth between the two islands.
Zanzibar becomes the first island in Africa where Jambojet airline operates direct flights from Kenya, stated Mr. Karanja Ndegwa, CEO of Jambojet. Direct flights between Zanzibar and Mombasa will reduce air travel costs between these two islands, as Jambojet fares start from one hundred and eighty-nine thousand Tanzanian shillings (round trip), while other service providers' fares start from one hundred and sixty-nine thousand Tanzanian shillings (round trip).
VODACOM TANZANIA YASHINDA TUZO TATU ZA HUDUMA BORA KWA WATEJA
SERENGETI BREWERIES ‘AGAINST UNDERAGE DRINKING’ CAMPAIGN NOW IN KILIMANJARO
Friday, 23 February 2024
ASEC MIMOSAS vs SIMBA SAA 4:00 USIKU NDANI YA DStv
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GGML, CHAMBER OF MINES TO PREPARE CURRICULA FOR UNDERGROUND MINING EXPERTS
The Executive Secretary of the Tanzania Chamber of Mines, Eng. Benjamin Mchwampaka greets Geita Regional Commissioner, Martin Shigella (left) at the launch of GGML 2024/2025 internship program. Beside him are AngloGold Ashanti's Senior Vice President - Africa Business Unit (GGML's parent company), Terry Strong and the Senior Manager of Human Resources from GGML, Charles Masubi. |
This initiative follows GGML's collaboration with other large mining companies 15 years ago to create curricula that produced over 1,400 young Tanzanians specialising in surface mining operations (Open Pit Mining).
During the launch of the 2024/2025 Internship Programme, 40 new cohorts of graduates and postgraduates began a year-long internship training at Geita Gold Mine in Geita region.
The Executive Secretary of the Tanzania Chamber of Mines, Eng. Benjamin Mchwampaka, stated that GGML and other mining stakeholders were preparing the curricula. He stated that the curriculum will be utilised to create books for the Vocational College (VETA - Moshi).
These books will aid in educating young Tanzanians and producing experts in underground mining. He stated that there is currently a shortage of experts in the Tanzanian mineral market with extensive knowledge of operating deep underground mining equipment.
Eng. Mchwampaka shared how the shortage of experts to operate surface mines on land was bridged, saying that when large-scale mining activities started in the country, there was no special training for mining experts.
BENKI YA DUNIA KUSAIDIA UJENZI WA RELI YA KISASA (SGR)
Waziri wa Fedha, Mhe. Dkt. Mwigulu Lameck Nchemba Madelu (Mb) (kushoto), akifurahia jambo na Mkurugenzi Mkazi wa Benki ya Dunia, Bw. Nathan Belete wakati wa Kikao cha majadiliano kati ya Benki ya Dunia na Serikali ya Tanzania kuhusu masuala kadhaa ikiwemo maombi ya Tanzania kwa benki hiyo, kufadhili Ujenzi wa Reli ya Kisasa (SGR) na ukarabati wa Reli ya Kati (MGR), ambapo Benki hiyo imekubali kutoa fedha baada ya kukamilika kwa taratibu za ndani za pande hizo mbili. Kikao hicho kimefanyika katika ukumbi wa Hazina Ndogo, jijini Dar es Salaam. |
Waziri wa Fedha, Mhe. Dkt. Mwigulu Lameck Nchemba Madelu (Mb)(katikati), akiongoza Kikao cha majadiliano kati ya Benki ya Dunia na Serikali ya Tanzania. Kulia kwake ni Waziri wa TAMISEMI, Mhe. Mohammed Mchengerwa, Waziri wa Ujenzi, Mhe. Innocent Bashungwa, Katibu Mkuu Wizara ya Fedha, Dkt. Natu El-maamry Mwamba, Naibu Katibu Mkuu TAMISEMI anayesimamia Miundombinu, Mhandisi Rogatus Mativila na kushoto kwake ni Mkurugenzi mkazi wa Benki hiyo, Bw. Nathan Belete na ujumbe kutoka Benki hiyo. |
Ahadi hiyo imetolewa jijini Dar es Salaam na Mkurugenzi Mkaazi wa Benki ya Dunia, Bw. Nathan Belete, aliyeongoza ujumbe wa Benki hiyo, walipokutana na kufanya mazungumzo na Waziri wa Fedha, Mhe. Dkt. Mwigulu Lameck Nchemba, Waziri wa Ujenzi, Mhe. Innocent Bashungwa na Waziri wa TAMISEMI, Mhe. Mohamed Mchengerwa.
Bw. Belete alisema kuwa Benki ya Dunia ni mdau mkubwa wa maendeleo ya Tanzania na kwamba imeamua kushiriki katika ujenzi wa miradi hiyo miwili ya reli pamoja na kwamba kipaumbele kikubwa cha nchi kwa sasa ni ujenzi wa Reli ya Kisasa ya SGR.
Alibainisha kuwa timu ya wataalam kutoka Benki ya Dunia na Tanzania wakutane haraka kuchakata mahitaji ya miradi hiyo ili Benki itoe fedha za kuiwezesha nchi kutimiza malengo yake ya kukamilisha miundombinu ya reli hizo muhimu ambazo kukamilika na kuboreshwa kwake, kutasisimua uchumi, kuimarisha usafiri na usafirishaji wa abiria na mizigo, ndani na nje ya nchi.
BANK OF TANZANIA - ECONOMIC GROWTH HIT 5PC IN 2023
The economy is estimated to have grown by around 5 per cent in 2023, despite external shocks characterised by high inflation, geopolitical tension, tightened financial conditions and climate-related challenges, the Bank of Tanzania (BoT) said.
It said in its Monetary Policy Statement, Mid-Year Review 2023/24 issued on recently that growth is projected to reach 5.5 per cent this year driven by improved business environment and public investment in infrastructure.
According to the statement, economic growth averaged 5.3 per cent in the first three quarters of 2023, driven mainly by agriculture, finance & insurance, mining and quarrying activities.
Zanzibar’s economy grew at 7 per cent in 2023, mainly driven by accommodation and food services, construction and manufacturing, it said.
The bank said it implemented a monetary policy based on a monetary targeting framework in the first half of 2023/24 to achieve the inflation target of 5 per cent.
The framework was also meant to facilitate the attainment of a real GDP growth of 5 per cent in 2023 and 5.5 per cent in 2024 for Mainland Tanzania and 7.1 per cent and 7.4 per cent for Zanzibar.
SERIKALI YATOA MAFUNZO KWA WATOA HUDUMA ZA FEDHA
Afisa Mkuu Mwandamizi, Idara ya Usimamizi wa Huduma ndogo za Fedha kutoka Benki Kuu ya Tanzania (BoT), Bw. Deogratias Mnyamani, Akitoa mada kuhusu Kanuni za Sheria ya Huduma Ndogo za Fedha za mwaka 2019 kwa Daraja la pili; wakati wa mafunzo kwa waratibu wa Biashara ya Huduma ndogo za Fedha na Maafisa Maendeleo ya Jamii katika ngazi ya Wizara, Mikoa na Halmashauri, yaliyofanyika jijini Dodoma, Wizara ya Fedha katika ukumbi wa Kambarage. |
Baadhi ya Waratibu wa Biashara ya Huduma Ndogo za Fedha na Maafisa Maendeleo ya Jamii katika ngazi ya Wizara, Mikoa na Halmashauri, wakifuatilia mafunzo hayo yaliyofanyika jijini Dodoma, Wizara ya Fedha katika Ukumbi wa Kambarage. |
Akizungumza wakati wa mafunzo kwa waratibu wa Biashara ya Huduma ndogo za Fedha na Maafisa Maendeleo ya Jamii katika ngazi ya Wizara, Mikoa na Halmashauri, Afisa Mkuu Mwandamizi, Idara ya Usimamizi wa Huduma ndogo za Fedha kutoka Benki Kuu ya Tanzania (BoT), Bw. Deogratias Mnyamani alisema kuwa, Benki Kuu chini ya Wizara ya Fedha na kwa kushirikiana na wadau mbalimbali imeandaa mikakati kupitia sheria ya huduma ndogo ya Fedha ya mwaka 2018, ili kukomesha udhalilishaji unaofanywa na baadhi ya watoa huduma ndogo za fedha kupitia mitandao ya simu.
Benki hiyo kwa kushirikiana na Wizara ya Fedha imeona umuhimu wa kutoa elimu ya fedha nchi nzima ili kuwapa uelewa wananchi kuhusu namna bora ya kukopa fedha na kuweza kurejesha mkopo bila kudhalilishwa.
Bw. Mnyamani alisema mikopo inayotolewa kwa njia ya mitandao ya simu imekuwa changamoto kubwa hasa katika ukusanyaji wa madeni kutoka kwa wakopaji jambo linalopelekea watoa huduma hao kuvunja sheria ya usiri inayotakiwa katika kupata huduma ya fedha kwa kuwadhalilisha wakopaji hao kwa kutuma ujumbe mfupi kwa ndugu na jamaa waliochukua mikopo hiyo.
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