Author: The Exchange

Tanzania’s Central bank, the Bank of Tanzania (BoT) has pledged 500m/-  in soft loans to the country’s artisanal gold miners. The loans will be extended via the 13-year-old artisanal miners’ empowerment scheme dubbed the Small and Medium Enterprises Credit Guarantee Scheme (SME-CGS). Under the scheme, the artisanal miners are guaranteed working capital from commercial banks in their respective areas of operation. The way it works is that the central bank guarantees the commercial bank up to 50% of the loan amount that the miner applies for. On the other hand,  the recipient is then responsible to cover the remaining 50%.…

Stanbic Bank Tanzania today reaffirmed its commitment to the development of Tanzania and announced that in 2019 it provided TZS 177 billion in funding to various infrastructure development projects in the country. Providing finance and financial expertise to the private and public sector in Tanzania is a key focus for the bank. Stanbic Chief Executive Mr. Ken Cockerill said, “Stanbic Bank is well positioned to play an important role in supporting Tanzania’s second Five Year Development Plan, which seeks to encourage industrialization and promote economic growth and social development.” Mr Cockerill also mentioned that, “Infrastructure development is the cornerstone for…

Songas limited has paid the government TZS8.8 billion in dividends as a result of its shareholding in the Tanzanian gas-to-power company. Songas is a strategic partner with the Government in meeting the growing demand for energy and includes ownership by Tanzanian sector entities, Tanzania Petroleum Development Corporation (TPDC), Tanzania Electric Supply Company Limited (TANESCO) and Tanzania Development Finance Company Limited (TDFL) as well as Globeleq, a leading independent power producer solely focused in Africa. Songas Chief Financial Officer, Anael Samuel said TANESCO will receive about TZS2.2billion while TPDC will receive an estimated TZS6.6billion, both amounts will be subjected to withholding…

To cement trade ties, boost investment flows and encourage tourism between Tanzania and China, Standard Bank and the Industrial Commercial Bank of China (ICBC) have launched the I Go Tanzania loyalty program in partnership with Tanzania Tourism Board. This initiative, part of ICBC’s I Go Global rewards scheme for its card holders in China, was unveiled in Tanzania on 6th August 2019. It will capitalize on the growing appetite among Chinese travelers to visit Tanzania by offering a range of discounts and special offers from merchants across the travel, hospitality and lifestyle sectors, says Standard Bank’s group head of card…

When Mr. Innocent Rwetabura strode into the interview room, he didn’t have the temperament that would be associated with someone of his stature – holding a top tier position at one of the leading Telecom companies in the country. To the contrary, Rwetabura was unassumingly gentle. He patiently sat there, readying himself to be bombarded with questions. Perhaps his extensive experience in the financial and telecom sector at some of the biggest companies in and outside of Tanzania elevated not only his skills as a finance expert, but his overall demeanor. Rwetabura’s history speaks for itself. He moved to Tigo…

By Giza Mdoe  Wide angle AI Triple Camera You have not experienced the wonders of a smartphone until you experience the Phantom 9.We are not just talking of the usual fingerprint in-display sensors,motion sensing and screen rotating gyroscope, we are going the extra mile and introducing Artificial Intelligence Triple Cameras complete with auto sensors and a wide angle photography capability. The AI Triple Camera (16MP+2MP+8MP) has one camera in the front for your amazing never to miss selfie moments and two cameras in the rear for even clearer, wider angle pictures. “With the amazing AI triple camera plus other wonderful…

Plasco Limited in Tanzania is the largest manufacturer of plastic pipes for water supply and sanitation in the country has launched a USD 4million factory expansion using‘Weholite’ technology, the first of its kind in East and Central Africa used to produce Structured Wall High Density Polyethylene (HDPE) pipes for Sewerage and Drainage, Manholes and Tanks forstorm water retention and drinking/potable water. The company aims to provide modern water storage and sanitation solutions to the region through the use of this new technology that is now available in Tanzania and East Africa as  a whole. The factory was inaugurated in Temeke,…

The Ethiopian Investment Commission (EIC) announced that the country earned $103 million from export generated by industrial parks. The gain is a 40 percent increment compared to last year’s performance recorded at the same period. According to Abebe Abebayehu, Ethiopia Investment Commissioner, 70 percent of the planned earning from industrial parks during  the stated period had been accomplished. He further noted that footwear and other leather products, as well as textile and apparel have been exported to Europe, USA, Asia and other export destinations. Statistics from Food and Agricultural Organisation (FAO) ranks Ethiopia the 5th in the world and number…