CIC Insurance
  • CIC Insurance Group has reported a 64% rise in its net profit to hit KSh 1.1 billion in the year ended December 2022
  • The regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management
  • CIC Group’s gross written premium grew by 20% from KSh 19.7 Billion reported in 2021 to KSh 23.7 Billion in 2022. The net earned premiums grew from KSh 14.7 Billion to KSh 17.5 Billion

CIC Insurance Group has reported a net profit of KSh 1.1 billion in the year ended December 2022, marking a growth of 64% from the KSh 668 million reported in 2021.

On Wednesday, March 22, the regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management.

The company also pegged its improved performance to operational efficiency, digital transformation, …

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Regionalising the power balance between central and commercial banks can address the risks associated with the adoption of CBDCs in Africa. Commercial bank digital wallets can thus reduce the costs underlying the correspondent banking channels. These wallets can also promote cross-border trade in Africa by restricting the focus of central banks to the B2B and interbank payment ecosystems. Central banks have traditionally managed this well while incorporating these systems across borders. In such a scenario, each actor—public and private—does what it does best.…

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  • Uganda signed a deal with China under which the China National Nuclear Corporation(CNNC) would assist its endeavours to tap into one of the few Nuclear energy sources in Africa.
  • The first nuclear project, Buyende Nuclear Power Plant, will be located in Buyende, approximately 150 km(93 miles) north of Kampala.
  • Uganda has an estimated 52000 square kilometres of uranium deposits around Buganda, Toro, Ankle and Bunyoro.

Africa takes the next step in its evolution as Uganda announced its plans to generate at least 1000 MegaWatts(MW) from its nuclear power plant by 2031. This lines up with its efforts to identify alternative energy solutions that guarantee faster and more efficient electricity production. Uganda will become one of the few countries to produce nuclear energy in Africa, further boosting its economic growth exponentially.

Uganda first discovered its uranium deposits in 2004, and since then, nuclear power became a valid option for the country.

  • The Africa Pulse report notes that Sub-Saharan Africa exits recession this year, but recovery is still timid and fragile
  • It adds that the region is reforming, and notes that what is most needed to boost and sustain economic recovery is financing

The World Bank now says that Sub-Saharan Africa is set to emerge from the 2020 recession sparked by the COVID-19 pandemic with growth expected to expand by 3.3 per cent in 2021.

This is one per cent higher than the April 2021 forecast according to its latest edition of Africa’s Pulse.

The bank said that the rebound is currently fueled by elevated commodity prices, a relaxation of stringent pandemic measures, and recovery in global trade.

“Commodity prices remain well above their pre-pandemic levels, with several reaching all-time highs. Oil prices rose above their pre-pandemic levels in the first half of 2021 but have plateaued more recently due to demand …

  • Google’s investment will include the landing of the subsea cable Equiano which will enable faster internet speeds and lower connectivity costs
  • It also includes low-interest loans to help small businesses and equity investments in African startups
  • Google is building global infrastructure to help bring faster internet to more people and lower connectivity costs

Google has announced a plan to invest $1billion over 5 years to support Africa’s digital transformation.

According to the company, the investment focuses on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business, and helping nonprofits to improve lives across Africa.

The announcement was made at Google’s first-ever Google for Africa event, held virtually and live-streamed.

Affordable Internet

The planned $1billion investment announced today by Sundar Pichai, CEO of Google and Alphabet, will include enabling affordable internet access and building helpful products.

Pichai said Google is building global infrastructure to …

  • EAC COVID-19 Vaccination Certificate will eliminate the current high transaction costs of COVID-19 testing
  • Removal of visa fees for Uganda and Kenya by South Sudan is set to ease the free movement of persons
  • Buy East African, build East Africa campaign central in driving the economic recovery agenda for the EAC

The East African Community (EAC) has been urged to develop a common COVID-19 Vaccination Certificate by December to hasten the economic recovery of the EAC bloc.

This is one of the resolutions of the Round Table Meeting for Chief Executive Officers of apex national private sector associations convened by the East African Business Council, in Nairobi, Kenya.

John Bosco Kalisa, EABC CEO said the EAC COVID-19 Vaccination Certificate will enable mutual recognition and eliminates the current high transaction costs of COVID-19 testing and will boost intra-EAC trade, travel and tourism.

He also commended the high-level bilateral engagements by EAC …

The Kenya Revenue Authority (KRA) has received surveillance equipment worth more than US$378,000 (KShs 40 million) to support its trade facilitation initiatives and enhance security at key border points.

In a statement, the Authority says the equipment comprises an X-ray baggage scanner, a patrol boat, patrol vehicles, Raman spectrometers, and field test kits.

The equipment was procured by the United Nations Office for Project Services (UNOPS) from the Government of Japan in partnership with the Japan International Cooperation Agency (JICA) and World Customs Organization (WCO) as part of customs capacity building initiatives in Kenya.

According to KRA, the equipment will be used to detect dangerous or contraband items concealed in luggage, parcels and/or cargo as well as support in monitoring and detection of chemicals and other components used to manufacture improvised explosive devices (IEDs).

The equipment comes amid increasing global threats to security in the region that have prompted the …

Kenya’s Purchasing Managers’ Index (PMI) fell from 51.1 in August to 50.4 in September, signalling an overall improvement in operating conditions.

The PMI survey commissioned by Stanbic Bank indicated that the pace of improvement was marginal and was the weakest seen in the current five-month sequence of growth.

During the month, output and new orders rose, driven by a continued recovery in demand from the strict lockdown earlier in the year.

Exports were also a key source of growth, as foreign orders increased at the fastest rate since October 2020.

Business activities in Uganda continue to rise

Impact of Fuel Hike

The survey found that a rise in living costs had weakened consumer spending, leading to a softer – and only marginal – rate of total sales growth.

Subsequently, the rate at which business activity expanded was the slowest seen since the return to growth
following April’s lockdown-induced decline.

The …

  • KRA started the new financial year on an upward trajectory, after surpassing its July 2021 target
  • Pay As You Earn (PAYE) registered a performance rate of 104.2%
  • Expects the Gross Domestic Product to grow by 6.3% in FY 2021/22 

The Kenya Revenue Authority (KRA) said it had collected KSh 476.646 billion, surpassing the Financial Year 2021-2022, Quarter One (July – September 2021) revenue target of KSh 461.653 billion by KSh 14.992 billion.

In a statement, the Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.

Despite the slow economic growth, KRA said it commenced the new financial year on an upward trajectory, after surpassing its July 2021 revenue target with a surplus of KSh 311 million, after a revenue collection of KSh 152.854 billion against a set target of KSh 152.543 billion, …