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East Africa
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.Â
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.Â
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.Â
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.Â
According to the Quarter 4 of 2022 claims …
- TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA) after the initial issue failed to hit a 50 per cent threshold.Â
- Unfortunately, the rights issue performed below expectations, and as a result, CMA has invoked its powers under Section 14 of the Public Offers and Listings Regulations to allow TransCentury to reopen the issue.Â
- The rights’ issue will be open from March 20 -30 this year with additional information provided in the secondary prospectus to be issued by March 17 as the firm seeks shareholders’ approval to enable the conversion of shareholder loans to ordinary shares as a mode of payment for rights.
TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA)Â after the initial issue failed to hit a 50 per cent threshold.Â
TC shareholders had until January 23, 2023 to take …
As Africa’s role in the global economy continues to garner prominence, it’s imperative for the continent to seal the gaping hole in its power supply.
Lack of universal power access remains a major roadblock that has retrogressed industrialization and socio-economic development. Statistics from the World Bank indicate that Africa remains the least electrified region in the world, with 568 million people lacking access to electricity.
The Bretton Woods institution, further notes that the Sub-Saharan Africa’s share of the global population without electricity, jumped to 77 per cent in 2020 from 71 per cent in 2018, whilst most regions saw declines in their share of access deficits. It has become a Hobson’s choice for African governments to prioritize the power sector, which is the epicenter of industrialization, working towards Goal 7 of the UN SDGs; which advocates for universal access to affordable, reliable and modern electricity services.
Currently, Africa’s power is …
World Bank further notes that the unified digitisation of the East African economy is estimated to generate up to a US$2.6 billion boost in GDP and 4.5 million new jobs that will largely benefit those at the bottom of the pyramid.
Data by GSMA reveals that by the end of 2020, 495 million people subscribed to mobile services in Sub-Saharan Africa, representing 46 percent of the region’s population, an increase of almost 20 million on 2019.
GSMA revealed that smartphone connections will more than double by 2025 in Sub-Saharan Africa with the East African Community registering the largest incremental growth, led by Rwanda and Tanzania. …
There is a fear among the East African Chairs that such hurdles may encourage unneeded rivalry and retaliatory limitations.
During the lockdown, families were dispersed and enterprises were shut down as women cross-border traders chose to conduct business on the Tanzanian side owing to the lockdown and the 14-day quarantine requirements on the Ugandan side.
The Mutukula border clears 150-200 trucks of Tanzanian merchandise daily with a one-hour clearance period for each vehicle.…
Ending LF Elephantiasis as a public health problem in the three nations would make them the first cluster of countries in Africa to achieve the breakthrough.
This, following the announcement by the World Health Organisation (WHO) in January 2020 that Malawi had eliminated the disease as the second country in Africa, after Togo in 2017.
Elephantiasis is a Neglected Tropical Disease (NTD) which causes swelling and disfigurement and has left thousands of East Africans permanently disabled.…
- The region had drawn a number of important lessons from the pandemic especially in relation to the economic sectors that were hard hit such as tourism
- EAC citizens should be charged local rates while entering public tourist sites such as national parks and reserves that are distributed across the region
- EAC Partner States should also diversify their tourism products by developing other products
East African Community Partner States lost 92% of revenues in the tourism sector due to the COVID-19 pandemic, with arrivals to the region falling from 6.98 million arrivals before the pandemic to 2.25 million arrivals occasioning the losses.
EAC Secretary General Hon. (Dr.) Peter Mathuki however noted that the region was now open again for business, and urged EAC Partner States governments and other stakeholders to work together to market the region’s tourist attractions and products as part of efforts to ensure speedy recovery for the sector.…
