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East Africa
- Tanzania has offered the Uganda National Oil Company (Unoc) to use the Dar es Salaam port for oil importation.
- This presents a strategic alternative amid the ongoing importation stalemate between Uganda and Kenya.
- The legal dispute between Uganda and Kenya over oil importation policies is pending before the East African Court of Justice (EACJ), with indications that Uganda may withdraw the case.
Tanzania has stepped forward with an enticing proposition that Kampala finds hard to ignore, especially regarding the ongoing deadlock in Nairobi-Kampala oil imports.
Tanzania has extended an offer to the Uganda National Oil Company (Unoc) to utilise the Dar es Salaam port for its fuel importation needs. This development comes as Uganda explores alternatives in response to Kenya’s steadfast position on Kampala’s oil importation demands.
Uganda’s grievance at the East African Court of Justice (EACJ) remains pending amid these unfolding events, casting a shadow of uncertainty over …
- 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.
- 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.
- 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.
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.
According to the Quarter 4 of 2022 claims …
The Kenya Private Sector Alliance (KEPSA) on Thursday, February 25 launched an Ecommerce Booster Program targeting at least 2000 Micro, Small and Medium-sized Enterprises (MSMEs).
The program will be realized through funding from the European Union and UK’s Foreign Commonwealth Development Office.
TradeMark East Africa, a leading aid for trade regional body in East Africa will support the program, while the technical support for this program is being provided by Amari Consulting Ltd.
Types of businesses targeted
Businesses with little or no digital presence are being targeted for training and on-boarding to e-commerce platforms to ensure MSMEs can increase and diversify their revenue streams during this period of COVID-19 pandemic.
As COVID-19 pandemic continues to cause disruptions in the global and regional value chains, it has become clear that e-commerce is an important tool and solution for businesses and
consumers.
E-commerce can support small businesses in reducing their costs and …
Kenya’s eCommerce revenue is projected to hit $1.5 billion in 2021.
This follows an increase in the number of people who buy goods online. According to the latest statistics, 526 million Internet users are opting to buy goods at the click of a button.
As a result, digital platforms have been investing heavily in improving their digital infrastructure.
Patrick Ndegwa, the SEACOM East Africa Business Sales Lead, through a press release, has given an insight on Africa’s leading eCommerce platform and what developments can be expected regarding key policies and trends in online commerce today and in the future.
2021’s new trends
Ecommerce companies are putting considerable efforts into improving their digital infrastructure to meet increasing demands.
Mr. Ndegwa notes that transaction-management capabilities remain a priority, as more customers are purchasing on mobile devices and looking for credit options.
According to him, giving customers personalized, omnichannel experiences that also enable …
In the East African community trading bloc, poor infrastructure continues to be a huge trade barrier and a major constraint to regional integration and development.
This especially affects shippers who rely on road transport to get goods distributed across the region. Poor infrastructure increases dwell time on the roar which means higher costs making goods to compete unfairly with imports from around the world.
According to a report by the United Nations Conference on Trade and Development (UNCTAD)’s Review of Maritime Transport last year, restrictions affecting inland transportation have created some challenges to cross-border crossings.
“For example, in some African countries, the time taken to pick up cargo after customs release increased in 2020 compared to the same period in 2019. Trucks took longer times to return to their departure points due to the restrictions imposed to contain the pandemic. Such disruptions led also to delays in the return of …
Selected industry players in the maritime sector will be feted for remaining resilient in the hard economic times dotted by global pandemic.
Kenya Ports Authority’s second East Africa Maritime Awards (EAMA) ceremony is scheduled to take place on May 21, 2021 in Mombasa, Kenya.
The Awards which seek to recognize and award notable users of the Port of Mombasa and individual players are open to companies from across the breadth of the maritime sector, comprising the shipping, ports, services, engineering, and leisure marine industries with operations in Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan, and the Democratic Republic of Congo (DRC).
Speaking in Mombasa, Kenya Ports Authority Ag. Managing Director Eng. Rashid Salim said the Awards had come at a time the local, regional and global economies were facing a period of significant challenge following the outbreak of the Coronavirus pandemic.
“The Covid-19 pandemic has tested all sectors of the …
Reducing greenhouse emissions will reduce the impact and costs associated with climate change, but the world must also plan for, finance and implement, climate change adaptation measures or face serious costs, losses and damages.
This is according to a recent report released by United Nations Environment Programme (UNEP). The study highlights some of the challenges faced by countries that are likely to slow down the reduction of greenhouse emissions. …
While insurers have been able to absorb the underwriting impacts of large loss events such as COVID-19, the impact on insurance companies’ profitability is still uncertain.
This is according to a recent report by Deloitte, which states that despite the efforts put in place by governments to cushion the public from the adverse economic effects of the pandemic, the outlook on long-term impacts and recovery from the pandemic is still uncertain as it will take time for businesses to recover.
“With stock markets showing declines in performance and flattening yield curves, insurers are set to experience poor performance in their investments and this will flow through to their bottom line results.” …
