Browsing: Africa

Most businesses are looking for digital options to conduct their businesses and banks are no exception. Already the economy was tipping towards digitizing most all its activities but with the onslaught of the coronavirus, digitizing is no longer optional but a must.

Banks are now pushing for 100 percent digital migration of their customers seeking at least 90 percent of their services to be offered remotely. In Tanzania, CRDB Bank has announced that it is aiming to increase online and simbanking to 90 percent by the end of the year.

To achieve this goal, the bank has launched a campaign to mobilize online and mobile phone services for all their customers. The bank is now working to raise public awareness and increase use on online services rather than going with the traditional way of standing in line at the bank.

The press release quotes a high ranking bank official, the …

The second 20 years Treasury Bond that was auctioned last week by the Central Bank of Tanzania has oversubscribed, again.

The Bank of Tanzania (BoT) was forced to close the trading session as the market gabbled up the high interest rate bond.

The  bond had an attractive interest rate of 15.85 percent coupon rate was offered in the 20-year instrument held on Wednesday slightly down compared to 16.21 per cent of the session held in February this year.

The auction was meant to serve as a debt instrument that the government targeted to raise only 117bn/-, local media reported mid week. However, interest for the bond was more than anticipated with the government, through the BoT, racking in a whopping 276.86bn/- that is more than double the targeted amount.

As mentioned this is actually the second 20-year Treasury Bond to be auctioned this year and both had good response, both …

For over two months now, companies in Tanzania are holding back contractor payments blaming it on the global coronavirus crisis.

Chinese companies are particularly in the spotlight with contractors complaining of delayed payments for goods delivered and services done. In an exclusive with this paper, an aggregate mine operator (name withheld) said payments due to the company from Chinese companies are still pending two months down the road.

This is the exact scenario that the government tried to evade when it throughout the Central Bank, Bank of Tanzania, it released a stimulus package to cushion the economy to ensure business stay liquid and are able to make all due payments.

It is not far fetched to think companies are taking advantage of the ongoing health crisis not to pay their debts or even government taxes and fees. I mean, non performing loans and tax evasion were profound well before the …

The higher your salary, the higher your taxes, that is why it is called P.A.Y.E that is Pay-As-You-Earn. You earn more, you pay more, its that simple, or is it.

Apparently it is not that simple. Companies are giving the top management and expatriates leeway to weasel out of the earning tax. You see, PAYE is a function of your earning that is, it is tax deducted from your monthly salary.

The way it works is that you earn a gross amount from which taxes are deducted and your pension contribution is also deducted as well. What remains after these deductions is your take home salary otherwise called net salary.

Legal consultant for corporate law in Tanzania Mr. Peter Makinda told a press conference that to keep their salaries up, top management in many companies under report their gross earnings for themselves on the one hand and to attract expatriates …

When restrictions of movements were announced by different countries due to the Coronavirus pandemic, many people with perennial need of non-COVID-19 medication felt disenfranchised. Also, the fear of receiving non-certified medicine and other medical supplies has increased over this period.

In Kenya, the ministry of health has sent a warning to Kenyans to be wary of fake medical materials including recycled masks and non-effective sanitizers which they feel are putting the citizens under great risk.  Estimates from World Health Organisation (WHO) show that about 274 deaths occur every day in Africa as a result of fake medication.

To continue offering quality medicine in this period, the only registered e-pharmacy in Kenya, MYDAWA has been aiding in the delivery of quality medicine in times of restricted movement.  As the world battles with the Coronavirus (COVID-19) pandemic, one company is applying the use of technology to get essential medication and health supplies …

The East African Community (EAC) has put off what would have been the bloc’s first attempt to develop a regional response to the coronavirus pandemic.

This emergency meeting falls under the jurisdiction of the regional charter that allows for convening of what is referred to as an ‘extraordinary’ meeting. It is extraordinary because it occurs outside the scheduled ‘Ordinary’ meetings.

Well, speaking of putting off meetings, even the scheduled Ordinary meeting that was due to be held at the end of February was also postponed.

Back to the coronavirus response extraordinary meeting, the sitting East African Community (EAC) Chairman, Rwanda’s President Paul Kagame called the meeting.

If or rather, when it is held, this will be the first time the whole region comes together to formulate a response plan. Other than two or more member states reaching their own consensus, usually on border trade agreements; there has not been a …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …

As the number of new coronavirus infections reaches 53, the government of Tanzania has ordered schools to stay closed indefinitely, evidence of the uncertainty that haunts these murky coronavirus times.

It is the crowded commercial port city of Dar es Salaam that is most affected, in fact all the  53 new Covid-19 reported cases are in the city of 6 million plus people.

There are 4 new cases since the last new infection was reported on Monday making it 4 new cases in just 3 days, that is a rate of almost one new infection per day this week.

The development comes inspight of all precautionary measures that the city has taken including having hand sanitizers in every store, government office, market place and even public transport vehicles.

Union & Labour Day cancelled days from annual celebrations

With the exponential increase in rate of infections, and the spicy Islands …

At a time when physical contact is discouraged due to spread of coronavirus, Tanzania’s little town of Kilimanjaro, has set up Automated Teller Machines (ATM) for the sale of milk. There is little human contact involved apart from the exchange of money making the machines a vital game changer in curbing spread of the virus.

The move has set a global precedence in the use of digital telecommunication for commercial purposes.  What stands out is the fact that the technology has not been set up in the bustling urban town of Dar es Salaam but rather on the outskirts in the small town.

“This is what technology is for…it not only for the urban centers, it should be used to make life easier in rural areas as well, and the set up of automated milk dispensers in rural Kilimanjaro is a good example,” says milk producer Ivan Mangesi.

Ivan is …

Tanzania has eventually allowed teenage mothers to return to school after the World Bank approved a USD500 million loan as support for the improvement of Tanzania’s education system.

Tanzania had until now denied pregnant girls to return to school after delivery and to push it to change its mind, for over the last two years, the World Bank withheld the requested loan in a bid to push Tanzania to ease the law.

Tanzania’s President John Magufuli is known to hold a hard stance against pregnant teenagers returning to school after delivery. As a result, activists in the country and abroad signed petitions against the World Bank funding the country’s education programs.

Now two years down the road, the World Bank’s board has reversed its stance and approved the loan. While the International Development Association is in support of the loan approval, other international donors like the US cautioned strongly against …