East Africa Archives - The Trading Room

IMF Grants Tanzania a $372.4 million Zero Rated Loan

East Africa

The International Monetary Fund (IMF) has approved a zero-rated $372.4 million loan for Tanzania, aimed at supporting the country’s COVID-19 pandemic relief measures. President Suluhu this week hosted the World Bank’s Managing Director for Development Policy and Partnerships Mari Pangestu at State House in Dar es Salaam, in what officials described as a follow-up to …

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CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors

East Africa

Capital Markets Authority (CMA) has granted MTN Uganda permission for its Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on 11th October 2021. The marketing in Kenya is spearheaded by SBG Securities, and Dyer …

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AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021.

East Africa

East Africa’s economic growth is projected to rise to 4.1 per cent in 2021, up from 0.4 per cent in 2020, the African Development Bank (AfDB) said on Thursday. According to the East Africa Regional Economic Outlook 2021, the economic performance will be boosted by the ongoing global economic recovery. “However, the slow rollout of …

AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021. Read More »

Allianz Completes Acquisition of Majority Stake in Jubilee Insurance Uganda

East Africa

Allianz, one of the world’s leading insurers and asset managers, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East …

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MTN Uganda Offers East African Investors Free IPO Shares

East Africa

MTN Uganda is offering East African investors free shares to motivate them to buy stock in the telecoms firm that opened its $250 million (Ush895.56 billion) initial public offering (IPO) on Monday, so as to boost its chances of being successful. South Africa’s MTN Group is selling 4.47 billion shares in its Ugandan subsidiary at …

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MTN Uganda to Sell 20% of its Shareholding to the Public

East Africa

MTN Uganda is set to sell a fifth of its stake to Kenyan and other East African investors when it floats its initial public offer (IPO) Uganda Securities Exchange (USE) This follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN …

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Kenya and Uganda Set to Establish a 3RD Point of Entry and Exit to Enhance Trade

East Africa

Kenya and Uganda have expressed interest in the establishment of the third point of entry and exit (PoEE) at their shared border to enhance trade. Currently, the two East African countries have two major points at the busy Busia and Malaba towns which serve as entry and exit points along the Northern corridor. However, delegations …

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Uganda Securities Exchange (USE) Partners With MTN to Launch digital platform

East Africa

The Uganda Securities Exchange (USE) has partnered with MTN to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors to participate in the securities market. The MTN MoMo platform, which can be used to open a Securities Central Depository (SCD) account, went live on September 15, 2021. MTN …

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Ethiopia, Kenya Sign Operation Manuals for Cross-border Trade Deal

East Africa

Ethiopia and the Government of Kenya through the Ethiopia Customs Commission and the Border Control and Operation Coordination Committee have signed the Moyale-Moyale One-Stop Border Post (OSBP) operational procedure manual. The signing ceremony was held in Addis Ababa and attended by key private and public sector players from both countries. This follows the inauguration launch …

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Linkham Group Completes Resolution Insurance Buyout- Peter Nduati Appointed Company CEO

East Africa

Global insurance solutions firm Linkham Group based in the UK has officially confirmed completing a deal that will see them acquire a significant stake in Resolution Insurance Kenya. The deal that was undertaken at an undisclosed consideration will see Resolution Insurance gain access to Linkham Group Ltd’s financial network in Africa and globally. The Group …

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Here is what Separation of Mobile Money from Telco’s Means for Uganda

East Africa

Uganda has completely separated mobile money services from the regulation of the Uganda Communications Commission to the Bank of Uganda (BOU). Under the new regulations, three companies were licensed to conduct mobile money services despite the questions and fears from the customers. Airtel Mobile Commerce Uganda Ltd and MTN Mobile Money Uganda Ltd are the …

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Total Assigns $1.9 Billion Uganda Oil Project Deal to Chinese and British Firms

East Africa

Total SE has awarded the $1.9 billion deal to construct its Lake Albert oil production Tilenga project in Uganda to a consortium led by British and Chinese firms. Total, the lead investor in Uganda’s oil projects, said it signed contracts for the main surface facilities Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) contracts and five …

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EAC Set to Explore a Common Central Bank Digital Currency (CBDC)

East Africa

The East Africa Community member states have announced plans to explore the potential of a central bank digital currency (CBDC) as a shared payment system. A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central …

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AFDB Approves $140 Million Loan to Tanzania

East Africa

The African Development Bank Group and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. …

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Kenya Suspends Flights to and From Somalia

East Africa

The Kenya Civil Aviation Authority has suspended all flights to and from Somalia. In a notice issued to airmen on Tuesday, the Kenya Civil Aviation Authority said it had suspended all flights to and from Somalia with immediate effect. “All flights between Kenya and Somalia are suspended except medevac flights and UN humanitarian flights,” the …

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Kenya and Tanzania Sign Kes121 Billion Gas Pipeline Deal.

East Africa

Kenya and Tanzania have signed a multimillion-dollar deal for a gas pipeline that will run between the coastal cities of Mombasa and Dar es Salaam. Tanzanian President Samia Suluhu made her first trip to Kenya on Tuesday on the invitation of President Uhuru Kenyatta, during which the deal was signed. “We are friends in East …

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Cargo Activity at Port of Mombasa Up 10% in 1Q21.

East Africa

For container traffic, the Port of Mombasa recorded a positive increment of 31,261 TEUs or 30.4% to register 133,904 TEUs in March 2021 against 102,643 witnessed in March 2020.

M-Kopa and Pula Advisors receive Kes.142 Million Grant From AfDB

East Africa

The African Development Bank (AfDB) has approved two grants for research that will increase African women’s access to a range of digital financial services.

Kenya Leads in EAC intra-trade as COVID-19 Disrupts Foreign Imports

East Africa

Kenya recorded a jump in the EAC intra-trade during the third quarter of 2020, as the COVID-19 pandemic paved the way for intra-regional trade growth. Kenya’s total volume shipped to East Africa was valued at Kes 165 billion in the third quarter of 2020. This was an improvement from Kes 130 billion recorded in the …

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Tanzania Gold Export Earnings Rise 34% in 2020.

East Africa

Tanzania’s earnings from gold exports rose 34% in 2020 to $ 2.95 billion from $ 2.21 billion recorded in 2019 . In the latest monthly economic review, the Bank of Tanzania attributed the rise to increased output and higher prices. Tanzania also recorded an increase in the value of non-traditional exports by 21% to $ …

Tanzania Gold Export Earnings Rise 34% in 2020. Read More »

East Africa Records Double Digit Growth in FDI at $11.5 Billion

East Africa

FDI contributed 62,876 jobs in Uganda accounting for (18.2%) of total jobs created, while FDI into Tanzania created 46,765 jobs accounting for 47.9% of the total jobs created.

Kenya, Ethiopia to Grow in Traders as Moyale Border Point is Launched

East Africa

The two leaders will now head to Lamu County to assess the progress of the Lamu Port South Sudan Ethiopia Transport corridor.

East Africa Cross-Border, Automated Stocks Trading to Begin in January 2021.

East Africa

Alternatively, for brokers to trade they would have to have “sponsored membership” in a local market where they want to buy stocks.

Bank of Uganda Clears DTB, Says Foreign Banks with Agents Don’t Require Second License

East Africa

DTB has appealed the ruling and secured a stay of the execution of the judgement. The lawyers at ENS say until the Ham/DTB decision is set aside, it will be a hard task for every counsel advising foreign lenders.

Uganda’s Largest Mobile Money Transfer Service Hacked

East Africa

Airtel and MTN Uganda, as well as Stanbic Bank, were the most affected firms.

Tanzania Lifts Ban on Kenyan Carriers as KQ Resumes Three More West African Destinations

East Africa

Kenya Airways resumed international passenger service on August 1 with flights to Britain and Ethiopia while domestic service restarted on July 15 after the service was suspended in March to contain the spread of COVID-19.

CIMERWA Listed by Introduction on the Rwanda Stock Exchange

East Africa

Albert Sigei, CEO CIMERWA Plc, explained that this will be an opportunity for investors to gain exposure into the attractive cement industry with solid growth potential.

South Africa’s RH Bophelo Cross-Lists on the Rwanda Stock Exchange

East Africa

While this is not the first cross-listing the country has seen as there are a number of Kenyan firms trading on RSE, KIFC’s existence promotes such investment opportunities within Rwanda’s financial sector

East Africa

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