TANZANIA
MOST women entrepreneurs in the country can easily acquire loans, thanks to friendly conditions set by lenders in their bid to address challenges impeding small scale women traders in accessing financing.
The NMB Bank Head of Government Business, Vicky Bishubo said that the bank has created products like Fanikiwa Account to empower women economically and boost their capital.
“Since we introduced Fanikisha Account, it has received a great response as many women, especially small scale traders, have been going for it after realising that conditions set by the bank are friendly and allow them to acquire loans with low interests quickly and with ease,” she said.
Ms Bishubo made the remarks during the launch of the book Continuity with Vision the Roadmap to Success for President Samia Suluhu Hassan in Dar es Salaam.
She said her financial institution was one of the stakeholders that succeeded in the identification and launch activities of the book that highlights the success work President Samia makes in the government.
“In a short time, we have given 9265 loans of about 30bn/- to women entrepreneurs, so when we say NMB Karibu, this is the real meaning,” she said.
Speaking about the book on behalf of NMB Chief Executive Officer (CEO), Ruth Zaipuna, she noted that they will continue to support efforts made by the government and academics in publishing books, which raise issues and possible solutions to challenges affecting lives of ordinary Tanzanians.
NMB Bank Head of Government Business, Vicky Bishubo
Launching the book on behalf of Prime Minister Kassim Majaliwa, Minister of Education, Science, and Technology, Prof Adolf Mkenda thanked the Eastern and Southern African Universities Research Programme (ESAURP) that facilitated the creation of the book, which carried the image of Tanzania on the life of their leader.
Equally, he thanked the institutions that made the gathering possible including NMB bank and asked them not to stop, saying the government relies on them as well as other stakeholder to empower its citizens economically.
Elaborating, he asked the people to read the book to build awareness as Tanzania needs to make major reforms in education, adding that they may find themselves left behind if they do not make efforts to read books about their lives.
Source: allafrica.com
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
