East Africa to Tackle Online Fraud and Boost Innovation

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In: Tanzania Foreign Investment News
East Africa to Tackle Online Fraud and Boost Innovation

As online fraud and technological challenges threaten financial systems, stakeholders across East Africa are gearing up for a major collaborative effort.

The Tanzania Fintech Association (TAFINA) is leading the charge with the East African Fintech Investment Forum (EAIF) 2024, an event set to transform the region’s fintech landscape.

The two-day forum, beginning next Thursday in Dar es Salaam, will unite investors, regulators and financial institutions from across East Africa.

The forum aims to spark critical discussions and idea-sharing on combating online fraud and exploring the practical applications of artificial intelligence (AI) in addressing these issues. TAFINA Vice Chairperson Reuben Mwatosya highlighted the need for collective problem-solving in facing technological challenges.

“There are various technological issues that require collaboration and idea exchange from different institutions. For instance, tackling the misuse of AI in fraud needs a unified approach to develop effective solutions,” Mr Mwatosya said.

This year’s forum theme, “Invest & Partner: Leave No One Behind,” reflects the commitment to promoting inclusive growth and forging meaningful partnerships within the rapidly evolving fintech sector of East Africa. Shadrack Kamenya, Secretary General of TAFINA, expressed excitement about the event.

“We are thrilled to host this year’s East African Fintech Investment Forum. Our program is designed to address both the unique challenges and opportunities in the fintech landscape. We look forward to bringing together industry leaders, innovators and investors for what promises to be an impactful and engaging event.” Through initiatives like the EAIF, TAFINA aims to create an environment that fosters innovation, investment and sustainable economic development. The upcoming forum is poised to be a milestone event, advancing the future of fintech in East Africa.

Source: allafrica.com

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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy

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In: Tanzania Foreign Investment News, Top News, Zanzibar Business News, Zanzibar Foreign Investment News

Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.

The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.

Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.

The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.

“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.

To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.

The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.

In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.

Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.

The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.

Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.

Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.

Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading

Tanzania: General Mkunda – Major Investments Strengthen Tpdf

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In: Tanzania Foreign Investment News

Chief of Defence Forces (CDF), General Jacob Mkunda, emphasised the government’s substantial investments that have significantly boosted the Tanzania People’s Defence Forces (TPDF), marking a pivotal point in the army’s 60-year journey.

Speaking at a grand event at Uhuru Stadium, where TPDF celebrated its six decades of service, General Mkunda highlighted the role of successive governments, particularly under President Samia Suluhu Hassan, in enhancing military capacity.

The anniversary event showcased the evolution of the TPDF, featuring stateof-the-art equipment and military demonstrations that reflected the transformative impact of these investments on the nation’s defense capabilities.

General Mkunda acknowledged the importance of government support, citing crucial resources that have enabled the military to safeguard national borders effectively.

Equally, General Mkunda praised the leadership of President Samia and her predecessors, stating, “Various equipment utilised by TPDF, some showcased and others yet to be revealed, have been procured through the efforts of successive leaderships, including the sixth phase government under President Samia Suluhu Hassan.”

He expressed deep gratitude to Tanzanians for their unwavering support over the past six decades, noting their patriotism as a driving force behind the military’s dedication.

“When we remember that we have Tanzanians backing us, our morale to perform our duties increases exponentially,” he added.

The event featured an exhibition of TPDF’s diverse arsenal, including armored vehicles and helicopters. Attendees were treated to demonstrations of TPDF’s strategic capabilities, such as the use of dogs in crime fighting and advanced commando tactics.

To commemorate the 60th anniversary, President Samia officially launched a special book detailing the history and achievements of the TPDF, highlighting the ongoing commitment to national defense.

Again, General Mkunda assured the nation that the TPDF would continue to uphold its duties with the highest level of expertise, reaffirming the military’s commitment to protecting Tanzania’s sovereignty and security. CDF also commended military officers and soldiers for their unwavering professionalism and dedication over the decades.

General Mkunda assured the nation that the military will continue to uphold its duties with the highest level of expertise, adhering to the principles and oaths that define their service.

ALSO READ: Tremendous accomplishments

As TPDF looks back on its six-decade journey, the anniversary serves not only as a celebration of past accomplishments but also as a reaffirmation of the military’s commitment to protecting the sovereignty and security of Tanzania.

Source: allafrica.com

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East Africa: Tanzania, Brazil Bilateral Trade Reach 203bn/-

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In: Tanzania Foreign Investment News

DAR ES SALAAM: THE bilateral trade between Tanzania and Brazil has reached 74.8 million US dollars (203.2bn/-) in a decade, reflecting a steady growth of economic ties between the two countries.

The increased trade volume is equivalent to 13 per cent increase in 12 years compared to the previous record of 66 million US dollars set in 2011.

The Ambassador of Brazil to Tanzania, Mr Gustavo Nogueira, said last Friday during the Brazil-Tanzania business seminar that despite the current figures, there is potential for further expansion of the bilateral trade.

“I’m confident that this trade mission will significantly contribute to furthering our countries’ shared goal of increasing bilateral trade and investment and ensuring mutual prosperity for our businesses and citizens.

“We believe that these countries have the opportunities to share with each other, to grow with each other, to learn from each other in a partnership among equals,” he said.

The main exports from Brazil to Tanzania are poultry meat, heavy construction vehicles and raw sugar while Tanzania exports vinyl polymers and also raw tobacco.

He said due to the Tanzania’s population of 65 million people, Brazil realises how crucial it will be for locals to promote its industrial base, to promote its manufacturing base, to create wealth in order to provide jobs and opportunities for its growing population.

He added that the country’s government efforts to improve the regional transport infrastructure of ports, roads and railways to further benefit from this geographic dividend, is vital for investment.

“These important infrastructure projects will expand trade opportunities not just to East Africa and Southern Africa, but also to Asia, the Arab world and beyond,” Amb Gustavo added.

Minister for Industry and Trade Dr Selemani Jafo said the trade between the two countries remains relatively good, but need some improvement as the trade volume among the two countries remain low.

Last year, Tanzania export to Brazil was valued at 0.1 million US dollars while Brazil’s exports to the country were valued at 64.6 million US dollars.

“These statistics indicate that there is great work to be done to explore the existing potential to increase trade volume among us,” he said.

He underscored the government’s commitment to fostering business growth and enhancing investment opportunities.

ALSO READ: How can EAC enhance intra-trade, investments

Various initiatives to improve the country’s business environment have been conducted by the government including the recent launch of the Electronic Investment Window, a new Trade Policy for 2023 and the formation of the Presidential Commission on Tax Reforms to review and advise on tax issues.

“These initiatives are designed to promote business and improve the investment climate in the country, positioning the private sector as a central player in our economic activities,” he said.

The minister added that there should be a need to expand production beyond traditional ways to the value-added products with higher profit margins and to strengthen the country’s supply chain to ensure consistent product quality and timely delivery.

Source: allafrica.com

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Britam half-year net profit hits Sh2bn on higher investment income

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In: Tanzania Foreign Investment News, Top News

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.

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Tanzania: Samia Suluhu Hassan Confers Medals As TPDF Marks 60th Anniversary

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In: Tanzania Foreign Investment News

PRESIDENT Samia Suluhu Hassan, the Commander-in-Chief of the Armed Forces, has awarded medals to 15 military officers and soldiers for their distinguished service during the celebration to mark the 60th anniversary of the Tanzania People’s Defence Force (TPDF).

The medals were conferred yesterday during a brief ceremony at Magogoni State House in Dar es Salaam.

Among the award recipients were General Jacob Mkunda, Lieutenant General Salum Haji Othman, Major General Amri Salim Mwami, Major General Fadhili Omari Nondo and Rear Admiral Amiri Ramadhan Hassan.

Other honorees included Major General Jackson Mwasoba, Brigadier General Achila Kagombola, Brigadier General Erick Mlewa, Colonel Kizito Mswada, Colonel Mussa Hamimu Ally, Major Laji Temba, Lieutenant Navy Silvia Lolo, Senior Officer First Class Reginard Kadimba, Corporal Judith Ndekela and Private Selemani Mngoni.

The medals symbolise recognition of the officers’ exceptional service and dedication within the TPDF.

The 60th anniversary of the TPDF not only commemorates its history but also reinforces the critical role of a strong defence force in safeguarding Tanzania’s future.

The ceremony was attended by senior military officials and distinguished guests, including former President Jakaya Kikwete, Zanzibar President Dr Hussein Mwinyi, Vice-President Dr Philip Mpango, former Zanzibar President Amani Abeid Karume, Zanzibar Second Vice-President Hemed Suleiman Abdulla, Chief Justice Professor Ibrahim Juma and Deputy Speaker Mussa Zungu.

ALSO READ: Samia orders TR to assess institutions and companies

In another ceremony on Wednesday, President Samia handed over training aircraft and transport buses to the TPDF during an event at the Military Transport Unit in Dar es Salaam as part of the ongoing anniversary celebrations.

During the conclusion of a military field exercise last Saturday in the Coast Region, President Samia pledged to continue strengthening the TPDF with highly trained personnel and modern equipment, emphasising the importance of building a professional and motivated military.

“A stronger military will be achieved through genuine commitment, dedication and a robust economy,” she was quoted as saying, urging the military to uphold discipline, loyalty, and courage as key values of the TPDF.

The President also lauded the TPDF for its exemplary service both within Tanzania and globally, praising its professionalism and discipline.

In her remarks, President Samia thanked the Chinese government for its collaboration during the recent field exercises, which included naval and land drills.

During the event held in the Coast Region, the Head of State also highlighted the Peace Ark hospital ship, which provided medical services to nearly 8,000 citizens, underscoring the importance of such partnerships in enhancing military readiness.

This joint exercise allowed the TPDF to share experiences and strategies in combating terrorism, illegal fishing, piracy, human trafficking and drug smuggling.

It marked the fourth joint exercise between Tanzania and China, following similar drills held in 2014, 2019/2020 and last September.

This year’s exercise was unique, as it involved all branches of the TPDF – air force, navy and ground forces – whereas previous drills had focused on specific units.

Source: allafrica.com

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Tanzania: U.S. Set to Extend African Railway Project Through Tanzania

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In: Tanzania Foreign Investment News

Nairobi, Kenya — The U.S. government says it is set to expand the Lobito Corridor – a railway project that runs from Angola to Zambia through the Democratic Republic of the Congo – all the way to the Indian Ocean through Tanzania. The railway would connect African countries to global markets and enhance regional trade and economic growth, supporters say.

Speaking to reporters online Wednesday, Helaina Matza, the U.S. acting special coordinator for the Partnership for Global Infrastructure and Investment, spoke about progress made on upgrading and extending the Lobito Corridor.

Matza, who just finished a weeklong trip to the DRC and Tanzania, said the trip focused on “relaunching our partnership with the DRC and engaging with the Tanzanian government and private sector on next steps towards extending the economic corridor to the Indian Ocean. As President [Joe] Biden has said from day one of the launch of this flagship effort, this corridor has never just been about building infrastructure. It’s about offering high-quality, sustainable infrastructure projects that deliver lasting economic growth.”

The U.S. government, with the support of the European Union, African financial institutions, and the governments of Angola, the DRC and Zambia, is working to rebuild and revive the Benguela railway line that the countries used to export materials and minerals even before independence.

The project will be financed by $250 million supplied by the U.S. International Development Finance Corporation.

U.S. officials say the improved railway line is meant to enhance export possibilities for Angola, the DRC and Zambia. The partly refurbished railway has already carried shipments of Congolese copper to Angola’s Lobito port for shipment to the city of Baltimore on the U.S. East Coast.

Erastus Mwencha, former deputy chairperson of the African Union Commission, said transport systems like the Lobito Corridor can help improve trade among African countries.

“One of the reasons intra-Africa trade is low is because of poor transport networks,” Mwencha said, adding that goods can sometimes be brought from Europe to Africa at more competitive rates than goods being moved from one African country to another.

But Mwencha is worried that the ports and railways used to export Africa’s raw materials remain largely the same as they were during colonial times, and that Africa is also still operating on a colonial-era business model.

“Are we going to follow the colonial model of just bringing these raw materials and minerals and exporting them, or are we going to add value?” he said. “To me, that’s the more important aspect.”

Studies show that a poor transportation network in Africa adds 30 percent to 40 percent to the cost of goods traded among African countries, hampering the development of the private sector.

Matza said the Lobito project would benefit not only the U.S. but also African countries and would facilitate business on the continent.

“When you bring trade routes down from 45 days to 36 hours,” she said, “it opens up a whole new world for markets, and that’s what we’re testing here today: How can we help new agribusiness develop? What are the right places to think about cold storage, warehousing, logistics? What local food producers can we help support along the way?”

In addition to refurbishing existing lines, the project envisions adding 1,300 kilometers of railway from Zambia to Tanzania. The project is slated to be finished by 2029.

Source: allafrica.com

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Baloobhai adds Sh474m Bamburi shareholding

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In: Tanzania Foreign Investment News

Billionaire investor Baloobhai Patel and Standard Investment Bank’s Mansa X Fund bought 10.23 million Bamburi shares in July in the wake of Tanzanian conglomerate Amsons Group’s buyout offer of the cement maker, eyeing capital gains and a potential special dividend payout.

Amsons offer triggered a rise in the trading price of Bamburi shares on the Nairobi Securities Exchange (NSE) —from Sh45 to an average of Sh62 since the July 10 publication of the firm’s offer documents.

The Tanzanian firm offered to buy the shares at Sh65 each —or Sh23.59 billion in total— hoping that the premium would entice shareholders to look at its bid favourably.

On Wednesday, Bamburi shareholders received a counteroffer from Kenyan firm Savannah Clinker Limited at a price of Sh70 per share, or Sh25.41 billion in total. The Bamburi share price closed at Sh65.75 on Wednesday.

Amsons filings showed that Mr Patel, through his investment vehicle Aksaya Investment Holdings Limited, held 30.52 million Bamburi shares as at June 30, 2024, equivalent to an 8.41 percent stake in the company.

The acquisition notice published by Savannah shows that by July 31, his stake had climbed to 37.73 million shares, indicating an acquisition of an additional 7.21 million shares during July.

As per Wednesday’s closing price, the additional stake is valued at Sh474 million, with his total holding now valued at Sh2.48 billion.
His share in the company has now more than doubled since the beginning of the year, when he held 14.96 million units.

The filings by Savannah also show that SIB’s Mansa X Fund now holds 3.02 million Bamburi shares, with a current value of Sh198.9 million. The fund was not listed among Bamburi’s top 10 shareholders in the June 30 register.

The shares acquired by Mr Patel and Mansa X were mainly supplied by retail investors, whose collective stake in Bamburi dropped by 8.2 million shares in July to 32.72 million units.

NSE data shows that between July 10 and July 31, investors traded a total of 10.23 million Bamburi shares.

The price increase when the Amsons offer was disclosed provided an incentive for retail shareholders to cash in on their stock, especially when the NSE market price nearly matched the offer price.

The price appreciation effectively gave investors a chance to book their offer profit early without waiting for the conclusion of the Amsons deal, whose timelines are dependent on regulatory approval with a long-stop date of November 2025.

For those buying the shares, the incentive lay in the potential of further capital gains upon the progression of the deal, with the counteroffer now opening an additional avenue for further hikes in the offer price as the parties compete to convince shareholders to favour their deal.

Bamburi shareholders are also eyeing a potential special dividend from the Sh12 billion sale of the company’s stake in its Ugandan subsidiary Hima Cement earlier this year.

Both the Amsons and Savannah offers acknowledge the right of the existing shareholders to receive the special dividend if and when it is announced by Bamburi.

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Tanzania’s Faustine Ndugulile elected WHO Africa Regional Director

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In: Tanzania Foreign Investment News
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By APOLINARI TAIRO

Dr Faustine Ndugulile of Tanzania was elected as the World Health Organisation’s (WHO) Regional Director for Africa on Tuesday at the ongoing session of the WHO Regional Committee for Africa in Brazzaville, Congo.

He received 25 out of 46 votes, defeating candidates from Rwanda, Niger and Senegal. He was supported by 25 African countries, including Kenya.

A former deputy minister of Health in Tanzania, Dr Ndugulile will succeed Dr Matshidiso Rebecca Moeti of Botswana, whose two five-year terms end at the session.

Dr Ndugulile, a medical doctor specialising in microbiology, has extensive experience in public health.

Read: Tanzania speaker to lead global parliamentary body

In his campaigns for the position, he said his priorities include transforming African health systems to achieve universal health coverage, improving maternal and child health and strengthening health security, innovation and research.

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“My candidacy represents a collective effort to transform the health landscape of Africa. By prioritising universal health coverage, maternal and child health,” he had told The EastAfrican earlier.

He also said he would aim at strengthening partnerships between African governments and health institutions.

Dr Ndugulile emphasised the need to improve the service index for universal health coverage, which remains below 50 percent in many African countries.

Dr Ndugulile is currently the Member of Parliament for Kigamboni Constituency in Dar es Salaam and serves as Vice-Chair of the Parliamentary Committee on Health and HIV/AIDS in Tanzania, the Inter-Parliamentary Union (IPU) and NEAPACOH.

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