As Tanzania commemorates the 63rd anniversary of its independence, we reflect on a journey marked by both triumph and challenge.
The nation’s liberation from British colonial rule on December 9, 1961, was a testament to the unwavering spirit of its people and the visionary leadership of Julius Nyerere.
Nyerere’s persuasive rhetoric and unwavering commitment to self-determination resonated globally.
Independence, however, was just the beginning. The early years of nation-building were marked by bold experiments, most notably Nyerere’s Ujamaa socialist philosophy. While the policy’s implementation faced challenges, it fostered a strong sense of national unity, a quality that has remained a cornerstone of Tanzania’s identity.
Over the past six decades, Tanzania has made significant strides in various sectors. Investments in education, healthcare and infrastructure have improved the lives of millions. The nation has also maintained political stability, a rare achievement in a region often plagued by conflict.
Yet, challenges persist. Economic inequality, unemployment and the impacts of climate change continue to hinder progress. To address these issues, we must harness our collective strength and renew its commitment to the principles that underpinned its independence.
The private sector, civil society and government must work together to create a more equitable and sustainable future. By fostering innovation, promoting good governance and empowering its people, Tanzania can build on its rich history and secure a prosperous future.
As we celebrate this milestone, let us honour the sacrifices of those who fought for independence and renew our dedication to the ideals of justice, equality and progress.
By embracing unity, resilience and a spirit of innovation, Tanzania can continue to inspire the world and shape its own destiny.
Let us end corruption now
Today, December 9, the world observes International Anti-Corruption Day, a timely reminder of the corrosive effects of corruption on societies, economies and governance. For Tanzania, this day underscores the urgent need to intensify efforts to eradicate a vice that undermines development, erodes public trust and perpetuates inequality.
Corruption in its many forms—from embezzlement of public funds to bribery in service delivery—remains one of the greatest obstacles to achieving sustainable development. It deprives citizens of essential services, hinders economic growth and disproportionately affects the most vulnerable in society. In Tanzania, notable strides have been made in tackling corruption, with reforms and anti-graft measures yielding promising results. However, the fight is far from over.
This day calls for collective action. Government institutions must strengthen transparency and accountability, ensuring zero tolerance for corruption at all levels. Equally, citizens have a role to play by rejecting corrupt practices and holding leaders accountable.
The private sector, too, must champion ethical business practices. Let December 9 serve as a rallying point for Tanzania to renew its commitment to integrity, justice and good governance.
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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.
