Dar es Salaam. The coming of Dovetel Limited, which traded as Sasatel, in 2008 was largely seen as the dawn of a cutthroat competition among operators.
But the company was short-lived after failing to effectively compete with established brands at that time which included Vodacom, Airtel (then known as Zain) and Tigo.
It died a natural death and now, the Registration, Insolvency and Trusteeship Agency (Rita) says it was finalising the liquidation of ‘Sasatel’ and Hydrox Industrial Services Limited after confirming that the duo were unable to operate and settle debts they owe.
The Rita Chief Executive Officer, Mr Frank Kanyusi, said in Dar es Salaam on Monday, July 8, 2024 that the move to liquidate the two firms was meant to protect the rights of shareholders, partners, creditors and employees as well as ensuring that all government taxes and dues were duly paid.
“The general public needs to understand that apart from registering births, deaths, marriages, divorces, and adoptions, Rita also oversees the insolvency of corporate bodies and even that [the insolvency] of individuals. We also register the boards of trustees, management of unclaimed property, drafting and safe keeping of wills, and the administration of estates,” Mr Kanyusi stressed.
In line with its mandate, he said Rita has been authorised by the Court to liquidate or rather privatise the two companies.
As such, he said, Rita has already issued notices to inform the public on sensitivity of the issue especially for those with interests in the two companies who are required to come forward and present their interests before the process was completed.
“The work of insolvency in the country is guided by various laws depending on the type of business being conducted by the company being liquidated,” he explained.
Mr Kanyusi said Rita was committed to fulfilling its responsibilities professionally in line with the key pillars of President Samia Suluhu Hassan’s administration of the 4Rs [Reconciliation, Reform, Resilience, and Rebuilding]
“The laws include the Insolvency Act Chapter 25, the Companies Act of 2012, the Banking and Financial Institutions Act Chapter 342, the Cooperative Societies Act Chapter 211, the Insurance Act 394, the Public Corporations Act, the Deeds of Arrangement Act, and the Trustees Incorporation Act Chapter 318,” he said.
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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.
Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
Zanzibar Airport Authority to audit ground handlers
Unguja. The Zanzibar Airports Authority (ZAA) is set to conduct an audit on ground handling companies that currently operate at the Abeid Amani Karume Airport with effect from Monday. The week-long audit is set to include Transworld, ZAT and the newcomer Dnata Zanzibar who were licensed in June plus exclusive rights to manage Terminal 3 building by ZAA.Continue Reading
