NMB to Sponsor Kizimkazi Festival and Support Local Entrepreneurs The Kizimkazi Festival for 2024 is set to be inaugurated by Zanzibar President Dr. Hussein Mwinyi, with over 5 billion Tanzanian Shillings worth of development projects expected to be launched. The festival will be held on August 18, 2024. This year,Continue Reading
Graduates Urged to Form Groups for Interest-Free Loans Graduates of vocational training institutions in Zanzibar are encouraged to form groups to access interest-free loans for development projects. This directive was issued by the Minister of Education and Vocational Training, Lela Muhamed Mussa, during the 11th graduation ceremony of the VocationalContinue Reading
Government’s Interest-Free Loans to Boost Women and Youth Empowerment The government has allocated 39.5 billion Tanzanian shillings for the fiscal year 2024/25 to provide interest-free loans, particularly benefiting women and youth in Zanzibar. This initiative is part of a broader strategy to enhance economic empowerment among these groups. On AugustContinue Reading
Putin’s Decree Leads to American Express License Cancellation On August 13, 2024, Russia’s central bank revoked the banking license of American Express Co.’s Russian subsidiary. This action follows the subsidiary’s request for voluntary liquidation. The decision comes after a decree from Russian President Vladimir Putin in May permitted American ExpressContinue Reading
Kenyan Banks Rake in Shs257 Billion from Ugandan Subsidiaries Kenyan banks have reported substantial profits from their subsidiaries in Uganda, according to a recent annual supervision report by the Central Bank of Kenya. The report reveals that Kenyan banks earned approximately Shs256.5 billion (Ksh8.89 billion) from their Ugandan operations duringContinue Reading
MTN Uganda has reported a significant increase in its financial performance for the first half of 2024, marked by substantial growth in data, fintech, and voice revenues. The company’s impressive results are accompanied by the announcement of its first dividend payment of the year. According to MTN Uganda’s financial statements,Continue Reading
Global Billionaires: Secrets Behind the World’s Wealthiest Globally, there are approximately 3,200 billionaires, each with a net worth exceeding $2.7 trillion. Among them, over 1,000 are from North America, more than 900 are from Europe, over 800 hail from Asia, and Africa has fewer than 50 billionaires. Each continent hasContinue Reading
Absa Bank Uganda has handed over Sh300 million raised from the 2024 Absa 7 Hills Run to support educational initiatives for vulnerable children. This annual charity event, organized in partnership with the Kampala Hash House Harriers (KH3), aims to help keep girls in school. According to the Uganda National ExaminationsContinue Reading
Kenya’s central bank has reduced its main interest rate for the first time in four years, a move linked to decreasing inflationary pressures. On Tuesday, the bank’s monetary policy committee (MPC) cut the rate by a quarter percentage point to 12.75 percent. The decision reflects a broader effort to stabilizeContinue Reading
Odinga’s Plan: Elevate African Currencies and Trade Veteran opposition leader Raila Odinga has voiced strong support for the Pan-African Payment and Settlement System (PAPSS), citing its potential to enhance continental trade. Odinga, who is vying for the position of African Union Commission (AUC) Chairman in the upcoming election in February,Continue Reading