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Tuesday, February 20, 2018

Cryptocurrency could change the future of how we deal with money in the digital age – expert


Cryptocurrency could change the future of how we deal with money in the digital age – expert
Cryptocurrency expert, Gavin Marshall from Blockchain Academy in South Africa, last week enthralled the audience with the origin and workings of Bitcoin and emphasised that its invention, together with blockchain technology, is revolutionary and could change the future of how we deal with money in the digital age.

Communications Regulatory Authority shoots down MTC’s 18% collection commission


Communications Regulatory Authority shoots down MTC’s 18% collection commission
The Communications Regulatory Authority of Namibia (CRAN) said that Mobile Telecommunications Limited, MTC, may not charge consumers a collection commission of 18% on any debts emanating from service level agreements for the provision of telecommunication services.
The decision by CRAN follows a consumer complaint which was received during 2013 from a

The Social Media threat to society and security


The Social Media threat to society and security
By George Soros
MUNICH – The current moment in world history is a painful one. Open societies are in crisis, and various forms of dictatorships and mafia states, exemplified by Vladimir Putin’s Russia, are on the rise. In the United States, President Donald Trump would like to establish his own mafia-style state but cannot, because the Constitution, other institutions, and a vibrant civil society won’t allow it.

More resources for the Office of the Judiciary – Chief Justice


More resources for the Office of the Judiciary – Chief Justice
“I wish to assure you that the Judiciary of Namibia is committed to playing its part in nation building by strengthening the rule of law through the delivery of quality and timely justice,” said the Chief Justice, Hon Peter Shivute last week when he officially marked the beginning of the 2018 legal year.
As has become custom, the Chief Justice used this platform to enlighten the legal fraternity on the

Digital taking over the world of business


Digital taking over the world of business
While many continue to prefer doing things the old-fashioned way, especially when it comes to dealing with their finances, the digital platform is fast growing to becoming what could be the most preferred space for business, and individual finance banking, in the very near future. Managing Director of Dimension Data (DD), Rowan Kleintjes says that ten years from now we could be

Report implicates ‘big shots’ in illegal fishing activities

From PIUS RUGONZIBWA in Ukerewe
THE report on illegal fishing has been submitted with shocking findings of massive uses of illegal fishing gears.
The report claims that over 70 per cent of all fishermen in the country use illegal gears, some influential public figures in the local governments, legislators and leaders of political parties behind the crime.

All is set for Somalia to join EAC fraternity

From MARC NKWAME in Arusha
THE Republic of Somalia is in the line-up for becoming the 7th member of the East African Community (EAC). The prospect will be on the agenda for discussions as the regional bloc’s Heads of State assemble in Kampala, Uganda, from tomorrow.

EAC mulls over using Kagera River for navigation

From HAZLA OMAR in Arusha
THE East African Community is working towards making the great River Kagera become more navigable and handle ships that will travel between, Burundi, Rwanda, Uganda and Tanzania.

BRD and I&M Bank secure Rwf25bn to finance SME

By: Peterson Tumwebaze
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Shaw-Barragan (left) and Bairstow after signing the loan deal documents. (Photos by Timothy Kisambira)
Development Bank of Rwanda and I&M Bank have secured €24 million (about Rwf25 billion from the European Investment Bank (EIB) to support Rwanda’s small-and-medium enterprises (SMEs).  The two banks signed the loan agreement with EIB for funding in Kigali yesterday. According to the deal, BRD got €15 million loan and I&M Bank €9 million.
The funding is expected to boost job-creation, trade investments and help fast-track Rwanda’s economic development, said Maria Shaw-Barragan, the EIB director in charge of lending operations outside Europe. “The two new credit lines represent continued support for private sector investment in Rwanda by the long-term lending institution of the European Union in more than 40 years,” she said.
So far, EIB has provided a total of €87 million to fund SMEs and micro-enterprises in the country through dedicated lending programmes managed by local banks.
Robin Bairstow, the I&M Bank chief, said the loan will help the lender in “building of a strong SME portfolio”. “This will make it possible to fund new sectors such as tourism and agribusiness,” He said adding that the assistance has enabled the bank build the capacity of staff and SMEs through quarterly financial skills training workshops.
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Eric Rutabana, BRD CEO and Shaw-Barragan during the signing of the loan agreement yesterday. 
Speaking at the deal signing, Eric Rutabana, the BRD chief executive officer, said the loan “is a timely effort that will help boost Rwanda’s business competitiveness”.
He added that funding SMEs is crucial as they create new jobs and support other government development programmes.
Ambassador Nicola Bellomo, the head of the European Union Delegation in Rwanda, said the EU recognises the “crucial role of private sector investment toward supporting sustainable economic growth and reducing poverty. “This new initiative by EIB, builds on a proven track record of helping companies across East Africa, including here in Rwanda, to expand.”
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Eric Rutabana BRD CEO says that the line of credit is set to benefit customers of whom the majority are SME.
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Robin Bairstow the I&M Bank managing director says that the new line will make it possible to explore new sectors such as tourism and Agribusiness. 
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The EU Ambassador to Rwanda Nicola Bellomo speaks during the signing ceremony. 
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Robin Bairstow  I&M Bank managing director answers a question from a Journalist. 
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Catherine Collin Head of EIB regional Representative for East Africa gives her remarks during the signing ceremony in Kigali yesterday. 

Rwanda:PM reassures on battle against child malnutrition

By: Eugene Kwibuka
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PM Ngirente speaks at the senate as Esperance Nyirasafari, Minister of Gender and Family Promotion, looks on. (Photos by Nadege Imbabazi)
The newly established National Early Childhood Development Programme will help fast-track implementation of anti-mulnutrition measures in the country, the Prime Minister has said.
Edouard Ngirente gave the reassurance yesterday in the Senate where he laid out strategies to eradicate malnutrition, especially among  children under five years in Rwanda.
Although stunting as a result of malnutrition stands at 38 per cent among children under five, the premier said that there is hope that this number will be significantly reduced in the future given different programmes that are in place to fight malnutrition.
The programmes include distributing fortified flour to vulnerable parents with children under five, working with community health workers to engage with parents with malnourished children so the latter can be taken to health centres for treatment, as well as running different campaigns that encourage mothers to breastfeed their children in their early age.
Other programmes on which the government banks to find solutions to the thorny issue of malnutrition is strengthening the One-Cow-Per-Poor-Family programme under which poor parents would get milk for their children and getting community health workers to coach parents on how to prepare a decent meal for children as well as how to keep appropriate hygiene for food consumption.
Though the initiatives are not new to the country,  Premier Ngirente said that the fact that a  National Early Childhood Development Programme was set up by the government constitutes new hope in fighting malnutrition because it will help coordinate the initiatives.
“We are working hard to end this problem and we will continue to do so. The National Early Childhood Development Programme solves a lot of problems that were available in the area of fighting malnutrition, especially coordination” he said.
He said that the programme, which is based at the Ministry of Gender and Family Promotion, will help coordinate all programmes against malnutrition across the country.
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President of the senate Bernard Makuza speaks yesterday in senate as vice President of the Senate, Jeanne d'Arc Gakuba listens. 
The Prime Minister encouraged all Rwandans to work together to end child malnutrition, explaining that implementation of anti-malnutrition programmes requires collective efforts, especially among parents.
Senate Vice-President Fatou Harerimana said the National Early Childhood Development Programme presents new hope for ending malnutrition because it will help with the coordination of all programmes against malnutrition.
“These programmes need coordination and empowering the National Early Childhood Development Programme to coordinate activities against malnutrition seems to be the best solution,” she said.
Several senators advised the Government to increase efforts aimed at teaching citizens about keeping hygiene and doing family planning because they remain some of the ways to eradicate malnutrition.
“The government should introduce measures to ensure that every home has a decent toilet because sometimes poor hygiene is the main cause for malnutrition, whereby the little food people eat is swallowed by worms,” said Senator Jean Damascene Ntawukuriryayo.
Senator Charles Uyisenga said that without serious measures to promote family planning many parents will continue to struggle getting enough to feed their children, a factor that may worsen child malnutrition.
“We should check whether poor family planning isn’t one of the reasons for malnutrition. The Government should find a way of promoting family planning if the issue of malnutrition is to be dealt with,” he said.
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Senator Tito Rutaremara gives a comment during a session yesterday. 

PHOTOS: Govt secures funding for central sewerage system

By: Collins Mwai
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Finance and Economic Planning minister Claver Gatete, and Maria Shaw-Barragan, the European Investment Bank director for lending operations outside Europe, sign the financing deal in Kigali yesterday. (Photos by Timothy Kisambira)
Kigali is finally set to have a central sewerage system following an agreement between the Government and two multi-national lenders to finance the much awaited project.
The Government yesterday secured a Euro 45 million loan from European Investment Bank (EIB) and Euro 43 million from the African Development Bank to finance the project.
With the total cost of the development about EUR 96 million, the Government is expected to provide the additional EUR 8 million.
Officials from the Water and Sanitation Corporation say that construction is expected to start in the coming months having completed the designs and feasibility studies.
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EU delegates chat before the signing ceremony in Kigali yesterday.
The project has been in the  pipeline since 2013.
Many people feared that lack of such a system risked exposing Kigali to sanitation challenges in the future as has been the case with many cities across the world.
WASAC Chief Executive Officer Aime Muzola said that they are currently in the procurement process in readiness for the construction to commence.
WASAC is currently procuring a supervisory firm for the project before recruiting a contractor.
“So far, we have conducted all necessary studies, including the feasibility and environmental impact assessment. We have started procurement. We are currently procuring the supervisory company and later on we will start the process to recruit the contractor for the sewerage system and the network,”Muzola said.
The first phase is expected to take three years costing EUR 96million.
The first phase of the project will see the construct of a sewerage network covering the City Centre, Kiyovu and Muhima as well as a treatment plant to be located in Giti Kinyoni in Nyarugenge District.
It is still unclear how many households will be affected  and expropriated in the course of the project implementation.
City Mayor Pascal Nyamulinda said that the Government will ascertain the exact cost to be incurred in expropriation after the resettlement action plan.
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Kigali city mayor Pascal Nyamulinda speaks at the signing ceremony. 
Muzola however noted that plans were at an advanced stage to conduct the resettlement action plan prior to the commencement of the project.
“We have already secured the land, where we are going to construct the waste treatment plant at Giti Kinyoni area and we plan to have experts on board to  do the  resettlement action plan. It is then that we will have the details of the cost and people to be affected in the expropriation process,” Muzola said.
The plant after the first phase will have a capacity of 12000M3.
The Minister for Finance and Economic Planning,  Amb. Claver Gatete who signed the loans on behalf of the government said that the government’s contribution to the project will go into expropriation and compensation.
He said that the terms of the loan were favorable as it has a 2 per cent interest rate with a five year grace period.
“The EIB loan has a 2 per cent interest rate with a grace period of 5 years repayable within 25 years,” he said.
Maria Shaw-Barragan, Director of the European Investment Bank said that from the bank’s perspective, the project will further improve the city’s attractiveness to investors and residents.
“Construction of Kigali’s first wastewater network and treatment plant will improve health, reduce pollution and carbon emissions, as well as make Kigali an even better place to live and work. By ensuring that the project can cater for growing demand and a growing city this scheme sets a benchmark that other world cities are already following closely,” she said.
Experts say that continued development without a central sewerage system also had public health consequences such as increased risk of waterborne diseases and pollution in the Nyabarongo and Akagera rivers.
The plant, among other benefits, is expected to reduce construction costs especially since, with a central sewerage system in place, developers would not need to include sewerage management systems in their designs as these would be connected to the central network.
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WASAC Chief Executive Officer Aime Muzola speaks at the press conference. 
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The EU Ambassador to Rwanda Nicola Bellomo (C) speaks during the signing ceremony in Kigali yesterday .
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Maria Shaw-Barragan EIB director responsible for lending operations outside Europe (L) exchange documents with Finance minister Claver Gatete. 
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Maria Shaw-Barragan EIB director responsible for lending operations outside Europe (L) chats with finance minister Claver Gatete before the signing ceremony. 
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Germaine Kamayirese, Rwanda's State Minister for Energy, Water and Sanitation speaks during the signing ceremony.
editorial@newtimes.co.rw

Kenya's access to IMF $1.5b standby loan stopped in June

Central Bank of Kenya (CBK) headquarters in Nairobi. FILE PHOTO | NATION
Central Bank of Kenya (CBK) headquarters in Nairobi. FILE PHOTO | NATION 
By REUTERS
More by this Author
The International Monetary Fund stopped Kenya’s access to a $1.5 billion standby credit facility last June after they failed to agree with the government on a reduction of the fiscal deficit and a delayed review due to a prolonged election, the fund said on Tuesday.

Japanese giants Toyota Tsusho, Mitsui win Sh6.8bn cargo cranes deal

The Mombasa Port. FILE PHOTO | NMG The Mombasa Port. FILE PHOTO | NMG 
VICTOR JUMA

Summary

    • Latest deal raises the total value of the contracts to Sh9.3 billion, making the multinationals major beneficiaries of the port modernisation that is being funded by yen loans from Jica.

When red tape bogs down service delivery

How much does a business licence cost? Sorry. It's a secret. FILE PHOTO | NMG How much does a business licence cost? Sorry. It's a secret. FILE PHOTO | NMG 

Local third tier banks expected to see more mergers and acquisitions

Customers at a banking hall in Nairobi. FILE PHOTO | NMG Customers at a banking hall in Nairobi. FILE PHOTO | NMG 
BRIAN NGUGI

Summary

    • The rates capping law shaved Sh26.3 billion off banks’ lending income in the first six months of the 2017 financial year, setting up the lenders for lower profitability.

AfDB signs Sh71 billion financing deal with Jica

Akinwumi Adesina, African Development Bank president. file PHOTO | NMG Akinwumi Adesina, African Development Bank president. file PHOTO | NMG 

Diaspora flows seen lifting the shilling

From Monday, the shilling has remained around 101 units. FILE PHOTO | NMG From Monday, the shilling has remained around 101 units. FILE PHOTO | NMG 

KCB says capital ratios strong despite Moody’s downgrade

Treasury director-general of economic affairs Geoffrey Mwau. FILE PHOTO | NMG Treasury director-general of economic affairs Geoffrey Mwau. FILE PHOTO | NMG 

Sixth largest shipping company launches weekly Mombasa line

Arrival of Hapag-Lloyd is expected to tighten rivalry at the port. FILE PHOTO | NMG Arrival of Hapag-Lloyd is expected to tighten rivalry at the port. FILE PHOTO | NMG 

Kenya needs tight laws to protect its rich ocean wealth

Maritime experts are pushing for an agency to protect Kenya’s ocean wealth. file photo | nmg Maritime experts are pushing for an agency to protect Kenya’s ocean wealth. file photo | nmg 
Two announcements touching on Kenya’s maritime security may have disappeared somewhere in the labyrinth of heated political exchanges, but they are too crucial to ignore.

CMA warns against buying local digital currency offerings

CMA has not approved Kenyan developed digital currency Nurucoin. FILE PHOTO | NMG CMA has not approved Kenyan developed digital currency Nurucoin. FILE PHOTO | NMG 

BENKI YA EQUITY YAJA KIDIGITALI NA HUDUMA YA EAZZYBANKING


Mkurugenzi Mtendaji wa Benki ya Equity, Joseph Iha akizungumza na wageni waalikwa na wanahabari waliofika katika uzinduzi uliofanyika jijini Dar es Salaam katika uzinduzi wa huduma ya Eazzy Banking inayomsaidia mteja kufanya miamala yake bila stress wakati wowote 24/7 popote atakapokuwa. Picha zote na Cathbert Kajuna- Kajunason/MMG.

Wateja walihudhuria uzinduzi wa huduma ya Eazzy Banking inayotolewa na benki ya Equity jijini Dar es Salaam.
 Mkurugenzi Mtendaji wa Benki ya Equity Joseph Iha (wa pili toka kushoto) akizungumza na wanahabari jijini Dar es Salaam kutoa ufafanuzi wa masuala mbali mbali mara baada ya uzinduzi wa huduma ya Eazzy Banking inayomsaidia mteja kufanya miamala yake bila stress wakati wowote 24/7 popote atakapokuwa. Pembeni ni wakurugenzi wa Bodi ya Benki hiyo ikiongozwa na Simbeye.
Picha/Habari: Cathbert Kajuna -Kajunason/MMG.
Benki ya Equity imezindua huduma za kibenki kwa njia ya mtandao  ambapo wateja wao sasa watapata huduma mahali popote kupitia  simu za mkononi, tablets na kompyuta za mezani na mpakato.