Sunday, June 30, 2019

GH¢43m saved after clearing pension’s payroll – SSNIT


The Social Security and National Insurance Trust (SSNIT) has saved GH¢43million as of April this year, after deleting over 6,300 ghost pensioners from its payroll.
The Trust in February last year began an exercise to clean the pension’s payroll of ghost names in collaboration with the banks – which monitored dormant accounts over time and terminated those it

Gov’t proposes shares for tax-exemption

Kweku Kwarteng – Dep. Finance Minister Investors or business promoters in the country seeking tax reliefs have been urged to consider ceding

Mobile Money Interoperability records almost 4.4m transactions in first year


Mobile Money Interoperability (MMI) recorded a total over 4.4 million transactions in its first year of operations.
Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year.

BoG to announce new capital for MoMo players


  • Foreign operators to cede 30% of business to locals
  • Banks to operate mobile money directly
The central bank is expected to soon announce a comprehensive stated capital structure for all players in the mobile money and payment systems.

Vokacom Ghana scoops 3 coveted industry awards at GITTA 2019


  • Mobile VAS Company of the Year
  • Software Company of the Year
  • ICT Entrepreneur of the Year
Ranking among the leading Technology firms in Ghana, Vokacom won three coveted awards at the

G20 summit a chance for SA to boost foreign investment

Minister in the presidency Jackson Mthembu says Cyril Ramaphosa will talk to Japanese and other investors at the high-level meeting
  Bekezela Phakathi

Jackson Mthembu. Picture: FREDDY MAVUNDA
Jackson Mthembu. Picture: FREDDY MAVUNDA
SA will use the Group of 20 (G20) summit as a platform to boost efforts to attract foreign direct investment into the country, minister in the presidency Jackson Mthembu said on Thursday.
In 2018, President Cyril Ramaphosa set a target to lure investments of $100bn by 2023 in an attempt

Market data - June 30 2019

Market data including bonds, unit trusts and fuel prices Picture: THINKSTOCK
Picture: THINKSTOCK

JSE set to benefit from ceasefire between Trump and Xi

Agreement not to hike tariffs and the relaxation of some Huawei bans have exceeded the market expectation, analysts say
01 July 2019 - 07:52 Nick Hedley
Xi Jinping and Donald Trump. Picture: REUTERS
Xi Jinping and Donald Trump. Picture: REUTERS
SA stocks could benefit on Monday from an agreement by US President Donald Trump and Chinese leader Xi Jinping to resume trade talks.

Shell and Exxon Mobil eye Somalia oil

Reuters  Royal Dutch Shell and Exxon Mobil are looking to return to Somalia ahead of an oil block bid round later this year, the East African country’s oil ministry said. Shell and Exxon Mobil had a

Airtel swallows Telkom for 32pc stake

Jevans Nyabiage  Airtel Shop on Koinange Street. Airtel Kenya is swallowing Telkom Kenya in an arrangement that London-based Helios Investment Partners banks on to fatten the investment for a profit before exit. Telkom Kenya would become a minority partner with a 32 per cent stake in the merger with

KQ marriage with KLM on the rocks as boss exits

Macharia Kamau
The long-running marriage between national carrier Kenya Airways and KLM Royal Dutch Airlines could be in its last days as KQ bids farewell to the last of the Dutchmen in its management. The Dutch carrier has for more than three decades dominated KQ with a heavy presence on its

Two million face hunger as State intervention falls short

Otiato Guguyu  Famers inspect a maize crop affected by the fall Army-Worm at Jordan area, Njoro sub-county on May 16, 2019. (Kipsang Joseph, Standard) Small patches of farms dot the landscape in the Western Kenya maize growing belt, with the rich green crop at different stages of maturity.

 The planting is as erratic as the rain and each farmer makes the decision to follow the first drops of

Bob Collymore: It pays to have more women at the top



Bob Collymore served as CEO of Safaricom from 2010 (Photo: Standard/Edward Kiplimo)user-avatar
By
Eve Digital
Kenyans today woke up to the sad news of the demise of Safaricom CEO Bob Collymore. Collymore not only headed the highest grossing technology company in Kenya, but championed many social issues some affecting women.

In 2016, he spoke about bridging the gap between men and women in the workplace. In the statement, he pointed out the efforts Safaricom, was making to ensure that they fostered as much

Long serving Safaricom CEO Bob Collymore is dead

Brian Ukaya and Fredrick Obura  Former Safaricom boss Bob Collymore. NAIROBI, KENYA:

Safaricom Chief Executive Officer Bob Collymore is dead. According to a statement from the company, the long-serving CEO died on Monday morning at his home in Nairobi. Bob Collymore took a nine-month medical leave in late 2017 to undergo cancer treatment in England. He returned to

Emefiele’s Ambitious Roadmap to Economic Resurgence

CBN Governor, Mr. Godwin Emefiele
Following the unveiling of a five-year policy thrust by the Central Bank of Nigeria, experts are unanimous in their optimism that the blueprint will provide the much-needed impetus for economic transformation, report Kunle Aderinokun and James Emejo
Settling down for business following a rare re-appointment for a second term in office, the CBN Governor, Mr. Godwin Emefiele, last week, unveiled his plan aimed at strengthening the economy by

Insurance Sector Recorded N400bn Premium in 2018

Ebere Nwoji
The Nigerian insurance sector, in 2018, grew its total premium from N363 billion in 2017,  to N400 billion in 2018.
This represented a 10 per cent growth in the volume of business written by the industry operators. But it was below the decade old target of N1 trillion.
Disclosing this at the 48th Annual General Meeting of the umbrella body of insurance underwriters,

CBN Announces Fresh FX Intervention

In continuation of its intervention in the interbank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, injected the sum of $242.04million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3million in the spot and short tenored forwards segment of

De Junaic: Political Control Hinders Open Sky in Africa

The Director General and CEO of the International Air Transport Association (IATA), Alexnadre de Junaic, in this interview  said liberalisation of African airspace is hindered by sovereign and government control. He also said cost control is a major key to successful airline operation. De Juniac spoke to journalists  at the just concluded IATA AGM held in Seoul, South Korea. Chinedu Eze brings the excerpts.
East Africa has been expanding and building new airports and in your speech you raised the issue of

Google Extends ‘Digital Skills For Africa Initiative’ to Abia State


Emma Okonji
Having trained three million people in different levels of digital skills in 29 countries across Africa, with 50 per cent of the beneficiaries coming from Nigeria, Google has extended the training to small and medium scale enterprises (SMEs) in Aba and other communities in Abia State. 

PenCom Commences Verification of Prospective Retirees Today


Amby Uneze in Owerri
The National Pension Commission (PenCom) has finalised arrangements to commence the verification exercise of prospective retirees who would be retiring from public service next year.
The Acting Director General of the commission, Mrs Aisha Dahir-Umar,  made this known during

Nigerians count losses as SIM swap fraudsters empty bank accounts

SIM cards
 

 By Adeyemi Adepetun, Kehinde Olatunji and Oluwatosin Areo 
In the mid-day, she walked into the newsroom. The young mother clad in a dark colour linen gown was overwhelmed with anguish. Sadness was written on her face as she sat perplexed. Her countenance, which was not welcoming, reflected the agony in her. Sawari Bolanle is a victim of Subscribers Identification Module (SIM) swap fraud.

Experts see inflow of fund in securities with CBN-backed mortgage loan

CBN building

 By Helen Oji
The pronouncement by the Central Bank of Nigeria (CBN) that it would develop a framework to enable banks securitise mortgages loans has continued to gain wide commendation, as stockbrokers, at the weekend, said the implementation would create mortgage backed assets that can be listed on

Nigeria pioneers Opening Banking in Africa

Nigeria has signified a strong desire to become the first country in Africa, to officially adopt an Open Banking standard

By Gloria Ehiaghe
Nigeria has signified a strong desire to become the first country in Africa, to officially adopt an Open Banking standard, which defines how financial data is created, shared and accessed. This is a system, which also provides users with a network of financial institutions’ data through the

Chatting course of labour with development financing

CBN headquarters building

By Chijioke Nelson, Asst. Editor, Finance/Economy
Economic growth and inclusive wealth can only be attained by a commensurate rise in national productivity. But the productivity level would always be subjected to the level of economic activities available and how the populace is actively engaged in them.

SEL Capital opens centre, to groom SMEs

SEL Capital Limited has launched Customer Experience Centre (CEC) to improve and deliver exceptional experience, providing great opportunity for the financial services company to effectively attend to all of its customers’ enquiries, requests and address their complaints.
The Managing Director of the company, Segun Opaleye, said: “We are pleased to launch our CEC at

Experts see inflow of fund in securities with CBN-backed mortgage loan

CBN building
The pronouncement by the Central Bank of Nigeria (CBN) that it would develop a framework to enable banks securitise mortgages loans has continued to gain wide commendation, as stockbrokers, at the weekend, said the implementation would create mortgage backed assets that can be listed on

NCRIB warns members on business deals with weak insurers

Nigerian Council of Registered Insurance Brokers (NCRIB) has called on its members to be wary of where they place their business to ensure the protection of image of brokers in the entire insurance industry.<br />

By Bankole Orimisan
The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on its members to be wary of where they place their business to ensure the protection of image of brokers in the

FMDQ weekly report

FMDQ
Commentary on the Foreign Exchange (FX) market with data for the week-ended June 28, 2019. The Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment

Kenya in do-or-die Senegal match

Kenyan coach Sebastien Migne with Johanna Omollo during a press conference in Cairo on June 30, 2019 on the eve of their Africa Cup of Nations match against Senegal. PHOTO | COURTESY |
Kenyan coach Sebastien Migne (left) with Johanna Omollo during a press conference in Cairo, Egypt, on June 30, 2019 on the eve of their Africa Cup of Nations match against Senegal. PHOTO | COURTESY |  
CHARLES NYENDE
By CHARLES NYENDE
More by this Author
Three days ago Kenya faced a fight to stay alive in Group ‘C’ and they did it with a brave 3-2 win

Tanzania reinstates taxes on sanitary wear


Tanzania has reintroduced VAT on sanitary
Tanzania has reintroduced VAT on sanitary products. PHOTO | REUTERS 

Safaricom CEO Bob Collymore dies, aged 61

Safaricom chief executive, Mr Bob Collymore. FILE PHOTO | NMG 
Safaricom chief executive, Mr Bob Collymore. He died on the morning of July 1, 2019. FILE PHOTO | NMG  
The EastAfrican
By The EastAfrican
More by this Author
Safaricom Chief Executive Officer Bob Collymore has died, aged 61.
He passed away at his home on the morning of July 1, 2019, Safaricom chairman Nicholas Nganga said in a press statement.
He had been suffering from cancer, and his condition had worsened recently.
More follows.

Tanzania Allows Airtel to Defer Listing On DSE



Airtel Tanzania
Airtel Tanzania is the country’s third largest telco. It has been unable to meet a government requirement to list on the bourse. PHOTO | BOUREIMA HAMA | AFP 
ALLAN OLINGO
By ALLAN OLINGO

Tanzania has eased pressure on the country's third-largest telecommunications firm, Airtel Tanzania,

Alternative funding for EAC not yet ready

Rev Msigwa bids for parliamentary seat in 2020

Iringa Urban MP, Reverend Peter Msigwa
Iringa Urban MP, Reverend Peter Msigwa (Chadema) 
By Berdina Majinge @TheCitizenTZ news@tz.nationmedia.com
Iringa. Iringa Urban MP, Reverend Peter Msigwa (Chadema) has revealed his intention to seek re-election during the 2020 general elections, saying citizens still needed his stewardship.

Investors: Costly access to finance hurting health sector investments Hudson Kuteesa

Dr Antoine Muyombano, Chairman of Rwanda Private Medical Facilities Association (right), interacts with his deputy Dr Dominique Savio Mugenzi during the meeting in Kigali yesterday. / Sam Ngendahimana
Private investors in the health sector still find it hard to establish and equip their facilities because of

Inside colonial laws: Among other things, serving alcohol for free or on credit was illegal

 
The Chairperson of the Rwanda Law Reform Commission (RLRC) Aimable Havugiyaremye. / Crash Bahizi
A quick look at different laws that were enacted in Rwanda under the colonial administrations from 1885 through 1960s leaves the reader thirstier, wanting to know more about why they were passed.
This topic is of great interest at the moment because the Government has moved to abolish all colonial laws, singling out 1000 legal instruments that were enacted by the colonial regimes but are no longer practical.
Last month, Members of Parliament started analysing the Government’s proposal to abolish all the legal instruments that were enacted by the colonial regime.

The State Minister for Constitutional and Legal affairs, Evode Uwizeyimana, said the colonial legal instruments are no longer needed in the country’s laws and reassured MPs that no legal gaps will

Bid to boost trade between Ethiopia, Kenya faces hurdles

 CAS Ababu Namwamba and Ethiopian Ambassador Meles Alem Foreign Affairs CAS Ababu Namwamba and Ethiopian Ambassador Meles Alem during celebrations to mark 55 years of trade ties at the embassy on June 26. PHOTO | FRANCIS NDERITU | NMG 
BERNARDINE MUTANU

Summary

    • Long bureaucratic procedures, bans and sanctions has slowed bilateral trade.
Kenya and Ethiopia are still struggling to conduct robust trade between them despite penning a number of bilateral agreements and instituting several trade-friendly measures.

Collapsed Meridien BIAO Bank depositors to get cash

cash deposits Deposits lost stood at Sh781 million. FILE PHOTO | NMG 

Airtel Africa disappoints in London bourse debut

Airtel shop An Airtel shop in Nairobi. FILE PHOTO | NMG 
Airtel Africa shares fell as much as 15 percent on Friday after its London stock market debut, hitting a low of 67 pence (about Sh87) against an initial public offering price of 80 pence.