Thursday, September 30, 2021

NSSF declares 12.15% interest payment to savers


The National Social Security Fund (NSSF) on Wednesday announced 12.15 percent interest payment to its members for the Financial Year 2020/21


The minister said the current interest rate, equivalent to ShS1.52 trillion, will be credited to members’ accounts

Entebbe airport registers mixed growth in passenger traffic

Passenger traffic through Entebbe International Airport continued to recover from the June slump, signaling a return of activity at Uganda’s only international airport

By Dorothy Nakaweesi


  • During the period, according to UCAA, 751,287 travelers were cleared through Entebbe Airport compared to 1,137,700 in the same period between 2019 and 2020.

We want to do more beyond retirement packages - NSSF


Mr Kasaija (C) speakes during the annual members’ general meeting in Kampala yesterday. PHOTO | courtesy

By Ismail Musa Ladu


Whereas there have been mixed reactions over the NSSF (Amendments) Bill, 2019, Mr Richard Byarugaba, says they cannot wait for the law to be signed since it gives the Fund a lot of legroom to introduce new products and venture into new areas.

Government moots new law to tax NSSF savings


Finance minister Matia Kasaija (left) and NSSF managing director Richard Byarugaba during the NSSF member’s Annual General Meeting in Kampala yesterday. Government yesterday tabled the National Social Security Fund (Amendment) Bill, 2021, resurrecting in it a proposal on mid-term access for eligible savers to 20 percent of their money. Photo / Courtesy
By Arthur Arnold Wadero

By Tonny Abet


  • It is provided that an NSSF member aged 40 and above, and who has saved for at least a decade, is eligible to mid-term access of up to 20 percent of their benefits.

Malawi's ex-deputy speaker shoots himself dead in parliament

Clement Chiwaya, who was 50, killed himself inside the parliament building, where he had gone to discuss vehicle benefits entitled to him when he left office in 2019. PHOTO / COURTESY



  • The statement from parliament appeared to suggest that Chiwaya, who moved in a wheelchair, had sneaked a gun into the high-security building.

Equities sustain bulls’ run as investors gain N328 billion

By Helen Oji

Ahead of the independence celebration, the equities market sustained the bullish run yesterday, as more blue-chip stocks joined the league of gainers, causing investors wealth to soar further by N328 billion.

Dangote donates to old people’s home, physically challenged

 As part of activities to mark the 2021 Global Sustainability Week, employees of Dangote Group, have donated food items and other products to the aged and physically challenged children.

‘Why Nigeria, others should leverage Africa-UAE forum for linkages’


Preparatory to the Africa-UAE Trade and Investment Forum, organisers of the forum have urged Nigeria and other countries to use the platform for trade linkages.

UK economy rebounded more than expected in second quarter

Britain’s economy performed better than previously thought in the second quarter, as households spent more and saved less as a result of easing lockdown restrictions, official data showed Thursday.

Court okays eNaira rollout as CBN postpones launch


By Geoff Iyatse
Despite subsisting litigation over its patent right, a Federal High Court sitting in Abuja has given a go-ahead for the eNaira launch.

‘Internet Access, Digital Devices Critical to Work-ready Learning

Uchechukwu Nnaike

Access to the internet and digital devices have been identified as key factors in enhancing learning for youths as they prepare for the future of work. This was the submission at the September edition of Edtech Monday, a Mastercard Foundation initiative, organised in partnership with Co-creation Hub.

Buhari Approves New Salaries, Retirement Age for Teachers O

The Minister of State for Education, Chukwuemeka Nwajiuba, has said teachers will begin to enjoy the new salary structure promised by President Muhammadu Buhari from January 2022. They will also enjoy elongated years of service from 35 to 40.

UBA publishes names, account details of forex defaulters




The United Bank for Africa (UBA) has published the names and account numbers of some customers who allegedly defied the forex policy of the CBN.

Banks intensify competition for deposits, raise interest rates by 140% – Report




Commercial banks in Nigeria, according to the CBN’s latest report, raised deposit rates by 140 per cent in a bid to attract more funds from customers.

Untapped Global, Paga partners to make digital payments seamless for emerging markets in Nigeria


Focused on empowering entrepreneurs in frontier markets, investment company, Untapped Global, has partnered with mobile payment and financial services company, Paga.

CBN defers eNaira launch to mark independence anniversary




Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency (CBDC), known as eNaira, the Spokesman of the Central bank of Nigeria (CBN), Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021 has now been deferred

SBM Bank Kenya closes five branches in digital push


SBM Bank branch on Mama Ngina Street in Nairobi. PHOTO | SALATON NJAU



  • SBM Bank Kenya will shut down five of its branches across the country next month as it continues to push customers to embrace digital banking.
  • The lender, which shut down five of its branches countrywide last December said it will close its  Lavington, Buru Buru and Kimathi Street branches, an exercise that will take effect on October 29.

CBK sees economy expanding by 6.1pc


The Central bank of Kenya, Nairobi. FILE PHOTO | NMG



  • CBK has projected the economy to grow by 6.1 percent this year and 5.6 per cent in 2022, backed by recovery in manufacturing, trade and hospitality sectors, and despite expected decline in agriculture production.
  • CBK governor Patrick Njoroge said Wednesday that economic indicators around the manufacturing, trade, accommodation and power consumption are pointing to improved economic performance.

Why Bank of Kigali is out to reinforce its base in Nairobi


Dr Diane Karusisi,chief executive officer Bank of Kigali. FILE PHOTO | NMGBank of Kigali recently touched a 52-week high of Sh40 per share, making it the sixth premium stock among 11 lenders listed on the Nairobi Securities Exchange (NSE). Since cross-listing in Nairobi in 2018 the lender has attracted a lot of foreign interest.



  • Bank of Kigali recently touched a 52-week high of Sh40 per share, making it the sixth premium stock among 11 lenders listed on the Nairobi Securities Exchange (NSE).
  • Since cross-listing in Nairobi in 2018 the lender has attracted a lot of foreign interest.

Banks should let go of large capital piles in their vaults


In the middle of the coronavirus scourge, and at a time when businesses and households are still pandemic-scorched, Kenyan banks doubled their net earnings year-on-year to Sh50 billion during the second quarter of 2021.



  • Essentially, banks are convinced that the worst of the pandemic on their obligors is over and it’s time to claw back some of the impairment losses they recognised in 2020. Which is exactly what they did.
  • To a very large extent, IFRS 9, the accounting wizardry on which banks recognise and measure their financial assets, took away prudence when it comes to risk judgements.
  • Nonetheless, if indeed banks believe that the worst of the pandemic is over, then they should now let go of the large capital piles they are holding.

Airlines lobby decries high cost of Covid test for visitors to Kenya


A Kenya Airways ground crew checks-in passengers at the Jomo Kenyatta International Airport in Nairobi, on August 1, 2020. PHOTO | AFP



  • Airlines lobby says the high cost of Covid-19 test in Kenya hurts the growth of the aviation sector because it impedes tourists.
  • International Air Transport Association (IATA) has said $80 that Kenya charges for a single PCR test is way above the African average and urged the country to embrace the affordable antigen checks.
  • The Covid-19 test in Kenya is the most expensive in East Africa compared to the neighbouring countries such as Uganda, which charges $60 and Rwanda $50.

Kenya Airways adds more UK flights after Britain eases travel curbs


A KQ Dreamliner aircraft. FILE PHOTO | NMG

Kenya Airways (KQ) will from this month add more



  • Kenya Airways (KQ) will from this month add more flights to the UK route after Kenya was removed from England’s red list, in anticipation of high demand in one of its crucial routes.
  • The national carrier will add four flights weekly up from the current two.
  • Europe accounted for 20 percent of KQ’s revenue last year, bringing in Sh10 billion out of the Sh62 billion that was realised.

Kwale miner to pay Treasury Sh2bn royalties in fresh deal

An earth mover collects titanium for further production at Base Titanium company in Kwale. FILE PHOTO | NMG



  • Base Titanium, the company extracting titanium minerals in Kwale County, will pay the government $18.6 million (Sh2 billion) in the form of higher royalties in exchange for an expanded mining area.
  • The parties reached an agreement yesterday, giving the company the right to extend its mining operations beyond the original boundary drawn on its special mining licence, which covered 1,661 hectares.

Comesa watchdog to review Safaricom Ethiopia entry deal


Safaricom CEO Peter Ndegwa. PHOTO | POOL



  • The Common Market for Eastern and Southern Africa (Comesa) Competition Commission has launched a formal inquiry into the joint venture between Safaricom and its parent firm Vodafone for Ethiopia entry.
  • The regional trading bloc’s competition watchdog said it’s investigation will assess whether the merger of the two telcos would skew competition in the regional market.