Category: Africa
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Governors told to list assets, liabilities under their watch
Devolution Cabinet Secretary Mwangi Kiunjuri has directed governors to prepare a summary of assets and liabilities under their charge as the country prepares to elect new leaders. Mr Kiunjuri has handed each of the 47 county chiefs 30 days to set up a special team to oversee transfer of the assets and liabilities to their…
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Kenya: Solar firm secures Sh1.2bn to light homes
German off-grid solar firm Mobisol has secured 10 million euros (about Sh1.19 billion) from Finnfund to expand in East Africa. Mobisol in March announced plans to open 20 more stores in Kenya with an eye on increasing rural market share in the country. On Wednesday it said the Finnfund (Finnish Fund for Industrial Cooperation Ltd)…
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East Africa: Youth leading users of mobile banking
Nearly half of Kenyans aged between 18 and 35 have embraced mobile bank accounts as alternative banking channels continue to gain traction, fresh data shows. Financial Sector Deepening Kenya (FSD) annual report for 2016 shows that by the end of last year, 46 per cent of the young adults used mobile banking, helping grow financial…
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Egypt Wants More Trade With Zambia
Egyptian Foreign Affairs Minister Sameh Shoukry has said his country desires to increase trade and investments with Zambia. Speaking during a bilateral meeting with his Zambian counterpart Harry Kalaba in Addis Ababa, Ethiopia, on Saturday, Mr Shoukry said his country was looking for more investment opportunities in Zambia. He hailed the excellent relations existing between…
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Nigeria, Libya Oil Output Threaten Global Market
The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is…
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SA’s Public Protector wants an urgent inquiry into state capture
South Africa’s Public Protector Busisiwe Mkhwebane has called for an urgent investigation to take place into state capture, and backed her predecessor’s call that President Jacob Zuma has no right to decide which judge should oversee the inquiry. According to ENCA, this was revealed in her answering affidavit in the state of capture review application. Zuma in…
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Ailing Air Zimbabwe cuts half its workforce
Loss-making Air Zimbabwe is cutting half of its 400 jobs as part of a restructuring plan meant to revive the ailing national carrier, Chairwoman Chipo Dyanda said on Wednesday. Like most state-owned companies in the southern African country, Air Zimbabwe has been making losses for years due to mismanagement, high operating costs, old aircraft and…
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SAP to investigate Gupta corruption allegations
Enterprise application software provider SAP has initiated an independent investigation into allegations that it agreed to pay 10% “sales commission” to a company controlled by the Guptas to clinch business from Transnet. The New York Stock Exchange listed company is governed by The Foreign Corrupt Practices Act, which prohibits such practices. SAP’s probe will be spearheaded by a multinational law firm…
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Kenya: Improved liquidity lifts T-bills uptake
The subscription rate for Treasury bills rose last week on improved liquidity in the money market, reversing a two week downward trend. The liquidity in the market had tightened in the last two weeks of June due to remittance of tax holdings by commercial banks to CBK at the end of the fiscal year, as…
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East Africa: Safaricom goes for photo IDs to block M-Pesa fraud
Telecoms operator Safaricom’s mobile money agents will soon start using photos to identify those withdrawing or depositing money on the popular M-Pesa platform in a new push to curb fraud. Safaricom said it has distributed about 25,000 pre-programmed smartphones to its mobile money agents to be used in registration of new SIM cards. The process involves…