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Dar on track to liberalise capital account

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Full capital account liberalisation has been delayed until Foreign Exchange Regulations of 2015 are endorsed by the Bank of Tanzania (BoT). The regulations, which are in the final stages of approval, would determine the date of full liberalisation of [Read story...]

Bank touts promotion of savings culture

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The First National Bank (FNB) ‘Save and Win’ campaign has come to a close after three months with the third and final winner being rewarded 5m/-. The First National Bank (FNB) Head of Marketing, Ms Blandina Mwachanga (right) speaks to journalists [Read story...]

The A to Z of a sustainable savings plan

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It is often said that having no financial plan is equivalent to having a bad plan for your life. This is more especially when it comes to having a savings plan to put aside some money over time for future use. A child saver banks her savings at a SAC [Read story...]

Social security sub-sector registers robust growth

Social security sector has continued to register outstanding growth in terms of contributions and assets amid declining Return on Assets. The Bank of Tanzania (BoT) Financial Stability Report (FSR) said the contributions increased to 78.3 per cent in [Read story...]

CBK approves formation of KCB Group Limited

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Kenya Commercial Bank Limited (owner of KCB Kenya) has been approved by the Central Bank of Kenya as a non-operating holding company. Kencom buidling in Nairobi CBD that houses KCB This is after KCB Limited obtained all regulatory approvals on the tr [Read story...]

RDB, Indian chamber partner to promote trade

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The Rwanda Development Board (RDB) has entered into a partnership with the Indian Merchants Chamber (IMC) to promote trade, tourism and investment in the country. Left to Right: Emma Umutoniwabo, Jain, Fernandes, Annick Ingabire, and Ganeshan Pillai, [Read story...]

Kenya mobile money transfer hits Sh2.3 trillion

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Kenyans transacted Sh2.3 trillion ($23 billion) on mobile money in the period leading to October, a rise of Sh408 billion ($4 billion) from a similar period last year, latest data from the Central Bank of Kenya shows. The 10-month transactions, which [Read story...]

Minerals export earnings fall 8 pc

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The minerals export earnings has gone down by slightly over 8.0 per cent for the year ended October, chiefly due to a falling prices and weak demand. The central bank said in its latest report shows that the minerals export went down from 1.54 billio [Read story...]

Taxman: Why Kenya is not meeting her revenue targets

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A poor performance in income tax driven by employment freezes and sackings in Government and the private sector is making it hard for the taxman to meet revenue targets. Kenya Revenue Authority Commissioner John Njiraini (PHOTO: COURTESY) The Kenya R [Read story...]

Family Bank sends home nine employees over NYS scandal

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Family bank has terminated the employment of nine managers who were adversely mentioned in the Sh791 million National Youth Service scam. The decision by the mid-tier lender comes barely a month after the Director of Public Prosecutions Keriako Tobik [Read story...]

DSE set to join self-listing elites of Africa

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The Dar es Salaam Stock Exchange (DSE), is walking closer to become third exchange in the continent to de-mutualise. The demutualisation or self-listing is a process through which any member-owned organisation becomes a shareholder-owned company. The [Read story...]

URA wins gold for excellent staff development program

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The Uganda Revenue Authority has won gold at the African Tax Administration Forum (ATAF) conference in Togo for having the best staff development program. Uganda Revenue Authority (URA) Commissioner General, Doris Akol The taxman put in place a well- [Read story...]

Rwanda inflation surges to 4.8% in November

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Rwanda’s inflation rate increased by close to two percentage points during the month of November driven by increasing food and non-alcoholic drinks prices, the National Institute of Statistics monthly Consumer Price Index (CPI) report released yest [Read story...]

KCB Bank opens new branch in Nyarutarama

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KCB bank Rwanda, a subsidiary of the Kenyan-based KCB Group, has opened a new branch in Nyarutarama, a Kigali city upscale suburb as it moves to further ease access to its services, as well as improve efficiency. Toroitich (second left) is joined by [Read story...]

Bankers honour Professor Ddumba, others

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The bankers’ fraternity has honoured Professor Ddumba Sentamu, vice chancellor Makerere University with honorary fellowship. Professor Ddumba Sentamu The bankers, among other things, recognized Sentamu for steering the industry through higher e [Read story...]

Tourist arrivals lift Tanzania’s exports

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Earnings from tourism receipts, manufactured and traditional goods during August this year, contributed to improved export performance compared to the corresponding period 2014. Bank of Tanzania The Bank of Tanzania (BoT) monthly economic review show [Read story...]

Henry Rotich: A man under siege

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The Treasury Sunday sought to assure Kenyans it is not cash-strapped, even with Cabinet Secretary Henry Rotich being a man under siege; with falling tax collections and increasing financial demands from governors, contractors and State parastatals. T [Read story...]

BoT Governor win Africa’s top award

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Bank of Tanzania Governor Prof Benno Ndulu has won the award of ‘Central Bank Governor of the Year 2015 in Africa.’ Prof Benno Ndulu The award was announced recently by the Africa Investor (Ai), a leading international investment and comm [Read story...]

Court documents reveal mess in Dubai Bank books

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NAIROBI: Ahmed Zubedi, the disgraced chairman of collapsed Dubai Bank, has fronted a new investor whom he claims will inject the funds needed to save his bank from liquidation. Dubai Bank Kenya Limited chairman Hassan Zubeidi at the Mombasa High Cour [Read story...]

98 per cent of Kenyan employees to retire poor

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Nine out of 10 companies in Kenya do not have a retirement benefits scheme for their staff, a fact that is likely to make employees’ retirement life miserable and raise the country’s burden of dependency. Most employees in Kenya are not registere [Read story...]

I&M Bank Rwanda clarifies online card payments

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I&M Bank Rwanda will not suspend the use of online card payments system. A senior bank official has said. BNR has established a special committee to deal with fraud cases and ensure the country’s financial sector is protected. (File) Accord [Read story...]

World Bank: Tanzania posts robust growth

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The World Bank has said Tanzania is among countries in Africa which have posted robust economic growth despite weak global economic conditions. “Together with Ethiopia, Rwanda and Ivory Coast as well as Mozambique, these countries are expected to s [Read story...]