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To cement trade ties, boost investment flows and encourage tourism between Tanzania and China, Standard Bank and the Industrial Commercial Bank of China (ICBC) have launched the I Go Tanzania loyalty program in partnership with Tanzania Tourism Board.

This initiative, part of ICBC’s I Go Global rewards scheme for its card holders in China, was unveiled in Tanzania on 6th August 2019. It will capitalize on the growing appetite among Chinese travelers to visit Tanzania by offering a range of discounts and special offers from merchants across the travel, hospitality and lifestyle sectors, says Standard Bank’s group head of card and emerging payments across Africa in personal and business banking, Lincoln Mali.

“ICBC is the biggest bank in the world, with approximately 139 million credit cards and as many debit card customers,” says Mali, explaining the rationale behind the new loyalty program, which was designed by Standard Bank in partnership …

MTN
  • MTN is divesting its stakes in Guinea-Bissau and Guinea-Conakry to Telecel.
  • The telco giant will now shift more focus on rising markets Ghana, Cameroon, Nigeria, and Cote d’Ivoire.
  • With the exception of Cameroon, these three markets account for a combined 18.6% of the Group’s revenue.

South African tech heavyweight MTN has unveiled a key shift in its market strategy involving the divesture of its stakes in Guinea-Bissau and Guinea-Conakry businesses to Telecel.

This move is poised to mark a strategic change in bolstering MTN’s presence in Africa in what is perceived as stronger markets within the West and Central Africa region.

The agreement, which was sealed in December 2023, sees MTN ceding control to Telecel, a telco with a notable footprint in the African Telecommunications business. While the financial disclosures of the deal remain unclear, MTN has informed its stakeholders that further details will be published in the coming …

Karcher
  • Early last year, another German shoe line announced an investment of $2.66 million to expand its presence in Kenya by 2025.
  • The distribution centre is at the Freight Forwarders Solutions warehouse in Tatu City.
  • In recent years, German firms have shown increasing interest and investment in East Africa.

German-based cleaning equipment manufacturer Karcher has announced an approximate $3.25 million investment in the Kenyan market. The firm is setting up a regional distribution centre in Nairobi as a business expansion strategy to evade the toughening global import supply chain due to high logistics costs resulting from pirate attacks in the Red Sea corridor.

The distribution centre is at the Freight Forwarders Solutions warehouse at Tatu City. The brand has established a presence in seven Carrefour outlets and partnered with various distributors to cater to customer segments.

It has a flagship store in Upper Hill and serves as a brand store and …

Equity Group Dr James Mwangi
  • Equity Bank dividend payout of $0.03 (KES4) per share will amount to a 36 per cent payout of the regional lender’s $331.6 million net profit.
  • Customer numbers grew to 19.6 million, translating to an increase in deposits, which hit $10.6 billion in 2023.
  • Loan books also increased to $6.7 billion (KES887.4 billion) from KES706.6 billion in 2022.

Equity Group’s profits saw a five per cent decline to $331.6 million (KES43.7 billion) for the financial year ending in December 2023, down from $349 million (KES46 billion) the previous year. However, despite the drop, Equity Group’s dividend payout has hit record highs for the year ending December 2023, following its board’s recommendation.

This profit decrease has been partly attributed to the bank’s decision to maintain the loan interest charge at 13 per cent throughout the year despite changing global interest rates.

This has seen the lender issue a dividend payout of …

Samia President Samia Tanzania President
  • In 2022, investments in Tanzania rose by $3.16 billion between July and November.
  • Currently, Tanzania has stable economic diplomatic relations with global economic giants, China and US.
  • Tanzania’s economy is expected to expand by 5.5 percent in 2024.

“Kazi Iendelee” Swahili term for “Let’s Proceed with Work” has become a national rallying call for progress in Tanzania under President Samia Suluhu Hassan, who is popularly referred by Mama Samia – a Swahili term of endearment and respect.

Even from foreign capitals, President Samia’s work is catching the eye of fellow leaders. When US Vice President Kamala Harris came visiting, she had this to say to Tanzania and East Africa’s first female president, “You have been a champion in terms of democratic reforms in this country and in that way, have expanded our partnership” Harris said during her state visit to Tanzania in March 30, 2023.

Three years in office and …

BRICS BRICS Summit
  • BRICS’ owned New Development Bank (NDB) was set up in 2015 by Brazil, Russia, India, China, and South Africa.
  • The multilateral lender is planning to disburse about $5 billion in loans this year.
  • The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.

Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.

As China, one of Africa’s closest trade partners, experiences reduced activity in the region, with lending taking a nose dive to its lowest level in almost two decades, what are the chances NDB can make it better?

The Vice President pointed out how the pandemic slowed progress, but operations of the lender are expected to …

Air Tanzania
  • Air Tanzania has received Boeing 737-9 Max, its second aircraft from the US carrier manufacturer.
  • A second Boeing 737-9 Max symbolizes Tanzania’s steady journey in enhancing its budding aviation sector.
  • With the new aircraft, Air Tanzania now shifts focus to strategic expansion, operational efficiency, and overcoming challenges such as a biting shortage of pilots.

Air Tanzania Company Limited is on an aggressive expansion drive as it welcomes Boeing 737-9 Max, its second aircraft from the US carrier manufacturer. A second Boeing 737-9 Max symbolizes Tanzania’s steady journey in enhancing its aviation sector but also sets the stage for the airline’s ambitious plans for growth and operational excellence.

The new aircraft, named after the majestic “Ruaha National Park,” is a testament to the Tanzanian government’s investment of $1.4 billion (TSh3.6 trillion) in revitalizing the national carrier, which now boasts a fleet of 15 aircraft.

Key figures, including Prime Minister Kassimu Majaliwa …

Kenya Airways Losses
  • Kenya Airways losses for FY2023 have majorly stemmed from FX fluctuations.
  • Despite the heightened operating costs, Kenya Airways achieved an operating profit of $79.4 million.
  • International Air Transport Association (IATA) predicts full recovery of the aviation industry from the Covid-19 crisis in 2024.

Kenya Airways net losses for the trading period ending December 2023 have dropped to $171.6 million (KES22.7 billion) majorly attributed to the forex exchange losses suffered during the review period.

The latest result is a 41 percent reduction from the $289.6million (KES38.3 billion) reported in 2022 in what the airline attributes to continuing efforts aimed at navigating KQ’s back onto the path to profitability.

These losses stemming from fluctuations in currency exchange rates (FX Losses), impacted the airline’s financial position, posting the greatest drawback to its financials with $181.4 million loss.

Kenya Airways Chief Executive Allan Kilavuka said that in the review period the airline increased flight …

cross-border commerce
  • Cross-border commerce brings forth many advantages that extend far beyond mere economic enrichment.
  • These advantages encompass various facets of societal development, from economic growth to cultural exchange and regional integration.
  • At its core, cross-border commerce catalyzes economic prosperity, unlocking new markets and investment opportunities.

Cross-border commerce is reshaping Pan-African trade networks, offering new avenues for economic growth and regional integration.

This article explores the evolution of these networks, the key players involved, the advantages of cross-border commerce, the challenges faced, and the opportunities for further growth.

The Evolution of Pan-African Trade

Historical Roots

Trade has been a cornerstone of African societies throughout history, with ancient routes connecting diverse regions like these Justmarkets Forex articles.

However, early trade networks grappled with challenges such as inadequate infrastructure and political instability.

Modernization Efforts

In recent decades, concerted efforts have been made to modernize Pan-African trade.

This includes establishing contemporary trade agreements to

Electric Bus Production in East Africa
  • Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa.
  • The investment, split between CFAO Kenya and Mobility54, will help accelerate the scale-up of BasiGo’s manufacturing and delivery of electric buses in Kenya and Rwanda.
  • CFAO Group is building e-mobility ecosystem in East Africa by investing in green mobility startups through Mobility54.

Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa. The investment, split between CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO will go towards accelerating the scale-up of BasiGo’s manufacturing and delivery of electric buses in Kenya and Rwanda.

With operations in over 40 African countries, CFAO owns Africa’s leading automotive distribution network. The group is already active in the E-mobility industry …

Kenya and Tanzania fight against counterfeits
  • Kenya and Tanzania are working together to reintroduce the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly.
  • This law envisaged the region working under the East African Customs Act on Anti counterfeits regulations.
  • The renewed partnership opens avenues for law enforcement agencies to develop innovative approaches and strategies in the fight against counterfeits.

The East African region is planning to set a common standard on goods across the block in the latest push against counterfeiting with Kenya and Tanzania leading the line. The latest push follows an earlier attempt under the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly. This forced the region to operate under the East African Customs Act on Anti counterfeits regulations.

However, Kenya and Tanzania have now revived the push to reintroduce the 2011 legislation. Kenya’s Anti-Counterfeit Authority (ACA) and the Fair Competition Commission (FCC) of Tanzania have announced joint …