Tanzania

Electoral body clarifies Chadema concerns

admin — Tue, 13 Oct 2020 13:00:02 +0000

Electoral body clarifies Chadema concerns admin Tue, 10/13/2020 - 13:00

Tuesday, October 13, 2020

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The Citizen | Tanzanias leading English news site - Home

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Electoral body clarifies Chadema concerns

Dar es Salaam. The National Electoral Commission (NEC) yesterday clarified Chadema’s concerns on a company contracted to prepare ballot papers ahead of this year’s General Election, slated for October 28.

The electoral body also issued clarifications on claims of poor involvement of the Nec’s Procurement and Logistics committee.

Addressing a press conference on Saturday, Chadema’s secretary general John Mnyika demanded answers from the electoral body and the Tanzania Police Force on various issues linked to the October 28 General Election.

He said NEC is supposed to disclose a company contracted to produce ballot papers, provide Voters Permanent Register to political parties and introduce Results Management System to election stakeholders.

The electoral body is also required to respond to the development of the party’s complaints filed against CCM presidential candidate John Magufuli, and provide copies of Results Declaration Forms to political parties.

Besides, Inspector General of Police (IGP) Simon Sirro was urged to sack Hai Officer Commanding District (OCD) and give answers to ‘escalated injustice and crackdown’ against the opposition.

He said June reports showed that a South African firm, Ms Ren-Form CC, had been contracted to prepare and supply ballot papers, but recent reports have been citing Jamana Printers are doing the former’s job.

“NEC should tell Tanzanians which company between the two has been contracted for the job because we are aware that some of Jamana Printers executives are CCM members. We need assurance to satisfy ourselves with the safety of ballot papers,” he told reporters at the party headquarters.

But, a statement released by NEC’s director of Elections, Dr Wilson Mahera names Ms Ren-Form CC as the company that won the competitive tendering process against a Kenyan company Ellams Products Limited and Al Ghurair Printing and Publishing LLC of Dubai.

“The process supervised by the Public Procurement Regulatory Authority (PPRA) declared Ms Ren-Form CC as a winner. Therefore, Jamana Printers which is a company referred in fabricated reports didn’t participate at all in the process,” reads part of the statement.

He said earlier, the General Procurement Notice, was put in the PPRA website, repeated in the TANePS and that NEC advertised the process in the DailyNews newspaper and informed stakeholders including political parties Chadema being amongst.

He said it was the PPRA’s responsibility to publicize tender results in the Tender Portal available in the PPRA’s website and the Tanzania Procurement Journal.

Regarding involvement of political parties in the procurement and logistics issues, Dr Charles said procurement of election materials and equipment is done in accordance with the law through tendering process and that stakeholders are later being informed.

“Despite a good intention to participate stakeholders in the procurement of election materials and collect their opinion, most political parties including Chadema didn’t pick representatives for the committee,” reads the statement.

He said the October 8 committee’s meetings were convened without representation from most political parties including Chadema, urging the public to refute such claims.

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Oil exploration up in the air as prices plunge

admin — Mon, 05 Oct 2020 11:30:01 +0000

Oil exploration up in the air as prices plunge admin Mon, 10/05/2020 - 11:30

Monday, October 5, 2020

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The Citizen | Tanzanias leading English news site - Home

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Oil exploration up in the air as prices plunge

London/Dar. A fall in global oil prices, occasioned by a drop in demand as countries employ lockdowns to prevent the spread of coronavirus, could be good news to motorists in non-oil producing countries like Tanzania. However, the coronavirus pandemic is forcing energy majors to tighten their belts on exploration, even if finding new deposits remain essential to their existence.

Tanzania is not an oil producing country but the country has some exploratory activities, with the Tanzania Petroleum Development Corporation (TPDC) announcing in October last year that it was embarking on a Sh2 billion oil exploration project in Eyasi Wembere basin.

The exploration involves drilling of three oil wells with 300 metres depth each in Eyasi Wembere basin. The wells are drilled at Kining’inila Village in Igunga District and at Meatu in Simiyu region and Iramba in Singida region.

Last month, Tanzania and Uganda signed an agreement allowing for the construction of a 1,445 km (898 miles) crude oil pipeline.

The $3.5billion project will connect Uganda’s oil fields to Tanzania’s port of Tanga.

Analysts say while the oil sector – which has been devastated by the coronavirus pandemic, was increasingly diversifying into greener energies such as electricity and wind power, its core business remains oil and gas.

“Questions abound over whether it is still profitable to look for oil given subdued demand growth prospects and a low-price environment,” Stephen Brennock, analyst at oil brokers PVM, told AFP.

“The answer seems not, judging by the recent spate of massive hydrocarbon asset writedowns.

“Set against this backdrop, I don’t expect a rebound in drilling in the medium-term.

“Instead, oil majors will be forced to beef up their green energy portfolios in order to survive,” Brennock said.

Compared to pre-virus plans, the energy sector has slashed exploration projects in UK North Sea waters by 70 percent and by 30 percent off the coast of Norway, according to research group Westwood.

US oil giant ExxonMobil has cut its total exploration plans by 30 percent, or an investment reduction of $10 billion (8.4 billion euros).

European rivals ENI, BP and Equinor have carried out similar moves, which have in turn hurt subcontractors including French oil services group CGG, which expects revenue to slump 40 percent this year.

In the United States, more than 30 oil exploration and production companies have this year filed for bankruptcy, according to Texan law firm Haynes & Boone.

If oil prices remain stuck around the current $40 per barrel level, a further 150 such companies could be lost by 2022, estimates research group Rystad Energy.

“Drilling programmes will be hampered in the near-term, in particular in US shale areas but also elsewhere, because of immediate cost-cutting measures,” said JBC Energy analyst Raphaela Hein.

“In the past, we have seen that massive capital expenditure cuts to majors’ budgets did not really impact their future production.

“As such, we think that they will continue to look for new fields -- maybe to a slightly lesser extent... and keep production within their long-term plans.

“Of course this will contribute to ensuring their survival,” she added.

Hein however said that Arctic projects appeared to be “economically unviable”.

This despite the vast area forecast to have 13 percent of the world’s oil reserves and 30 percent of its undiscovered natural gas.

In July, Russia’s Gazprom Neft and Anglo-Dutch giant Shell announced a partnership to explore in the Arctic.

While oil prices rebounded strongly after briefly turning negative in the early days of the coronavirus pandemic, the world’s main oil contracts Brent North Sea and West Texas Intermediate have failed to build on those gains -- and last week fell heavily to under $40.

“Markets right now do not believe there is a future for oil,” said SEB analyst Bjarne Schieldrop.

“For how long we’ll have reduced drilling depends on the oil price,” he added.

Even so, the administration of US President Donald Trump in August approved oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, angering environmentalists in the process.

While the oil price crisis is making the realisation of such projects unlikely, “political will may still trump” that, said Hein of JBC energy.

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Congo opposition leader returns to Brazzaville after treatment in Turkey

admin — Mon, 31 Aug 2020 12:20:01 +0000

Congo opposition leader returns to Brazzaville after treatment in Turkey admin Mon, 08/31/2020 - 12:20

Monday, August 31, 2020

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The Citizen | Tanzanias leading English news site - Home

Original Article

Congo opposition leader returns to Brazzaville after treatment in Turkey

Brazzaville. Republic of Congo opposition leader Jean-Marie Michel Mokoko returned to Brazzaville on Sunday after receiving medical care in Turkey for the past month, his lawyer told AFP.
The 73-year-old general, who stood against hardline President Denis Sassou Nguesso in elections in 2016, was jailed for 20 years in 2019 on charges of undermining state security and illegal possession of weapons and ammunition.
"General Mokoko has returned from Turkey and has been taken to the military hospital in Brazzaville where I was able to see him," lawyer Yvon Eric Ibouanga said.
"He is in good shape but must undergo regular exercises" due to muscle ache, Ibouanga told AFP, adding that a formal request for Mokoko's release would be lodged in the coming days.
A prison source said he would be returned to his cell after being checked by doctors.
On July 2 Mokoko was first admitted to the military hospital due to "overall fatigue and loss of appetite".
The authorities allowed him to fly to Ankara on July 30, following weeks of negotiations.
"To send General Mokoko to Turkey for treatment is to export Brazzaville Prison to Ankara.... Turkey is not a benchmark of human rights," Paulin Makaya, head of a party called United for Congo, said at the time.
Mokoko, a former chief of staff, placed third in the March 2016 elections, picking up less than 14 percent in the first round of the vote, while Sassou Nguesso was controversially declared outright winner.
The Republic of Congo, also called Congo-Brazzaville, is an oil-rich but also poverty-stricken neighbour of the Democratic Republic of Congo.
Sassou Nguesso, 76, has cumulatively spent 35 years in power since he first became president in 1979.
He is running for re-election in the next presidential ballot, due next March.
Nguesso said in May that he had "no reason" to free political opponents like Mokoko, speaking of the need not to let prisoners out while the COVID-19 pandemic was ongoing.

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African Development Bank 2023 Annual Meetings

admin — Tue, 13 Jun 2023 17:00:01 +0000

African Development Bank 2023 Annual Meetings

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admin Tue, 06/13/2023 - 17:00

Thursday, May 25, 2023

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African Development Bank 2023 Annual Meetings

Summary

Adesina calls out developed nations for not honoring $100 billion-a-year pledge

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A lack of adequate financing for tackling climate change in Africa has become dire and is “choking” the continent, African Development Bank Group President Dr. Akinwumi Adesina said on Monday.

He was addressing scores of journalists from Africa and around the world at a media lunch organized to kick off its 2023 Annual Meetings in the Egyptian resort city of Sharm El Sheikh.

Adesina called out developed nations for not honoring the $100 billion-a-year climate finance pledge they made to developing countries.

“Africa is being short-changed in climate finance. Africa is choking,” he told the journalists.

“Your role as the media is very important to help carry the news – the news of efforts being made, challenges being faced, and the fierce urgency of now in getting much-needed climate finance to Africa,” the Bank chief said.

The Bank Group’s Annual Meetings will allow the Bank’s Board of Governors, African leaders and development partners to explore practical ways of “mobilizing private sector financing for climate and green growth in Africa,” in line with the theme of this year’s meetings.

Adesina said the theme was chosen to draw attention to the urgent need for climate finance. “Anywhere you look in Africa today, climate change is causing havoc,” Adesina said.

“In the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.”

The Bank chief said that in vast areas of East and Southern Africa, and in the Horn of Africa, a combination of droughts and floods is causing massive losses of people and infrastructure, leading to rising numbers of refugees.

“There is still much to do, as Africa’s private sector climate financing will need to increase by 36% annually,” he said.

The African Development Bank is spearheading climate adaptation efforts across the continent and has devoted 63% of its climate finance, the highest among all multilateral development banks.

The Bank’s new Climate Action Window will support millions of farmers, enabling them to access climate-resistant seeds. The institution has also launched the Desert to Power initiative to develop 10,000 megawatts of solar power to benefit nearly 250 million people across the Sahel.

The Bank and the Global Center for Adaptation have launched the African Adaptation Acceleration Program (AAAP) to mobilize $25 billion to support Africa's adaptation to climate change. It has also established Alliance for Green Infrastructure (AGIA) in partnership with other institutions, to mobilize $10 billion in private investment for green infrastructure in Africa.

Adesina and the Bank Group’s operational vice presidents answered questions on the potential for using capital market instruments such as green bonds to back climate-related investments.

According to Bank estimates, Africa will need $2.7 trillion by 2030 to finance its climate change needs. Adesina said, “If Africa had that money, the Sahel would have electricity. If Africa had that money, we would recharge the Chad basin, which has provided livelihoods for millions of people in Chad, Nigeria, Niger and Cameroon. Everything will change in all those countries; we will green the Sahel. We will insure every single African country against catastrophic weather events.”

Adesina told the journalists, “Africa’s measured natural capital alone is estimated to be worth $6.2 trillion,” which, if well harnessed, can spur a more rapid economic growth and wealth generation.

He spoke about the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) scheme that provides heat-tolerant seed varieties to increase yield in crops such as wheat. He gave the example of Ethiopia which is now self-sufficient in wheat production and plans to export the surplus to neighbouring countries.

Dr Adesina was accompanied by Vice Presidents Professor Kevin Urama, Dr Kevin Kariuki, Dr Beth Dunford, Solomon Quaynor, Marie-Laure Akin-Olugbade and Simon Mizrahi.

The Bank will on Wednesday launch its annual African Economic Outlook report, a flagship publication on the state of African economies.

SOURCE:AfDB

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Why these alternative finance mechanisms require attention

admin — Tue, 13 Jun 2023 11:00:01 +0000

Why these alternative finance mechanisms require attention

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admin Tue, 06/13/2023 - 11:00

Thursday, May 25, 2023

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The Citizen

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Why these alternative finance mechanisms require attention

Summary

Access to sufficient financial resources to implement development projects has been a big challenge among developing countries, although there are unexplored options.

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Dar es Salaam. While banks remain a dominant financing option, economic experts say other alternative modes should be explored to facilitate the implementation of development projects.

Access to sufficient financial resources to implement development projects has been a big challenge among developing countries, although there are unexplored options.

Some of those methods include impact investing, diaspora bonds, crowd-funding, social or development impact bonds, private equity, blended finance, and matching funds. Each method has its own implementation procedure, but in Tanzania, they have not yet been

Net profits of 13 first tier banks in Tanzania in Q1 2023

Experts say the government has not denied such alternative financing instruments, but there have not been bold initiatives from the institutions to take advantage of such opportunities.

Speaking to The Citizen, a finance and banking analyst from the University of Dar es Salaam, Dr Tobias Swai, said financing sources such as social and development bonds have been active in Tanzania.

However, he said initiatives such as diaspora bonds have not been developed in the market.

“There have not been bold initiatives from the institutions to utilise such opportunities,” he said.

He added that neither the private sector nor government parastatals have developed projects that can attract such sophisticated funding sources. Dr Swai added that there is a need to create strong institutions in governance and ensure accountability of the funds, having quite good track records to protect the investors’ money.

“We’ve had several uncontrolled crowdfunding programmes, and proponents of such schemes have faced court charges for misappropriation of funds and failing to deliver on promises..”

According to him, the initiative to issue social bonds through semi-government-owned financial institutions such as banks is a good start.

According to him, projects such as Building a Better Tomorrow, which is currently undertaken by the ministry of Agriculture, may form an important start for initiating good projects to be funded by such financing instruments.

Last year, NMB Bank issued the Jasiri Bond, a type of social bond and the first gender-based financial instrument to list on the Dar es Salaam Stock Exchange and cross-list to the Luxembourg Stock Exchange. Commenting on that, an economist from the University of Dodoma (Udom), Dr Lutengano Mwinuka, said there is great productivity and opportunity for the government not only to save money but to implement small to large development projects.

He added that another unique opportunity is the high possibility of implementing projects, even those with a high risk for the government.

“We really need guidelines, systems, and a friendly environment for the implementation of these methods. Some of these methods have been mentioned in the implementation of the current Five-Year National Development Plan (2021/22-2025/26),” he said.

According to him, the speed of using these methods through public-private partnerships will help implement development projects in the country.

He cited the example of Ethiopia, which managed to build its electric dam only by using diaspora bonds.

An economist at Mzumbe University, Dr Daudi Ndaki, said crowdfunding is a revolutionary financial tool that has been transforming the landscape of entrepreneurial funding worldwide, and Tanzania is no exception.

The potential of crowdfunding in Tanzania is tremendous, with a booming population of young, tech-savvy individuals.

“The country is ripe for a surge in entrepreneurial activity,” he said.

“As Tanzania continues to foster its entrepreneurial ecosystem, crowdfunding platforms have a pivotal role to play. By providing a democratic, transparent, and accessible avenue for funding. They can propel a new generation of Tanzanian entrepreneurs towards success,” he insisted.

‘Cautions needed’

The principal economist at the Bank of Tanzania’s (BoT) Directorate of Economic Research and Policy, Dr Lusajo Mwankemwa, stated that the Bank, as an advisor to governments on fiscal policies and debt management, is also looking at all financing options, including the possibility of diaspora bonds. It is the bank’s obligation to explore and evaluate the viability and implications of all financing alternatives and to advise the government accordingly.

“I want to assure you that BoT, as a government advisor on economic and fiscal policies, has been critically looking at the issue of alternative financing because we have the responsibility to ensure that our customer, the government, is borrowing at affordable costs from both domestic and foreign markets for effective implementation of development projects,” he said.

Dr Mwankemwa stated that there is still a lack of awareness about the matter, but if the government decides to pursue the arrangement, the bank, in collaboration with other government agencies, will have to educate the people, particularly the diaspora community, so that all Tanzanians, including those who are outside the country, will have the opportunity to contribute to the development of their home country.

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Yetu Microfinance depositors move to NMB Bank

admin — Tue, 13 Jun 2023 10:00:01 +0000

Yetu Microfinance depositors move to NMB Bank

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admin Tue, 06/13/2023 - 10:00

Thursday, May 25, 2023

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The Citizen

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Yetu Microfinance depositors move to NMB Bank

Summary

This is the second time within two years that NMB Bank Plc is coming to the rescue of financial institutions that have had their operations suspended due to capital adequacy levels as the consolidation continues in the banking sector.

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Dar es Salaam. The depositors and other creditors of Yetu Microfinance Bank Plc will soon start accessing banking services through NMB Bank, thanks to a decision for the transfer of assets and liabilities by the banking sector regulator.

The Bank of Tanzania (BoT) announced on Tuesday that it was transferring the assets and liabilities of Yetu Microfinance Bank Plc to NMB Bank Plc as a formal resolution option for the suspended microfinance outfit.

In December, 2022, the BoT placed Yetu Microfinance Bank under statutory administration following the company’s failure to meet regulatory requirements regarding liquidity and capital adequacy.

BOT extends administration period of Yetu Microfinance

“To permit Yetu Microfinance Bank to continue with banking operations while under a state of shortage of liquidity and undercapitalisation is detrimental to the interest of depositors and poses a systemic risk to the stability of the financial system,” the BoT said in December last year.

As such, the BoT suspended the bank’s board of directors and management and appointed a statutory manager to manage the affairs of the bank. During the period, the bank was not permitted to open for normal business pending the determination of an appropriate resolution option.

And on Tuesday, the BoT said that, working in line with Section 59 (4) of the Banking and Financial Institutions Act, 2006, it had completed the process of determining the resolution option of Yetu Microfinance Bank Plc and transferred the assets and liabilities to NMB Bank Plc. “Depositors and other creditors of Yetu Microfinance Bank Plc will be informed in due course.

“Of course, how and when they will commence accessing banking services through NMB Bank Plc,” the BoT says, calling upon all borrowers to continue paying their maturing obligations as per the terms and conditions of the agreements.

This is the second time within two years that NMB Bank Plc is coming to the rescue of financial institutions that have had their operations suspended due to capital adequacy levels as the consolidation continues in the banking sector.

In March, 2021, the BoT also transferred all assets and liabilities of China Commercial Bank Limited (CCB) to NMB Bank Plc.

That came four months after the BoT took over and placed the CCB under statutory administration after it failed to meet regulatory requirements regarding capital adequacy.

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Government collects Sh8.6 trillion through NMB Bank

admin — Tue, 13 Jun 2023 08:00:01 +0000

Government collects Sh8.6 trillion through NMB Bank

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admin Tue, 06/13/2023 - 08:00

Sunday, May 28, 2023

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The Citizen

Original Article

Government collects Sh8.6 trillion through NMB Bank

Summary

NMB through its highly innovative financial solutions diligently serves the local authorities, central government and the whole country at large.

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Arusha. NMB Bank Plc said yesterday it has enabled the government to collect billions of shillings through its several digital finance channels with the government.

The publicly listed company is the first lender in the country to connect its systems to the government electronic payment gateway (GePG).

"Through several digital finance channels the government managed to collect revenues amounting to Sh8.6 trillion in two years from 2019,” said Alfred Shao, the bank's Chief of Wholesale Banking.

Government collects Sh6 trillion through NMB Bank

According to him, the collections through the GePG were facilitated by the recently introduced digital solutions such as NMB Mkononi, NMB Wakala and internet banking..

He revealed this when he announced the lender's Sh200 million sponsorship package to the 37th congress of the Association of Local Government Authorities Tanzania (ALAT) starting here today.

“It is through this top-notch creativity and technological investments that made us the first bank to connect our systems to the GePG and so far over 1,100 entities interact with the NMB digital revenue collection platforms,” he said.

He added that NMB through its highly innovative financial solutions diligently serves the local authorities, central government and the whole country at large.

The service has excelled most in that it led to increased collections of revenues from multiple-revenue generating sources..

Mr Shao added that the digital solutions applied have not only eased tax remittances to national coffers but also greatly helped to improve collection of the requisite taxes.

The bank has pledged to work closely with local government authorities and that this includes sponsoring its annual meetings.

This is the seventh time the bank is sponsoring the ALAT's annual general meeting, making a total of Sh.1.2 billion worth of sponsorship for all those years.

“We have been partners with ALAT in many national development endeavours for over seven years now and that’s why we also readily concurred to sponsor this year’s AGM when they sought our support.

“However, of utmost importance today is the announcement of our Sh.200 million sponsorship to help the organisation of this year’s congress,” he explained.

ALAT is made up of 184 local authorities and needs the money to finance construction and maintenance of a host of social services such as education, health,road and environment projects.

The key agenda of this year’s ALAT congress to last for three days is how improve infrastructure for better service delivery in local government territories in both Mainland Tanzania and Zanzibar.

ALAT vice chair Sima Costantine Sima said the lobby highly regards its commercial and developmental ties with NMB Bank, which have not only benefited the two organisations but also delivered immense value to the people they serve.

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Gains of Tanzania, India local currency trading

admin — Tue, 13 Jun 2023 07:00:01 +0000

Gains of Tanzania, India local currency trading

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admin Tue, 06/13/2023 - 07:00

Sunday, May 28, 2023

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The Citizen

Original Article

Gains of Tanzania, India local currency trading

Summary

To trade under this mechanism, Tanzanian banks will have to open SRVA in India by approaching authorised Indian banks that will, in turn, approach RBI for their approval with details of the arrangement, the statement further stated.

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Dar es Salaam. Tanzania and India can minimise reliance on major global currencies and foster stable and efficient trading environment by promoting trade in local currencies, stakeholders have said.

The stakeholders gathered in Tanzania recently for a consultation meeting organised by the Indian Institute of Chartered Accountants.

They discussed the implications of the Rupee Nostro Account System, following the recent announcement of both countries to commence trading in their respective local currencies.

How Tanzania trades with world's leading economies

One of the key advantages highlighted during the discussion was the reduction in dependency on hard currencies.

Stakeholders were upbeat that the system would alleviate the need for constant currency conversions and reliance on foreign exchange reserves.

Managing director of Bank of India in Tanzania, Mr Antaryami Sarangi, said the system offers immense potential for business entities, which can effectively manage their forex balances and mitigate exchange risks associated with volatile global currencies.

“The banking sector also stands to gain from implementing this system. Banks could facilitate importers by providing them with increased flexibility and reduced dependencies on hard currencies.

“This would streamline trade processes and enhance the overall efficiency of cross-border transactions,” he said.

Managing director of Bank of Baroda, Mr Aditya Narayan Singh, said the arrangment is likely to contribute to lower transaction costs, which would be beneficial to businesses of all sizes.

“By eliminating the need for constant currency conversions, settlement times can be significantly reduced and yield lower transaction costs,” he said.

Indian Deputy High Commissioner, Mr Shri Manoj Verma, expressed optimism on the prospects for the Rupee Nostro Account System and its potential in deepening economic ties between Tanzania and India.

“It will encourage trade partners to buy more goods and services from each other, thus giving incentive to domestic industry and exporters and generating employment and income,” he said.

Mr Verma said this could create an opportunity for local banks and businesses to enjoy payment transactions in domestic currencies.

In a press release posted on its website, the Indian High Commission in Dar es Salaam said the Reserve Bank of India (RBI) had cleared the way for trade using local currencies by allowing authorised banks in India to open Special Rupee Vestro Accounts (SRVA) in Tanzania.

To trade under this mechanism, Tanzanian banks will have to open SRVA in India by approaching authorised Indian banks that will, in turn, approach RBI for their approval with details of the arrangement, the statement further stated.

“Tanzania can conserve foreign exchange, and boost bilateral trade,” he said.

India and Tanzania have bilateral trade currently valued at nearly $4.5 billion, during an interview with The Citizen Indian High Commissioner to Tanzania Binaya Pradhan revealed that at the end of 2023, the trade volume is expected to cross $6 billion.

The Dar es Salaam (Tanzania) Chapter of the Institute of Chartered Accountants of India (ICAI) was formally inaugurated on January 13th, 2015 as the 26th overseas chapter of ICAI.

The Chapter conducts CPE programmes as per ICAI regulations and provides facilities for interaction amongst members by holding regular meetings and organising talks and lectures of professional interest and operates principally in Dar city.

The chapter has also signed and Memorandum of Understanding (MoU) with National Board of Accountants and Auditors (NBAA)Tanzania in September 2018, where as a part of MoU Implementation, they assisted NBAA is reviewing their syllabus and course contents with ICAI New Delhi.

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CRDB Bank opens two new branches in Lindi Region

admin — Tue, 13 Jun 2023 06:00:01 +0000

CRDB Bank opens two new branches in Lindi Region

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admin Tue, 06/13/2023 - 06:00

Tuesday, May 30, 2023

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CRDB Bank opens two new branches in Lindi Region

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Kilwa. CRDB Bank Plc has opened two new branches in Lindi to bring its services closer to the people. This brings to 251 the number of the bank’s outlets across Tanzania.
Gracing the launch of the CRDB Bank’s branch at Kilwa, Lindi Regional Commissioner, Ms Zainab Telack commended the initiative, saying it was a huge boost in the attainment of Tanzania’s financial inclusion agenda.
She said the banking sector was crucial for Tanzania’s development. “The increase in the number of people who have bank accounts would make it easy for the government to know the number of Tanzanians making use of the money in circulation,” she said.
CRDB Bank’s Director of Human Resources, Mr Godfrey Rutasingwa, said the lender offered a number of services across its branches meant to empower Tanzanians economically.
“For now, we have the iMbeju programme which helps women and youths with their capital needs. Over Sh5 billion has been set aside for the programme and it is bound to rise depending on the need,” he said.
Launched in October, 2022, iMbeju is the brainchild of CRDB Bank Plc in partnership with the Information and Communication Technologies Commission (ICTC) and the National Science and Technology Commission (Costech). It is meant to help Tanzanian youth and women with financing needs for their various projects, including information and communication technology (ICT) projects.
He also detailed a number of financing options that the bank was offering to individuals and groups, including in trading and agriculture among others.

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TBL’s pre-arranged deal boosts DSE turnover by Sh4.7 billion

admin — Tue, 13 Jun 2023 01:00:01 +0000

TBL’s pre-arranged deal boosts DSE turnover by Sh4.7 billion

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admin Tue, 06/13/2023 - 01:00

Tuesday, May 30, 2023

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TBL’s pre-arranged deal boosts DSE turnover by Sh4.7 billion

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Dar es Salaam. Turnover at the Dar es Salaam Stock Exchange (DSE) rose by 23 percent last week, thanks to a Sh4.7 billion pre-arranged deal by foreign investors at the Tanzania Breweries Ltd counters.

The deal that involved 790, 000 shares was settled on Friday, May 26, 2023, at Sh6,000 per share, a discounted price as TBL market price stood at Sh10,900 per share.

With the deal, the turnover jumped to Sh4.9 billion from the preceding week’s Sh3.9 billion.

According to Zan Securities Limited, the deal saw TBL accounting for 96.6 percent market share of last week’s trading activities as Twiga Cement and CRDB Bank Plc held 1.49 percent and 0.76 percent of the market turnover, respectively.

Zan Securities’ chief executive officer, Raphael Masumbuko, said in the stock market, sectors such as banking, finance, and investments continue to display robustness and present potential investment prospects.

“The market outlook for the coming weeks appears cautiously positive. While challenges and risks persist, the overall economic environment remains favourable, supported by solid corporate earnings,” he said.

Experts anticipate a forthcoming shift in investor preferences towards fixed-income securities as several counters enter the ex-dividend period.

Last week the market also experienced bullish movements as two counters experienced price gains.
Self-listed DSE led the gainers with a notable increase of 5.56 percent, closing at Sh1, 900 per share. Twiga Cement observed a gain of 0.49 percent per share, finishing the week at Sh4, 120 per share.

On the losing side, Swissport witnessed a decline of 8.54 percent in share price, consequently, it closed the week at Sh1, 500 per share.

Analysis by Vertex International Securities Ltd showed that in the secondary market, the investor's activities continue to surge surpassing Sh100 billion.

The weekly outlook by the brokerage firm showed that there were a total of 48 deals from the Treasury Bond segment last week, recording a turnover of Sh191.63 billion.

Most Turnovers were contributed by the 20-Year Treasury Bond recording 62.08 percent of the market turnover, followed by the 25-Year Bond recording 23.13 percent, and the 10-Year Bond 10.98 percent.

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