Latest updates and news from the Economy world.

  • E-commerce site Jumia is no longer in Tanzania. Jumia closed shop in the country in order to focus operation in other markets. This cuts its reach to just 12 countries in the continent.
  • Kenya has signed an international agreement to fight schemes being used by multinational firms to dodge taxes. The country signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting that will see it collaborate with 90 other countries to end tax cheating among multinationals.
  • As the festive season spending gains momentum, users of Airtel money services have got an additional solution on the platform to use – international money transfer services. The new service launched on 14 November and will enable users of Airtel money to send and receive money from their loved ones living in other countries. It is being offered in partnership with Stanbic Bank as the partnering financial institution and has been endorsed by Bank of Uganda.
  • The United Nations Conference on Trade and Development says Malawi continues to perform well on tax reforms and dealing with debt. In its 2019 Least Developed Countries (LDCs) Report, Unctad said Malawi stands out among nine LDCs in taxation reforms.
  • Ministry of Industry, Trade and Tourism has urged the Malawi Gaming Board to ensure that they double earnings from foreign companies operating gaming businesses in the country to reflect the proceeds they are making.
  • Total SA’s giant Mozambique gas project will get a USD 400 million loan from the African Development Bank, adding to its list of backers as the country works to establish a fuel-export industry. The AfDB joins a global syndicate of commercial banks, development finance institutions and export credit agencies to provide senior debt financing for the project.
  • Jubilee Holdings is splitting its insurance businesses to increase efficiency and management focus, with the company creating two new subsidiaries to house medical and general underwriting business. Operations of the Nairobi Securities Exchange-listed firm has been run under its fully owned subsidiary Jubilee Insurance Company of Kenya Limited.