News and Updates | Business and Economy Sector

  • The Ethiopian national resource mobilisation committee, which was established by the Prime Minister Dr Abiy Ahmed this week, yesterday began its task of coordinating efforts of gathering financial and non-financial materials for coronavirus (COVID-19) emergency preparedness.
  • Distressed borrowers on NCBA Group mobile lending platform, M-Shwari, have been handed a month’s relief on late payment penalty. This is as a result of the economic effects of measures Kenya has taken to contain the spread of coronavirus in the country.
  • The National Post Office, famously known as Iposita locally, will now leverage its foothold in the market to deliver essential products to people in the City of Kigali, most of whom are locked down at home. Iposita is an established logistics company, specialising in providing postal services.
  • Ugandan spirits manufacturers have agreed to convert 7.3 million litres of ethanol into hand sanitisers to fight the spread of Covid-19 in the country. The pronouncement was made on Monday by the State Minister for Investment, Ms Evelyn Anite in a meeting with the leadership of Uganda Manufacturers Association and Spirits Manufacturers in Kampala.
  • Equity Group has got the green light to acquire a KES 10.9 billion (approx. USD 105 million) controlling stake in the top bank in the Democratic Republic of Congo, in a deal that will deepen its influence in the populous Central African country. The clearance paves the way for Equity to finalise the transaction that will see it get 66.53 percent stake in Banque Commerciale du Congo that has 29 branches.
  • Online marketplace Jumia has stopped the use of cash for payments. Jumia said it had witnessed brisk activity fuelled by a rising number of shopping requests for essential products bought and delivered directly to homes. Chief executive Sam Chappatte said all customers must pay via mobile money or bank cards via JumiaPay platform.
  • Botswana retailer Choppies Supermarket has put up for sale its retail equipment and property in Kenya weeks after scaling down local stores from more than 15 to 2. The retailer, which did not specify in regulatory filings Friday how much it expects to fetch, said proceeds will help to retire some of its debt.
  • In a bid to control the spread of Coronavirus, Rwanda Bankers Association has instructed that all banks to no longer allow third party cheque payments for the next three months. The decision of the association comes at a time when banks have taken individual measures to avoid more Coronavirus infections by asking clients to keep a one meter distance between each other but continued receiving cheque payments including third party payment orders.
  • Uganda, Rwanda and parts of the Democratic Republic of Congo are staring at a possible fuel shortage after Kenyan tax authorities impounded hundreds of trucks that ferry fuel to the landlocked neighbouring countries. The Kenya Revenue Authority (KRA) impounded the trucks in the past one week, demanding tax arrears dating back to 2015. More than 200 trucks loaded with export fuel destined for Uganda, Rwanda, Burundi, South Sudan and parts of the DR Congo are grounded at the Eldoret and Kisumu fuel depots after KRA issued letters to transportation companies demanding taxes amounting to USD 7.2 million.