Sumitomo Mitsui Financial Group Inc., a Japanese bank, has stated that it is not providing financing for an oil pipeline project in East Africa, joining the ranks of financial institutions distancing themselves from the controversial venture. During a media briefing on Tuesday, Chief Sustainability Officer Masayuki Takanashi clarified the bank’s position, saying, “We are not...
Tanzania’s President Samia Suluhu Hassan has witnessed the signing of agreements that will provide telecommunication services to 8.5 million people who currently have no access to network services. Under the state-run Universal Communications Service Access Fund (UCSAF), five telecommunication companies will partner with the government to build 758 new towers worth Sh265.3 billion in 713...
The personal Doctor of Bernard Membe’s family, Profesa Harun Nyagori, has clarified the cause of the veteran politician’s death, stating that he was not killed but died due to a sudden lung infection that caused blood clotting. According to the doctor, Membe’s death was attributed to an infection of the respiratory system. Profesa Harun Nyagori...
Tanzania’s foreign currency reserves have decreased from $5.581 billion in March 2022 to $5.012 billion in March 2023. This decline can be attributed to various factors, such as the ongoing war in Ukraine and the effects of the COVID-19 pandemic, which have significantly impacted global commodity prices. In addition, the country’s current account deficit has...
China is reportedly taking over financing the East African Crude Oil Pipeline (EACOP) project as major lenders withdraw due to pressure from climate activists to abandon the project. The project, which involves the construction of a 1,443 km crude pipeline from western Uganda to the Indian Ocean coast of Tanzania, has faced delays due to...
External Sector Performance The economy’s external sector was still affected by the lingering impacts of previous shocks, such as the Ukraine war and the Covid-19 pandemic, which greatly affected global commodity prices. This resulted in a significant increase in the current account deficit due to high import costs. The balance of payments also showed a...
Cryptocurrency has become an increasingly popular topic in recent years, particularly among the youth. While some have embraced this new form of digital currency, others remain skeptical or hesitant to engage with it. However, young people must understand cryptocurrency and its potential impact on the economy and society. Firstly, cryptocurrency can potentially revolutionize how we...
A pastor of a Kenyan church, Ezekiel Odero, has been arrested in Malindi over suspicions of deaths at his church. This comes as police widen their investigations following dozens of deaths linked to a cult leader, Paul Mackenzie Nthenge. The head of the New Life Prayer Centre and Church was arrested for allegations of the...
The aviation industry in Tanzania is set to experience a boost in flight frequencies and cargo volume in 2023, following an improved business environment over the past years, according to Swissport Tanzania’s latest outlook. The company’s CEO, Mrisho Yassin, said that the ground handling and cargo handling segments have fully recovered from the COVID-19 impact,...
Mobile money services are growing faster than previously anticipated worldwide, particularly in Africa, according to the annual State of the Industry Report on Mobile Money 2023 by the GSMA, funded by the Bill and Melinda Gates Foundation. The report reveals that the adoption rates are even quicker than predicted, with registered mobile money accounts growing...