Kenya will lower the tax benchmark applied to consolidated cargo imports and scrap a disputed advance cargo declaration requirement, the Ministry of Investments, Trade and Industry said on Tuesday, following talks between President William Ruto and traders over rising import costs. The changes come after weeks of friction between small and medium-sized traders and the […]
Read MoreTanzania has launched a grant fund offering up to 30 million Tanzanian shillings ($11,700) to selected women- and youth-owned or led businesses, with applications opening across mainland Tanzania and Zanzibar. The MSME Impact Grant Fund (IGF), established by Financial Sector Deepening Tanzania (FSDT) with funding from the European Union, is designed to help high-potential small […]
Read MoreThe African Development Bank and AXIAN Group have launched a digital finance programme targeting more than 34,000 women-led businesses across five African countries, seeking to expand access to finance, digital tools and business support. The programme, announced on Wednesday, will use AXIAN’s digital financial services platforms, Mixx and MVola, to provide financial products, digital lending, […]
Read MoreTwenty-one banks and financial firms, including Bank of America, Citigroup, Goldman Sachs and Wells Fargo, said on Tuesday they plan to form a company to issue a U.S. dollar-pegged stablecoin, joining a growing race among major lenders to enter digital-asset payments. The group said in a statement that it intends to establish the new venture […]
Read MoreVUKA Group said on Wednesday it has partnered with African Infrastructure Elites to expand the reach of its Project & Investment Network, a platform aimed at connecting African power, energy and water project developers with financiers and investors. The Project & Investment Network, known as P&IN, was created by VUKA Group to give project owners […]
Read MoreKenya Airways said on Tuesday that Captain George Kamal had resigned as acting Group Managing Director and Chief Executive Officer for personal reasons, and named company secretary Habil Waswani to take over the role on an interim basis from Sept. 15. The East African carrier, commonly known as KQ, said in a public announcement that […]
Read MoreThe International Monetary Fund and Senegal reached a staff-level agreement on Monday for a $2.2 billion loan programme, a step toward restoring financial support suspended in 2024 after the West African nation admitted to under-reporting its public debt. The IMF said the deal covers a 36-month arrangement under its Extended Credit Facility (ECF), worth about […]
Read MoreBitcoin held near $77,600 on Monday as renewed U.S.-Iran military tensions pushed oil prices higher and U.S. stocks lower, showing limited reaction to the latest geopolitical escalation. The Bitcoin price was around $77,580 during Asian trading hours, little changed from midnight UTC, according to CoinDesk. The cryptocurrency had nevertheless gained about 23% in August, outperforming […]
Read MoreBK Group Plc said on Monday it had completed the sale of its entire stake in BK General Insurance Ltd to the Rwanda Social Security Board for 31.7 billion Rwandan francs ($22 million), as the Kigali-listed lender narrows its focus to banking and investment services. The Kigali-based financial group, which trades on the Rwanda Stock […]
Read MoreEast African Cables Plc, the Nairobi-listed cable manufacturer under administration, said on Monday it would delay publication of its interim results for the six months to June 30 until no later than October 31, citing an ongoing administration process and a share purchase transaction. Company Secretary Virginia Ndunge said in a statement that the delay […]
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