Uganda: URA to Collect $280m From Cargo Clearing Programme

Without breaking a sweat, the customs department at Uganda Revenue Authority (URA) is guaranteed of slightly more than a trillion shillings ($280m) in revenue from companies it has enrolled in the Authorised Economic Operator (AEO) programme. The AEO is generally a trade facilitation initiative which the tax body uses to ease trade by simplifying and […]

Bank of Tanzania looking to increase depositors protection from $660

THE Bank of Tanzania (BoT) is considering to review deposit payoffs after when a bank collapses to ensure depositors get more from their deposits. The central bank, through Deposit Insurance Board (DIB), currently pays a maximum amount of 1.5m/- per depositor if a bank goes under. The amount was last reviewed eight years ago. The […]

Uber launches a new lower-priced service called Chap Chap in Nairobi

Uber launches a new lower-priced service called Chap Chap in Nairobi

Uber has launched a new, lower-cost service in Nairobi called Uber Chap Chap . Made possible by using a fleet of fuel-efficient budget sedans, Uber Chap Chap (Swahili slang for “hurry, hurry”) is currently available in several areas of the Kenyan capital, including its central business district. Uber, which began testing the service at the […]

Uganda: Major Restructuring at Central Bank linked to major bank collapse

On Wednesday, Uganda central bank Governor Emmanuel Tumusiime-Mutebile announced major changes within the top structures of the bank. He retired Justine Bagyenda, the long serving executive director in charge of supervision, five months before her retirement, and reshuffled 24 members of staff. A statement from Bank of Uganda (BoU) said Ms Bagyenda — who was […]

BAT wins first round of tax battle with Uganda as East African Court of Justice slaps down taxes on Kenyan imported cigarettes

Cigarette maker British American Tobacco has won the first round in what promises to be a bruising tax battle against the Ugandan government. The East African Court of Justice (EACJ) has issued an interim order stopping the Uganda Revenue Authority (URA) from imposing excise duties on BAT cigarette imports from Kenya. The company in August […]

Kenyans own over 50% of USE’s capitalization

Kenyans own over 50% of shares on Uganda Stock Exchange, where are the local investors?

National Social Security Fund of Uganda has the most influence in the counters closely followed by Aga Khan Fund for Economic Development. Contrary, the top three firms are Ugandan based firms. New Vision Limited, National Insurance Corporation, and Uganda Clays Limited lead the charts respectively. These might not have the highest market caps but these […]

Kenya’s low risk debt window under threat, say economists

Kenya’s short term debt binge may hurt long term credit standing

The Treasury should negotiate for longer debt repayment terms going forward, economists have said, warning that piling borrowing costs pose a major threat to the country’s low risk of default. For the current financial year ending in June, about Sh658.22 billion has been budgeted towards serving the ballooning debt, which is estimated to have crossed […]

Stanbic urges State to develop industrial strategies for growth

Stanbic urges State to develop industrial strategies for growth

Kenya has been challenged to start strategising on how to establish an industrial policy that will drive economic growth rather than focus on starting new infrastructural projects. According to Stanbic Bank Economic Outlook, there is urgent need for government to emphasise industrial policy rather than persisting with a policy focus on attracting financing for the […]

WEEKAHEAD-AFRICA-FX - Tanzanian, Ugandan shillings to stay firm, naira to weaken

WEEKAHEAD-AFRICA-FX – Tanzanian, Ugandan shillings to stay firm, naira to weaken

The Ugandan and Tanzanian shillings are expected to hold their ground against the dollar in the next week, while Nigeria’s naira is forecast to weaken, traders said. KENYA The Kenyan shilling is expected to hold steady due to thin market activity ahead of the holiday season. Commercial banks quoted the shilling at 103.05/15 against the […]