Home


    
   

                                                           Tanzania - the investment portfolio! 
Associated 
Websites  

http://www.worldtradecabin.com/

http://www.economyofkenya.com/

http://www.ugandaeconomy.com/


http://www.burundieconomy.com/



    Product &               Services

Tanzania Investment Centre (TIC) 












 
10,932 visitors and 24,631 pages viewed since 28 August 2013 - source: Google Analytic

see Media for the source


TCRA sets June 16 as deadline for fake smartphones
The Tanzania Communications Regulatory Authority (TCRA) has ordered that all counterfeit smartphone handsets and others that do not comply with their IMEI numbers will no longer work after June 16, being the authority's efforts to curb crime and misuse of the gadgets since most fake phones can operate by stealth, escaping detection.Mr Julius Mairu, who sells phones in Arusha admits the old phones are selling like hot cakes, while the prestigious smartphones sales have stagnated. "People wrongly believe that all smartphones will cease to operate in mid-June," he said.Surveys conducted around the city has revealed that, fearing to be blocked out, many residents of Arusha have opted to return to old feature phones. There are others who are ditching their smartphones simply because they are from unknown brands even though they could be genuine.Read more
Permanent Secretary in the Ministry of Industry, Trade and Investment Adelhelm Meru: Industrial sector will be contributing 15 percent of Tanzania’s GDP
The industrial sector will be contributing 15 percent of Tanzania’s GDP, as the East African nation takes advantage of China’s industrialization drive by investing in value-addition,Permanent Secretary in the Ministry of Industry, Trade and Investment Adelhelm Meru, said.The  declaration by a senior government official that Tanzania would get the lion’s share of a $20 billion fund set up by China to help African countries to industrialize is the signifier of the strong ties between the two countries.China is one of Tanzania’s biggest trading partners and an increasingly important source of development funds and foreign direct investments. The value of Sino-Tanzanian trade surged to about $2.6 billion from negligible levels.The country is implementing phase one of its economic blue print, which began  titled Unleashing Tanzania Growth Potential. Read more
Prof Humphrey Moshi of the University of Dar es Salaam: Economists give cautious welcome to Dangote cement price slashing
Economist have described the cement price reduction by Dangote Cement as the right move which will benefit consumer and stimulate construction works necessary to boost growth.Speaking to the Daily News, in an interview, they gave a cautious welcome to the news about cement price reduction, saying it was good to consumers and the construction industry, at least in the short-term basis when “all other things being equal.”However, they also cautioned over long-term effect that the move may be inimical to growth of the cement sub-sector. “All in all, it is a good move as it will help many people to erect permanent structures and stimulate the construction sector,” said Prof Humphrey Moshi of the University of Dar es Salaam.He said it was good that the cement industry was witnessing price decline due to growing competition after the entry of new players.Read more
Minister for Health, Social Welfare, Gender, Seniors and Children Ummy Mwalimu: Local cigarette firms warned for violation of tobacco regulations
As the World marks Tobacco Day, some local cigarette companies are still in violation of laws and regulations while others have started complying.Some of these companies are still promoting and advertising their tobacco products in total disregard of the Tobacco Products Regulations.The Government has admitted laxity in the area and has vowed to deal with all those in violation of regulations despite the ministry’s communication to all cigarette manufacturers through a public notice issued.Speaking about these violations, the Minister for Health, Social Welfare, Gender, Seniors and Children Ummy Mwalimu, expressed her disappointment over the violation and said her ministry will from now not spare any violators.“I understand that there are challenges with regards to strict enforcement of tobacco regulations. We are putting in place a mechanism for strict enforcement of the regulations. Read more
Orbit Securities General Manager, Juventus Simon: Dar bourse IPO plans whet investors’ appetite
The Dar es Salaam Stock Exchange initial public offers is expected to hit a jackpot as both short and long term investors have already shown insatiable appetite.Some stockbrokers said as the IPO, demand for the bourse shares started to soar and they expect to sale thrice the amount sold in the exercise.Orbit Securities General Manager, Juventus Simon said the demand since day one of IPO was good after the would-be-investors understood the bourse revenue generation philosophy.“They (investors) have understood well DSE’s income philosophy. The selling trend is going at pleasing pace,” Mr Simon said “we expect good subscription.” Orbit Securities is the sponsoring broker of the IPO that paves the way for the demutualisation process.DSE will be the third exchange in Africa to self-list after Johannesburg and Nairobi. Mr Simon said many investors failed to understand income source of DSE thinking it may raise conflict of interest with other listed firms.Read more
BOT: Shilling retreats but on track for gain
The shilling has gone down by slightly over 30/- against the US dollar since the beginning of the year to . It stabilized due to an increase in dollars inflow from exports which eased pressure on the local currency.The shilling opened the year trading at 2,161/46 but as it closed the session exchanging at 2,192/86 a greenback, which was a gentle slide. The Bank of Tanzania data showed that since the beginning of this month, the shilling went down by less than 1/- from 2,191/09 to 2,192/86.On foreign exchange market the shilling stood firmly to close the session at 2,177/2,207 levels due to the month end dollar flows. On day-to-day basis the shilling, according to CRDB, held steadily as it matched demand and supply in the market. Read more
TBL to construct US$ 50m malting plant in Iringa
The TBL Group has announced plans to construct a US $50 million (about 109bn/-) malting plant in Iringa Region to cater for increasing demand of malt at the Dar es Salaam and Mbeya Breweries.
According to the Managing Director of the Group, Mr Roberto Jarrin, the company has been spending 31bn/- each year to import 19,000 tonnes of malt, a key ingredient in manufacturing of beer. “At present, we are still discussing with the government on the possibility of granting us excise duty remission for locally sourced raw materials, particularly malt.“If the government gives us a green light on the remission the project will take 18 months to accomplish,” Mr Jarrin told journalists in Dar es Salaam when presenting an overview of the company’s performance and the outlook. Read more 
Twiga Cement shareholders get 15pc rise in dividends
Tanzania Portland Cement Company (Twiga Cement) has announced a dividend increase of 15 per cent per share. Twiga Cement, listed on Dar es Salaam Stock Exchange, announced during its Annual General Meeting held in Dar es Salaam that the dividend had risen from 267/-to 306/-. The surge was the results of profit going up to 56.2bn/- despite depreciation of the shilling that had an impact on fuel, spares and quarry services.The Twiga Cement Managing Director, Mr Alfonso Rodriguez, said the year for consolidation for the company with especial focus on management control and cost reduction. “Focus on management control and cost reduction has led to an increase of net profit by three per cent,” Mr Rodriguez said in his presentation. Read more
AfDB approve USD120m credit to support infrastructure and SMEs in Tanzania
The African Development Bank (AfDB) approved a USD120m Line of Credit (LOC) for Tanzania to finance infrastructure and SME projects. The LOC is allocated to CRDB, the largest commercial bank in Tanzania, which supports various sectors such as power, manufacturing, agriculture and SMEs. By leveraging CRDB’s branch network and agents, the LOC will increase lending to SMEs and women enterprises in both urban and rural areas to create more jobs and to promote inclusive growth for Tanzania’s economy, the AfDB indicates. The LOC will also stimulate regional trade and promote regional integration through expanding capacity of the country’s port and airport, which in turn will stimulate tourism and government revenues. Tonia Kandiero, AfDB’s Resident Representative in Tanzania, when in conversation with TanzaniaInvest, said: “With its geographical location, peace, and political stability, the commitment of Tanzania to regional integration will position the country as a very important player in the economy of Africa in the near future.”Read more 
CRDB plan measures to cut Bbad debt ratio
CRDB Bank is putting emphasis on consolidating improvements made on credit risk management processes to further reduce non performing loans. The bank said the emphasis was to lower NPLs that stands at 6.4 per cent to less than 5.0 per cent of industrial benchmark. CRDB Bank Managing Director Dr Charles Kimei said the bank continued focusing on achieving operational effectiveness and customer experience while maintaining its core business model. "We will keep on investing our resources, time and expertise in improving our service delivery standards while constantly upgrading our alternative banking channels," Dr Kimei, said in a statement.The bank envisaged to achieve the results by being more innovative and exploiting and aggressively executing on new business. Read more
Mwanza Regional Commissioner Mr John Mongela: 500 tonnes of sugar arrive in Mwanza
The much awaited consignment of 500 tonnes of sugar have arrived in Mwanza from Kagera Sugar Limited (KSL) expecting to reduce the shortage of sugar now experienced in many parts of the region.The arrival of the consignment was confirmed to the reporters here by the Mwanza Regional Commissioner (RC) Mr John Mongela who said the commodity will be sold using indicative price of 1800/- as directed by the government.He said the sugar, was bought by the City based businessman, Mr Pravin Shah who will sell it to both large and medium scale distributors who will then sell it to the public through retail shops. “We have already received 500 tonnes of sugar from Kagera Sugar Limited, which will be supplied by Mr Shah. Read more
MOITI: Tanzanians urged to get ready for TFTA
Local traders have been advised to get prepared to grab great opportunity as negotiations for Tripartite Free Trade Area (TFTA) agreement between COMESA, SADC and EAC are on top gear.The TFTA is Africa’s largest free-trade zone, covering 26 countries in an area from Cape Town to Cairo. It comprises of three largest regional economic communities (RECs) in Africa namely the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC), and the Southern African Development Community (SADC).The Permanent Secretary (PS) in the Ministry of Industry, Trade and Investment, Prof Adolf Mkenda, made the revelation in Dar es Salaam yesterday, saying the agreement would increase the scope of market.Read more
Govt wants financial institutions to help in industrialisation drive
The government wants financial institutions to increase financing of the manufacturing sector as a way of supporting President John Magufuli's industrialisation agenda.Bank of Tanzania figures show that the manufacturing sector mostly comes in the third position with regarding to areas that receive the most credit from financial institutions.Trade comes first while personal activities come second as the manufacturing sector occupies the third position.The government says with industrialisation high on the national development agenda - as outlined in the second Five Year Development Plan (FYDP II) - commercial banks must also direct their efforts towards giving out increased loans to the manufacturing sector. Read more
DSE: Dar bourse expects hefty profit in 2017
Dar es salaam Stock Exchange (DSE) is expecting a hefty profit as the performance and activities of the bourse continues to increase.The bourse wants to raise 7.5bn/- through initial public offer, and the projections suggest the profit will cross 2.0bn/- mark. DSE Chief Executive Officer, Moremi Marwa, told the ‘Daily News’ that the projections of the remaining nine months of this year suggest a profit of 1.4bn/-.“We anticipate a profit rise next year… since prospects are good,” Mr Marwa said, without mentioning the actual estimated profit figure. DSE, posted a profit of 1.94bn/-, while the bourse registered a net income of 1.74bn/- and revenue was 3.41bn/-. DSE assets are projected to grow by 130 per cent from 6.9bn/- recorded. Read more
Zantel invests US$10 million for network modernization
Zantel, a leading telecom operator in Zanzibar, has invested 10 million US Dollars for its network modernization, 4G LTE expansion, as well as network capacity and quality improvements.The network modernization will involve complete overhaul of the system by replacing network equipment with brand new ones. This will significantly improve customer experience.Speaking with business journalists here, Zantel Chief Executive Officer, Benoit Janin said that the improvement of the quality of service for voice and internet in Zanzibar was the priority number one for the company. ‘‘Zantel has now embarked into a complete new journey, with the aim of reinforcing our leadership position and the innovation spirit in the islands,’’ said Mr Janin. He noted that Zantel has already started to yield positive results from its network optimization initiatives in most locations in Zanzibar.Read more
Tanzania Agricultural Development Bank to charge 7-12% interest rate on loans
The Director of Planning, Research and Policy of the Tanzania Agricultural Development Bank (TADB), Francis Assenga announced that the bank will issue over 1m loans to Tanzanian farmers with interest rates between 7 and 12%. The aim is to support the Second National Development Plan of the Tanzanian Government which aims at industrializing the country by targeting agro-processing as a priority. The loans аre intended to provide funds to small, medium and large farmers, including those who have no access to credit due to lack of collateral, Assenga explained.The bank targets to have worked with farmers involved with maize, cashew, sugarcane, sunflower, fish farming, vegetables, spices and the likes, the Managing Director of TADB, Thomas Samkyi explained in an exclusive interview with TanzaniaInvest.com. Read more
Govt asks for Sh4.8 trillion to improve infrastructure
The government tabled a Sh4.8 trillion grand plan to improve infrastructure during the fiscal year, of which Sh700 billion will go towards the purchase of new aircraft and improvement of airports.This is in accordance with the budget estimates tabled by the minister for Works, Transportation and Communication, Prof Makame Mbarawa. The amount, which the minister asked the Parliament to approve as development allocation for his ministry, is equivalent to 46 per cent of the national development budget for financial year pegged at Sh10.5 trillion.Prof Mbarawa asked the money for, among other things, the construction and rehabilitation or roads, railways, airports, ports, bridges, ferries, buying of new aircrafts for Air Tanzania Company Limited (ATCL and improvement of institutions under the ministry.Read more
Chinese, Vietnamese eye projects in tobacco industry
Talks are underway between the government and investors from Vietnam and China to put up investment projects in tobacco processing and cigarette manufacturing.Trade, Industry and Investment minister Charles Mwijage told the National Assembly that the government is on the right course to bring such investors to engage in production of cigarettes and also to set up tobacco processing factories in regions where the crop is grown.The minister was responding to a basic question from Tabora Urban Member of Parliament Emanuel Mwakasaka (CCM) who wanted to know government's plans to set up a tobacco processing factory in Tabora region.The MP argued that despite being a leading tobacco producer, Tabora Region has for many years lacked a factory to process the cash crop. In response, the minister said that it is the commitment of the Fifth Phase Government to ensure that every region has a factory depending on crops produced in that particular area or other economic activity.Read more
Revenues from extractive industries on the increase
It was reported that government earnings from the extractive industry surged from 956 billion/- in to 1.221 trillion/- during the fiscal year which was according to findings of a report by the Tanzania Extractive Industries Transparency Initiative (TEITI).The outgoing Chairman of TEITI, Judge (Rtd) Mark Bomani, noted with concern that the country could earn more from the lucrative industries if the government had implemented recommendations by the presidential commission which he chaired.Some of these recommendations included the royalty paid by mining companies should be increased from 3 to five per cent but the government reluctantly settled for 4 per cent of gross revenues rather than net profits as previously pegged. Read more
DSE targets U.S.$3.35 million as it opens sale of own shares
The Dar es Stock Exchange (DSE) has started selling its shares to the public as part of a wider regional capital markets reform programme seeking to improve corporate governance and boost activities on the East African bourses. DSE is offering 15 million new shares to the public at a price of Tsh500 ($0.22) per share, with plans to raise a total of Tsh7.5 billion ($3.35 million) upon full subscription.The proceeds of the share offer will be used to upgrade the bourse's core operating system, introduce new products and services and finance the company's day-to-day operations.The new shares will be self-listed and start trading on the DSE.According to the offer's prospectus DSE's demutualisation (transfer of ownership from members to shareholders), capital raising and self-listing is in line with Tanzanian government's intention to strengthen the private sector to be able to play a key role as the engine of economic growth and social-economic development. Read more
Dar Gets 14bn/ - Fine paid by Standard Bank over bribery flaw
The United Kingdom (UK) has transferred to Tanzania 7 million US dollars (more than 14bn/-) fine that Standard Bank paid as a result of its failure to prevent bribery, British High Commissioner to Tanzania Dianna Melrose confirmed.The compensation was paid following the ruling by the British High Court in London  over 6 million USD (about 12bn/-) bribery scandal in a treasury bond deal sealed involving the London-based Standard Bank. Read more
SSRA drafts guidelines to protect pension members
The Social Security Regulatory Authority (SSRA) has prepared the Social Security Scheme Administrative Expenses Guidelines, 2016, which intend to protect the interests of members, including improving their benefits.According to SSRA Director General, Ms Irene Isaka, the guidelines also give directives on the limitation of administrative expenses while stating that the benefit scheme should be allocated its own funds so that activities undertaken by pension funds do not affect the schemes’ routine income.Ms Isaka said in an interview that there were important issues in the released guidelines, including directing the social security schemes to have a policy guideline on operational costs.She also directed the pension schemes to make regular follow-ups of members’ contributions from employers, calling for timely remittance of statutory deductions of contributions by employers.Read more
TRA loses 3.6bn/- tax payment appeal
The Court of Appeal has dismissed the appeal lodged by Commissioner General of the Tanzania Revenue Authority (TRA) for 3.6bn/-tax payments by Pan Africa Energy (Tanzania) Limited over natural gas activities at Songosongo gas fields in Lindi Region.Justices Nathalia Kimaro, Katherine Oriyo and Augustine Mwarija ruled in favour of the company dealing with exploration, production, distribution and marketing of natural gas and operating gas processing plant for Songas Limited under operatorship agreement, after observing that the TRA appeal lacked merits.The controversy in the matter relate to analysis of samples obtained from drilled wells at Songosongo and all the service providers who were paid by the company for the period in dispute are residents of United Kingdom (UK) and performed the services in the UK. Read more
TRA: Bigger tax burden beckons in the financial year
A huge tax burden is lurking in the shadows and may affect Tanzanians adversely during the next financial year, due to what critics within and outside Parliament claim is the consequence of the government's failure to tap onto new potential revenue sources.Unless the government moves fast to diversify the sources, they say, continuous reliance on the traditional ones to raise Sh15.1 trillion to finance the Budget will be an uphill task.The 'Financial Statement and Revenue Estimates' submitted to the National Assembly by the government points to increments in some taxes which will enable the Tanzania Revenue Authority (TRA) to meet its projected collection target of Sh15.1 trillion for the next Budget. TRA has set for itself the ambitious goal of exceeding by almost 22 per cent in 2016/17, the projected Sh12.3 trillion collection for the financial year that is nearly ending , through the same sources. Read more
DSE’s initial offer staged for oversubscription
Dar Es Salaam Stock Exchange (DSE) initial public offer (IPO) that seeks to raise 7.5bn/- kicked off yesterday amid experts’ anticipation for full or oversubscription.The bourse, scheduled for self-listing at the main investment market, wants to off load 30 per cent of its total shares to the public.The primary offer allows local and foreign investors to buy 15 million shares at 500/- each and 10 per cent green shoe option, meaning that in case of oversubscription, the firm may collect up to 8.25bn/-.DSE Chief Executive Officer Moremi Marwa, announcing the IPO take off in the city, said that the process is geared to demutualise and raise capital, hence increase transparency and efficiency.“The issue of conflict of interest has been taken care of as when it comes to regulating DSE, the regulator (CMSA) will appoint a member to seat at the board,” Mr Marwa said. Read more
Swissport cargo volume drops seven per cent
Swissport Tanzania suffered a business decline this year, with import cargo volume dropping by seven per cent as the economy adjusts to new cost cutting measures. Swissport, the largest passengers and ground handling company in the country, said the cargo volume dropped to 4,866 tonnes at end of quarter one from 5,252 tonnes of the corresponding period. Swissport Tanzania Chief Executive Officer Gaudence Temu said the firm failed to meet its cargo targeted by 23 per cent. “We targeted to handle 6,357 tonnes in quarter one but we failed to meet the goal,” Mr Temu told the ‘Daily News’ in Dar es Salaam. He didn’t have reason at hand for the decline, only saying: “I think this is normal business circle which will later goes back to normal.” Read more
Tanga Cement declares 80/- final dividend per share
Tanga Cement Company Limited (TCCL) ended on a high note, with an approval of 80/- per share as the 5.1bn/- total declared final dividend to shareholders. Earlier, the cement firm declared the 3.5bn/- interim dividend, a slight increase from the 3.49bn/- interim dividend, being 55/- per share.
TCCL Board Chairman, Mr Lawrence Masha, speaking at the firm’s Annual General Meeting (AGM) in Dar es Salaam, said that improvement of operational efficiencies and containing production costs continue to be the major focus to bring the cement firm to the next level.One of the key achievements during the year under review is the start up of its second kiln for the first time that produced clinker from the new kiln line in accordance with the original plan.Read more
NMB scoops best retail bank award
National Microfinance Bank (NMB) has scooped the Asian Banker’s Best Retail Bank in Tanzania for the Award in recognition of its efforts to promote financial inclusion. NMB’s Head of Branch Operations Japhet Justine said in Dar es Salaam that, “The bank has introduced innovative products and services and continued to meet its customer and clients’ savings, transactional and financing needs in urban and rural areas.”Mr Justine said the Tanzanian indigenous bank, with two million customers, NMB strategy demonstrates a firm commitment to financial inclusion for the population. NMB has been instrumental in ensuring that those who are already included in the financial mainstream are able to live the lives.The NMB Chap Chap also was mentioned as the contributing factor for the win as it has been instrumental in reaching out the unbanked communities while making use of the largest network of branches - over 176branches, 600 Automated Teller Machines and NMB Wakala agents.Read more
BOT: Commercial bank deposit, lending interests decline
Commercial banks’ interest rates, both deposits and lending, declined in the second month of this year, the Bank of Tanzania (BoT) has said in its report. The decline on the cost of borrowing enabled banks to lend more during the period under review, increasing broad money supply.The Economic Review released shows that during the period the total money supply grew by 17.1 per cent compared to 13.6 per cent. BoT said: “The increase in money supply was mainly driven by increases in the net foreign assets of the banking system and banks’ credit to the private sector.”The overall time deposit rate - average interest rate on deposits of various maturity spectrum - declined to an average of 8.6 per cent  from 9.08 per cent.“The interest rates offered by banks generally declined compared with ,” the report says. Interest rate on deposits declined to 10.29 per cent from 11.01 per cent. Read more
Involve Tanzanians in driving country's economy - experts
Tanzanians should be empowered to participate fully in economic activities for their country to attain a middle-income status, analysts have said.Depending on foreign investors is wrong, they have suggested.They told BusinessWeek in separate interviews that economic growth of a country is inclusive and the public should be empowered to participate fully in sectors like agriculture, extractive industry and industrialisation. A University of Dar es Salaam senior lecturer, Prof Haji Semboja, said the process of becoming a middle income country should have started and the economy would have grown to 10 per cent."Sixteen years down the lane, our economic growth is still at 7 per cent, meaning that a lot of effort is needed to drive it to between 10 and 12 per cent," he said.He called on the government to ensure that Tanzanians are involved in driving the economy instead of depending on foreign investors.Read more
CRDB Bank: Soaring inflows, dwindling dollar demand stabilise shilling
Tanzanian shilling has remained stable as pressure eases, thanks to an increase of inflows and slowdown in demand of US dollars, banks said. However, they warned that demand remains pausing pressure on the shilling unless inflows improve in the coming days.The shilling was quoted closing the Tuesday trading at 2,185/- and 2,195/- against the greenback. CRDB Bank said in its market highlights that pressure on the shilling has eased because of an increase in inflows and slowdown in demand for the US dollar.“The stable prices will likely persist towards the end of the week,” the bank said. It, however, warned: “With more demand pressure we may probably see it moving higher towards this year’s highs at 2,200/-.” The National Microfinance Bank (NMB) said the shilling steadied supported by corporate pushing for lower dollar prices and natural interbank flows. “Market closed at the same levels , but demand remains pausing pressure on the shilling unless inflows improves,” NMB said.Read more
AccessBank introduces cost effective account
AccessBank Tanzania has reminded its customers to deposit more money in their ‘RAHISI’ accounts and transact more to increase their chances of winning various prizes.With RAHISI account powered by AccessMobile, the bank offer to its customers an unchallenged solution to save unlimited time and money through free payments and transfers, easing access to their finance for business and personal matters.AccessBank Marketing Manager Muganyizi Bisheko, commenting on the service, said, “It is great pleasure for AccessBank to witness the steady development of RAHISI powered AccessMobile and the satisfaction our customers find into it.”He said the bank’s customer reward plan delivers on the promise to put customers first, with a view of rewarding customers for their patronage and trust in the bank’s products and services.“The plan is designed to enhance usage of our competitive digital payment channels tailored to suit all transactional needs for business customers and individuals, free of charge,” said the manager.Read more
Exim Bank Tanzania report $25m profit
“Our strong business momentum carried into the first quarter enabling us to post a robust growth of earnings in the first quarter of the year,” The bank’ Chief Finance Officer, Selemani Ponda said.
The group has also announced the capital gain of Tsh45 billion (about $21.43 million), for this first quarter, thanks for the equity holding divestment. 
He said a normalized operating profit for the quarter was Tsh8.4 billion (about $4 million) reflecting a robust growth of 67% over similar period last year.
Ponda  said that the earnings were generated through a balanced mix of net interest income and non-interest revenue. 
He said the growth of profit is attributed to the efficient management of funds resulting into a sustained growth rate of net interest income and a higher non-interest income getting contributed by Forex gains and fee income.
“This is reflective of the strength of our diversified business model and the success of our customer centric approach, which focuses on delivering relevant and convenient products and services to our clients”, he added
NBS: Inflation Rate Stagnates, Prices Remain Stable
The monthly headline inflation rate for the month of April has stagnated at 0.5 per cent as it was recorded as movement of prices remained relatively stable, the National Bureau of Statistics (NBS) has said.NBS Director of Population, Census and Social Statistics, Mr Ephraim Kwesigabo, said in Dar es Salaam that the annual headline inflation rate has decreased to 5.1 per cent from 5.4 per cent in March."The decrease explains that the speed of price increase for commodities has decreased as compared to the speed of price increase recorded," he said. Read more
Swissport builds best cargo terminal in Africa
Swissport Tanzania said yesterday that construction of its new 13 million US dollar (over 26bn/-) state-of-the-art import cargo facility will be completed by the end of this month.The terminal, with the capacity of handling 80,000 tonnes, is the first of its kind in Africa that uses radio frequency identification (RFID) for easing cargo identification. Swissport Tanzania Chief Executive Officer Gaudence Temu said the use of RFID cuts down tracking process and time from the previous 30 minutes to merely ten minutes now.“This is the first facility in Africa that uses state-of-art gadgets… we have invested for the future and almost double the capacity,” Mr Temu told journalists who toured the facility.The terminal has special cargo areas for animal, dangerous goods -- such as radioactive material-- morgue, pharmaceutical and two cold storage facilities of between -20 and 8 degree Celsius and a strong room. Swissport said the terminal can handle 30 tonnes at a go, but at the moment the biggest airline that land at the Julius Nyerere International Airport delivers 15 tonnes.Read more
Watch that counterfeit phone, TCRA cautions
Tanzania Communications Regulatory Authority (TCRA) has reminded citizens to verify all mobile phones before purchase ahead of the deadline to switch off fake gadgets.The reminder comes hardly 35 days before the telecommunication industry regulator disables all counterfeit phones.In the same vein, traders were warned against changing International Mobile Equipment Identity (IMEI) number of mobile devices as it is against the law, and whoever is caught will be subjected to a 30m/- fine, 10 years in prison or both punishments.Addressing reporters in Dar es Salaam, TCRA Head of Corporate Communications Innocent Mungy said there are few dishonest traders who are disposing of their fake phones by selling at very low prices.“Heading towards the sub-standard phones switch-off exercise in June, there are few dishonest traders who sell these bogus mobile phones at throw away prices to get rid of their consignments of fake handsets. Read more
MIT Charles Mwijage: Improve Quality, Promote Products, Industrialists Told
One of the challenges facing industrialization in Tanzania is inadequate promotion of industrial products and poor standards and quality.To overcome these challenges industrialists need to take an active role to supplement government's efforts to widen the market base, the Minister of Industries and Trade Charles Mwijage has said. Speaking at annual general meeting of the Confederation of Tanzania industries (CTI) Mr Mwijage said industrialists need to take the lead to addresses the issue of poor quality and inadequate promotion of products which denies them the capacity to exploit the vast regional and internal markets."I'm optimistic that if the government clings with industries, our dream of becoming a semi-industrialised country come 2025, will come true," Mr Mwijage said in a speech that was read by noted the External processing zone authority (EPZA) director general, Mr Joseph.Read more 
MALF Mwigulu Nchemba: Tanzania has invited Omani companies and local investors to invest in sugarcane production
Tanzania has invited Omani companies and local investors to invest in sugarcane production in the country to meet local demand. According to the Minister for Agriculture, Livestock and Fisheries Mwigulu Nchemba announced that the government had set aside 294,000 hectares to be allocated to companies looking to develop sugarcane plantations.The minister said the land would be allocated to investors through a tendering process, to be co-ordinated by the Tanzania Investment Centre.“Tanzanian government is currently campaigning to attract small and medium investors to inject their capital into sugar factories. He said that the actual demand for sugar in Tanzania stands at 420,000 tonnes per year while local production stood at 304,007 tonnes” he said.Tanzania’s Minister for Industry and Trade Charles Mwijage said the country has been looking for sugarcane producers from Oman to invest in the cultivation of the crop.Tanzania and Oman last month established a company to co-ordinate investments and business between the two countries. Registered as Oman Tanzania Investment Company, the firm has put up $25 million as starting capital to be disbursed to private investors as loans. Read more
CMSA: Commodities exchange ready for rollout 
Tanzania Mercantile Exchange (TCX) is set to start operations in the next fiscal year after tackling some issues related to warehouse receipt. TCX is expected to start with cashew nut whose marketing season.The cash crop was chosen, thanks to its warehouse receipt system already in place. Capital Markets and Securities Authority (CMSA) Public Relations Manager Charles Shirima said in Dar es Salaam that currently experts are doing gap analysis study to ascertain the challenges that affected the warehouse systems prior to a sensitisation campaign for the launch of exchange.The team, comprising CMSA experts, has visited the cashew growing areas in Lindi, Mtwara and Morogoro to get firsthand information on the challenges engulfing warehousing system.“We plan to visit the same areas next time and work out the solution for the challenges... we see no reason of introducing a new product while farmers are complaining about the warehouse system,” Mr Shirima said. Read more
CRB: Contractors urged to display integrity to win support
Contractors Registration Board (CRB) is striving to empower local contractors amid reports that at least 65 per cent of projects undertaken by indigenous contractors were shoddy.Poor financial base and lack of professionalism are some of the factors impeding the performance of many local contractors whom the government has promised to connect with financial institutions.Addressing the contractors Annual General Meeting (AGM) here over the weekend, CRB Acting Registrar Rhoben Nkori said besides strategies designed to improve and promote them, local contractors should exhibit credibility to deserve support.He said out of about 12,000 registered local companies, some 4,000 have been deleted from the register while the remaining 8,000 will be subjected to strict scrutiny.“We strive to provide credit guarantees to some of the contractors and of late about 1,400 companies were linked with different lenders under CRB guarantee,” he said.TIB Corporate Bank Head for Corporate Sales Theresia Soka, whose bank sponsored the meeting, told the ‘Daily News’ here that the bank has introduced various packages to help small companies execute their projects, smoothly. Read more
NMB floats 200bn/- bond in trenches
National Microfinance Bank (NMB), the most profitable bank, has floated a three-year 20bn/- retail bond that goes to the market.The Capital Market and Securities Authority (CMSA) has approved 200bn/- bond for NMB but the bank has started with the retail of three years and the remaining amount is scheduled for launch in trenches.Orbit Securities General Manager Juventus Simon said that the bond that goes on offer is part of the 200bn/- trench and strictly for retail investors. “The bond is very attractive,” Mr Simon told the ‘Daily News’, adding “The interest rate is handsome and slightly higher than the (government) bond of two and five years.”According to the statement issued by NMB, the bond, with a green-shoe option of 5bn/-, offers a 13 per cent interest per annum. According to Mr Simon, the interest rate is set to attract investors, especially those looking for other investment options bearing in mind that equities at the Dar es Salaam Stock Exchange have remained on bearish mode.Read more
Beer prices soar ahead of budget tabling
Boozers are now forced to dig deeper into their pockets to purchase a bottle of beer after local brewers hiked the price of the product ahead of the  budget scheduled for tabling.A survey by the 'Daily News' in various bars and pubs in Dar es Salaam has established that drinkers now pay between 2,500/- and 3,000/- for a locally manufactured beer and an average of 3,500/- and 4,000/- for imported brands.Before the price hike, local bars were selling a bottle of beer at a price of between 2,300/- and 2,500/- for local beer and 3,500/- for imported varieties.Meaning, prices of beer in various retail outlets in the city have gone up by 200/- and 500/- per bottle. The survey further indicated that there was an increase of 5,000/- per crate at wholesale depots.According to bar owners and managers, wholesale and retail distributors, local brewers had hiked prices of purchasing beers, forcing them to also increase the prices of the products to customers. The new prices come just a few days before Finance and Planning Minister Dr Philip Mpango tables the main budget. Read more
NMB Seeks to raise Sh20 billion in retail bond for more lending
The National Microfinance Bank (NMB) NMBseeks to raise Sh20 billion in a retail bond in an effort to boost its capacity for increased loan issuance."With the bond in question, we will be in position to strengthen our deposit base so that we can issue more loans to customers," the bank's investor relations manager, Ms Anna Mwasha, said. The bond will start trading.A retail bond works in such a way that various investors issue loans to a business entity (in this case to NMB) and in returns the entity (NMB) pays the debtor interest on the credit.NMB's bond, which has been approved by the Capital Markets and Securities Authority (CMSA), carries a rate of interest of 13 per cent per annum. The trading of the bond closes. All individuals aged 18 and above are eligible for participation in the retail bond so long as they can invest a minimum of Sh500,000 into it.She said CMSA had given NMB the green light to borrow up to Sh25 billion through the retail bond and hoped that the Sh20 billion target would be easily reached. Read more
President John Magufuli: Pension funds urged to invest in profit-generating projects
President John Magufuli has directed pension funds to invest in profit-driven projects, including industries, where profit and employment opportunities will be created instead of focusing on infrastructure development.Dr Magufuli has also agreed to reduce the number of pension funds, promising to complete the work, directing the Minister in the Prime Minister's Office (Parliamentary Affairs, Policy, Labour, Employment, Youth and the Disabled), Ms Jenista Mhagama, to start working on the matter.President Magufuli made the remarks when he led thousands of Tanzanians in joining fellow workers all over the world to celebrate the International Workers' Day, which was held nationally at the Jamhuri Stadium in the new capital city designate.He said building industries and increasing employment opportunities will provide double profits, including membership from the industrial employees. Read more
Zan Securities: Business dwindles by 36 pc on Dar stock market
Dar es Salaam Stock Exchange's (DSE) market turnover for April decreased by 36 per cent to 11.49bn/- from the 17.98bn/- posted .According to Zan Securities monthly report, top traded equities that dominated the market share were Tanzania Breweries Company (TBL) with 57.23 percent, Tanzania Cigarette Company (TCC) with 17.66 percent, National Microfinance Bank (NMB) with 11.21 percent and CRDB Bank PLC with 9.21 percent. Top gainers in the month regarding share price appreciation were Tanga Portland Cement Company (TPCC) which appreciated by 3.45 percent to close at 2,700/-, NMB's 2.50 percent to 2,050/- and TBL that appreciated by 1.52 percent, closing at 14,000/-.However, Swissport (SWISS), TOL Gasses Ltd (TOL), TCC and Tanga Cement Company Ltd (TCCL) emerged as April's top losers with the highest depreciation. Read more
NMB: Government bonds remain attractive to investors
The maturity bonds remained attractive despite the end of year obligations that investors have to fulfil, signalling improved liquidity in the market.
According to the National Microfinance Bank (NMB) e-market report, the appetite for overnight funding was seen slightly picking up as investors settled their T-bond auction.In the sale of the bond, the government quest to raise 49.60bn/- through the instrument was achieved and surpassed after receiving bids worth 97.86bn/- although in the end only 49.60bn/- was successful.The funds raised from the sale of the long-term government notes will finance development projects, including road and railway infrastructures aimed not only at cutting down cost of transport but speeding up economic growth. Read more
Prime Minister, Mr Kassim Majaliwa: Rice import permits suspended
The Prime Minister, Mr Kassim Majaliwa, has ordered security organs to tighten security in border points and along coastal areas to curb smuggling and illegal importation of rice.Winding up debate on his office‘s budget estimates, Mr Majaliwa told the National Assembly that the government has suspended all permits for importation of rice in the country because of the current increase in local production.The premier told the National Assembly that the decision would help local farmers to have good prices of their rice and improve their living standards.According to him, in the financial year, local rice production stood at 1,936,909 tonnes against the target of 926,096 tonnes. Therefore, he said, there was an excess of 1,010, 813 tonnes which is equivalent to 47.8 per cent.On the other hand, following shortage of sugar in the country, Mr Majaliwa has said the government will import sugar to tackle the scarcity.According to the PM, the country has sugar production capacity of 320,000 per year while the required amount of sugar stood at 420,000 tonnes and that there was a scarcity of 100,000 tonnes. Read more
NMB touts investment in treasury bonds
National Microfinance Bank (NMB) has urged Tanzanians to invest in treasury bonds to maintain and diversify investment portfolio that assures capital protection and hassle free profit earnings.NMB Corporate Affairs Manager Joseline Kamuhanda made the call in Dar es Salaam ahead of the NMB bond to be issued in two weeks time, pending an approval from the Capital Markets and Securities Authority (CMSA).“Typically, NMB bond carries immense benefits because it pays interest semi-annually, which means they can provide a predictable income stream to investors,” she said. She said many people invest in bonds for that expected interest income and also to preserve their capital investment.Similarly, understanding the role bonds play in a diversified investment portfolio is especially important for retirement planning. She added, whatever the purpose, investing in the NMB bond may help achieve ones objectives like saving for children’s college education or a new home, increasing retirement income or any of a number of other financial goals.Read more
SIDO says it has expertise to boost industrialisation drive
Small Industries Development Organisation (SIDO) says it can provide the needed expertise to empower Tanzanians in the realisation of the industrialisation drive towards middle-income economy in 2025.
SIDO’s Director General, Mr Omar Bakari said in Dar es Salaam, “We have expertise at institutional level and from partners in various areas of industrial development.”To implement the plan, he said, SIDO is going to concentrate on establishing small and middle industries at district level all over the country by using available raw materials found at those districts.The SIDO boss said the plan will serve many purposes such as improving value addition processes, employment generation which are crucial for any industrial economic base nation.He urged various leaders and citizens at district level to work hand in hand with SIDO to make sure the initiative succeeds for the benefit of all stakeholders and country at large. The initiative under the organisation’s ‘One District One Product’ program seeks to achieve rural industrialisation. Read more
TADB: Agricultural bank posts first profit
Tanzania Agricultural Development Bank Limited (TADB) has started with a bang after posting first profit in less than a year since inception.The state-owned development finance institution which was established, posted a net profit income of 797m/- in quarter one (Q1) out of red of 425m/-.TADB, according to financial statement released, attributed the profit to net interest income that ranked 2.24bn/- from zero in Q1. On non-interest income the bank made merely 5m/- from fees and commissions against none as the bank start operation.The non-interest expenses went up to 1.45bn/- from 425m/- pushed up by salaries and benefits as the bank increased the number of staff to 41 from 14. The bank assets grew to 63.29bn/- from 61.6bn/-, it has no deposits.The bank has issued a loan totalling 3.65bn/- up from 2.67bn/- of the Q4. The bank was established as an apex national-level bank with the key role of being a catalyst for delivery of short, medium and long- term credit facilities for development of agriculture in the country.Read more

NMB meets large customers in Mwanza
National Microfinance Bank (NMB) has met with more than 100 top ends business customers and corporate commanding an annual turnover of over 10bn/- from the Lake Zone to discuss on the ways to foster business and rewarding relationship.Also in the meeting with NMB Executive Network members from the Lake Zone held in Mwanza at the weekend invited top end Small Medium Enterprises (SMEs) with turnover of over 2.5bn/-.The NMB Managing Director, Ms Ineke Bussemaker, said the aim of the meeting was to strengthen business relations with its top end business and corporate customers.“NMB is committed in ensuring that customers get the best while contributing to their business growth, the bank has done remarkable improvements and innovation to suit customers’ needs. The launch of NMB MasterCard and Private Banking being among the improvement,” she said.She added, “The improvement done by the bank will bring services more close to this segment of customers where they will not only get the best services but also acquire financial, regulatory, business and marketing education in order to become and remain competitive. Read more
MITI: Dar ready for Russian-Africa business forum
Russian industrialists and business tycoons will meet the business community in Dar es Salaam for a high-level business summit to explore investment opportunities in Tanzania.The Minister for Industry, Trade and Investment, Charles Mwijage, has confirmed preparation for the summit to be held at the Julius Nyerere International Convention Centre (JNICC) were at advanced stages and the government would be ready to host the Russian investors on a mission in Africa.“Arrangements with the co-host, the Russian government are taking place being coordinated by my ministry at which all preparations are at advanced stage,” the minister said in Dodoma.The two-day Russian-African Forum 2016 (RAF-2016) will be held at Julius Nyerere International Convention Centre (JNICC) where a large group of Russian government representatives, industrialists and business tycoons will attend.During the meeting, Mr Mwijage and his Russian counterpart, Denis Manturov will ink bilateral economic and commercial relations between two countries. Read more
KCCT: Illovo Sugar invests in health, education
As part of its Corporate Social Responsibility (CSR), Kilombero Sugar Company (KSC) has invested over 200m/- to implement various community projects particularly in health and education.The Kilombero Community Charitable Trust (KCCT) Manager, Ms Mary Elizabeth, said  that the projects that were executed in the year under review are namely the construction of two classrooms, one at Kalunga and the other at Muungano Primary Schools worth 38.5m/-.She said before the project, the pre-standard I pupils were  holding classes outside on the grass where they had to suspend studies during heavy rains and also have to clear grasses from time to time.Another project involved the construction of toilets at Mang’ula and Mgudeni primary schools worth 30.5m/-. Each facility has six toilets and urinal. One of the toilets is designed specifically for disabled students. Read more
Finally, Uganda chooses TZ for oil pipeline route
"We have agreed that the oil pipeline route be developed from Uganda in Hoima to the Tanzanian port of Tanga," Uganda foreign affairs minister Sam Kutesa told AFP."We considered Tanga oil pipeline route based on a number of aspects - among them it is the least cost," the Ugandan minister said as Ugandan President Yoweri Museveni, Kenyan counterpart Uhuru Kenyatta and Rwanda's Paul Kagame held a regional mini-summit outside Kampala.The first large discoveries of oil in Uganda date back on the shores of Lake Albert. Reserves in the area are conservatively estimated at some 1.7 billion barrels.But informed sources say production will not come on stream before 2025.Three oil companies - Total of France, Chinese giant CNOOC and Anglo-Irish firm Tullow - each won a one-third rights share, but the issue immediately arose of how to export the crude from a country with no coastline. Read more
Improvement in share trading at DSE as listed companies announce result
Listed companies that have so far published their audited financial results include NMB Plc, CRDB Bank plc, DCB Plc, TPCC, TCCL, Swissport and TCC. According to Dar es Salaam Stock Exchange (DSE) market report, turnover was slightly high above.The report quotes a market analyst, Edwine Mahenge as saying: “The week-on-week turnover increased from 1,865.3m/- to 3,729.8m/-. The activity level went up by +54 percent to 0.69 million shares compared to volumes transacted.”Mahenge said the DSE index closed in green alongside Tanzania Securities Index which also closed in green as the former went up by +0.66 percent to close at 2,459.31 points while the latter went up by +0.44 percent to close at 3,959.85 points thanks to increases on DCB, NMB, TCCL and TPCC counters.Read more
Local soybean producers stand to get grants of up to 2.5bn/-
The fund which is a brainchild of Food Trade East and Southern Africa, seeks to stimulate innovative business models in private companies and consortia that will unlock barriers in the regional soybean value chains.This is according to Marc van Uytvanck, the Team Leader of the FoodTrade ESA program who said in a statement that her firm will provide up to 49 percent of the total proposed budget of proposals received.Successful applicants will get grants ranging between £250,000 to £800,000 (about 786.3m/- and 2.5bn/-) per proposal which will target to improve regional soybean value chain system “By working with the private sector and other development actors, we aim to promote the participation of small scale farmers in the production and marketing of soybeans,” said van Uytvanck.He pointed out that partnerships that help address market failures in storage, inputs, service markets as well as coordination mechanisms and policy regulation will help improve the yields and livelihoods of soybean farmers. Read more
Mwijage vows to crackdown on cheap cable, wire imports
“The government through my ministry will make sure these factories increase their production capacity. We have cable and wire manufacturers whose production is very low because of imports which lead to layoffs, I will not accept this,” Mwijage said.He decried that many local consumers have been using cheap imported wires and cables which are flooding the local market driving local manufacturers out of the market unfairly.The Minister who visited Dar es Salaam based East African Cables Limited which manufactures power cables and wires with 10 percent of its shares owned by Tanzania Electric Supply Company (Tanesco), produces at less its capacity due to unfair competition.Several local cable manufacturers, including Multi Cable Limited, are experiencing the same problem with the domestic market. Read more
DSE: Local firms to whet investors’ appetite after good financial results
Demand for shares of seven Dar es Salaam Stock Exchange (DSE) listed companies is set to increase after posting good financial results, analysts have observed.Arch Financials and Investment Advisory Limited said in its market report that investors’ appetite for the shares of the companies increase thus pushing up their prices.Buoyed by growing earnings, the local companies are expected to perform well in the stock market with raising demand for their shares which will prop up prices. Some of the local listed companies that published their financial reports this month are namely, NMB, CRDB, DCB, TPCC, TCCL, and SWISS and TCC.The CRDB Bank’s board of directors has recommended a dividend raise of 13.3 per cent or 17/- per share, which is the highest amount since the bank was privatized.Read more
Dar moves to harness city’s economic benefits
Kigamboni bridge, the first of its kind in East Africa, that connects Dar es Salaam’s central business district and Kigamboni area across the Kurasini creek is scheduled for official opening this morning.The 680-metres long cable-stayed bridge is opened hardly  days after President John Magufuli laid the foundation stone for the construction of the magnificent TAZARA flyover in the city.The grand projects are just a fraction of more coming infrastructure projects that the government says is determined to develop in order to harness the potential of cities as the engines of economic growth.The World Bank, in its  analysis of Africa’s economic trends, Africa’s Pulse, says the rapid urban growth that Africa is undergoing, if well managed, can spur economic growth and productivity through boosting incentives for investors and making cities more livable for poor and middle-class residents.Read more
CRDB microfinance profit soars
CRDB Bank’s Microfinance Service Company has posted a pretax profit increase 41 per cent to 8.58bn/-, thanks to overall growth of business activities.The bank’s unit, which will soon turn to full-fledged microfinance bank, posted 8.58bn/- against 6.13bn/-. The unit profitability was mainly due to a growth in insurance commission, interest income on term loans and non-interest income generated.The loan portfolio, according to a statement issued during the bank’s investors forum, increased by 39 per cent to 221bn/- from 158bn/-. The loan went up as the deposits mobilised from partner microfinance institutions (MFIs) increased by 81 per cent to 123bn/- from 68bn/-.“This (deposits) is attributed to the increase in the number of partners’ institutions, their members and the mini-service centers’ operations,” the report showed.Read more
Increased VAT decreases cargo volume at Dar Es Salaam port
The cargo volume passing through Dar es Salaam has been reduced and the Value Added Tax on transit goods are blamed and not the fear of making decision by port management or red tape.
According to Hebel Mhanga, the Acting Port Manager, the VAT on transit goods comes as a fear to importers considering it would increase port charges although the new policy has not yet been enforced.
Mhanga added the importers is fearing increased charges may inflate the costs of doing business.
Meanwhile, a Kenyan newspaper too carried a report confirming the business community are lately ditching the Dar es Salaam port due to delays by port management in making decision and also due to excessive bureaucracy.The paper reveals increased transit volumes has been seen in Mombasa port.
Mhanga added the decrease in volume is a serious problem as copper exports from Zambia may decline too due to the yet-to-be-applied VAT on transit goods.He said, “The problem is most of the big importers may not renew their contracts because of the VAT threat. So there is a possibility that copper cargo will decline.” Read more
DSE snaps bearish trend
The Dar es Salaam Stock Exchange (DSE) has posted notable returns with market turnover crossing to 3.73bn/- which is 99.9 per cent increase compared to 1.86bn/- of the previous session.According to Zan Securities Limited Weekly Wrap-Ups, most of the market performance indicators were in positive territory, with the exception of commercial services related shares that closed in red territory.The Tanzania Breweries Ltd (TBL) and National Microfinance Bank (NMB) emerged as the top traded equities controlling the market share by 88.01 per cent and 6.16 per cent respectively.Top gainers for the week were NMB and Tanzania Portland Cement Company (TPCC) that appreciated by 5 per cent to 2,100/- per share and 3.45 per cent to 2,700/- per share respectively.Top losers during the week under review was Swissport (SWISS), with its price depreciating by 4.76 per cent to close the week at 6,810/- per share. Total market capitalization increased by 0.65 per cent, closing at 21.54tri/- while domestic market capitalization experienced an increase by 0.43 per cent to 8.44tri/-.Read more
Tobacco processors complain about hiked costs of power rationing
The company’s Group Managing Director, Mark Mason, said frequent power outage hinders the development of most industries in the Country. He has requested the government to ensure there is availability of stable power in order to reduce running cost which is caused by the use of generator.He said TTPL had to use generators which add on the cost of production by more than 100m/-. “When we use electricity power from the national grid we pay 173.3m/-  but the company has to pay 300m/- in generator running costs during power rationing,” he said.Mr Mason said power rationing was a challenge to processing companies so the Government has to put efforts in assuring that we are getting reliable power at reasonable price.He said there had been a high drop of tobacco purchased and processed whereby his group bought 48,000 tonnes, while 33,000 tonnes were bought compared to figure of less than 25,000 tonnes.Read more
MOALF: Banks challenged to support new local investors
The government has challenged the financial firms to speed up loan processes for the upcoming and potential local investors.The Minister for Agriculture, Livestock and Fisheries, Mwigulu Nchemba, said at the weekend that Tanzania was now working hard to woo more local investors who will also enjoy incentives and other government supports.The Minister was speaking shortly after laying the foundation stone of the beef processing industry run by Chobo Investment Company Limited which is a locally owned entity based in Mwanza. According to the Minister, financial institutions should see to it that local investors are facilitated with loans for they can set up investments with multiple advantages to the nation.“It is encouraging to see local investors like Chobo setting up huge investments like this one here. So apart from the government’s support, financial institutions should also play part by providing loans to facilitate their projects,” he said.Read more
Prime Minister Kassim Majaliwa: Dar committed to transform to semi-industrial nation
Prime Minister Kassim Majaliwa has said the government is committed to develop industrial sector as a strategy to boost growth and propel Tanzania to join the league of middle income countries.The Premier told the Oman Minister for Commerce, Dr Ali Masoud Al Sunaidy in Dar es Salaam  that the government was keen to attract private investments to promote industrialization, export and growth in line with the development agenda of transforming the agriculture economy into semi-industrial economy.“Manufacturing sector is the area we want to strengthen as it will improve the value of our crops and local products and increase more jobs and trade opportunities to our youth.So I welcome you to invest in the country,” he told the visiting Oman minister who is leading a strong delegation of business community from the Middle East country who arrived in Tanzania for a three-day visit to explore trade and investments opportunities.He said the government was also improving the energy, transportation and agriculture sectors which would help the nation realize its vision of reaching the middle income status. Read more
NMB, MCF sign deal to boost health services
Healthservices are set to improve after the National Microfinance Bank (NMB) and the Stichting Medical Credit Fund (MCF) inked a partnership to provide affordable loans to private health facilities of up to 2bn/-.The Dar es Salaam Stock Exchange (DSE) listed bank with over two million customers, 175 branches and over 600 ATMs, becomes the first bank in the country to enter into that kind of partnership with MCF to support health sector through financing, broadening and strengthening the quality of healthcare provision.The beneficiaries in the partnership are the private hospitals, dispensaries, health centres and non-public health service providers like medical suppliers and medical colleges.The minimum capital that will be provided is 30m/-. NMB Managing Director Ms Ineke Bussemaker said in Dar es Salaam after signing the Memorandum of Understanding (MoU) that the agreement came at a right time and would contribute to increasing access to affordable basic healthcare and help build sustainable health providers. Read more
CEO Roundtable vows to back govt’s industrialization vision
Speaking before the CEOrt roundtable discussion on transforming into an industrial nation, CEOrt chairman Ali Mufuruki said that in support of the government’s industrialization efforts, the Roundtable was keen to continue working in close partnership with the state to ensure alignment of national plans and strategies.Mufuruki added:“With this in mind, CEOrt invited the director general of Export Processing Zone Authority (EPZA), Col Joseph Simbakalia, to participate in the roundtable discussion with members of the CEO Roundtable and to provide insight on opportunities for private engagements as part of government’s industrialisation plans.”He noted: “The meeting also provides an opportunity for business leaders to highlight the existing challenges and investigate potential solutions within the business environment which could potentially undermine meaningful private participation and growth. These challenges include unreliable access to power, an inadequate transport and logistics network and an unfavorable regulatory environment.” Read more
Zantel launches first 4G LTE network in Zanzibar
Zanzibars Second Vice- President, Ambassador Seif Ali Idd has launched the first 4G LTE network in Zanzibar to enable the people of Zanzibar embrace the latest technology.Speaking at the event in Zanzibar yesterday, Ambassador Idd said 4G network would allow the people of Zanzibar to learn, earn, and compete in the global marketplace on a level pitch.“As shareholders of Zantel, the government of Zanzibar is proud of the advancement Zantel has made over the years, and by bringing this fast internet connectivity to Zanzibar, they present an opportunity for development and advancement to the people of Zanzibar,” he said.The 4G technology will improve customer experience and speed up all the internet activities such as accessing Skype, video conference facilities, YouTube, and all social media platforms like Facebook, WhatsApp. Zantel Chief Executive Officer, Mr Benoit Janin said Zantel was taking the lead in innovation by making the world more accessible to the citizens of Zanzibar.‘Zantel has developed a reputation for breaking new ground in Zanzibar’s mobile landscape and we have always remained at the forefront of innovation. Read more 
KPA: VAT on transit goods blamed for cargo Dar port woes
Reduced cargo volume passing through Dar es Salaam port is not due to red tape or the fear of making decision by the port management but due to value Added Tax on transit goods.The Acting Port Manager, Hebel Mhanga, told the Daily News in an interview that although it was yet to be enforced, the VAT on transit was scaring away importers as they fear it would increase port charges hence inflating their costs of doing business.“The problem of declining cargo volume is not due to red tape or the fear to make decision by the management. It is due to VAT on transit,” he said.A Kenyan newspaper reported  that Tanzania business community were ditching Dar es Salaam port for its rivals due to excessive bureaucracy and delays by the port management in making decisions for “fear of annoying the presidency.”The paper quoted the Principal Communication Officer of the Kenya Ports Authority (KPA), Hajj Masemo, as saying the Mombasa port management had noted increased transit volumes to Tanzania. Read more
Bank M Q1 profit increases
Bank M Tanzania has registered superb  first quarter performance after posting pre-tax profit of 7.4bn/- compared to 6.13bn/- .Bank M Chief Executive Officer Designate Ms Jacquiline Woiso said in Dar es Salaam that the performance was exceptionally good despite the various market challenges encountered during the period under review.“The results for the first quarter are quite encouraging as we start we believe that the forthcoming quarters will be even better,” she said.According to the bank’s financial statements, a large part of the profit came from interest income that amount to 22.11bn/-, an increase of 32 per cent over the corresponding period.The positive financials are the indicative of the prudent lending practices adopted by the bank as is evident from the non-performing loans remaining low below the rate of 3 per cent, below the industry average. Read more
TRA: Acacia Mining to pay $20m in corporate tax
Acacia Mining PLC is to pre-pay 20 million US dollars in corporate taxes  after signing a Memorandum of Understanding with the Tanzania Revenue Authority (TRA)  in Dar es Salaam.According to the Acacia’s CEO, Bradley Gordon, this proactive move was initiated by Acacia Mining PLC in recognition of the time the company has been operating in the country.Acacia Mining, which entered the Tanzania mining sector as Barrick and later as African Barrick Gold has been making profit, according to Mr Gordon, in his internal communication to Acacia staff at the weekend.However, much as the company has in most cases declared net profit across the mines it owns the fact of the matter is it has not yet recouped the USD 3.8bn it has invested into building and developing the three mines it owns. Read more
AccessBank injects 8bn/- extra capital
Accessbank Tanzania (ABT) shareholders have approved a capital increase of 8.0bn/- in order to support expansion of the bank.ABT Chief Executive Officer Mr Roland Coulon said the capita would cater for the expansion of the bank’s branches network. “ABT will pursue the expansion of its branches network.We will continue up scaling the digital and other alternative distribution channels as a means to increase our outreach,” he told the Daily News yesterday.In the near future, the bank’s RAHISI account, powered by AccessMOBILE, will receive additional features allowing savings groups to use this solution and shift from traditional cash box management to fully digital.“We will continue up scaling the digital and other alternative distribution channels as a means to increase our outreach,” he said.RAHISI powered now accounts for more than 25,000 customers with a cumulated balance of more than 5.0bn/-, which is an appreciable source of funding. Read more
Tanga Cement profit declines
Tanga Cement Company Limited profit has declined to 8.24bn/- compared to 28.40bn/-.According to the audited financial results, the group experienced a decline in sales revenue of 9.9 per cent to 209.11bn/- compared to 232.10bn/- .The decline was contributed by increased competition from new entrants to the market which put downward pressure on sales prices and volumes.At the macroeconomic level, the cement firm witnessed a significant devaluation of the local currency to the US dollars in excess of 20 per cent.Also the Group accounted for the realised and unrealised losses on foreign exchange amounting to 9.97bn/- in the year under review compared to 3.65bn/- .Similarly, the cement company experienced setbacks in terms of overall equipment efficiencies and some unplanned equipment failures  under review. Read more
AFDB: Tanzania to export electricity to Kenya
Tanzania is planning a $300 million energy project that will see it export electricity to Kenya project is being financed by the African Development Bank (AfDB).Tanzania Electric Supply Company (Tanesco) deputy managing director Deckian Mhaiki told The EastAfrican that part of the project will involve a 2,000MW supply line to Kenya.Mr Mhaiki said that Tanesco is in the final stage of floating a tender for the design and construction of the line to a border town in Kenya.He added that Kenya had indicated to Tanesco that it needed about 1,000MW through a double traffic line/ an extension of 1,600km-long backbone electricity transmission line running from the Tanzanian town of Iringa to Shinyanga through the towns of Dodoma and Singida.Mr Mhaiki, however, said that the construction of the 680km line between Iringa and Shinyanga that had been slated for completion in June, has been delayed. Read more
Diamond Trust Bank Upbeat As Pretax Profit Jumps 36 Percent
Diamond Trust Bank (DTB) Tanzania's pretax profit rose by 36 per cent, putting the financial entity on the list of five most profitable ones in the country.Profit before tax jumped to Sh27.3 billion from Sh20.1 billion, audited financial figures show.The profit was derived from a combination of streams, including forex dealings, government securities and through other interest income sources."These results put our growth rates far better than the industry and peer banks," the bank's country manager and chief executive officer, Mr Viju Cherian, said.Customers' deposit with the bank grew by 26.8 per cent from Sh581 billion to Sh737 billion, putting DTB on position six in terms of accumulating more deposits from customers. DTB Tanzania's total assets increased by 30.5 per cent to touch Sh900 billion  from Sh690 billion, financial figures show. Read more
EWURA: Reprieve for motorists as petrol price falls again
The energy regulator has lowered prices for petrol by 4.5 per cent but raised prices for diesel and kerosene by 2.02 per cent and 2.45 per cent.Fuel prices are the secondbiggest driver of inflation in Tanzania after food. The retail and wholesale cap prices  published by the Energy and Water Utilities Regulatory Authority (EWURA), petrol declined by 83/-, while diesel and kerosene increased by 30/- and 36/- respectively.EWURA report show Dar es Salaam residents will be enjoying the lowest prices for petrol which has been lowered to 1,728/- from 1811/-. Prices for diesel will be 1,516/- and for 1,501 for kerosene.Motorists in Uvinza District in Kigoma Region will be paying highest petroleum prices than others in the country namely Petrol 1,971/-, Diesel 1,759/- and Kerosine 1,744/-.Similarly, compared to the  publications, the wholesale price for petrol has decreased by 82.82 per litre or 4.86 per cent whereas for diesel and kerosene, wholesale prices have increased by 29.96 per litre or 2.17 per cent and 35.93 per litre or 2.65 per cent respectively.Read more
DSE self-listing around the corner
Dar es Salam Stock Exchange (DSE) public offer and self-listing has reached a final stage and waiting the capital market regulator approval.DSE is set to join the only two others in Africa, Nairobi Securities Exchange and Johannesburg Stock Exchange which are selflisted in their respective exchanges.The self-listing or demutualisation is a process through which any memberowned organisation becomes a shareholder-owned company.The DSE Chief Executive Officer, Mr Moremi Marwa, said the bourse top priorities in this quarter are to encourage more listings, public education and awareness.“The DSE IPO and selflisting is now at the final stage of approval by the Capital Markets Regulator,” Mr Marwa said. Previously, the CEO told the ‘Daily News’ that other exchanges in Africa are also seriously considering this option.“Out of the current 25 exchanges in Africa, more than dozen are positively considering to initiate the process of demutualisation,” Mr Marwa said. Read more
TPA: Dar port loses business to rivals
The Dar es Salaam Port serves the growing economies of Burundi, Democratic Republic of Congo (DRC), Rwanda, Uganda, Zimbabwe and Zambia.These economies are said to fuel the port’s 14 per cent annual growth, but also caused congestion due to limited working area.The port is ranked second biggest in East Africa and fourth largest container port on Africa’s eastern seaboard after Djibouti, Durban, and Mombasa.Tanzania Port Authority (TPA), has undertaken an ambitious expansion project dubbed the Dar es Salaam Maritime Gateway Project to modernize and improve its service. However, the port growth that had experienced  ambitious expansion project might not materialise if a number of issues are not addressed.The first is the introduction of Value Added Tax (VAT), on transit goods for land locked countries which although it has not yet been enforced, it seems to have scared some port users from those countries.Read more
Tanzania posts corporation makes operational changes for faster delivery of documents
People will start receiving their letters, reports, documents and various products directly at their offices and homes from Tanzania Posts Corporation.The move is to make the agency more efficient and bring operational changes in the delivery methods to clients across the country.The Postmaster General, Acting Chief Exxecutive of Tanzania Posts Corporation, Fortunatus Kapinga, explained the changes to media people in Dar es Salaam dubbed as “The post at the door steps.”Initially the changed service will start in some wards of Dar es Salaam, Dodoma and Arusha. Later it will spread to other regions.Across the country there are 172 post offices and 173,000 postal boxes.Kapinga added the government has facilitated infrastructure for the project implementation in eight wards in Dodoma, eight wards in Arusha and 32 wards in Dar es Salaam. In the second phase the areas to be covered under the new service delivery includes Mwanza, Tanga, Morogoro, Kagera, Mara, Mtwara, Zanzibar, Geita, Simiyu, Manyara, Shinyanga and Lindi.Read more
The Minister of State, President's Office, Public Service Management and Good Governance, Ms Angellah Kairuki: Govt, India to boost human resource base
The governments of Tanzania and India have established Information Technology resource centres to strengthen human resource capacity necessary for the growth and development of organisations in the country.The IT resource centres have been established at the Dar es Salaam Institute of Technology and Nelson Mandela African Institute of Science and Technology (NMAIST), Tele-education Centre at the University of Dar es Salaam and Tele-medicine Units at Ocean Road Cancer Institute.Also included is the Solar Power Promotion Centre in Zanzibar and Small Industry Incubation Centre under establishment at the Small Industries Development Organisation.The Minister of State, President's Office, Public Service Management and Good Governance, Ms Angellah Kairuki, said the government appreciates the government of India for investing in the sector.The minister confirmed that in Dar es Salaam on Tuesday as the guest of honor during the occasion of the Indian Technical and Economic Cooperation (ITEC) day at the Indian Cultural center. Read more
NBS: Fish, fruits, tobacco lift local export price index
The increase in prices of fish and crustacean, edible fruits and tobacco contributed significantly to the rise of the overall export price index by 4 per cent to 125.3.The sub-index for ‘Fish and crustacean, mollusk and other aquatic invertebrate’ which account for 9.5 per cent of the total weight increased to 122.4 in the quarter under review representing an increase of 1.2 per cent compared to 121.2 recorded in third quarter.According to the National Bureau of Statistics (NBS) export and Import price indices the rise was mainly due to increase in prices of dried sardine, fresh fillet and frozen fillet.Edible vegetables and certain roots and tubers contributed 1.8 per cent of the total weight of the exported commodities and the index for this chapter increased by 20 per cent from 119.6 to 139.6 in the fourth quarter last year. Higher export price index was mainly due to increase in prices of pigeon peas.The export price index for ‘Edible fruits or melons’ which stood at 119.9  increased to 131.1 in the fourth quarter representing an increase of 11.2 per cent. Read more
REA: Government gets tough on rural energy contractors
The government has issued two months ultimatum to the Chinese construction firm, China Henan International Cooperation Group (CHICO) to complete all the electricity projects executed under the Rural Energy Agency (REA).The Chinese state-owned construction company is implementing power projects in Tabora and Mwanza regions.The directives were issued by the Energy and Minerals Minister, Prof Sospeter Muhongo, after receiving the report on the implementations of the power projects in the two regions.“I give you two months until May, this year, to ensure all the projects in the regions of Tabora and Mwanza are completed for the people to start being supplied with electricity that can bring difference to their living standards,” he said.CHICO’s main business operation covers contracting international engineering projects, consulting service for international projects, international human resource cooperation and exchange, mining development, agriculture investment, undertaking infrastructural projects aided financially by Chinese Government in oversea countries apart from the involvement in information industry.Read more
Deputy Permanent Secretary in the Ministry of Energy and Minerals, Dr Juliana Pallangyo: Chinese investors eye Tanzania’s energy sector
Investors from major Chinese energy companies have expressed interest in investing in the increasingly lucrative energy sector in Tanzania.The investors made known their interest at a meeting with the Deputy Permanent Secretary in the Ministry of Energy and Minerals, Dr Juliana Pallangyo, officials from the ministry, Tanzania Electric Supply Company (Tanesco), State Mining Company (Stamico), National Development Corporation (NDC) and Energy and Water Utility Regulatory Authority (EWURA).Speaking at the meeting, a representative from an association of Chinese business community in Tanzania, Lin Zhiyong said the interest of Chinese investors was to explore opportunities in the energy sector before making decision to invest.He said a special delegation of Chinese investors are expected in the country next week to collect information on investment opportunities in Tanzania including the Power Sector Master Plan, investment policies and energy sector strategy before signing a Memorandium of Understanding (MoU) for electricity generation.Read more
parliamentary committee for Agriculture, Livestock and Water appeals for lifting of sugar importation ban
A parliamentary committee for Agriculture, Livestock and Water has asked President John Magufuli to lift a ban on importation of sugar, saying there was a deficit in the country.The committee chairperson, Mary Nagu, said in Dar es Salaam that after a meeting with officials from the Sugar Board of Tanzania (SBT), her committee was informed that there was a deficit of between 80,000 and 100,000 tons of sugar.She said the government should order importation of sugar at the right time so as the majority Tanzanians are not affected by that shortage. "We understand that Muslims will soon start fasting and they will need that commodity, including many other families in the country," she added. President Magufuli warned dishonest traders who he said were colluding with corrupt public servants to import superfluous sugar in the country, saying he would endorse import permits for the sweetener himself. Read more
President calls for reduced Rreliance on foreign aid
Tanzanian President John Magufuli has called on citizens of the east African country to lessen their dependence on donations made by foreign entities.According to a report by the Zambian Post, Magufuli made his plea during an Easter mass held in the capital of Dar Es Salaam on Sunday."Tanzanians can stop relying on conditional loans from foreign donors if they cultivate a culture of working hard," he was quoted as saying.Since taking up his seat in office in November last year, Magufuli has taken a number of austerity measures that have earned him notoriety.Along with his cost-cutting measures, Magufuli has also spawned his own hashtag #WhatWouldMagufuliDo, sending social media users into a frenzy over his unorthodox style of governance.Many presidents across the continent have been urged to follow the Tanzanian leader's example, with Zambian President Edgar Lungu having been put on the chopping block for his overspending and extravagant lifestyle. Read more
JPM - Salaries of Top Public Officials Set to Be Slashed
 President John Magufuli  said that no executive in public institution and corporation should receive a salary exceeding Sh15 millionr.Addressing the nation from Chato's Mazaina grounds, the President said it was a shame for a poor country like to Tanzania to have people in public institutions pocketing up to Sh40 million while those in junior positions received a mere Sh300,000 per month.Making his first public address made from his home town since he was elected the President, Dr Magufuli revealed that he had set up a special team working to ensure there was equal distribution of the national cake starting from the public savant's salaries. "We're going to chop salaries of those who are paid highly and increase the rates paid to those in junior positions," said the President. Read more
Dodsal Group, Arab firm to invest 600bn/- in gas exploration
The Dubai-based Dodsal Group plans to invest an additional 300 million US dollars (over 600bn/-) in the country over the next 24 months to support exploration and production. Dodsal Group has made a major natural gas discovery in Tanzania, in the Ruvu Basin near Dar es Salaam which is estimated to contain over 2.7 trillion cu ft (TCF) of natural gas deposits with a value of 8 billion US dollars to 11 billion US dollars at current market prices, Dodsal said in a statement.The company described the find as Tanzania’s biggest onshore gas discovery, saying it would boost the nation’s total estimated recoverable natural gas reserves to more than 57 TCF. Most of Tanzania’s gas discoveries have so far been made in deep-sea offshore blocks.In addition, a third Dodsal well at Mbuyu in Tanzania has found a large gas column which is estimated to contain up to 5.9 TCF of gas, the company said, adding that studies of the deposit were underway. Read more
Sanlam Life Insurance firm records 22 pc premium growth as profit drops
Sanlam Life Insurance Tanzania registered a 22 per cent growth on gross written premium, its  financial statement has shown.The firm’s gross written premium increased to 40.17bn/- 33.04bn/- booked. Sanlam, which commands over 50 per cent of life insurance market share, posted a pre-tax profit of 4.2bn/- in 2015 against 9.14bn/- generated in 2014, with a decline in profit attributed mainly to decline in prices of its investments in stocks listed at the Dar es Salaam Stock Exchange (DSE).Net profit before capital gain on its investment in DSE listed shares grew by 27 per cent.The firm said an increase in commissions and management expenses corresponds with the growth on gross premium written. Sanlam’s Chief Finance Officer, Mika Samwel, told ‘Daily News’ that the value of new business which measures profitability of new business written significantly grew by 88 per cent.Read more
Magufuli Receives Auditor General's Report
President John Magufuli  received the Controller and Auditor General (CAG)'s Report at the State House in Dar es Salaam.The president received the report - containing five reports - from CAG, Prof Mussa Assad, as required by the Constitution.He commended Prof Assad and his team for preparing the report, urging them to continue working independently and efficiently and that the government will accord them full support.The next step is that Dr Magufuli will hand over the report to the National Assembly in the first seven days of the forthcoming session beginning in Dodoma.Meanwhile, President Magufuli swore-in new Songwe Regional Commissioner (RC), Chiku Gallawa, who was absent when new RCs were sworn-in .Ms Gallawa is the first regional head of the newly-formed region which was part of the vast Mbeya Region. The ceremony was also attended by Vice-President Samia Suluhu Hassan and Prime Minister Kassim Majaliwa. Read more
TRA Set to Collect 850bn/ - in Taxes From VIP
The Tanzania Revenue Authority (TRA) is set to collect over 850.75 billion/- as tax from VIP Engineering and Marketing Limited (VIP) upon successful prosecution of three high profile cases by the latter that have been pending before local courts.According to court sources, VIP has lodged Civil Case No. 229, which is still pending, against three Standard Chartered Banks (Hong Kong, Tanzania and United Kingdom) and three others defendants before the High Court, demanding 877.56 million US dollars (about 2.02 trillion/-).There is another Miscellaneous Commercial case No. 6  involving Citibank Tanzania Limited in winding up of Tri-telecommunication Tanzania Limited (Tritel), the first ever mobile service provider firm in Tanzania.In this case, the VIP Company demands 199.01 million US dollars (about 457.72bn/-). Records further show that there is Commercial Case Number 16 of 2000 involving two companies, Societe Generale De Survellance (S.A) and SGS (Tanzania) Limited, over a dispute relating to imported rotten rice. Read more
NMB: Shilling maintains its recovery path
The shilling has maintained its firmness, closing stably against the US dollar amid moderate demand from the oil sector. Some commercial banks quoted the shilling closing at around 2,163/2,203 a greenback supported by inflows from non government organisations (NGOs).National Microfinance Bank (NMB) said on its emarket report that the shilling closed stable while remaining on strong footing. “The shilling is poised to remain stable or strengthen slightly as corporate entities demand the shilling to settle quarter?end obligations,” NMB said.The shilling, according to Bank of Tanzania, opened the month trading at 2189/96 but ended at 2,190/- losing a fraction of cents against the dollar. The shilling appreciated by 20 cent to close at 2,190/00 compared to 2,190/20.Read more
TWB to list on the bourse, open more branches upcountry
Tanzania Women Bank (TWB) will soon list on the Dar es Salaam Stock Exchange (DSE) in a move to raise its capital base.It is expected that after the listing, the bank would open more branches up-country to take services closer to its customers as well as improve its information technology services.The TWB’s Managing Director, Margareth Chacha told The Guardian that the main goal is to reach more customers especially those based up-country  in providing banking services to them,  attract more shareholders and contributes to the country’s economic growth.“At the moment the bank is in a good position, and the government has allowed us to sell shares to the public,” she said.Plans are underway and the price will be announced very soon once the process is finalised. Read more
Exim Bank cuts remittance transaction time
Exim Bank Tanzania has guaranteed its customers with completion of remittance transactions within 4 hours instead of the duration of delivery as part of the bank’s continuous service improvement.“At Exim Bank, we always strive to offer smarter, faster and more secure ways to connect our customers to opportunities around the world. We now offer same-day Remit service,” said Mr Tumaini Mwakafwaga, the bank’s Group-Head, centralised operations in Dar es Salaam.“Customers are also assured that in case of breach of the timelines, service charges incurred for the particular remittance transaction would be refunded.” Mr Mwakafwaga however noted that the guarantee for the turnaround time (TAT) would apply only to applications which are compliant in terms of Clear Application Form (no ambiguities), supporting documents, and sufficient balance in their accounts.Read more
Tanga Cement, TRL sign deal to transport cement
Tanga Cement Company Limited (TCCL) has entered into agreement with Tanzania Railway Limited to transport 35,000 tonnes of cement to Kigoma and Mwanza regions.Under the agreement inked, Tanga Cement, which trades at Dar Stock Exchange as Simba Cement, will pay the service upfront for ferrying cement to Mwanza and Kigoma.The agreement was signed by Tanga Cement Managing Director, Reinhardt Swart and TRL acting Managing Director, Masanja Kadogosa in Tanga. Tanga Cement MD said the agreement would offer Simba Cement a logistics solution that will improve efficiency, enhance its competitive advantage and reduce transport costs.“As a local cement manufacturer, an efficient distribution scheme is crucial for our competitive growth. Rail is globally preferred as a more cost-effective and environmentally friendly mode of transport than trucks for cement,” Mr Swart said.Read more
TCRA to expose fake phone users
The Tanzania Communication Regulatory Authority (TCRA) will release telephone numbers of fake handset users in the country.TCRA communication expert Sayyida Mohamed said a system has been developed that will ensure fake mobile phones will not be registered.According to statistics released by the authority, the number of mobile phone subscribers rose by 16 per cent to 31.86 million in 2014. It was estimated that 38 per cent of the subscribers use fake gadgets.TCRA, head of corporate communications Innocent Mungy told reporters here that many sub-standard and counterfeit mobile phone products entered the local market illegally and that it has been difficult to control the influx.Under the exercise, clients are educated how to differentiate fake products from the genuine ones. Read more
TTCL directed to run commercially
The government has directed the Tanzania Telecommunication Company Limited (TTCL) to run commercially and pay dividend to Treasury by using efficiently all opportunities available.The Minister for Works, Transport and Communication, Prof Makame Mbarawa, issued the directive during his visit to various institutions including TTCL under his ministry in Morogoro Region.Prof Mbarawa underscored the need for the TTCL board and management to work efficiently at this particular time, as the government plans to give them another obligation of supervising the data centre expected to commence its operations soon.“TTCL board and management should show example of patriotism by working hard to make the state owned telecom firm lead and command the communication industry in providing high quality services and sustain competitions,” he said.He directed the board and management to speed the process aimed at expanding the TTCL services particularly the national broadband and capitalise on the ever growing demand from other telecom firms. Read more
CRDB Bank: Shilling stabilises on low dollar demand
The shilling has remained stable due to demand and supply matching and it is expected to strengthen in the near-term when corporate are settling quarter-end obligations.The shilling, according to reports, closed session trading at 2,182/2,192 against the US dollar, as the market was well-matched. CRDB Bank said the shilling held firmly against the dollar due to constant demand and supply of the greenback.“With a generally constant demand and supply for the dollar, the local currency held firm against the US dollar,” the bank said on its market highlights. National Microfinance Bank (NMB) said that shilling was expected to hold its position firmly as demand for local currency was anticipated to rise due to end-quarter corporate obligations.“The shilling is expected to strengthen in the near;term as corporate sell dollars and purchase the local currency to settle quarter’end obligations,” NMB said in e-market statements. Read more
BOT: Current account deficit narrows 
Tanzania's current account deficit narrowed 38 per cent to 3.13 billion US dollars despite a decline in gold exports, helped by lower global oil prices, the central bank said.The value of oil imports in East Africa’s second-biggest economy slumped 28 per cent to 2.76 billion US dollars in line with falling import volumes and declining global oil prices.“The import bill of goods and services amounted to 12.416 billion US dollars, a decrease of 8.6 per cent from the value recorded,” the Bank of Tanzania said in its economic review.“Most of the decrease was observed in imports of intermediate goods, particularly oil.” Gold export earnings in Africa’s No. 4 gold producer after South Africa, Ghana and Mali extended their slide, declined to 1.27 billion US dollars from 1.32 billion US dollars, largely due to a fall in global commodity prices and output, the bank said. Read more
TBA: Banks fail to comply with BoT’s customer charter
Financial institutions have failed to fully comply with regulator’s customer charter to put sign of how they should channel complaints to Bank of Tanzania special desk.The circular, which was endorsed by Tanzania Bankers’ Association (TBA), directs all financial institutions to put a sign conspicuously at the bank hall. BoT, Litigation, Investigation and Complaint Desk, Assistant Manager, Mr Ganga Mlipano, said almost all of the banks failed to honour the directive.“We will carry a spot check and those who will be found to have not complied with the circular will be put to task,” Mr Mlipano said without mentioning the inspection date.The sign is supposed to direct customers on how to channel their complaints if they are not satisfied with the service provided, feel to have been mishandled, discover to have been overcharged or their account unnecessary deducted.The Complaint Desk launched last April has received 54 complaints but those admitted were 19 which all were resolved in favour of customers. “In most cases nature of the complaints is based on ATMs. Read more
 Zan Securities Limited: DSE ends on bearish note
Dar es Salaam Stock Exchange (DSE) has experienced a decrease in total turnover by 34 per cent to 4.81bn/- compared to 7.23bn/- posted. Tanzania Breweries Ltd and SWISSPORT emerged as the top traded equities by 81.31 per cent and 12.86 per cent of the market share respectively.According to Zan Securities Limited wrap-ups, SWISSPORT emerged as the top gainer within local listed companies with its price appreciating by 20/- or 0.27 per cent to close at 7,320/- per share.Likewise, Tanzania Breweries Ltd (TBL) and Tanga Cement Company Ltd (TCCL) emerged as the top losers within local listed companies. TBL stock price experienced a 620/- or 4.43 per cent depreciation, closing the week at 13,380/- per share. TCCL stock price experienced a 210/- or 10.10 per cent depreciation, closing the at 1,870/- per share.Read more
Campaign to reopen probe on Standard Bank over $600 'Bribery' heats up
A Tanzanian based in The Netherlands is leading a campaign to ask the United Kingdom Serious Fraud Office (SFO) to reopen its controversial 'plea deal' investigation into London-based ICBC Standard Bank alleged involvement in bribery in Tanzania's $600 million sovereign bond after claims that the SFO were misled by the financial institution. Kapinga Kangoma, who  had won 1,807 supporters, said in a statement that they were deeply concerned on allegations that Standard Bank misrepresented the truth and suppressed material facts about its order to get the deferred prosecution agreement with SFO."We urge Serious Fraud Office to reopen the investigation into Standard Bank and its role in alleged bribery relating to a $600 million bond for our country, Tanzania. We deserve to know the full truth about corruption that affects our country," he said.Read more
Brokers bullish on stock market prospects 
Brokers are optimistic that firms that have posted good financial results will push up their share price in the stock market.Arch Financial and Investment Advisory, Head of Stock Brokerage Edwine Mahenge said stock brokers were pegging their hopes for the stock price stimulation on good financial results companies have started issuing.“We foresee an increase in the demand of these shares which will push the price further up,” Mr Mahenge said in a statement. The brokers are foreseeing an increase in demand for stocks of some companies which traded at decreased price, he said.The analyst predicted that once the investors see good results their appetite for share will increase thus seeing the stock rallying again in the near future.“Investors’ appetite for shares will also increase to the companies with good performancer,” Mr Mahenge said in the report issued. Tanzania Securities daily report shows that Tanzania Share Index (TSI) lost some 16.69 per cent to 4,001.27 points. Read more
CRDB Bank Plc heading towards CRDB group
A CRDB Micro-finance Bank and CRDB Insurance Company will soon be established by CRDB Bank Plc of dramatic growth.Managing Director, Dr Charles Kimei said in Dar es Salaam that plans are underway to ensure that CRDB Microfinance Company becomes a bank and its insurance brokerage business becomes a completely separate company as the bank heads towards becoming CRDB Group.Dr Kimei said as the bank continues to grow with micro-financing and insurance businesses doing well, there is need to diversify and make them separate entities. “We want to transform CRDB Microfinance Company into CRDB Microfinance Bank and insurance broker also into a separate company,” the CRDB chief noted.Read more
Swissport Tanzania profit soars 
Swissport Tanzania has posted an outstanding profit of 18.14bn/- , equivalent to 40 per cent increment compared to 12.94bn/-.The good performance is largely attributed to increased traffic, the use of bigger aircraft by airline customers, foreign exchange gains and strict cost control.According to Swissport Tanzania Audited Financial Results for the, total revenues increased by 29 per cent to 57.36bn/- compared to 44.59bn/- .During the period under review, Swissport Tanzania completed the expansion of and installation of product compartments in the current export cargo cold storage facility at Julius Nyerere International Airport (JNIA).“The facility has significantly improved our capacity to handle perishable cargo, thus enhancing significantly the quality of services offered to our cargo customers,” the statement said.Also the entrance of other operators into cargo handling at the JNIA to start operations soon is expected to fuel competitions. But the optimism is for the company’s performance to be favourable. Read more
BOT: NBC, Barclays Bank merger under consideration
The Bank of Tanzania (BoT) has said the merger of National Bank of Commerce and Barclays Bank Tanzania is still under consideration.The central bank said the government, was yet to firmly decide on merging of NBC and Barclays Bank both owned by Barclays Africa Group. BoT Director of Banking Supervision, Kened Nyoni, said their role in the merger transaction is to ensure observance of legal and regulatory framework should shareholders decide to merge.“We are aware that the government of the United Republic of Tanzania has not firmly decided on the merger as the subject is still under consideration,” Mr Nyoni said in an e-mail.One key role of the government as one of the shareholders is to ensure it protects its value of the shares in NBC or the merged institution. The regulator said they could not speculate at this moment as when the merger would happen since the issue is still being considered by the shareholders themselves.“The issue of merger, if will happen, will be handled by shareholders of these two institutions,” Mr Nyoni said. “BoT is not empowered to determine which institutions will remain should shareholders decide to merge these two banks. Read more
Dar, Hanoi eye $1.0bn bilateral trade 
Eyeing more foreign direct investments to boost industrialization, Tanzania rolled the red carpet for Vietnam’s President Truong Tan Sang who arrived in the country for a state visit accompanied by a strong delegation of more than 50 traders.The high profile visit from the Vietnamese leader and his entourage is expected to boost bilateral trade and attract more invest ments from the Southeast Asian nation to build on the success of its first project in Tanzania launched by Viettel in second and third generation telecommunication services under the Halotel brand.To set the ball rolling, the two countries agreed to scale-up business ties and increase bilateral trade volumes to at least 1.0 billion US dollars from 300 million US dollars per year.According to a joint communiqué, the two countries agreed to explore new co-operation opportunities in trade, invest ment, education, science and technology, food processing, animal feed production, aquaculture, footwear and apparel, farming machinery, cement manufacturing, the building of low-cost houses and petrochemistry. Read more
BOT: Mobile payments claim share in EAPS
Mobile money payment in East Africa is eating up the share of transactions which pass through banking payment system.The mobile payments, which Bank of Tanzania (BoT) is still analysing, are making headways as BoT approved Airtel-Money to conduct regional payments.BoT’s National Payment System Director Bernard Dadi said, however, that most of the transactions under mobile payment involved small amounts of money.“Still the voluminous transactions are passing via EAPS (EA Payment system)… as you can’t pay large amount through mobile platform,” Mr Dadi said. The amount transacted through mobile system are increasing as they are easy and fast compared to EAPS.EAPS merely takes two hours and costs similar amount as of domestic transaction charges in Tanzania 10,000/-, but mobile is instantaneous. “We are working on currencies convertibility within the member states. Read more
DMFP Dr Ashatu Kijaji: Tax Modernization Programme to Enhance Collection
Implementation of Tax Modernisation Programme will result in expansion of Tanzania's tax net. This allows the tax burden to be more equally distributed, it will also introduce convenient procedures and systems for taxpayers so that companies can enjoy lower transaction costs in their interaction with the tax authorities.This was said in Dar es Salaam by Norwegian Deputy Minister of Foreign Affairs, Ms Tone Skogen who visited the country for an official visit accompanied by her delegation and had an opportunity to hold talks with various government officials on economic issues and cooperation between Tanzania and Norway.Deputy Minister for Finance and Planning Dr Ashatu Kijaji with Norwegian Deputy Minister of Foreign Affairs Ms Skogen, opened a new chapter in tax cooperation after they launched Tax Modernization Programme worth 48 million Norwegian Kroner (about 10bn/-) by signing an agreement which intends to narrow the gap in tax collection by Tanzania Revenue Authority (TRA) in the country so as to achieve national independent budget. Read more
DMHCDGEC: Government is committed to support local investors - minister
The government has pledged to support local entrepreneurs to thrive in business as they to stimulate economic activities and growth as well as helping to create jobs and trade opportunities.The Deputy Minister of Health, Community Development, Gender, Elderly and Children, Dr Hamis Kingwangala, made the pledge during the opening of Maisha Supermarket in Dar es Salaam.“By any means local entrepreneurs like you must be supported,” he said at the opening ceremony of the supermarket established by a local entrepreneur at the junction of Morogoro and Bibi Titi roads in the city. “Entrepreneurs like you must be supported to stimulate economic activities and growth,” he said. He said it was his wish that the new supermarket grew and expand its operations in other regions and outside the country saying there was great potential for growth due to a robust growing economy and rapidly growing middle class with increased disposable incomes. “We give you a challenge -- your business to grow and expand to neighbouring countries,” he said.The Deputy Minister said the government would support local businessmen by continuing to improve the business environment as it is in her best interest to keep the economy healthy by, among other things, ensuring an encouraging environment for small and large businesses. Read more
SCB: Good governance lifts Dar investment potential
Standard Chartered Bank has said that the country’s  transparency in its government is an opportunity to attract potential investors to invest in various development sectors, including the capital market.The bank’s Chief Executive Officer, Mr Sanjary Rughan, made the remarks when opening the Custody Business Forum in Dar es Salaam. He said that the country’s economy continues to be very exciting with its growth rates of 7.0 per cent, opening more investments opportunities into the country.“Tanzanian market continues to be very exciting, it’s growth rates of about 7 per cent, a lot much more stability, the government is taking all the initiative to improve transparency, improve public sector, a lot of investors are watching, “ he noted.Mr Rughna said that Standard Chartered Bank brings opportunity for all global investors including local fund managers within East Africa to invest in Tanzanian stock exchange market.“It is an opportunity for Tanzania to open doors to investors. Standard Chartered Bank globally has got a huge custody initiative, in Africa we are the leading custody providers, with assets worth of 78 billion US Dollars excluding South Africa,” he said adding that the aim of Standard Chartered is to grow Tanzania market. Read more
Zan securities: DSE newly listed equity starts on strong footing
YETU Microfinance, that was listed at the Dar es Salaam Stock Exchange (DSE), started on a strong footing after emerging one of the top gainers within local listed companies alongside Swissport Tanzania.According to Zan Securities wrap-ups, YETU stock price appreciated by 100/- or 20 per cent, closing  at 600/-. Swiss stock price appreciated by 400/- or 5.80 per cent, closing at 7,300/- per share.Yetu Microfinance, which is the first microfinance in the country and East Africa, was the 22th firm to be quoted on the Dar es Salaam bourse. The total turnover increased significantly to 7.27bn/- compared to 2.95bn/- with the Tanzania Breweries Ltd (TBL), NMB and CRDB Bank emerging as top traded equities.TBL controlled the market share by 79.54 per cent, while NMB and CRDB contributed 7.67 per cent and 6.17 per cent, respectively. Tanzania Breweries Ltd (TBL) and Tanzania Cigarette Company (TCC) emerged as the top losers within local listed companies. TBL stock price experienced a 1,000/- or 6.67 per cent depreciation, closing at 14,000/- per share. Read more
MOS, Ms Jenista Mhagama: Social Security Firms Told to Diversify Investments
Social Security Schemes have been advised to start investing in productive industries such as small and large scale factories in a bid to assist the government to create jobs as well as boost national economy.
This was said here by a Minister of State in the Prime Minister's Office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), Ms Jenista Mhagama during the ongoing two-day Local Authorities Provident Fund's Members Conference and LAPF Annual General Meeting at the Arusha International Conference Centre (AICC).Most social security schemes have been striving to invest in real estate development but according to the Minister, it is high time LAPF, the National Social Security Fund (NSSF), Parastatal Provident Fund (PPF) and others came up with industries in order to help the country move into production and export businesses. Arusha is one prime area where social security funds are competing to erect skyscrapers. Read more
NMB pledges to open more business clubs
In a bid to ensure easy access of services to the business community, the National Microfinance Bank (NMB) plans to set and develop more business clubs.The NMB Acting Chief of Retail Banking Mr Abdulmajid Nsekela made the revelation in Dare es Salaam, noting that the aim is to improve business knowledge to the country’s small and medium enterprises (SMEs).“NMB Business Clubs are intended to reach NMB’s business banking customers including both MSE and SME segments representing a total of 50,000 business banking customers throughout the country,” he said adding that the plan is an important tool towards improving business knowledge.Mr Nsekela who was addressing NMB Business Club members in Kinondoni District said that currently the bank has 34 clubs countrywide with over 10,000 members who frequently benefit from the training offered by the bank. Some of the training by the bank according to Mr Nsekela include marketing and taxation with the help of Tanzania Revenue Authority (TRA) and trade finance. Read more
Deloitte Consultng: Govt grappling with alcohol taxation
Tanzania's lucrative alcoholic beverage industry is on spot again as preparations for the budget continue and the million dollar question is what is the right taxation strategy for the industry which is among top revenue earners to the government.Industrial analysts argue that hiking of excise duty on alcoholic beverages may not necessarily lead to increased government revenue, particularly on the longer term as it will trigger price increases which will lower consumption as consumers will switch to the relatively cheaper options, including local brews.At Alcohol Sector Taxation Workshop in Dar es Salaam, the analysts said raising excise duty on alcoholic beverages may be counterproductive and likely to reduce government revenue from the industry which hold great growth potential due to robust growing economy and rapidly growing middle class with increased disposable incomes.“High rates do not necessarily mean more revenue,” a consultant with Deloitte consulting firm, Mr Joseph Thogo, said at the workshop which is part of annual consultations before budget preparations.Read more
Zan Securities: TBL, bankers dominate show at Dar bourse
Three local listed companies emerged top traded equities at the Dar es Salaam Stock Exchange (DSE) after posting total turnover of 74.91bn/- which is equivalent to 144.3 per cent compared to 30.60bn/- registered.According to Zan Securities  Wrap-Ups, the three equities were NMB Bank, CRDB Bank and Tanzania Breweries Ltd (TBL) amongst other local listed equities.The National Microfinance Bank (NMB) controlled the market share by 64.98 percent of the trading while CRDB and TBL contributed 17.39 percent and 13.30 percent, respectively.The TOL emerged as the top gainer within local listed companies with its stock price appreciating by 25/- or 3.23 percent to close at 800/- per share, compared to 775/- per share registered.Tanga Cement Company Ltd (TCCL) and Tanzania Breweries Ltd (TBL) emerged as top loser within local listed companies. TCCL stock price experienced a 310/- or 2.48 percent depreciation, closing the month at 12,200/- per share, compared to 12,510/- per share. Read more
TIC hailed for being shining example in Africa
Tanzania Investment Centre (TIC) has been hailed for promoting investment in industries leading to development of a diversified and robust manufacturing sector.SADC Investment Promotion Agency officers, who were in the country commended the investment centre for particularly promoting investments in industries that use modern technology to boost productivity.In their visit to Serengeti Breweries Limited and Bakhresa after their meeting, the officers said Tanzania had made important strides in attracting investments which use modern technology in food and beverage sectors which has made Tanzania as an exemplary country in sub-saharan Africa.At Serengeti they saw modern production technology in brewing process where the General Manager, Helen Weesie, said Serengeti focused on quality and safety. Serengeti Breweries Ltd (SBL) operates exclusively in Tanzania and is the 2nd largest beer company with a market share of about 25 per cent. Read more
TRA up for new law to have DJs and MCs pay VAT
Tanzania Revenue Authority (TRA) sees new proposed legislation that would requires commercial house owners, masters of ceremonies (MC’s), disco jokers (DJ’s), caterers and other groups to pay their Value Added Tax (VAT) would massively compliment to the nation’s income.Speaking with The Guardian the Acting Manager (Education) TRA, Jeremia Mbagi said previously, such groups of entrepreneurs were exempted from VAT.“With this proposal TRA believes that at least 12.3trn/- will be at the end of the fiscal year,” he said.According to him, the proposal will be tabled in Parliament  for deliberations that will require those operating social halls, which will also include Masters of Ceremonies (MC’s ), Disco jokers (DJ’s), caterers and other groups to pay VAT.“TRA has zero tolerance against tax evaders, there is a lot of political will with President Magufuli’s position on revenue collection,” Mbagi said while warning evaders that TRA would leave no stone unturned in ensuring that Treasury coffers were stuffed. Read more
CRDB Bank: Shilling on temporary reprieve
Shilling continued to stabilise in the recent days losing merely 1.3 per cent to the US dollar, thanks to steady inflows and outflows of the greenback.The shilling, according to Tanzania Securities, depreciated by some 30/- to 2,180/85 from 2,150/76. CRDB Bank attributed the shilling firmness to steady inflows and outflows of the greenback but cautioned the reprieve would be temporary. “...This stability is expected to persevere in the short run,” CRDB said.The interbank trading opened at the levels of 2185/2195 and closed at the levels of 2185/2195 against the greenback during trading session, the bank said. The shilling experienced high volatility and depreciation in the first half, but has stabilized.The government said through a recently letter of intent that the situation was further compounded by delays in the mobilization of external program financing, which likely fuelled a foreign exchange shortage psychology. Read more
Deloittte Consulting: Tax analysts caution on tax increases on alcohol
Hiking of excise duty on alcohol beverages may be counterproductive and likely to reduce government revenue from the industry which is one of the top contributors, according to industrial analysts.Speaking at Alcohol Sector Taxation Workshop in Dar es Salaam, a consultant with Deloitte consulting firm, Joseph Thogo said increasing of excise duty to alcoholic beverages does not necessarily lead to increased revenue to the government.“High rates do not necessarily mean more revenue,” he said at the workshop which is part of annual consultations before budget preparations for the financial year.The government spared alcoholic beverages of excise duty increase in the  budget after it was hiked by 20 percent in the previous financial year.Mr Thogo said hiking of duties on the sector would most often lead to price increases which negatively impact consumption because more consumers will switch to local brew. Read more
BOT: Treasury bonds oversubscribed
High demand greeted the treasury bonds auctioned by the Bank of Tanzania (BoT), resulting into over subscription.According to the auction summary, a total of 48.51bn/- was raised against 38bn/- offered to the market for bidding, although at the end the government retained 40.74bn/- as successful amount.High yield and coupon rates coupled with the improved liquidity level in the circulation are attributed to the outshining of the bond auctioned.The debt instrument that was introduced to the market one of the mechanisms used by the government to raise money for implementing long term projects particularly on infrastructure.The weighted average yield to maturity increased to 19.75 per cent compared to 19.23 per cent of the session while weighted average coupon yield jumped to 19.23 per cent compared to 18.72 per cent of the preceding session. Read more
Exim Bank lists retail bond at DSE
The Exim Bank retail bonds have been floated at the Dar es Salaam Stock Exchange (DSE) for trading to mark yet another milestone in the development of the capital markets in the country.The first ever exchange traded retail bonds (ETRBs) in East Africa were listed. The event was graced by the Deputy Minister of Finance and Planning, Dr Ashatu Kijaji, who commended Exim Bank for the development.She said the government welcomed the listing and urged other private investors to follow Exim Bank’s example and invest in retail bonds."This retail bond is expected to facilitate the development of a vibrant retail bond market in Tanzania and open doors for other private sector companies, government entities and municipal bodies to explore innovative methods for meeting their financing requirements,” she said Speaking at the ceremony, Selemani Ponda, Chief Financial Officer , Exim Bank Tanzania said: “The retail bond was not only a major development in Tanzania financial sector but also in East Africa, as Exim Bank becomes the first bank in East Africa to issue ETRBs.” Read more
 Kupatana.com: Online business enhance commercial transactions
The growth of the online market in the country has transformed the landscape of small businesses in the country while the automobile industry has been the most impacted with the trend.According to research conducted by yStats.com, the trend shows that the e-commerce industry is growing by 40 per cent, an astute that economists never predicted. Kupatana.com Executive Director, Mr Philip Ebbersten said that the small and medium enterprises (SMEs) which accounts for 70 per cent of all businesses in the domestic economy, are more likely to be heavily affected by the growing e-commerce industry.“While virtually all industries have been touched by e-commerce, the automobile industry is among those most strongly impacted. Anyone selling automobiles, both businesses and individual sellers included, should become aware of the impact of e-commerce, as well as how to leverage it,” he said.
Internet access has improved, with over nine million Tanzanians having access to the Internet is fuelling the growth of the country’s e-commerce industry. Read more
CBOAT: Shilling seen firming against dollar
The Tanzanian shilling is seen firming against the dollar in the days ahead, helped by a subdued demand for the US currency from large importers.Commercial banks quoted the shilling at 2,185/2,195 to the dollar, weaker than 2,183/2,193. “The currency has been very stable.There isn’t any big demand for dollars nor much inflows, so we expect the shilling to remain stable over the coming days,” said Hakim Sheikh, a dealer at Commercial Bank of Africa Tanzania.The Ugandan shilling is forecast to weaken over the next week as business activity gradually picks up after elections and likely spurs an uptick in demand for dollars.Commercial banks quoted the shilling at 3,365/3,375, stronger than Wednesday’s close of 3,420/3,430.Traders say business slumped  as Ugandans voted in a presidential election won by incumbent Yoweri Museveni but criticised as a sham by his main rival, Kizza Besigye. Read more
MOFA: New border post to boost trade
Tanzania and Kenya opened one-stop border posts at Holili and Taveta border to facilitate trade across the border of the two countries marking another key milestone in the integration process in the East African region.The Minister for Foreign Affairs, East African, Regional and International Cooperation, Ambassador Augustine Mahiga, and Kenya's, Cabinet Secretary, Ministry of Labour and East African Affairs, Phyllis J. Kandie, opened two state-of-the-art border posts at Holili and Taveta set up by TradeMark East Africa to ease customs procedures between Tanzania and Kenya and boost trade in the Eastern African region.The East African Community Secretary General, Dr Richard Sezibera, also graced the occasion which was also attended by top government officers from Tanzania and Kenya including the Kilimanjaro Regional Commissioner, Amos Makala and Taveta County Commissioner, Oningoi Ole Sosio. Read more
NBS: ICT set to catapult economic growth
The ICT sector is rapidly expanding and has become one of the pillars of the country’s socio economic development, the National Bureau of Statistics (NBS) says.The trend is attributed to development of National ICT broadband backbone (NICTBB), seen as a major economic growth.The infrastructure has enhanced usage of ICT applications for sustainable socio-economic development including implementation of e-government , e-learning, e-health, e-commerce and much more locally and globally.The growing dependence on the internet causes it to become not enough just to have an internet connection but a connection that allows faster access to information.With 7,400 kms of Optic Fibre Cable already constructed, the backbone has been extended to eight border points of Sirari, Namanga and Horohoro (Kenya); Mtukula (Uganda), Rusumo (Rwanda), Kabanga and Manyovu (Burundi), Kasumulu (Malawi) and Tunduma (Zambia) with a view to fulfil the Government’s commitment to connect the landlocked countries to the International submarine cables landing in Dar es Salaam. Read more
Zan Securities: TOL share price reaches all time high
TOL Gases share price has reached an historical high level after appreciating by 5.26 per cent since the year began to reach 800/-. The share, was the only domestic stock that positively appreciated.The rest of the shares, according to Tanzania Securities daily analysis report, registered either negative price growth or stagnated. Zan Securities Chief Executive Officer Raphael Masumbuko said TOL share will continue to appreciate as long as the firm maintains its good performance paraded.“In comparison with other manufacturing sector shares, TOL is still low. This attracts buyers since the firm is now doing well,” Mr Masumbuko told ‘Daily News’.The CEO said the share price has reached an ‘all time high’ level since TOL was listed at Dar es Salaam Stock Exchange almost two decade ago. TOL was the first firm to be listed on DSE. Read more
CRDB Bank: Privatisation success story
The end goal was to turn them around from loss to profit making firms. Some privatised firms, especially those listed on Dar es Salaam Stock Exchange (DSE) registered a success story -- and are today among the leading tax payers.The successful listed firms have several things in common. They are either partially owned or capitalised by foreigners or their management is headed by a foreigner. This is minus CRDB bank, however. CRDB bank has an exceptional feature. One is 99.99 per cent run by locals.Two was capitalised after selling its shares. CRDB was listed on DSE. The local staff good management and innovation turned around the once loss making institution to become a leading bank -- in term of balance sheet.And it’s just a matter of time before CRDB claims a number one bank position in the country in term of product innovations, balance sheet and profitability. The bank was privatised .But the following year registered a negative profit of 1.8bn/-. The staff learnt a lesson and after that the bank registered a profit increase that climbed to reach a net of 139bn/-. But the journey to the top was not easy. Read more
FNB: Shilling expected to remain stable
“The shilling has been stable  or so and we don’t see much activity from customers and even banks,” said Commercial Bank of Africa Tanzania dealer Hakim Sheikh.“There is a slowdown in both the demand and supply side, so we expect the local currency to remain firm or strengthen slightly due to anticipated inflows.”The Kenyan shilling is expected to trade in a tight range of 101.50-101-80, mainly due to lack of demand for dollars. The shilling was quoted at 101.75/85 per dollar, unchanged. “There are no big ticket items in terms of dollar demand to move the shilling,” said a trader at a commercial bank.The Zambian kwacha is expected to remain under pressure against the dollar as slow growth in China continues to limit exports from Africa’s second-largest copper producer.Commercial banks quoted the kwacha at 11.3500 per dollar from a close of 11.3400. “Momentum remains skewed towards kwacha weakness and leaves very little room for the local currency to appreciate,” analysts at the Zambian branch of South Africa’s First National Bank said in a note. Read more

TAMFI: Micro-finance institutions optimistic of regulatory law
Fed up with irregularities bogging down the running of micro-finance institutions in the country, stakeholders are now optimistic that the government will enact a National Microfinance Act .
In a statement, Tanzania Association of Microfinance Institutions (TAMFI), which represents a network for microfinance institutions and service providers, noted that for the past five stakeholders have been advocating for such reforms. "The microfinance sub sector in Tanzania, despite serving millions of the poor has been operating without proper regulation in the absence of a specific law that governs it," said Winnie Terry who is TAMFI’s Executive Director.The statement said if the government adopts stakeholders’ proposal to introduce desired legal and regulatory framework with approval of parliament, the sector will be more professionally managed.Terry said after a recent study which highlighted legal and regulatory constraints faced by the microfinance industry, TAMFI in an inclusive way drafted a microfinance bill, which was presented to government for necessary parliamentary processes. Read more
 
Telecoms boost financial inclusion in Tanzania
The exponential growth of the services driven by new technologies and customer needs, alongside a supportive regulatory environment, has made Tanzania a global leader in extending financial services beyond where traditional banking services would reach. Unbanked people are increasingly gaining access to financial services through digital channels.Banks, microfinance institutions, mobile operators, and other providers are using mobile phones and point-of-sale devices, along with networks of small-scale agents, to offer basic financial services at greater convenience and lower cost than traditional banking allows. According to the Global Findex Data, great progress has been made in expanding financial inclusion in Tanzania, driven by mobile money accounts.More people had opened accounts where  about 40 per cent of adults reported to have an account, up from 17 per cent. This figure compares to 34 per cent account penetration in sub-Saharan Africa, up from 24 per cent. In developing economies overall, account penetration is 54 per cent, up from 41 per cent.Tanzania is one of the leaders in mobile money penetration and one of five countries in the world where more adults have an account in mobile money account than an account in financial institution. Read more
Stanbic bank (T) pays 3 billion/ - Migiro, Chikawe, fine for role in dubious deal
Stanbic Bank Tanzania has finally paid a fine of 3bn/- to the Bank of Tanzania (BoT) for its role in the dubious transaction in which six million US dollars (about 12bn/-) was withdrawn in cash in a matter of days by a local firm, Enterprise Growth Market Advisors (EGMA)."The bank submitted its defence in regard to the matter but we were not satisfied and they agreed to pay the fine as required," the central bank's Governor, Professor Benno Ndulu, told this newspaper in a telephone interview.Prof Ndulu would not go into details but emphasized that the commercial bank had deposited the money at the central bank as it had been directed.The Minister for Finance and Planning, Dr Philip Mpango, revealed at a news conference that Stanbic Bank Tanzania had been given, to defend itself against the penalty."The law requires the bank to file its defence and if the central bank is not satisfied, then Stanbic Bank Tanzania will be compelled to pay the fine," Dr Mpango explained then. Read more
Two banks get market share of 98 percent at DSE
 Equities of two commercial banks have emerged as the top traded counters at the Dar es Salaam Stock Exchange (DSE) following impressive financial results.National Microfinance Bank (NMB) and CRDB Bank PLC (CRDB) were the top counters last week controlling 89.07 per cent and 9.51 per cent of the market share respectively.DSE turnover increased to Sh54.4 billion compared with Sh11.33 billion, according to wrap-up of Zan Securities Ltd.Industry experts associate the performance of the two banks' equities with impressive financial results reported."The two banks had good performance which impressed investors of their future," said Mr Juventus Simon, general manager at Orbit Securities Company Limited.However, the banks did not gain in terms of prices. While CRDB Bank closed at Sh400 per share, the same as opening, NMB's depreciated from Sh2,150 to Sh2,110. "Yes, the two banks controlled the market but they did not gain in terms of prices.I don't think if this will be maintained due to the fact that it was mainly powered by pre-arranged trading," said Mr Raphael Masumbuko, chief executive officer of Zan Securities. Read more
Why Tanzania collected Sh1.4 trillio in one month
 Revenue collection targets have been surpassed due to a number of factors including the indicative prices applicable to ports, the business community says.The national chairman of the Tanzania Business Community, Mr Johnson Minja, told The Citizen that a committee comprising government and private officials was formed to emphasise the importance of using Electronic Fiscal Devices (EFDs).President John Magufuli intensified efforts to raise revenue collections since he came to power.Mr Minja noted that the committee learnt that the customs evaluation system was biased, unfair and not transparent, creating loopholes on the tax payments on imported goods. He said the situation created unfair trade."EFDs only targeted the costs of sales minus the cost of goods sold without looking at the cost of importation," he said.However, he noted that the committee came up with a customs evaluation which looked at the sales on the EFDs minus the cost of goods sold and value of importation. The situation enabled imported goods to be taxed appropriately, increasing the revenue collection to Sh1.4 trillion, up from an average of Sh900 billion monthly. Read more
BOT: Credit to private sector continues to grow
Delays in the disbursement of programme assistance and realisation of non-concessional borrowing in the  fiscal year pushed up treasury bills yield rates to 18.25 per cent from 10.04 per cent associated with the increased demand for domestic financing of the budget.The Bank of Tanzania (BoT) Monetary Statement for the financial year, indicated that despite the increase in Treasury bill rates, the lending and deposits rates remained fairly stable.Consistent with liquidity developments, growth of broader monetary aggregates remained broadly within the programme targets, with extended broad money supply and credit to the private sector growing at 18.0 per cent and 24.8 per cent, respectively, compared with the projected rates of 17.6 per cent and 24.0 per cent.Currency in circulation remained elevated and compounded by the seasonal increase in demand for cash for end of year festivities; however interbank rate remained moderate as banks were liquid due to sizable government payments of various development projects. Read more
Councils cautioned on investors’ funds
The Kahama District Commissioner, Mr Vita Kawawa, has warned the Msalala District Council to ensure it allocates funds paid as service levy for intended purposes.Mr Kawawa sounded the warning shortly after the council received 714.8m/- from the Bulyanhulu Gold Mines Ltd (BGML)  being the last payment .The DC said the money paid by investors should be fully spent on the earmarked projects and not being dished out as endless meeting allowances. “I will not spare anybody if it comes to my attention that the money meant for the development ends in the pockets of greedy officers.“Gone are the days when people used to swindle the resources donated by the development partners,” said Mr Kawawa. He called on the councillors to strictly supervise allocation of the service levies and other payments from the investors operating in the district otherwise he would not hesitate to intervene.The payments are 0.3 per cent of the gross turnover which is payable .Speaking shortly after handing over the cheque, the BGML General Manager, Mr Graham Crew, said the company would keep on honouring the Memoranda of Understanding (MoU) signed between the two parties on the payment of the service levies. Read more
Firms under UTT register financial success
Three organisations under the Unit Trust of Tanzania (UTT) have posted outstanding financial performance  of operations after restructuring and contributed immensely to development and government revenue.The objective of the restructuring was to enable each of the key businesses to focus on their activities and services so as to contribute more to government revenue and promote country’s development.The three organisations namely UTT Asset Management and Investor Services (UTT AMIS), UTT Microfinance (UTT MFI) and UTT Projects and Infrastructure Development (UTT PID) held the first Annual General Meeting (AGM) in Dar es Salaam.The UTT-AMIS Managing Director Dr Hamisi Kibola said its of operations for the period, the company registered 57m/- operating profit and 70m/- comprehensive income.He said during the same period there was an unrealised share revaluation gain of more than 13bn/- from revaluation of financial assets accounted through the statement of changes in equity as per the provisions of International Financial Reporting Standards. Read more
TBS chief warns manufacturers against defaulting law
Local manufacturers and traders should ensure that they get endorsement of their products by Tanzania Bureau of Standards or risk legal action once arrested.Tanzania Bureau of Standards (TBS) Director General, Joseph Masikitiko said in Dar es Salaam while presenting standards certificates to new products that there are many manufacturers and traders who are not abiding by the law.“My only advise to manufacturers is that they should come forward and get our services so that they should not get losses in case we find them,” Masikitiko said.He pointed out that there is need for local manufacturers and traders to understand the importance of quality and standards so that their goods can compete in the market.Masikitiko commended the manufacturers who came forward to seek TBS certification saying such action is also good to consumers and the economy in general.“But the issue of quality and standards also involves human health, consumers need better products certified by TBS,” he underlined saying local manufacturers will need TBS marks to exploit the bigger East African Community market. Read more
Govt secures credit rating services for Eurobond issue
The government will sign contracts for credit rating services with two agencies in November before it issues its maiden sovereign bond.According to Guidelines for Annual Plan and budget, the government has completed procurement of agencies and contracts for rating services with the two selected agencies are in the final stage.The government intends to acquire sovereign credit rating from agencies with intention to access funding from International Bond Market for financing priority infrastructure projects.
A positive rating from this exercise will create conducive condition for both the government and private sector to borrow from the international financial market at relatively better terms.Former Finance Minister, Ms Saada Mkuya Salum said that the government had concluded discussion with Fitch Ratings for a sovereign credit rating and was finalising similar discussions with Moody’s Investors Service, paving the way for a possible debut Eurobond debt issue. Read more
MTIT: Investors assured of technical support
The government has pledged to provide technical support to local investors to enable them make informed investment decisions particularly on small scale industries.The Minister for Industries, Trade and Investment, Mr Charles Mwijage, said in Dar es Salaam while speaking to a local radio that most local investors fail to identify the right investment opportunities.“Empowering entrepreneurs goes beyond giving loans to involve imparting important skills on how to execute profitably the business to benefit the whole community,” he said, adding that to fill the gap, the government will use its experts to make sure entrepreneurs get the right business acumen.He added, “I have managed to advise local investors in my place to invest on fruit industries instead of pubs and they have successfully expanded into huge businesses,” One of the elements that can help an individual to be a successful entrepreneur is to identify what business one wants to venture into. Small scale industries have proved to be the engine of economic growth and could heavily contribute to both taxes and reducing unemployment. Read more
BoT records remarkable profit increase
Bank of Tanzania (BoT) net profit leaped by over 180 per cent thanks to unrealised foreign exchange revaluation gain.The Central Bank said in its financial report released  that the net profit leaped to 567.2bn/- at the end at 196.09bn/-.It attributed the hyper performance mainly to unrealised foreign exchange revaluation gain that almost went up ten times. The unrealised gain generated 358.24bn/- from 37.22bn/- of some period.Unrealised gain or loss is the foreign exchange differences arising from foreign currencies transactions as at specific agreed period.BoT said out of the said amount, the bank dividend amounted to 130bn/- compared to 72.45bn/- in compliance with the provision on allocation of profit set out.The BoT Act, stipulates the need of the central bank to generate adequate resources in order to support its operation and maintain its independence. Read more
BOT: Financial sector excels despite risks
Tanzania's economy passed through a number of challenges, but some sectors braved through remarkably well. In the money market, the strengthening of the US dollar and policy actions to mitigate exchange rate volatility contributed to liquidity tightening in money markets.The weak shilling contributed to rise in liquidity risks as reflected by widening of spreads and rising cost of funds as interest rates surged. The shilling’s depreciation by some 25 per cent compelled the Bank of Tanzania (BoT), to double statutory minimum reserve ratio to 10 per cent.On other hand, the general election made some corporates and public sector decisions to be put on hold due to risks associated by the exercise. Power rationing had also its slice of challenge.However, despite these challenges some sectors, including the banking sub-sector, performed well, while several others slowed down. For instance, according to BoT Monthly Economic Review report, extended broad money supply (M3) grew 16.6 per cent, nearly the same rate. Read more
NMB: Shilling strengthens on weak demand
The shilling slide by 1.25 per cent to 2,188/58 as demand for the US dollars starting to pick up.The Bank of Tanzania (BoT) foreign exchange data showed that the shilling opened exchanging at 2,161/46 but slid to 2,188/58.The shilling weakening, it has strengthened as importers exhibit low demand to enable the local currency to settle at 2,145/2,203 levels.National Microfinance Bank (NMB) attributed the stabilisation to importers from the oil and manufacturing sectors who exhibited lower appetite for the greenback.“Dollar inflows from institutions increased slightly, and these may also strengthen the shilling in the short-term,” NMB said on its e-Market report.The shilling started, trading on the right foot after gaining on average by 0.57 per cent to 1713/47, but failed to maintain the pressure from foreign currencies and closed down by 25 per cent.Meanwhile, Kenya’s shilling was stable against the dollar but traders said they expected it to come under modest pressure due to increased importer demand. Read more
DSE: Dar bourse recovers from X-mas hangover
The Dar es Salaam Stock Exchange (DSE) trading bounced back to normal after long holidays that saw the bourse clutching to bearish mode.The bourse closed after turnover appreciating by over 140 per cent to 6.19bn/-, the highest amount. The Tanzania Securities, Research and Bonds Trading, Ms Upendo Lyatuu, said the bourse registered slight improvement in turnover basis.“We envisage seeing a recovery situation to come,” Ms Lyatuu said in a weekly comment report. Similarly, she said, activity level increased by 33.4 per cent to 3,994,660 shares from 2,660,310 shares transacted. Zan Securities Chief Executive Officer Raphael Masumbuko said though the bourse turnover increased the stock prices was yet to pick up, but a bull-run mode promising. “Yes, after the long holidays trading volume is climbing up, which (in long run) will assist to push prices to normal level as are still low,” Mr Masumbuko said. Read more
TBL controls 93% of DSE total turnover
Tanzania Breweries Limited (TBL) has emerged as the most traded equity at the Dar es Salaam Stock Exchange (DSE), controlling 93.23 percent of the total turnover, while CRDB Bank Plc and DCB Commercial Bank Plc emerged as the lead gainers dominating the price movement within the local listed companies.
CRDB experienced a Tsh5 or 1.25 percent increase per share, closing at Tsh405 per share. DCB experienced a Tsh5 or 0.88 percent increase per share, closing at Tsh570 per share.The Tanzania Portland Cement Company Ltd (TPCC), National Microfinance Bank Plc (NMB) and Tanga Cement Company Ltd led the losers by Tsh310 or 9.37 percent, Tsh250 or 9.09 percent and Tsh100 or 3.61 percent respectively, according to Zan Securities report. Read more
BOT: Treasury bonds undersubscribed
The treasury bonds maturities auctioned  have been received on a low note by investors resulting into under subscription.Tax payment and other obligations by most investors in the fixed maturities are attributed to the poor performance of the treasury bonds auctioned.Key investors in the treasury bonds auctioned are namely commercial banks, pension funds, insurance companies and some microfinance institutions.The fixed term debt securities are important instruments used by most governments to borrow from the public to finance and invest into various infrastructure projects.The auction summary from the Bank of Tanzania (BoT) shows that 82.6bn/- was offered for bidding but it ended attracting investors’ bids worth 20.74bn/-. Read more
3G Direct Pay Group: Online payment service provider wins security certification
A Pan-African premier solution for online and mobile payments, 3G Direct Pay Group has been certified as the first company in Africa compliant with the security standards of the Global Payment Card Industry (PCI) Security Standards Council.According to a statement issued by the Group, the PCI DSS LEVEL 1 certification is applicable to all their branches in Kenya, Tanzania, Zanzibar, Zambia, Uganda and Rwanda."The PCI DSS certification is a comprehensive best practices standard for managing any business that comes into contact with credit card and other online payments information," said Mr Eran Feinstein, Managing Director, 3G Direct Pay Group.Mr Feinstein said that as a payment service provider for hotels, airlines, tour operators, travel agents and other e-commerce businesses throughout Africa, it is essential that they comply with the highest standards of security in the industry and are delighted to be the first in Africa to have the certificate. Read more
Bank M registers all-time high profit
Bank M has posted pre-tax profit increase of 16 per cent, notwithstanding the numerous challenges. The bank said that the pre-tax profit went up to 23.27bn/- from 20.1bn/- amid shilling depreciation general election associated risks. Bank M’s Deputy Chief Executive Officer (commercial) Ms Jacqueline Woiso said the challenges rocked across the banking industry.“But, we managed to overcome them and register an all-time high profit level,” Ms Woiso told journalists in Dar es Salaam.The shilling lost its value by some 25 per cent to close at around 2,160/-.Other challenge the industry faced was regulatory, with the Bank of Tanzania’s policy change that saw the increase of statutory minimum reserve ratio from five to 10 per cent.Bank M attributed the success largely to interest earning generated from lending portfolio, foreign currency dealings and fees and commission. Read more
FSR: Insurance sector records substantial growth, assets swell to 600bn/-
Insurance sector has recorded substantial growth in terms of assets and premiums, registering favourable financial soundness with growth in total assets attributable to underwritten premium income and investment returns.According to the Financial Stability Report (FSR), total insurance assets increased to 692.9bn/- compared to 590.5bn/- registered, which is 11.8 per cent change.The general insurer’s retention rates were 57.9 per cent of total Gross Premium Written (GPW). The retention rates were consistent with the prudential retention ratio of between 30 per cent and 70 per cent of GPW. Exposure to liquidity risk declined on account of enhanced capital.The General and Life insurers’ liquidity ratios rose to 106.7 per cent and 57.4 per cent, respectively from 63.2 per cent and 43.5 per cent in the same order reported. Read more
BOT: Economy expands despite weak global growth
Despite  weak global economic growth, Tanzania prospered economically. However  the  rate of growth was a bit lower than what had been expected, according to the Bank of Tanzania (BoT).In a report released, BoT said the economy posted robust growth and foresees superb performance. The revised growth rate of seven per cent, which is also how the economy flourished , was still among the fastest paces globally.Six out of the 10 fastest growing economies in the world  were in Africa and Tanzania’s was one of them.  IMF revised global growth projections  from the 3.5 per cent projected.“The domestic economy remained resilient to shocks on account of strong macroeconomic performance,” BoT notes on the state of the economy.The report has it that GDP growth  was revised downward in October to seven per cent from 7.2 per cent due to low export commodity prices. Read more
 
Chinese Factories Still Struggling With Weaker Demands
For the 10th straight month the factory activity in China and survey across the continent show industry struggling due to decrease in demands of finished products.
The tensions between Saudi Arabia and Iran have further exacerbated the economic situation in Asian countries as investors are now seen scurrying from stocks to safe havens like Japanese yen.
The Japanese Nikkei .N226 dropped more than 2 percent and that of Shanghai .SSEC fell over 3 percent. The Caixin/Market China Manufacturing Purchasing Managers’ Index (PMI) too slipped to 48.2 in the month, moving below market forecasts of 49. In November it was 48.6.
 data was the lowest reading, below 50-point level which demarcates contraction from expansion.
The released data of PMI showed factory output improved modestly but still it stayed below 50. The new report of the Caixin now questions whether the easy monetary policy of Chinese government as well as the stepped-up fiscal spending to have been successful in stabilizing the economy. 
BBVA Research economist Xia Le said, “We haven’t seen any material improvement in economic momentum… Small and medium-sized companies are under growing pressure. Toward the end of the year, some decided to close down because they’re not making any money.” Read more
CTI: PAYE, inflation relief plan on drawing board
The government is committed to implement the pledge made by President John Magufuli, during his presidential campaign to reduce Pay As You Earn (PAYE) tax charged on civil servants’ salaries to improve the workers’ welfare.Finance and Planning Minister Dr Phillip Mpango, told the ‘Sunday News ’ in an interview in Dar es Salaam that workers should wait to see the results during the next budget.“We will do our best to make sure, albeit slowly, that the PAYE is reduced to a single digit,” he promised. Civil servants, through their trade unions, have always been at loggerheads with the government due to the latter’s reluctance to impose substantial reduction in PAYE in workers’ salaries.Commenting on PAYE reduction, the Confederation of Tanzania Industries (CTI) Director of Policy and Research, Mr Hussein Kamote, said it was crucial for the tax to be reduced though it might not increase workers’ morale.“There are two things which must go hand-in-hand with PAYE reduction and salary increase, as many government workers are lowly paid thus they might not enjoy the reduction single-handedly,” he explained.Read more
BOT: Banking sector swims in safe waters
The banking sector has continued growing in terms of deposits and assets, thanks to favourable macroeconomic environment.The Bank of Tanzania (BoT) said in its Financial Stability Report (FSR) that the sector growth was also the results of remained resilient to internal and external shocks. The report showed that total assets grew by 12.4 per cent, while deposits grew by 6.7 per cent.“The sector was adequately capitalized,” FRS said adding “with ratio of core capital to total risk weighted assets well above the regulatory requirement.” The core capital to total risk ratio was 16.7 per cent well above the regulatory requirement of 12.5 per cent. BoT said the credit portfolio was fairly diversified as measured by ratio of aggregate large exposures to core capital of 126.8 per cent from 137.0 per cent recorded. “The levels were within the regulatory limit of 800 per cent,” the report showed. Read more
TBS flushes out substandard tyres
Tanzania Bureau of Standards (TBS) has launched a vigorous drive to remove from the market substandard products including fake and second-hand tyres effective.TBS Director General, Mr Joseph Masikitiko, told reporters that the campaign is aimed at ensuring that only genuine and approved motor vehicle tyres are sold in the local market.He revealed this when he unveiled the bureau’s Plan to rid the local market of substandard imported and locally-made products. “We are capable of starting this campaign as we have the personnel to take up the challenge. We’re set to open offices in Mwanza, Mbeya, Arusha and the country’s border posts,” he said.The campaign will also target lubricants, solar panels, batteries, corrugated iron sheets, cement products, electric cables and second-hand clothes. “We have been receiving complaints on second-hand tyres. Read more
The Guardian: Govt threatens to repossess over 500 divested companies
More than 500 private investors who breached terms of agreement in purchasing the once State run industries and farms, it has been revealed.Treasury Registrar Lawrance Mafuru issued a list of all purchasers of privatized industries and farms revealing 161 such State privatized corporations in Dar es Salaam alone out of the 514 across the country. “The government has directed all purchasers of privatized industries and farms to submit the implementation reports to the Treasury Registrar’s office indicating the extent of implementation of terms of the sale agreement,” Mafuru said in the statement.Among the directives, the companies in question are also required to unveil information showing the shareholding structure, post privatization rehabilitation efforts and production capacity level in either processing, manufacturing or service delivery.Such firms have also been asked to show profitability performance as a percentage of initial investment of the firm, how they contribute to the national economy through tax payment, dividend payment to the government and statutory contribution to pension funds among others.However, a survey conducted by The Guardian has revealed that many of the State privatized companies and farms have clearly breached the contract agreement as per the government set directives. Read more
BOT: Minerals export earnings fall 8 pc
The minerals export earnings has gone down by slightly over 8.0 per cent, chiefly due to a falling prices and weak demand.The central bank said in its report shows that the minerals export went down from 1.54 billion US dollars to 1.41 billion US dollars.The Bank of Tanzania (BoT), showed in the statement that prices fell for all minerals including gold, diamond and tanzanite. “Gold exports declined, largely due a fall in price following weak demand in the world market,” BoT said.The gold foreign earnings slumped 6.8 per cent from 1.41 bilion US dollars to 1.31 billion US dollars. Diamond also registered a negative revenue increase of 19.2 per cent tumbling from 60.3milion US dollars to 48.7million US dollars.Other minerals, tanzanite, rubies, sapphires, emeralds, copper, silver and other precious stones, registered a heavy fall of almost 28 per cent from 77.4million US dollars to 55.9million US dollars.Read more
Airtel: Telecom firm continues to empower Dar youth
Airtel Tanzania through its ‘Airtel FURSA’ programme has continued to empower youths in Dar es Salaam through entrepreneurship training to improve their skills on business management.The youths have been asked to divert their challenges into self-employment opportunities rather than wait to be employed or keep complaining that there are no jobs.With those opportunities youths are required to use social networking to exchange business ideas rather than spend much time discussing unproductive ideas.Commented by Airtel corporate social responsibility manager Ms Hawa Bayumi in Airtel FURSA seminar occurred in Dar es Salaam for youth entrepreneurs aged between 18 to 24.Ms Bayumi said “We decided to focus on youth because of their passion and willingness to fight to improve their businesses and we believe that they will make big improvement after getting this entrepreneurship training from Airtel Fursa”. Read more
Exim Bank announces closure of its retail bond
Exim Bank Tanzania has announced the successful closure of its retail bond, recording over-subscription of almost 200 per cent.The bank said in a statement issued in Dar es Salaam that the bond close. The original IPO size was 10bn/- with Green Shoe Option to go up to 15bn/-, but the bank ended up receiving 19.97bn/-from investors across the country.The bond offered investors to pump in 1m/-with interest rate of 14 per cent. Exim Bank Tanzania Chief Finance Officer, Mr Selemani Ponda said “We are delighted that this successful Bond Issue has provided so many Tanzanians with an opportunity to become part of the growth story of Exim Bank (Tanzania) Limited.”“The success of this pioneer retail bond clearly demonstrates the confidence investors have in the strengths of EXIM Bank and also the attractiveness of the innovative long-term savings products in the country.”He also lauded the Capital Markets Security Authority (CMSA), Dar es Salaam Stock Exchange (DSE), brokers, reporting accountants, the Bank of Tanzania (BoT) and investors.Read more
BOT: Credit to the private sector remains strong
Credit to the private sector grew at an annual rate of 24.6 per cent compared with 22.3 per cent with three sectors dominating - agriculture, personal and hotels.According to the Bank of Tanzania (BoT) economic review, credit growth slowed in other sectors, notably building and construction, trade, and transport and communication.Meanwhile, net government borrowing from the banking system grew by 4.2 per cent, substantially lower than 60.2 per cent.According to the BoT review, a large part of the slowdown in net government borrowing was observed in the bank’s holding of government securities.In terms of shares of outstanding credit to major economic activities, the profile remained almost the same. Read more

BOT: Re-export trade shows remarkable increase
Tanzania's re-export trade has risen by 108.5 per cent, thanks to some of the land-locked neighbouring countries.The country’s re-exports to Zambia, Zimbabwe, Democratic Republic of Congo, and the Comoros has increased as traders from these nations find it cheap to buy from Tanzania than travelling to the Far East.Bank of Tanzania (BoT) figures show that the re-export business increased from 168.6 million US dollars to 351.7 million.“The increase was on account of improvement in re-exports to neighbouring countries,” according to the central bank’s economic review. However, basis the trade went down by 3.1 per cent from 26.4 million US dollars to 25.6 million US dollars.On other hand, economists say that the re-exports business is an opportunity waste which was supposed to be manufactured locally to become direct exports. Read more

YMMD, Mr Altemius Millinga:  Community banks fault central bank regulatory system
The central bank approach of “one-size-fits-all” banks in the country has been fundamentally flawed as some financial institutions are at a disadvantage.The community banks (CBs) are the main branch in the banking sector that are at disadvantage since the regulatory system treats them similar to nationwide commercial banks.Yetu Microfinance Managing Director, Mr Altemius Millinga, said in a paper he delivered on “Reengineering the financial sector development strategy” that it was improper to have a blanket set of regulations for all banks, instead CBs should have their own rule.“This approach is fundamental flawed,” he said. “We recommend for a specific set of regulations which take into account the size, operational area and importance of the community banks.”Mr Millinga said CBs are at a disadvantage as they are small and unable to survive under the regulatory system. “Almost all the community banks are under stress and undercapitalised; they shoulder increased regulatory burden because of the regulatory approach of “one-sizefits- all,” he said. Read more

NMB: Shilling ends on right foot
The shilling appreciated by slightly over 30/-, thanks to proceeds from agricultural exports. The Bank of Tanzania (BoT) data show the shilling opened trading at 2,162/66 against the US dollars but strengthened to 2,131/32.The National Microfinance Bank (NMB) said the shilling started on the right foot backed by dollar inflows from corporate and agro-export revenues. “More dollar conversion as we approach could see the shilling appreciate further,” NMB said in an e-Market statement.However, NMB said, importer demand at cheap levels of the dollar/shilling pair will likely tame the current downward trend slightly. The shilling appreciating still supported by weak inflow pillars which are seasoned-end month obligations, donor aid funds and forex from agro-exports. Read more
KSC: Sugar producers say ‘cheap’ imports distort market
Stakeholders in sugar industry have urged the government to ensure imports of the commodity is properly managed to protect local manufacturers. “Illegal imports are a big challenge to domestic producers,” said Mr Ephraim Mafuru, the Director of Marketing of the Kilombero Sugar Company (KSC).
Tanzania’s national annual demand for sugar stands at 420,000 tonnes, while combined production by four local producers is 320,000 tonnes. The deficit is covered by imports by traders after clearance by the government through the Tanzania Sugar Board (TSB).The domestic sugar producers are KSC, Tanganyika Planting Company, Mtibwa Sugar Estates Limited and Kagera Sugar Estates Limited. “Some traders bring in substandard products, while others smuggle the commodity in the country without paying tax, a move that distorts the market. Read more
Zan Securities: DSE extends bearish run
The Dar es Salaam Stock Exchange (DSE), total turnover experienced decrease by 67 percent to 12.7bn/- compared to the closing at 38.91bn/-, with three stocks emerging top traded equities.According to Zan Securities Limited Wrap-Ups, the top traded equities were Tanzania Breweries Ltd (TBL), Tanga Portland Cement Co (TPCC) and CRDB bank.TBL controlled 85.17 percent of the total turnover while TPCC and CRDB contributed 3.13 percent and 1.53 percent respectively. There was no any price appreciation within local listed companies to close the week.The Tanzania Cigarette Company (TCC), emerged as the top loser with stock price depreciating by 0.62 percent or 100/- to close the week off at 16,000/- per share. Total market capitalisation experienced decrease by 3.66 percent, closing at 20.19tri/-. Read more
ZSTC: Isles maintains higher clove prices despite global slump
Despite the low prices in the world market, Zanzibar will continue paying its clove farmers a better price of 14,000/- per kilogram or more, the Managing Director of the Zanzibar State Trade Corporation (ZSTC), Ms Mwanahija Almasi Ali, said here.She informed reporters at her Maisara Street office here that although clove prices in the world market were unsatisfactory, it will not prompt the ZSTC to reduce the buying price from farmers.She did not mention the price abroad. “We ask our farmers not to get worried about the price. We keep paying them better prices compared to prices fetched in a neighbouring country where smuggled cloves sell at 10,000/- only.We need our farmers to sell all their cloves to ZSTC,” said Ms Ali. She had convened the news conference to refute reports in the social media and among buyers that ZSTC was running out of money and that it had started getting cloves on loan from farmers who have to wait to be paid. Read more
EPZA: Alistair Group invests 1.5bn/- in Tanzania’s first free port
Alistair Group has through its subsidiary, Alistair Freeports Limited, invested nearly US$700,000 (1.5bn/-) to build a cargo storage facility in the Mtwara Free Port Zone, which is the first ever in the country.The facility in the customs-bonded are of Mtwara port was inaugurated in a ceremony that was graced by the Export Processing Zones Authority (EPZA) Director of Investment Promotion and Facilitation, Zawadia Nanyaro. In her speech, Nanyaro said the authority in collaboration with Tanzania Port Authority (TPA) plans to curb unemployment and create sustainable employment opportunities through the free port zone.She said that the development comes after Alistair completed the development of the facility and was granted an Operator’s License lease agreement with the EPZA for 14,154 square metres. According to her, the facility, which provides unlimited terms of storage, warehouse and service solutions to store and consolidate cargo, is aligned with government efforts to attract investors to southern Tanzania.Read more
EPF: Empowerment projects benefit 250 women in Sengerema
Over 250 women of Kabusuli Village, Sengerema District in Mwanza Region, have benefited fromeconomic empowerment projects, which have seen them transform their livelihoods that has had great impact to the community.The women have through the help of Emerge Poverty Free (EPF), an organization that operates in East Africa, formed a group known as ‘Kazi na Malengo’ that has assisted them in many different ways. EPF CEO Jeremy Horner, who was in Mwanza to tour the projects over the weekend, said they were impressed by the strides the women had made within a short time.He said they used the Mwanza based Sustainable Investments and Development Initiatives (SIDI) to help the women start a fishing and environmental conservation project in the area. So far the women have five fish ponds and planted over 6000 trees in the area. Read more
BOT: Treasury bills oversubscribed as investors’ appetite remains high
Slight liquidity tightness in the circulation did not affect the performance of the treasury bills that resulted into over subscription.According to treasury bills auction held by the Bank of Tanzania (BoT), the total amount tendered jumped to 195.70bn/- somewhat down compared to 196.25bn/- tendered. In the local money markets, liquidity was slightly tight as overnight rates ticks to 8 per cent, the NMB e-market report has stated.With the exception of the offer, yield rate for the remaining tenures declined slightly. Yield rate tenure increased to 17.10 compared to 16.97 per cent. The offer declined to 9.29 per cent from 9.35 per cent.The tenure has its interest rates decline slightly to 18.65 per cent compared to 18.86 per cent. Some of the key investors in the treasury bills are commercial banks, pension funds, insurance firms and few microfinance institutions. Read more
Geita Gold Mine posts superb performance
Gold production at Geita Gold Mine (GGM) reached 138,204 ounces, the firm announced. “The output reflected 108.3 per cent achievement against a budget of 127,647 ounces,” the firm said in a statement.It further pointed out that the company has achieved its ambition to cut down operating costs in alignment to the gold price. “Direct operating costs were US$ 535/oz compared to a set budget of US$ 599/oz,” it noted. During the, GGM continued to maintain its safety policies. “We seek to create value for our operations and communities by helping to address the health and safety risks faced by our employees including communities within the vicinity of our operations. “The mine had one lost time injury (LTI) recorded in Q3, and 7 High potential Incidents (HPI’s) were noted.Read more
TIRA: Dar bank, insurance firm join forces to conquer market
AKIBA Commercial Bank (ACB) has entered into joint venture with Sanlam Life Insurance and UAP insurance Tanzania Company Ltd in providing insurance services to its customers. ACB Managing Director, Mr Israel Chasosa said in Dar es Salaam that the agreement aims to bring affordability and convenience to customers on the availability of banking and insurance services where the bank remains a ‘one stop shop for financial services’.“The bank has already introduced insurance services within the bank as ‘Insurance Agent’ for life insurance and those of the various properties,” he said at the launch of new insurance service including vehicles, machinery and plants, houses, business products.He said ACB received permission to provide both insurance services by Tanzania Insurance Regulatory Authority (TIRA) where the bank’s customers can access insurance services in all branches affordable. Read more
Tanzania among top markets for Jaguar Land Rover
Tanzania is one of the eight markets to which luxury car manufacturer Jaguar Land Rover exports the bulk of its vehicles in sub-Saharan Africa (SSA), The Guardian has reliably learnt.According to the company’s report presented at the Retail Congress Africa in South Africa, business growth and prospects in the markets are mostly inhibited by the grey market. “The grey market makes up the majority of car sales in sub-Saharan Africa, with imports from Europe, Asia and the US accounting for upwards of 60 per cent of all sales,” its SSA director of operations, Nigel Clarke, said.The Retail Congress Africa brought together senior retail leaders and industry experts from throughout the region and across the globe. The congress not only addressed the opportunities for retailers, but also flagged key risks and uncovered innovative solutions and best practices. Clarke said despite of the ongoing commodities crisis, which has seen oil prices drop below US$40 a barrel, Nigeria and Angola continue to be Land Rover’s largest markets in in SSA.The Angolan economy generates about two-thirds of its revenue and most of the foreign exchange earnings from oil. Read more
MD Altemius Millinga: ‘Community banks potential underutilised’
Community banks (CBs) are champions of financial inclusion globally but their services in the country are grossly underutilised, according to an industrial expert.Down the lane since the country’s financial sector was liberalised, there are about 10 community banks with most of them undercapitalised, said Yetu Microfinance, Managing Director, Altemius Millinga.“Community banks (with exception of DCB) have received little support from the government despite considerable support they provide,” Mr Millinga, who is also a consultant told the ‘Daily News’.He said the banks have managed to reach 13.9 per cent of the country bankable population where 4.0 per cent accessed loans. “In reality banks penetration is still low especially if you exclude formal workers the level of exclusion is very high in the rural areas where over 70 per cent lives,” he said. Read more
DSE set to join self-listing elites of Africa
The Dar es Salaam Stock Exchange (DSE), is walking closer to become third exchange in the continent to de-mutualise. The demutualisation or self-listing is a process through which any member-owned organisation becomes a shareholder-owned company.Frequently, this is a step towards the initial public offering (IPO) of a company. DSE operates as a ‘mutual’ exchange. The DSE Chief Executive Officer, Mr Moremi Marwa said the bourse was walking closer to follow Nairobi Securities Exchange and Johannesburg Stock Exchange which have demutualised.“We, at the DSE are in the middle of a demutualisation process, being the third Exchange in Africa to achieve what we have achieved this far,” Mr Marwa said in statement. However, the CEO said, other Exchanges in Africa are also seriously considering this option.“Out of the 25 exchanges in Africa, more than dozen are positively considering to initiate the process of demutualisation,” Mr Marwa said. The CEO said the demutualisation has many advantages including enhancement of corporate governance within the exchange for sustainable protection of all its stakeholders. Read more
MOEM: Dar launches e-system for mining licence
The Ministry of Energy and Minerals has launched the Online Mining Cadastre Transactional Portal (OMCTP) to provide an electronic platform for all stakeholders in the mining sector in Tanzania to engage directly with the Ministry of Energy and Minerals.The portal will enable miners to apply, make payments and do all related activities online to improve ministry’s service delivery and increase transparency in the mineral sector.The Assistant Commissioner for Minerals in the Ministry, Mr John Nayopa said the launch of the OMCTP system is to facilitate application for licenses of mining, verification of owned licenses information and to send work performance report.He said the system begun to be used and mining officers were providing assistance to customers who need instruction on the use of the system. The Ministry ensures consumers about the safety of their money when they make payments through the system, he said. Read more
Kagera bank reduces loss by 53pc 
Kagera Farmers Cooperative Bank has reduced its net loss by some 53 per cent in this year’s third quarter thanks to non interest income which almost doubled. The net loss, of a single branch bank, went down to 64.34m/- in Q3 compared to 134.21m/- of similar period.The bank attributed the performance to non interest income that generated 70.92m/- up from 43.95m/- of same period. On other hand, the net interest income slowed down by almost 48 per cent to 94.14m/-from 180.15m/-.The financial statement issued showed that the revenue generation was almost eaten up by allowances set aside for doubtful debt. The impairment losses amount, however, increased to 173.79m/- in Q3 compared to 79.47m/-of similar period.This, impairment amount, was the results of the bank non-performance loans to total gross loans (NPLs) ratio that went down slightly to 45.61 per cent from 50.48 per cent.Kagera bank, NPLs was nine times higher than the national average benchmark of 5.0 per cent. However the bank’s total assets grew by almost 1.0 per cent to 4.71bn/-from 4.68bn/-, while deposits went up by 1.25 per cent to 3.31bn/-. Read more
UDSM: Tanzania to benefit as IMF admits yuan into reserve currency basket
Economists see the inclusion of China’s yuan into the International Monetary Fund (IMF), elite basket of reserve currencies is good for Tanzania and other developing economies in Africa as it provides more options in hard currencies used in International Trade.They told the Business Standard that the IMF move will pave the way for a broader use of the yuan, also called the renminbi (RMB), in international trade and finance which will reduce the risks of over reliance of the US dollars.According to Prof Humphrey Moshi of the University of Dar es Salaam (UDSM), yuan inclusion to the IMF elite basket of reserve currency was good to African economies as it would allow diversification in hard currency for global trade and finance. Read more
DSE: Investors on alert as KQ, Uchumi financial challenges deepen
Two Kenyan firms, Kenya Airways and Uchumi Supermarket are risking to be delisted from the East African Stock markets due to poor balance sheets.Kenya Airways counter at the Nairobi Securities Exchange (NSE) recorded a price of 4.50 Kenya shilling, representing 5.26 per cent fall while Uchumi Supermarket registered price appreciation by 0.62 per cent to 8.10 Kenya shilling.The two companies, also cross-listed on to the Dar es Salaam Stock Exchange (DSE), have recorded diverse share price movement with Kenya Airways remaining unchanged at 100/- while Uchumi Supermarket appreciating to 180/-per share, representing 5.88 per cent rise.Kenya Airways posses 66,157,350 paid up shares (41.23 per cent) at the cash strapped Precision Air Services which is grappling with financial constraints due to mounting debts and failure to raise capital in its initial public offer. Read more
TCRA: Regulators want mobile money go hinterlands
The Tanzania Communication and Regulatory Authority (TCRA) Principal Research Officer, Dr Emmanuel Manasse has appealed for the telecommunication companies to extend their strong financial service networks to villages to maintain development balance between rural and urban Tanzania.Dr Manasse said despite the country having 44 per cent of its population covered with formal financial services, awareness was needed to create more bank-oriented communities. The Chief Executive Officer of Mtilikwe Financial Services,  Kingstone Pumula Kanyile said with its 38 per cent financial inclusion rate, Tanzania leads the East African region in the trend, followed by Kenya’s 29 per cent.But Dr Manasse said financial and mobile phone operators need to carry out a country-wide survey on the use of mobile money services to help people’s access to formal financial services and benefit from the service.He was speaking at the White Sand hotel in Dar es Salaam during a Mobile Money and Digital Payments Conference.“Mobile financial services have proven effective in giving access to payment and transfer services in broader range than other financial services,” he said. Read more
MTIT: PS urges production of quality agric products
Producers and processors of horticultural products in Tanzania should strive to understand quality and standards required by hotels to increase their sales, the Permanent Secretary, Ministry of Industry and Trade, Mr Uledi Mussa, has said.He said it is through such effective linkage, that Tanzanians will be able to benefit from tourism value chain as most of international hotels import vegetables and fruits from outside.“At the same time, hotels should collaborate with producers and processors to meet the required quality standards,” he said in his speech read on his behalf by the Director of Trade Promotion and Marketing, Mr Odilo Majengo during a forum on strengthening tourism market linkages for Tanzanian producers and processors in Dar es Salaam.The forum intended to provide an opportunity for identifying ways producers and processors can meet the quality and standards required by buyers. The United Nations Industrial Development Organisation (UNIDO) and International Trade Centre (ITC) organized the discussions. Read more
EIU: EA bloc Gulf's major non-commodity investment market.
The Dubai Chamber of Commerce and Industry (DCCI) has named the Eastern Africa region as the continent’s most appealing area for non-commodity investment from the Gulf, with Ethiopia’s manufacturing industry, Kenya’s and Mozambique’s retail and tourism as well as Uganda’s education sector leading the investment list in the regional market. “Retail and hypermarkets, automotives, commercial banking and tourism are key sectors,” says the ‘Beyond commodities’ report on the opportunities for Gulf investors in the African market commissioned recently by DCCI. The study carried out by the Economist Intelligence Unit (EIU) indicates that Gulf firms injected at least $9.3bn worth investment funds including $2.7bn in the first half alone into Sub-Saharan Africa, with Nigeria, South Africa, Kenya and Ugandan markets attracting the largest number of Gulf investors. However, investment from Gulf countries in North Africa has been almost 10 times as much, illustrating closer links with Arab Africa over the same period.Talking of the space for Gulf banks, the study has revealed that, with the conventional banking sector being less developed and competitive than other regions in the world, there is also a potential for ‘relatively high’ profit margins for Gulf banks in the Eastern Africa bloc, especially within trade and infrastructure project financing, motivating a push of the Gulf’s leading banks into the region. Read more
NMB: Shilling gains on strong dollar inflows from exports
The shilling gained on the back of strong US dollars inflows from agro-exports when the public was celebrating Uhuru Day by cleaning their surroundings.The shilling appreciation was also backed by moderate demand on the dollar, the main trading currency. The National Microfinance Bank (NMB), said on its e-Markets statement that the local currency gained against the dollar.“The market closed up four shillings close,” NMB said. CRDB bank said on it’s Market Highlights that the shilling/dollar pair expected to match in overall demand and supply as the holidays season approaches.“As we look towards…the local currency is expected to remain relatively stable against the greenback,” CRDB bank said. The shilling closed session around the levels of 2,135/2,175 against the dollar. Read more
ICEAW: Tanzania ‘vulnerable’ to US interest rate hike
Tanznia's economy is vulnerable to the impact of global financial tightening as the US Federal Reserve is expected to raise interest rates, a new report has cautioned.The Economic Insight: Africa report by the Institute of Chartered Accountants in England and Wales says Tanzania is among five most vulnerable economies in Africa on account of the current account deficit of 9.3 per cent and vulnerability score of slightly below 250.According to the report, the maximum risk of 300 is equivalent to the highest possible score across these three measures of current account balance, growth in private sector credit and the ratio of foreign debt to reserve.Tanzania recorded a current account deficit of 221.50 million US dollars, according to Trading Economics. The current account in Tanzania averaged- 287.06 million US dollars, reaching an all time high of 263.80 million US dollars and a record low of -780.20 million US dollars. Read more
Petra CEO, JohanDippenaar: Mwadui’s rare pink diamond fetches $10million
Williamson mine’s exceptional 23.16 carat pink diamond mined has fetched astronomical 10.05 million US dollars for the rough stone. Williamson, a subsidiary of South Africa’s Petra Diamonds, announced that the pink stone sold into partnership, where Petra will also retains 20 per cent interest in the sales proceeds.Petra Chief Executive Officer (CEO), Johan Dippenaar said the sale result affirms that the market for high quality coloured diamonds remains robust. “Pinks of this size and quality are incredibly rare, but the Williamson mine is known to produce them from time to time. “Given the exceptional nature of this pink stone, we are delighted to retain exposure to the uplift in the polished,” Mr Dippenaar said.He added the stone bodes well for the future of the mine as Petra continues to ramp up production and optimise the processing plant. The diamond was bought by Golden Yellow Diamonds on behalf of M A Anavi Diamond Group, a leading diamond manufacturer and specialist in large and unique coloured diamonds. The stone, according to Petra, is an example of the high quality pink diamonds for which Williamson is known. Read more
TTCL pledges more in CSR
Tanzania Telecommunication Company Limited (TTCL), has pledged to extend its support in building healthy and knowledgeable society that can take an active role in economic development.This was said in Dar es Salaam by the TTCL Chief Marketing and Sales Officer, Peter Ngota while taking part in a clean-up campaign at Temeke Stereo Market as part of the commemoration of the 54th independence anniversary.During the event, the state-run telecommunication firm donated various cleaning tools including wheel barrows, brooms, gloves to the market and the company’s staff took part in cleaning the environment surrounding the market.“It is meaningless to serve people with new and modern telecommunication technologies while they continue dying of cholera and other diseases related to dirtiness of the environments,” he said. President, John Magufuli cancelled Independence Day celebrations and instead ordered clean-up campaign as a way to end cholera epidemic that has claimed several lives. Read more
Fastjet traffic and load factor hit by instability in Tanzania
African low-cost airline Fastjet PLC said its passenger numbers dipped, while its load factor also lightened.The company said it carried 62,843 passengers, down 0.5 per cent from the 63,146 it carried. Its load factor for the month declined to 60 per cent, down 17 percentage points from 77 per cent.Fastjet blamed the weakness on the prolonged presidential election in Tanzania, which has yet to result in a cabinet being appointed, or budget being agreed, as this has resulted in lower demand from governmental and civil service traffic. Read more
TCRA: Telecom sector revenue to reach 2.8trn/-
Tanzania’s telecom market will reach US$1.3 billion (nearly 2.8trn/-) in revenue mostly driven by mobile network expansion in rural areas, a new study released by Pyramid Research has said.The study has it that mobile voice services will continue to be the major revenue contributor generating US$845 million, or 67 per cent, of total service revenue.  “Growth in mobile service revenue will be driven by the expansion of mobile networks into new regions, particularly rural areas,” the economist group company, which provides international market analysis and consulting services to the communications industry, says in the report. Read more
 
NewTelco: Tanzania gets access to London PoP
Tanzanian voice and data access services supplier Six Telecoms has partnered with NewTelco South Africa, a joint venture between the Jasco Group and NewTelco, to deliver an international point of presence (PoP) through NewTelco’s co-location hub in London.This PoP is located in one of the major global interconnection hubs, connecting a number of undersea cables and providing Six Telecoms with direct access to Internet services in Europe. With its central location in Dar es Salaam and providing access into eight countries bordering Tanzania, Six Telecoms is a regional hub and gateway for East Africa to connect with the rest of the world.“Global access is essential for the success of any Internet service provider, however purchasing this access through a third part can be a costly exercise,” says Eckart Zollner, business development manager at NewTelco SA and the Jasco Group. Read more
TGDC: Geothermal power generation deal signed
Tanzania Geothermal Development Company Limited (TGDC) and Toshiba Corporation of Japan have concluded a memorandum of understanding (MOU) for comprehensive collaboration in the geothermal power generation business.This is TGDC’s first MOU with a Japanese company. TGDC and Toshiba will collaborate to promote a geothermal power generation business and human resource development in Tanzania. TGDC, a subsidiary of Tanzania Electric Supply Company, is the sole organization with geothermal exploitation rights in Tanzania, and its business scope ranges from the development of geothermal resources to the construction of power plants. Read more
BoT's mobile money regulatory system in place 
A new comprehensive regulatory framework for all payment system across the country including mobile money transfer services has been put in place by Bank of Tanzania.Senior Legal Counsel at BoT, George Sije said  during a Mobile Money and Digital Payments conference that the system which is backed up by an Act of parliament.“The new system is backed up by National Payment System Act which officially started operating,” Sije said.He said the main objectives of the system is to maintain safety and efficiency of the national payment, clearing and settlement systems, maintain reliability, integrity and safeguarding transmission channel as well as promote fair access.Elaborating on mobile financial services, Sije said right now the system is more stable because of the comprehensive regulatory framework.“Right now everything is operating under the law for both consumers and investors,” he said noting that as BoT they are doing everything to safeguard security and smooth running of the money transfer system. Read more
 
Traders chair agree with TRA to use EFDs 
All Kariakoo market traders and their peers country wide who objected to use electronic fiscal devices for various reasons, will start using the gadgets.Tanzania Traders Association Chairman, Johnston Minja (pictured) said in Dar es Salaam during a State House meeting with President John Pombe Magufuli that they have ironed out their differences with Tanzania Revenue Authority.“I can comfortably inform you Mr President that we have addressed all outstanding issues with TRA and we are going to start using EFD machines,” he said. Minja paid tribute to Dr Magufuli’s  stay in office saying his actions against tax defaulters are being supported by the traders who also suffered at the hands of cheating big business people. Read more
 
DPSMFDr Hamisi Mwinyimvua: Auditors, accountants counseled on financial statements
Auditors and accountants have been urged to prepare financial statements that provide maximum insight into financial condition and risk positions of financial intermediaries.The Deputy Permanent Secretary in the Ministry of Finance, Dr Hamisi Mwinyimvua made the call in Dar es Salaam over the during the closing ceremony of the Accountants Annual Conference being held by the National Board of Accountants and Auditors (NBAA).“We need supervisory oversight that provides safeguard and incentives that supports our objectives of prudent provision of credit and sustainable economic activity, accounting and frameworks that recognise and support all viable forms of financial intermediation,” said Dr Mwinyimvua. He therefore commended NBAA for conducting the “Best Presented Financial Statement Awards” aimed to achieve the objective of encouraging organisations to comply with local and international financial reporting standards. Read more
Zan Securities: DSE turnover increases
The Dar es Salaam Stock Exchange (DSE) total turnover continued to impress after registering 65.44bn/-, equivalent to 88 per cent increase compared to 34.85bn/- of the preceding period. The Tanzania Breweries Ltd (TBL) was top traded equity contributing about 98.97per cent of the total turnover.According to Zan Securities Limited  Wrap-Ups, the Tanzania Portland Cement (TPCC) emerged as the top loser closing with the largest price drop for local listed companies.The TCC experienced a 330/- or 9.09 per cent price decrease to close at 16,100/- per share. Total market capitalisation experienced a decrease by 0.55 per cent compared to, closing at 20.67tri/-. Read more
TEITI: Dar keen on transparency in mining, gas deals
Tanzania received some US$2.516 billion from mining and natural gas companies operating in Tanzania, officials say the government is keen to promote transparency and accountability in the sector.According to reports published by the Tanzania Extractive Industries Transparency Initiative (TEITI) revenues earned included tax, levies, royalties and other charges. TEITI is a multi-stakeholder initiative that aims to increase transparency and accountability in the extractive industries in Tanzania.The government is committed to the principles and criteria of the Extractive Industries Transparency Initiative (EITI), a global standard for revenue transparency and a global coalition of governments, companies and civil society organisations. Read more
TBS: Standard regulator counsels local producers
Enterpreneurs and local business companies have been advised to apply for standard mark from Tanzania Bureau of Standard (TBS) so that their products can win local and international markets.The advice was given in Dar es Salaam by TBS Public Relations Officer, Neema Mtemvu at the closing of the Jua Kali/Nguvu Kazi exhibitions at the Mnazi Mmoja grounds in the city.The annual exhibition which includes local and private institutions from East Africa member states hosted by Tanzania whereas all member countries participated. Mtemvu said they decided to offer special information and education to local entrepreneurs and business companies as well so that they apply for quality mark of their products so that they stand a better chance in the East Africa market.Read more
CEO, TIC Ms Juliet Kairuki: Dar on course to reduce poverty
Tanzania is on track on its ambition to unlock over 2 million people from the shackles of poverty, it was said in Dar es Salaam.The Executive Director of the Tanzania Investment Centre (TIC), Ms Juliet Kairuki, made the remark during at the Southern Agricultural Growth Corridor of Tanzania (SAGCOT) the Partnership Forum.“SAGCOT is a project close to the heart of TIC and since its inception it has worked alongside the government, in line with its overall approach to agricultural development.“Our major output is on track: to boost productivity of smallholder agriculture schemes in the selected projects. Our shared goal – to lift 2 million rural Tanzanians out of poverty.(The goal) ..is ambitious, but momentum is with us,” Ms Kairuki said in her message to the forum. SAGCOT Chairman, Mr Salum Shamte, in his opening remarks commended the government’s focus on promotion of public-private partnerships. Read more
Symbion CEO MrPaul Hinks: Govt Set to export electricity
US-based Symbion Power LLC, is looking for partners in the construction of a $1.3 billion (about Sh2.7 trillion) power plant in Mtwara that will see Tanzania exporting electricity to a number of countries in the region.Speaking after attending the Powering Africa conference, the Symbion chief executive officer, Mr Paul Hinks said the envisaged gas-powered plant will produce 600 MW.He said the project is set to begin."Under this major power project, Tanzania is set to export electricity to the neighbouring countries of Malawi, Mozambique, Zambia, Burundi and Rwanda. It will be the biggest gas-powered plant in the region," he said.He said the project funded by the US government will be undertaken in two phases. The first phase will entail construction of a 400MW gas-powered plant while the remaining 200MW will be made available under the second phase. Read more
CCE, AfDB may finance Tanesco after reforms
African Development Bank says it can finance the cash-strapped Tanesco after it is unbundled into separate entities and stopped being a drain to the public funds.The bank’s Chief Country Economist, Chidozie Emenuga, told the ‘Daily News’ in Dar es Salaam that the multilateral development finance institution could finance the power utility firm or provide guarantee if it secures finances from other banks when the unbundling process is completed and it improves its financial viability.“If they unbundle Tanesco, still owned by the government but it can stand on its own financially, it can borrow from us or it also can borrow from other banks and we guarantee,” he said in an interview on the sidelines of two-day Powering Africa: Tanzania conference in Dar es Salaam.Read more
CEO Off-Grid electric, Xavier Helgesen: Tanzania's off-grid electric raises $25 million from DBL partners.
Off-Grid Electric, a Tanzanian clean technology startup has announced it has raised US$25million in a series C funding round led by DBL Partners, a double bottom line Venture Capital.The funds will be used to expand into Rwanda – its first market outside Tanzania, and for scaling up its partnership with the Tanzanian government to power 1 million homes.Co-founder and CEO of Off-Grid Electric, Xavier Helgesen said, “Our real intention is to light considerable parts of the countries here. We want to provide an electrification solution that’s different and much more cost-effective than the grid.”Western Technology Investment, SolarCity, Omidyar Network, Serious Change LP, Vulcan Capital and others also participated in the funding round.Prior to this funding round, Off-Grid Electric has raised a combined sum of US$30million from investors such as Cordiant Capital, Zouk Capital LLP and International Finance Corporation (IFC).Off-Grid Electric, founded and headquartered in Arusha, provides pre-paid solar energy at an incredibly affordable price to the mass market in Africa. Read more
Vodacom launches new service
Vodacom Tanzania’s leading telecommunication provider launched Vodacom Red, a service that targets its prepaid customer segment offering them hassle-free connectivity for all their communications needs.The service combines affordability, convenience, and great customer services enabling its users enjoy stress-free connectivity while getting more out of their telecom spending.“We at Vodacom, wanted to build a package specifically for our customers who find themselves too busy to keep up with buying voice bundles,” Ian Ferrao, Vodacom’s Managing Director said.He said the new service offers customers low flat rate of 1.5/- per second between all networks, and the same low rate of 1.5/- per second to call five top international destinations (China, India, South Africa, Canada and the United States). Read more
FOCAC: Industrial relocation windfall need adequate preparations - don
Tanzania quest to capitalise on China’s industrial relocation to African countries will be a reality if it starts putting in place key infrastructures, University don has said.Prof Garth Shelton of The University of Witwatersrand, said though the industrialization is a long term process, the concept is best if implemented gradually like China itself. The country’s economic and special zones are key in the realization of the industrialization strategy.“Tanzania as well as other African countries need to create right condition to attract investments,” Prof Shelton told ‘Daily News’ at the sideline of China-Africa Relations Roundtable Conference.The scholar who specialise on Sino-Africa said, “We need to create skills, transports and other infrastructure. I think we can do it Africa will change,” The roundtable was held prior to the Forum for China and Africa Cooperation (FOCAC), to look over the shoulder and strategies the way forward till next FOCAC. Read more
MNTL: Govt hailed fortackling cyber crime head-on
Cyber security experts in Tanzania have commended ongoing efforts in the country to tackle cyber crime. Mart Networks Tanzania Limited representative, Ms Poonam Bhatti said at the launch of Multi-City Partner Roadshow in Dar es Salaam that the ongoing efforts also provide opportunities to Information and Communication Technology Industry to leverage Tanzania’s growing IT security market.The Roadshow which is facilitated by Sophos, cyber security firm, took place at time when efforts to tackle cyber-crime are gaining momentum in the country. Tanzania is the African country to introduce cyber crime law, after Kenya, South Africa, Nigeria and Zambia. “It brought us what we needed to leverage Tanzania’s growing IT security market. Read more
Tigo unveils bonus to support internet growth
The number of internet users in the country has now reached over 12 million people and it is expected to increase further with smartphones playing a key role.To support the growth, mobile operator Tigo has undertaken several initiatives including a promotion drive launched in Dodoma Region.Under it, Tigo customers, who have acquired the Tigo 4G LTE lines, will benefit from a 500mb internet bonus. The company said the move seeks to ensure its customers continue enjoying the fastest internet connection in the market.Announcing the incentive that also seeks to promote the superhighway and increase internet penetration the country, a senior official said the bonus will be obtained upon recharging simcards with 1,000/- airtime.“Tigo once again demonstrates its commitment to promote digital transformation and its leadership in delivering cutting-edge technology and innovation in the country,”  Northern Zone Coordinator George Lugata said at the launch of the Tigo 4G LTE service in Dodoma. Read more
New products to stir capital markets after end of elections doubts
After slackening before the General Election and several thereafter, local capital markets have begun to recover and will be in full swing thanks to three developments in the industry. Sectoral analysts say the highly expected market buoyance will be mostly derived from the introduced corporate retail bonds by Exim Bank. The other main catalysts will be start of trading in derivatives and commencement of business at the commodity exchange.“Tanzania’s buoyant capital markets are set to be boosted by new products,” said legal firm Breakthrough Attorneys noting that the products have been introduced when both institutional and regulatory frameworks are being bolstered to match up new investments. Read more
PM Mizengo Pinda: Dar firm donates artificial limbs
Over 60 people, who lost their limbs in various accidents, will now be able to walk again, thanks to multi-million shillings initiative by the Dar es Salaam-based Kamal Group.During the brief ceremony graced by the former Prime Minister, Mizengo Pinda, Kamal Group donated 60 artificial limbs worth over 240m/- to needy Dar es Salaam residents. Tanzania has total of 2.6 million people who have different disabilities of whom 525,019 have physical impairment.“Everybody is a prospective disabled person and therefore we need to take care of them, respecting them as members of our society,” said Mr Pinda, urging the rich to emulate, Kamal Group in setting aside part of their gains to help the needy people in the society,” he said.He asked the Permanent Secretaries from the Ministries of Industry Trade and Tourism and Natural Resources who attended the ceremony to convey the message to the government to turn its attention to the disabled people.Read more
BAL: Bajaj targets 40pc market share by introduction of new brand
Bajaj Auto Ltd, an Indian two-wheeler and three-wheeler manufacturing company, is targeting to expand its motorcycle market share in Tanzania from 22 per cent to 40 per cent after introducing a new brand.The new Boxer 100 ES motorbike with engine 100cc was launched with a pledge to conduct country-wide campaign that will boost its market. Bajaj sells its motorbikes in Tanzania through authorized dealers and they are assembled in the country.The company said its business has been growing by about 70 per cent per.“The launch of Boxer 100 ES is a strong demonstration of Bajaj’s commitment to the Tanzania market. Now, Boxer will be available in two models of 100cc and that of 150cc engine options,” said Bajaj senior vice president (Africa), Mr K.S. Grihapathy. Read more
DSE market value up after new bank listing
Dar Es Laam Stock Exchange market value surged by 30.92bn/- to 20.78tri/- after listing of the Mwalimu Commercial Bank. The bank which is supported by Tanzania Teachers’ Union listed at the Dar bourse after a successful Initial Public Offer (IPO) which was oversubscribed by 24 per cent.The listing marked another major milestone for the bourse with significant increase in market value that is expected to stimulate trading. Mwalimu Commercial Bank PLC (MCB) becomes the fourth company to be listed on its Enterprise Growth Market Segment (EGM) and becomes the fifteenth Tanzanian company and the twenty second company overall to be listed at the Exchange.Trading session, DSE recorded a total turnover of 33,049.16 million shillings from 2,388,635 shares traded in 83 deals compared to the session which recorded a turnover of 65.42 million shillings from 93,980 shares traded in 78 deals.Read more
President John Magufuli's: #WhatWouldMagufuliDo Sparks New Bout of Tanzaphilia
John Magufuli's moves towards free education, anti-corruption and belt-tightening are already recalling memories of Julius Nyerere.Professor Ali Mazrui opened the world's eyes to a new political phenomenon: Tanzaphilia. In his now famous article in Transition, he defined this concept as "the romantic spell which Tanzania casts on so many of those who have been closely associated with her". For Mazrui, many observers, especially well-meaning Western leftist intellectuals, were prone to succumb to Tanzania's magical charms.Part of this allure came from the fact that while many other countries in the region were struggling under autocratic regimes, in January of that year, Tanzania's ruling party TANU had passed the Arusha Declaration, President Julius Nyerere's political magnum opus.
The Declaration charted Tanzania's commitment to self-reliance, freedom, Pan-Africanism and Ujamaa (African socialism) with a major aim being that "the Government eradicates all types of exploitation, intimidation, discrimination, bribery and corruption". Read more
Economics Made Simple - Why there's need to go beyond austerity economic measures
The coming to office of President John Magufuli has been marked and characterised by a number of new things. These include some surprises and shockers. Indeed, surprises seem to be his way of doing things. Among the new things that he has introduced and partly correctly so is cost-cutting measures.
From the language that mainly emerged and prospered during the global financial and economic crisis and the eurozone sovereign debt crisis, what the president is doing is technically austerity economics action.He is taking austere economic measures to reduce unnecessary government expenditure. In what follows, some economic thoughts on the president's austerity economic measures are outlined. Read more
CEO,Mr Leodegar Tenga:  CTI keen to address challenges in beverage industry
The Confederation of Tanzania Industries (CTI) has pledged to work on challenges facing liquor industry in the country with a view of making them more vibrant for the benefit of the nation’s economy. Speaking during a tour at Serengeti Breweries Limited (SBL), the CTI Executive Director, Mr Leodegar Tenga, said frequent excise duty increase on beer and spirit products were hampering smooth development of the industries and negatively impact the economy.“We will work with our members such as SBL and others in addressing this challenge,” he said during a tour aimed at strengthening work relations between the two organisations.Mr Tenga also noted that CTI will work and lobby for reduction of some unnecessary levies charged on industries. He explained that high excise duty on spirit and beer products plus some nuisance levies lead to high production costs. Read more
BOT: Banking system healthy but still exposed to several risks
Banking Supervision Annual Report is one of the Bank of Tanzania’s (BoT) annual publications. The (new) report reviews performance of the banking sector and other supervised institutions. The main objective of the report is to disseminate information on issues and developments within the banking sector thereby enhancing transparency and accountability of the Bank of Tanzania to the public. The report provides a brief account of the performance of the banking sector and other supervised institutions, the reforms to the regulatory framework and the key supervisory activities undertaken by the Directorate of Banking Supervision and the Bank of Tanzania at large. Read more
BOT: E-banking tops 43trn/- as digital thefts overwhelm local banks
The deployment and use of digital technologies in the country has significantly transformed Tanzania’s monetary landscape boosting growth of financial services tremendously but also almost equally exposing banks to new operational risks, the central bank has said.A new Bank of Tanzania (BoT) report has it that digital transactions in the banking system topped nearly 43trn/-, which was an increase of 33.5 per cent over the performance. The amount is over 400 times more than the total deposits of the 12 community banks in the country whose deposits base was less than 100bn/-.However, unconfirmed reports from financial experts indicate that the banks  coughed up nearly 1trn/- in compensations to victims of cyber thefts, which take to be finalized. Read more
Funds under UTT-AMIS register impressive 34 per cent growth
The Funds under the UTT Asset Management and Investor Services (UTT-AMIS) for the five schemes have grown 34.36 per cent to 240.1bn/-, from 178.7bn/- posted in the corresponding period.The UTT-AMIS Board Chairman, Prof Joseph Kuzilwa, said in Dar es Salaam during the General Meeting (AGM) that the performance under review has been impressive.“Returns to investors have exceeded their performance benchmarks while at the same time the Fund has continued to grow in size,” he said. He added, “The Fund has continued to attract new investors mainly on account of growing public confidence and awareness on the benefits of investing in collective investment schemes.” Read more
ZanSecurities: Dar bourse trading rises
The Dar es Salaam Stock Exchange (DSE) witnessed 57 per cent rise in turnover to 4.29bn/- compared to 2.74bn/- of the preceding period, with the Tanzania Breweries Ltd (TBL) and CRDB Bank emerging to be the top traded equities.According to Zan Securities market wrap-ups, TBL and CRDB contributed 65.23 per cent and 21.92 per cent of the total turnover, respectively. Price movement within locally listed company did not experience any appreciation as most of our top performing equities depreciated in value.NMB emerged as the top loser with the largest price drop for local listed companies, experiencing a 100/- or 3.45 per cent price decrease to close at 2,800/- per share. Total market capitalisation experienced an increase by 1.35 per cent, closing at 20.77tri/- while domestic market capitalization decreased by 0.82 per cent closing at 9.81tri/-. Read more
NHC: New brick technology to boost housing delivery
The National Housing Corporation (NHC) is partnering with brick and block-making machine manufacturer Hydraform in the delivery of housing projects across more than 20 sites in the country.The sites where the NHC is working comprise between 20 and 200 units each, with about 6,000 people employed on the projects, thus, increasing employment opportunities and wealth. Hydraform Sales and Marketing Director, Nazlie Dickson says: “The NHC has developed a strategic plan to build and deliver a minimum of 15,000 houses for sale and lease.“This impressive directive will be achieved through a spectrum of approaches that include public-private partnerships, as well as various alternative building technologies and materials for the construction of quality affordable housing units and homes for low-income earners.” Read more
TMRC: Tanzanian to chair Africa’s mortgage finance body
The Tanzania Mortgage Refinance Company Limited (TMRC) Chief Executive Officer, Mr Oscar Mgaya, has been elected Board Chairman of the African Union for Housing Finance (AUHF).Tanzania has so far five members in the AUHF namely TMRC, Azania Bank Limited, CRDB Bank, National Housing Corporation (NHC) and Watumishi Housing Company.Mr Mgaya was elected into the post in the just ended AUHF annual conference and Annual General Meeting (AGM) held in Durban, South Africa taking over from Mr Colin Chimutsa who was Chairman of the AUHF Board.Mr Mgaya has been serving the AUHF board was elected to be a member of the Executive Committee of the International Union for Housing Finance (IUHF). He has commercial real estate and financial services experience. Read more
NMB: Shilling gains
The shilling has stabilised by almost 1.5 per cent against a US dollar, backed by agricultural inflows and subdued demand.The shilling, according to Bank of Tanzania, was quoted at 2,170/-  but closed trading at 2138/- for the greenback. The local currency appreciation.The shilling gained by some 90/- to 2010/-. The trend shows that the shilling depreciated and gaining later.The shilling went down to 2,167/- from 2,146 and slid to 2,172/- from 2,160/- quoted. National Microfinance Bank (NMB) said in e-Market report that shilling strengthened, amidst large dollar inflows from export proceeds and subdued demand.“The shilling may strengthen slightly as these market forces remain, however importer interest at lower levels of the dollar/shilling pair is likely to cap the shilling rally,” NMB said. Read more
MTI: Cattle supply up in main Dar market
PUGU cattle auction market was cut off from supply of animal breeds from upcountry during the general election resulting into sharp rise of meat prices in Dar es Salaam.The Ministry of Industry and Trade  livestock market information shows no data of cattle auctioning at the Pugu market was registered under review. The wholesale price for steak rocketed by over one-third to about 7,000/- pushing retail price to 9,000/- per kg thus demand outstripped supply.According to the ministry’s report, the auction cattle market started to receive animal breeds with reduced supply, thus pushing up prices of steak to around 9,000/- per kg.During the review, a total of 3,808 cattle were received generating revenues worth 9.11bn/-. The supply of sheep was 1,435. Revenues generated during the period was 177.94m/-. Read more
TCB: Tanzania to harvest 250,000 tonnes of cotton
Tanzania is expected to harvest 250,000 tonnes of cotton farming season, a top official of the cotton board told the ‘Daily News’ in Dar es Salaam.Tanzania Cotton Board (TCB) Director General, Mr Gabriel Mwalo, said the country harvested 148,00 tonnes during the just ended season due to bad weather.“The board had earlier projected to harvest 250,000 tonnes of seed cotton, due to bad weather the projection was revised to 200,000 tonnes, but after prolonged dry spells in some parts of the country, we ended with 148,000 tonnes,” Mr Mwalo said.He said although production in general dropped by 30 per cent, in Geita Region where they had contract farming the output increased by nine per cent.Mr Mwalo urged farmers to adhere to modern and environmental friendly agricultural practices to mitigate adverse impacts of heavy rains and floods. Read more
FNB: Bank rewards depositors to encourage culture of saving
After launching the Save and Win prize-linked savings campaign, First National Bank (FNB) named the first winner.A Dar es Salaam resident, Ms Imelda Lutebinga, has emerged the winner for entries received, at a function that was supervised by officials from Tanzania Gaming Board (TGB).“This campaign provides prize payouts to participants who made deposits on their savings accounts. The winner gets 5m/- cash prize,” said FNB Head of Retail Banking, Mr Francouis Botha.The winners, he said, were still eligible for draws and grab other 5m/- cash prizes in the remaining two draws.“It’s encouraging to see a good number of our customers taking part in the campaign and we believe it will have a maximum impact towards developing the habit of saving in the society,” he said.FNB launched its ‘Save and Win’ campaign to reward loyal customers and new customers with a call on Tanzanians to save even more while taking advantage of the promotion to win. Read more
Zan Securities Limited: TBL shares continue to shine at Dar bourse
Tanzania Breweries Limited (TBL) emerged the top traded equity at the Dar es Salaam Stock Exchange (DSE) contributing about 95.29 per cent of the total turnover.According to Zan Securities Limited Wrap-ups, however, DSE experienced a major decline in turnover after posting 12.55bn/-, equivalent to a 55 per cent decrease from 28.11bn/- of the preceding period.Low participation of foreign investors due to fear of the just ended general election is attributed to the slowdown of the equity market performance.Similarly, TBL and Swissport emerged as the top gainers dominating the price movement within the local listed companies after experiencing 40/- or 0.27 per cent price increase to close at 15,010/- per share and 40/- or 0.55 per cent price increase to close at 7,340/- per share respectively. Read more
 Legatum Institute: crunch hurts economy as gold earnings shrink
The end of the commodities boom, which started, has upset economies of countries dependent on revenues of resource exports and Tanzania has not been spared as reflected in dwindling earnings from gold.The crunch has not only affected generation of wealth but also the wellbeing of people in the commodity-exporting countries. An international index, which defines prosperity by measuring a country’s economic success and its wellbeing, shows economic underperformance in these countries, including Tanzania.“The end of the commodities boom has left people in the resource-exporting countries of sub-Saharan Africa increasingly dissatisfied with their standards of living,” The Legatum Institute, an international think tank based in London, which runs the surveys, said in a statement.The economic indicator, in which Tanzania has made the least progress, is one of the six areas out of the eight used for benchmarking prosperity. Read more
 
Airtel Tanzania: Telecom launches communication tower in Korogwe
In its efforts `to provide quality and reliable telecom services in rural and urban areas, Airtel Tanzania launched a communication tower at Mazinde in Tanga Region.The inauguration of the tower guarantees residents of Mazinde and its neighboring villages reliable communication services in managing their day to day economic and social activities Speaking during the launch, Korogwe District Commissioner Ms Hafsa Mtasiwa said “we are grateful to have a tower for our people in Mazinde that will boost their economies through mobile phones”.She said communication was the catalyst to economic activity of any society.“It is our belief that communication services launched will stimulate the economic activities on sisal production,support small, medium businesses, transform lives of many and for this we would like to thank Airtel,” the DC added. Read more
Fuel prices fall as Shilling revives
Retail and wholesale prices for diesel and petrol went down significantly compared to what financial analysts believe is the revival of the Shilling value. Retail price for petrol has decreased by Sh82 a litre representing a 33.91 per cent while diesel price went down by Sh51 per litre, a rate of 2.78 per cent respectively. Wholesale price for petrol has also decreased by Sh81.54 per litre representing 4.12 per cent, while diesel prices increased by Sh50.87 per litre, an equivalent drop of 2.95 per cent. Although Energy and Water Utility Regulatory Authority (Ewura) set cap price of Sh2,004 for petrol and Sh1,879 for diesel in Dar es Salaam, The Guardian has learnt that some petrol stations have further slashed prices to Sh2,000 and Sh1,870 for petrol and diesel  respectively.  “It’s really a huge relief that with Sh10, 000 I’m able to fuel 5 litres,” Oscar Mushi, a resident of Dar es Salaam said. Read more
BOT: Tight liquidity hurts demand for short-term bills
The easing tight liquidity stance in the circulation has seen the  treasury bills auctioned by the Bank of Tanzania (BoT) registering an overly subscriptions, but there was little appetite for short term papers.The BoT auction summary shows that the total amount tendered jumped to 190.48bn/- compared to 120.49bn/- .With the exception offer that recorded over two times over subscriptions, the remaining, received little subscriptions. Some of the key investors in the treasury bills are commercial banks, pension funds, insurance firms and few microfinance institutions.Tenure fetched a total of 137.97bn/- up from only 65bn/- offered for tendering. The offer attracted bids worth 45.93bn/- compared to 52bn/- offered for tendering. 15bn/- was offered and fetched 6.57bn/- while a total of 3bn/- was offered to the market but failed to fetch bids. Read more
NMB: Shilling gains after president's swearing-in
The shilling continued to appreciate backed by various variables, but mainly traders' confidence as the president-elect was sworn-in.The shilling started walking on the bullish mode as the nation was inching to the beginning of the new fifth phase government.The fanfare experienced at the climax of the swearingin ceremony held at the Uhuru Stadium which was also attended by eight heads of state.The National Microfinance Bank (NMB) said the shilling continued to gain backed by agricultural inflows and subdued demand from importers."The shilling gains - ahead of the announced public holiday as the president-elect Dr John Magufuli is (was) sworn-in," NMB said in e-Market statement. Read more
TES: IFC to support Tanzania ease power shortages
IFC, a member of the World Bank Group, is providing a $60 million loan to Pan- African Energy Tanzania Limited to help develop Tanzania's offshore natural gas reserves as a means to provide reliable, low-cost electricity in the country that suffers frequent power shortages. PanAfrican Energy Tanzania Limited is a whollyowned operating subsidiary of Orca Exploration Group Inc.('Orca). IFC's financing will be used to fund the development of the Songo Songo gas field, located about 15 km from the Tanzanian mainland and 200 km south of the commercial capital, Dar es Salaam."This investment enables Orca to undertake needed development of the Songo Songo field and safeguards Songo Songo's future as an important part of Tanzania's energy security," said W. David Lyons, chairman and chief executive officer of Orca. Read more
 Equity Group’s Chief Executive: Equity Bank posts outstanding performance
Equity Bank Tanzania has posted net profit of 5.03bn/- compared to 1.52bn/- registered. Also; the bank posted 1.14bn/- profit posted.Similarly, Equity group holdings limited has posted net profit of 256bn/- (Kshs.12.8 billion) up from 224bn/-(Kshs.11.2 billion). Also, the Groups profit before tax grew by 14 per cent to 362bn/-(Kshs.18.1 billion) up from 318bn/- (Kshs.15.9 billion).The Equity Group’s Chief Executive Officer, Dr James Mwangi said during an investor’s briefing session that the outstanding performance is contributed by the bank’s strategic initiatives and innovations toward enhancement of access, convenience and affordability of financial services.He said the impressive growth is underpinned by continued investment in the innovative new channels of agency and mobile banking, success of diversification and regional expansion that saw the Group’s acquisition of Pro-Credit of DRC Congo completed and consolidated into the Group’s results. Read more
RML: Gold mining company winds up business in Tanzania
Resolute Mining Limited has announced that it has executed an agreement to divest the company’s residual interests and assets in Tanzania. This followed the closure of Resolute’s Golden Pride mine and the subsequent completion of the decommissioning and rehabilitation of all (elements of) the company’s operations.As agreed with the government, the mine site and all remaining infrastructure was formally handed over to sub-Saharan Africa academic centre the Madini Institute during ceremony to allow for the establishment of mining institute of learning.The company started construction of the Golden Pride mine, the first modern gold mine in Tanzania, and operated the mine, successfully producing more than 2.2-million ounces of gold. Read more
NMB: Corporate demands lift shilling
The shilling opened firmly on the back of continued  foreign currencies inflow and tight money supply stance.The banks’ trading reports show that the shilling stagnated at 2115/2190 levels when the market closed. National Microfinance Bank (NMB), said the shilling firmness was backed by dollar inflows when main players are demanding greenback to settle shilling obligations.“Shilling extends the gains inflows,” NMB said through e-Market report. Another bank, CRDB, also said the end of inflows caused the shilling to make some gains against the greenback during trading session.“The shilling closed the session trading around the levels of 2150/2190 against the dollar,” CRDB said. Under normal circumstances, the shilling tends to appreciate corporate obligations that demand local currency. Read more
PMI Director Leaf Africa Ben Jowett: Tobacco Buyer Touts Sustainable Production
Tobacco buyer, Philip Morris International (PMI), is ramping up efforts to implement its Sustainable Tobacco Production model among Tanzania's 65,000 contracted tobacco-growing families. PMI purchases tobacco from three suppliers in Tanzania, contributing more than $150 million (about Sh300 billion) to the economic development of the country's rural areas.PMI Director Leaf Africa Ben Jowett said that as part of its tobacco sourcing commitments in Tanzania, PMI supported a number of initiatives to improve the sustainability and efficiency of tobacco farmers."PMI recognises that with improved agricultural practices, farmers can increase their yield and quality of the leaf thus helping increase their returns," he said. Read more
CRDB Bank makes splendid performance
CRDB Bank posted a net profit of 38.57bn/- from its operations , up from 31.25bn/- recorded.The bank described the performance as historic success. The bank’s cumulative profit surpassed the entire net earnings by slightly less than 10bn/-.The bank statement , for the group, reported to have generated net profit of 103.69bn/- which exceeded the net earnings by some 96bn/-. CRDB’s financial statement shows the profit was mainly attributed to net interest income that generated 275.58bn/- compared to 198.38bn.Revenue from net interest rise was attributed to the loans and advances that went up to 3.06tri/- compared to 2.91tri/-. Read more
DSE: Election fever dampens activity at Dar bourse
The Dar es Salaam Stock Exchange (DSE) experienced a major decline in turnover ] by 12.36 per cent to 112.10bn/- compared to 127.91bn/- posted. Zan Securities Limited Chief Executive Officer, Mr Raphael Masumbuko said, in Dar es Salaam that low foreign participation due to election fear contributed largely to the decline in turnover at the bourse.“The election fear reduced foreign investors’ participation in the equity market resulting into fall of share prices, thus discouraging local investors (sellers) to release more shares for sale at low price,” he said.He, however, said the market is likely to recover therefore investors must use this opportunity to take advantage on existing short positions. During the review, TBL, CRDB Bank and TCC emerged top traded equities, controlling 99.19 percent of the value. Read more
NMB: Tight liquidity stance hurts bond demand
Tight liquidity stance in the market has continued to affect the bond market greeted up the bond ending up undersubscribed. According to NMB e-market report, the liquidity stance is tight evidenced by high interbank overnight borrowing rates of between 14 per cent and 16 per cent. The Bank of Tanzania (BoT) auction summary shows that the decreased investors appetite for the short and long term government securities fetching few subscriptions.The bond attracted bids worth 34.06bn/-, compared to 83.6bn/- sought to be mobilised in the tender. But at the end the government retained 10bn/- as successful amount.The weighted average coupon rate increased to 9.17 per cent compared to 8.88 per cent. Similarly, the weighted average yield to maturity rose to 16.75 per cent from 14.99 per cent in the bond business conducted in the preceding session. Read more
IMF thumbs up Tanzania’s economy
With economic growth estimated to reach seven per cent, Tanzania is among few bright spots in Sub Saharan region whose growth has weakened after more than decade of solid growth.The International Monetary Fund (IMF), scaled down growth prediction for the region due to slump in oil and commodity prices and slowdown in the Chinese economy.In its African Economic Outlook, entitled “Dealing with the Gathering Clouds”, the Fund said the poorest continent was likely to grow 3.75 per cent and 4.25 per cent next, a big drop from the financial crisis.Despite the gloomy outlook in the region, the Fund noted some bright spots on Tanzania and four other countries where growth is holding up, as ongoing infrastructure investment efforts continue and private consumption remains strong.“The likes of Cote d’Ivoire, the Democratic Republic of the Congo (DRC), Ethiopia, Mozambique and Tanzania are projected to register growth of 7 percent and next,”the Fund said.Read more
PBZ posts 2.19bn/- profit 
The People’s Bank of Zanzibar (PBZ) has registered an outstanding profit of 2.19bn/-, compared to 1.58bn/- posted.According to the bank’s financial statements published, net interest income for the period under review increased to 4.89bn/- compared to 4.66bn/-. Similarly, the PBZ posted superb profit of 8.81bn/- up from 5.26bn/- recorded.Cumulatively, the bank posted net interest income worth 15.72bn/, compared to 13.49bn/-.Loans, advances and overdraft in the period under review increased to 242.68bn/- compared to 241.53bn/- posted. Gross loans and advances to total deposits grew by 63.87 per cent compared to the growth of 65.84 per cent. Read more
Tanzania Postal Bank makes 1.88bn/- profit 
Tanzania Postal Bank (TPB), has registered profit of 1.88bn/- compared to 1.15bn/- posted. Similarly, the TPB posted outstanding profit of 6.35bn/- up from 5.07bn/- recorded in the corresponding period.According to the bank’s financial statements published in Dar es Salaam, net interest income for the period under review jumped to 9.09bn/- compared to 7.23bn/- registered.Cumulatively, the bank posted net interest income worth 25.23bn/-, compared to 20.97bn/-.During the period, loans, advances and overdraft increased to 247.58bn/- compared to 241.51bn/- posted.Read more
DMOT: TPA revenue up after modernisation
The government  launched new Board of Directors for Tanzania Ports Authority (TPA), promising high commitment and support to ensure improved and quality services at the port.Deputy Minister for Transport, Charles Tizeba, said at the launching ceremony that the government has planned mega projects that would see improved and increased capacity of the port.He stressed the need for the new launched Board to ensure enough financial funds by fully and closely collaborating with private sectors towards implementing the set projects.“The implementation of the planned projects would help see our nation acquire quality and improved modern infrastructures that would also open up wide economic services,” he said. Read more
BOT: Shilling woes raise national debt
The weakening shilling has impacted negatively on the national debt, raising the value of both external and domestic debts, the Central Bank has said. It said in its economic review that the external debt stock reached 15,362.4 million US dollars, an increase of 88.1 million US dollars from the preceding 1,268.6 million US dollars.The changes were explained by exchange rates fluctuation and new disbursements, the bank said. Central government debt, which accounted for 79.3 per cent of the external debt, increased by 51.5 million US dollars to 12,185.6 million US dollars, mainly due to disbursements. The central government external debt increased by 1,055.0 million US dollars. Read more
FAO: Tractor assembly plant to transform agriculture
Food and Agriculture Organisation (FAO) says the essential role for sustainable mechanisation in production systems becomes increasingly obvious, since the demand for food and agricultural products is growing. ‘Thus,’ FAO says, “farm mechanisation forms an integral plank in the implementation of sustainable crop productionÉ.”That on the background, Tanzania, which is tipped to become a bread basket of East Africa, geared on increasing production based on the mechanising farming. Modernising and mechanising farming has many forms but the best one is to make machines, equipment and implements affordable and if possible produce the machines locally. With that in mind the government thought it best that not to import farm machines rather assemble them locally.Read more
TANESCO: TIB Bank gives energy sector big boost
Substantial investment in the energy sector is set to increase electricity generation to make history the long overdue power blues that have been contributing to cost of doing business.TIB Development Bank entered into a deal with the state owned Power Company (TANESCO) to release and arrange a syndicated loan aimed at putting new infrastructure, the transmission line from Somanga in Kilwa to Kinyerezi in Dar es Salaam. In the lucrative deal, the TIB Development Bank will disburse 20 million US dollars (over 40bn/-) to pave way for implementation of the project.TIB Bank, as lead arranger will mobilise other funds from commercial lenders and pension funds. Tanesco’s Managing Director, Mr Felchesmi Mramba, said at the signing ceremony that the agreement with the development bank will help cut down dependence on hydropower to only 15 per cent after the Kinyerezi II and Kilwa energy projects become fully operational. Read more

NWW: Tanzania's wealth per capita has increased
The state of the Tanzanian economy, east Africa's second largest, is a study in contradiction, say economists. Wealth per capita--that is, the value of assets owned on average by an individual in Tanzania--is $480.Just to get some perspective, the global average is $27,600. For a comparison from closer to home, consider that in Mauritius, wealth per capita stands at $21,470, according to data from New World Wealth, a research firm. At the same time, there's been a lot of wealth created. The $480 figure is a 92% increase from 2000, when wealth per capita was at $250.Over the same period, the number of Tanzanians with assets worth $1 million or more has more than doubled, from 1,000 people to 2,200. Meanwhile, the number of people able to meet basic consumption needs has risen by just over 6%, while the number of people living in extreme poverty, struggling to meet basic food needs, fell by 2 per cent, World Bank figures show. Read more
Depreciation of the shilling has eaten $6.0 million into Acacia Mining earnings
 Depreciation of the shilling has eaten $6.0 million into Acacia Mining earnings.The mining company reported net loss of $13 million, compared with a net profit of $28 million  before due to lower output and higher costs.The loss reflected 20 percent drop in revenue to $193 million after gold output fell 14 percent to 163,888 troy ounces and gold sales dropped 6 percent to 167,116 ounces.According to the company, $6.0 million was result of revaluation of the loss. where the weakening currency continued to affect their shilling denominated indirect tax receivables.“The Tanzanian shilling lost a further 6 per cent of its value against the US dollar, in addition to the 17 percent devaluation.Read more 
BOT: Z'bar current account deficit widens
Zanzibar current account balance registered a deficit of 153.5 million US dollars compared with a deficit of 14.4 million US dollars in the corresponding period.According to the Bank of Tanzania (BoT) economic review, the deficit was mainly on account of a decrease in the value of goods export and  transfer inflows coupled with an increase in imports of goods and services.Exports of goods and services decreased to 170.5 million US dollars from 253.2 million US dollars. The value of goods exports fell by 60.5 percent to 34.6 million US dollars mainly on account of a decrease in the volume of cloves export.The volume of cloves export, decreased to 2,400 tonnes from 5,600 tonnes due to the cyclical nature of the crop. Services receipt was 135.9 million US dollars compared with 165.6 million US dollars in the corresponding period, mainly on account of decline in receipts other than travel receipts.Read more
DSE business hectic despite polls fever
Depite the general election fever, the Dar es Salaam Stock Exchange (DSE), continued to experience huge turnover after posting 50.17bn/- compared to 24.35bn/- equivalent to 106 per cent increase.According to Zan Securities Limited, Wrapups, the Tanzania Breweries Ltd (TBL) and Tanzania Cigarette Company (TCC), emerged as the top traded equities. TBL and TCC contributed to 95.60 percent and 3.80 percent of the total turnover, respectively. Swissport, emerged as the top gainer dominating the price movement within local listed companies.The counter experienced a 40 or 0.55 percent price increase to close at 7,300/- per share. Tanzania Portland Cement Company (TPCC), emerged as the top loser with the largest price drop for local listed companies.Read more
Tanzania shilling’s depreciation hits Acacia Mining
Depreciation of the shilling has eaten 6.0 million US dollar into Acacia Mining earnings, as local currency woes continue to impact negatively on investments in the country.The gold mining company said in its financial statement the loss that had to be included in the earnings, came up after the local currency lost 6 per cent of its value against the dollar.It said the 6.0 million US dollar was result of revaluation of the loss, where the weakening currency continued to affect their shilling denominated indirect tax receivables.“Tanzanian shilling lost a further 6 per cent of its value against the US dollar, in addition to the 17 per cent devaluation. Read more
TANESCO: Dar keen to cut hydropower dependence
Tanzania is expected to cut down dependency on hydropower to only 15 per cent after the Kinyerezi II and Kilwa energy projects become fully operational. The country dependence on hydropower is over 60 per cent, thus creating huge power deficit accompanied by rationing during dry season and increasing spending on alternative sources including diesel generators.This was said by the Tanzania Electric Supply Company Limited (TANESCO), Managing Director Mr Felchesmi Mramba, in Dar es Salaam  during the singing ceremony of an agreement with the TIB Development Bank for the construction of the high voltage transmission line.“Upon the completion of putting the transmission line infrastructures from Somanga in Kilwa to Kinyerezi in Dar es Salaam, a total of 560 megawatts generated from gas will be pumped into the national grid,” he said.Read more
NHIFDirector General, Mr Michael Mhando: More people register with insurance fund
Nearly ten million people, which is 23 per cent of the country's population, are accessing medical services through National Health Insurance Fund (NHIF) and the Community Health Fund (CHF).Addressing reporters in Dar es Salaam about the fund's improvement in infrastructure in the health sector, NHIF Acting Director General, Mr Michael Mhando, said the beneficiaries receive services in more than 6,000 facilities registered by the fund nationwide.To support government's efforts to fulfill its goal by providing medical services in the country and improve the availability of these services to its members, the fund has involved in improving infrastructure in the health sector, including investments through projects sponsored by the government."In a bid to improve provision of quality services to members and the general public,The fund inaugurated the Medical Equipment and Facility Improvement Loans project for the purpose of providing soft loans to all qualified accredited health service providers for facility face-lifting and purchase of medical equipment," Mr Mhando noted. Read more
PM Mizengo Pinda: Kilombero Sugar wins PM praise for people's empowerment
The Prime Minister, Mizengo Pinda, has applauded Kilombero Sugar Company Limited for its efforts to empower people and transform lives of thousands of Tanzanians in Morogoro Region.Speaking at the re-launching of a business brand for the sugar company, 'Bwana Sukari', the premier said as a source of 4,000 reliable employment which supports more than 80,000 families in Kilombero District, Kilombero Sugar Company was making commendable contribution to the well being of the people and growth of economy."Residents of Kidatu and Kilombero have been able to construct decent houses, run some auxiliary businesses, and most importantly take their children to school," the Prime Minister said.The premier said the Kilombero Sugar Company, was of vital importance to the lives of thousands of small-scale sugar cane growers in Kilombero District as it provides reliable market for their produce. Read more
BOT: Credit to private sector up 24.1 pc
According to the Bank of Tanzania (BoT) economic review, strong credit was extended to manufacturing, hotels and restaurants and transport and communication activities. Credit extended to agriculture increased to 12.9 per cent compared to 6.0 per cent and 2.0 per cent.Similarly the annual growth of bank's credit to the manufacturing sector jumped to 36.7 per cent compared to 30.7 per cent and 22.4 per cent. Hotels and restaurants received highest credit by 33.6 per cent under review compared to 13.6 per cent and 0.4 per cent.Annual growth of extended broad money (M3) increased to 17.8 per cent from 16.4 percent and 13.9 per cent. The growth of money supply was supported by increase in net foreign assets (NFA) of the banking system and banks' credit to the private sector. Read more
DSE: Bearish mood stays at DSE despite in increase turnover
Total turnover at the Dar es Salaam Stock Exchange (DSE) increased by nearly three times from the  total trading but the increase was not enough to put the equity market out of the red zone.In spite of the 185 per cent surge in the trading, the market capitalization and All Share index remained relatively low compared to the trading mood before the General Election fever started affecting business at the bourse. The market capitalization under review remained unchanged at 21.1trn/-.Brokers said the stock mart will continue experiencing low turnover from mostly foreign investors as the country heads towards the polls.Trading session confirms the bearish atmosphere that has gripped the market.“DSE recorded a total turnover of 1,960.74m/- from 324,799 shares traded in 99 deals compared to the recorded turnover  of 11,252.31m/- from 3,243,573 shares traded in 83 deals,” the bourse said in its market report. Read more
 
BOT: Balance of payments deteriorates by US$298 million
Tanzania’s transactions with the rest of the world deteriorated by US$208.1 million to adversely affect the current account, which had improved remarkably compared to the performance in the corresponding.In the period under review, the current account, which are a country’s non-capital transactions improved after the deficit narrowed by 16.6 per cent to US$4.34 billion.“This development was on account of increase in exports of goods and services coupled with a decline in imports,” the Bank of Tanzania (BoT) said in its review of the economy, which was released .The current account balance narrowed by 16.2 per cent to a deficit of US$4.44 billion compared with the corresponding.The balance of payment recorded an overall deficit of US$292.8 million. Tanzania’s transactions with the outside world had a surplus of US$280.8 million. Read more
BOT: Tourist arrivals lift Tanzania’s exports
Earnings from tourism receipts, manufactured and traditional goods, contributed to improved export performance compared to the corresponding period.The Bank of Tanzania (BoT) economic review shows that the value of export of goods and services was 9,363.8 million US dollars under review, an increase by 9.8 per cent from corresponding period.Service receipts increased by 10.3 per cent to 3,702.2 million US dollars from the receipts recorded mainly driven by an increase in receipts from travel which is mainly tourism related activities and transportation.The good performance of the two categories was explained by increased number of tourist arrivals and volume of transit goods, respectively. The outstanding performance of goods exports contributed largely to the narrowing of the current account balance by 16.6 per cent to a deficit of 4,347.2 million US dollars.Read more
DSE: Cigarette firm shines at Dar bourse
Investors in the Tanzania Cigarette Company Limited (TCC) generated income worth 1.81bn/- from 111,120 shares that changed hands at the Dar es Salaam Stock Exchange (DSE) at weighted average price of 16,330/- per share.According to the DSE daily market report, the market reported a total turnover of 1.96bn/- from 324,799 shares with around 90 per cent of the turnover contributed by TCC and over 80 per cent of shares contributed by CRDB bank.Investors in the CRDB bank also had reason to smile after generating income worth 74.35m/- from 200,946 shares changing hand at the bourse at the weighted average price of 370/-. Income generated from 3,452 TBL shares that changed hands at the Dar bourse was 51.78m/- at the weighted average price of 15,000/- per share. The NMB investors generated a total of 6.76m/- from 2,417 shares traded at weighted average price of 2,800/- per share.Read more
WB: Dar to benefit by closing farming gender gap
Tanzania may make gross gains of 105 million US dollars in the national economy if it manages to bridge its wide gender gap in agricultural productivity, a new World Bank report says.The report says gender gap, a term used to refer to systematic differences in the outcomes that men and women achieve in the labour market, cost 105 million US dollars in Tanzania, 100 million US dollars in Malawi and 67 million US dollars in Uganda.It says closing the gender gap could result in recouping the cost along with other positive development outcomes such as reduced poverty and greater food security. According to a Gender Gap Index, Tanzania ranks 47 out of 142 countries with 0.7182 score where the highest possible score is 1.0 (equality) and the lowest possible is 0.0 (inequality). Read more
BOT: Bank lending interest rates rise slightly
Lending interest rates charged and offered by banks show mixed trend as former headed north while the later south, spreading apart by 7.06 per cent. The Bank of Tanzania (BoT) said on  economic review that lending rate climbed up by 0.3 percentage point to 16.11.On the contrary, according to BoT, the overall deposit rate declined to 9.05 per cent from 9.19 per cent. The data shows that the spread between lending and deposit rates rose to 7.06 per cent from 6.89 per cent gap. At the same time, the short-term lending rate-up -increased slightly to 14.36 per cent from 14.31 per cent. While the deposit rate remained at 10.50 per cent. Read more
NMB inagurates it's state of the art seven staley building - new head office. 
The National Microfinance Bank (NMB) has inaugurated the state of the art building to mark the bank’s 10 years anniversary. The building has a capacity to accommodate over 1000 staff, modern meeting rooms, canteen to curter for all staff and a modern private bank.The modern building worth over $65 million proves the solidity and sustainability of the bank with the widest network in Tanzania of over 170 branches and over 600 ATM machines while its coverage closes the 95 percent mark of all districts in Tanzania.The opening ceremony was graced by the President of the United Republic of Tanzania - His Excellency Dr. Jakaya Kikwete. Read more
TSTA: Tanzania advised to tap into 500trn/ Chinese travel market
Travel trade authorities want Tanzania to increase marketing and promotion activities in China where new estimates have put international journeys at nearly US$230 billion (nearly 500trn/-).A new report has projected that Chinese tourists will spend US$229 billion overseas and US$422 billion. According to it, this provides a huge potential market for global brands and retailers as well as national economies.Local travel agents said the Chinese travel trade market is so lucrative for Tanzania to do without. They say the country should focus on the whole emerging markets region in Asia as part of the strategy to expand and develop tourism markets.The chairman of Tanzania Society of Travel Agents (Tasota), Moustafa Khataw, said Tanzania desperately needs the Chinese market to boost arrivals in the country. He said the country can leverage on its historical and cordial relations with China to get good business from there.Read more
NMB: Shilling maintains positive outlook
BoT data show, the shilling went down by almost 30 per cent from 1,679/- . National Microfinance Bank (NMB) said that the shilling was affected by rising demand for US dollars mainly from oil and manufacturing sector amid short supply.“Shilling edged low against the dollar trading session weighed by demand from oil and manufacturing sectors,” the bank said in e-Market report. But the outlook is pleasing one where the shilling is tipped to strengthen due to tight liquidity and agro-dollar inflows.“Tight liquidity stance and agro-dollar inflows from export crops may support the local currency from further weakening,” NMB said. BoT’s Economic Review report shows that export of goods and services maintained upward trend, after going up by almost 9.6 per cent to 9.34 billion US dollars. Read more
TTCL plans reforms to meet industry’s new challenges
Firms rejoice the importance of customer services and the people who serve and support customers daily.TTCL chief executive officer, Dr Kamugisha Kazaura said the telecom firm has decided to join other institutions to celebrate the Customer Service to offer customers chance to know various service offered and give their comments with regards to services offered.“We also aims at using to inform the public about our new products to retain and attract new customers,” said Dr Kazaura. He said one of the product under test is Internet Protocol Television (IPTV) though which television services are delivered using the Internet protocol suite over a packet-switched network. IPTV is tested in Mwanza, Arusha, Mbeya and Zanzibar with the results expected to influence decision to deploy the technology countrywide. With the technology customers will only need to have cable to get the service. Read more
President Kikwete: Dangote cement plants boost Africa’s economy
The two leaders were speaking on the occasion of the commissioning of Dangote Cement’s multi-million dollar new cement plant in Mtwara and ground-breaking of the 26 hectare -jetty which attracted top shots from Nigeria, Tanzania and neighbouring countries of Rwanda, Burundi, Democratic Republic of Congo and Mozambique.President Kikwete said there was no better way of rejuvenating and sustaining nation’s economy if not through investment which create jobs and trade opportunities.He described the 3m mtpa cement plant as the largest cement plant in the Eastern and Central Africa, noting that the investment is a huge one that would have a huge impact on bilateral relation between Tanzania and Nigeria. “It will go a long way in transforming our happily existing diplomatic and political relations into investment and trade arena”, he noted.Dr Kikwete pointed that the timing of the commissioning of the cement plant was auspicious, coming at a time when the demand for cement is on the upsurge and increasing both locally and regionally. Read more
EPZA: Key partners discuss financing industrialization drive
The Export Processing Zones Authority (EPZA) and TIB Development Bank that co-hosted the first ever seminar is planning to raise 1.5 billion US dollars (over 3.5tri/-) required in the next seven years to accomplish the Bagamoyo and Kurasini multibillion dollar projects.EPZA Director General Mr Joseph Simbakalia said in Dar es Salaam that the authority's current flag ship project Bagamoyo Special Economic Zone to be built in 9,000 hectares has reached a good developmental stage.The seminar on the role of financial institutions in the re-development of the industrial sector through the EPZs and SEZs with key focus on resource mobilisation for Bagamoyo Special Economic Zone and Kurasini Logistic Centre projects.“We are proud of our achievements today because of the close alliance with our partners from both public and private sectors...EPZA envisages more active role of the private sector especially financial institutions in the development of industrial and commercial infrastructure for EPZs and SEZs," said Mr Simbakalia, inviting financial institutions as strategic partners in industrialising the country. Read more
Airtel unveils card payment service in Tanzania 
Airtel Tanzania has unveiled the first of its kind, state-of-the-art mobile money commerce service named “Tap Tap “ that enables holders of Airtel Money accounts settle bills in a new smart, secure and cool way using a card.This platform allows consumers and communities to take maximum advantage of technological progression in making their life more convenient. Tap Tap enables Airtel Money customers to conduct transaction quickly and easily by just tapping the card linked to their airtel money account.Airtel Money becomes Tanzania’s first mobile base service to offer micro proximity payment by tapping a card linked to mobile money wallet. Speaking during the launch, Airtel Communication Director Beatrice Singano Mallya said “Today, Airtel is turned another leaf in it journey towards enriching lives of millions of our customers, with the launch of “Tap Tap”.” Read more 
CRDB Bank to open subsidiaries in Zambia 
CRDB Bank is considering opening subsidiaries in Zambia and in the Democratic Republic of Congo (DRC) next year.“The bank is currently finalizing its feasibility studies before venturing into the two economies,” Bank’s Managing Director, Dr. Charles Kimei said at the weekend to mark this year’s Customer Service Week.“We are looking at the regulatory environments in Zambia and DRC and the type of customers that we should anticipate there,” the said.He said that currently the bank ability to lend has reached Tshs 150 billion to a single customer thanks to the bank’s over Tshs 500 billion capital base. The amount follows a successful rights issue that saw the bank mobilize extra capital after selling its 435 million shares to realize Tshs 152 billion. Read more 
Exim Bank's Profit Up 69 Per Cent
Exim Bank posted a pre-tax profit of 12.79bn/- from its operations for the quarter ended June 2015, up from 7.56bn/- made during the preceding period, reflecting 69 per cent growth."We are pleased to report good results," said Mr Selemani Ponda, the Exim Bank Chief Finance Officer (CFO) at a news conference.The pre-tax profit was 17.87bn/- or 28 per cent, higher than 13.96bn/- for the corresponding period.Net interest income grew 26 per cent to 17.9bn/- from 14.26bn/- during the second quarter of 2015. The growth was largely driven by low cost deposits and effective management of funds.Non interest income during the quarter rose by 43 per cent to 12.3bn/- from 8.6bn/- recorded in the previous year. The growth was led by higher foreign exchange margins and supported by other fee income backed by efficient delivery to its Corporate and SME business segments. Read more

TRA introduces lottery to boost tax compliance
In a bid to enhance tax compliance including the culture of demanding receipts on purchase of goods, the Tanzania Revenue Authority (TRA) plans to introduce prizes. TRA's Principal Taxpayer Service Officer, Ms Rose Mahendeka, said at a seminar on new tax laws to Tanzania Tax Writers Network (TAWNET) organised by Vodacom in Dar e Salaam that the culture of asking for receipts after buying various goods will check revenue loss. She said the practice will not only boost revenue collection but curb leakages used by some traders in dodging tax."To participate in the draw, buyers will have to send special numbers on the receipts and win various prizes which will be announced when it begins," she said. The government collects over 800bn/- monthly, but the current efforts will boost further the collections. Read more
TRA: Tanzania, Kenya exempt border communities from custom restrictions
Tanzania and Kenya have agreed to exempt communities living within a ten-kilometre radius of the common boundary between them from custom regulations whilst trading in goods and services, Kenya Broadcasting Corporation (KBC) reported.The national broadcaster said a communiqué singed between the two countries allows those living near the border to move freely without being subjected to movement permits. “Trade between countries is normally regulated to ensure each country reaps maximum benefits from the deals. This could either be through tax collection or control of entry of some goods,” KBC noted. “However, communities of living closer to the border are seen as being denied the market if both countries slap blanket regulations. It is on this backdrop that Kenya and Tanzania in 2012 signed a deal allowing those living within a ten-kilometre radius of the common border to move freely without being subjected to movement permits.” Read more
Diamond Trust announces sale of 30bn/- shares
Diamond Trust Bank Tanzania (DTBT) will sell shares worth 30bn/- to its shareholders in a bid to raise its capital base for efficient operations and to be able to compete effectively in the agile banking sector. It said the rights issue process has begun but did not disclose when the sale of shares will be undertaken. DTBT revealed the plan in Dar es Salaam at a function to launch five new products. These include four accounts and a mobile banking platform.The accounts are the Kisomi Zaidi Account, which caters for students, Amani Account that has been specifically developed for women and Faraja Account for senior citizens. Kibubu Account saving scheme for both individuals and corporates. “The bank is in the process of a rights issue by which the share capital of the bank is being increased by 30bn/-),” the chairman of the board of directors, Mr Abdul Samji, said. Read more
TPA warns against VAT on transit goods services
Charging value added tax (VAT) on transit goods’ auxiliary services will drive away clients and affect Dar es Salaam port’s competitiveness, Tanzania Ports Authority (TPA) has warned. Acting Dar es Salaam Port Manager, Hebel Mhanga told The Guardian that many stakeholders in the business were against the tax. He said his office was coordinating their efforts to have audience with Tanzania Revenue Authority Commissioner General, Rished Bade, on the issue.“Although VAT is refundable, most of us know that it takes time and involves a cumbersome procedure which discourages many people,” argued Mr Mhanga. According to him, Mombasa port in neighbouring Kenya tried to introduce a similar tax but abolished it almost immediately.“We have many infrastructure challenges at Dar port and adding this tax on transit goods will drive away many clients,” Mhanga warned. Read more
BOT: Zanzibar account deficit widens
Goods export decreased to 43.9 million US dollars from 79.7 million US dollars following a decline in both volume and price of cloves. The volume of cloves export declined by a half from 5,400 tonnes recorded due to the cyclical nature of the crop.According to the Bank of Tanzania economic review, the account deficit widened to 140.3 million US dollars compared 40.5 million US dollars recorded.The situation was largely driven by a decline in exports value of goods, increase in imports of goods and services, as well as a decrease in inflow of current transfers. The  export of goods and services amounted to 183.6 million US dollars compared with 201.9 million US dollars in the corresponding period. Service receipts improved to 139.7 million US dollars from 122.1 million US dollars. Read more 
 Prof Mwandosya: Insurers urged to reach rural areas
The theme Insurance Day, was “Harnessing Risk Management for sustainable economic development in Tanzania” with insurance being the most commonly used method for managing risks. Prof Mwandosya said the Insurance Day is a reflection upon the work of building a more resilient insurance industry that responds to the growing demand for different kinds of risk mitigation.“This strong performance notwithstanding, the sector’s penetration rate as measured by the ratio of premium underwritten to GDP remains quite low. “The insurance penetration rate is estimated at one per cent which gives the sector a large growth potential that can be harnessed if there is commitment in increasing financial and insurance literacy in our country and creating a greater awareness of the importance of the insurance,” he explained.The ideal situation is that growth in insurance coverage should not lag too far behind economic growth. GDP registered seven per cent growth implying that incomes are rising therefore individuals and corporates should increasingly seek insurance to protect their expanding income base. The growth and penetration of the insurance sector should have subsequently mirrored the expansion of the GDP.Read more
DERMP: Tanzania in syndicated loan talks, still eyes Eurobond - BoT
Tanzania is talking to banks about a syndicated loan of between US$500 million and US$800 million, with proceeds earmarked to finance development projects, a central bank director has said.Joseph Masawe, director of economic research and monetary policy, also told Reuters that Tanzania still intended to issue its first Eurobond but that it would not do so "at any cost", noting that the cost of such borrowing had climbed.Several African nations have sold debut Eurobonds, including neighbouring Kenya and Rwanda, but turmoil on global markets has driven up yields on such issues, discouraging some other new sovereign borrowers.Tanzania said it would seek to issue the Eurobond. Read more
DSE brokers upbeat, despite shilling woes
Long term prospects of most of the listed companies at the Dar es Salaam Stock Exchange (DSE) are seen bright despite challenges posed by fluctuation of the value of the shilling.Analysts and brokers say depreciation of the shilling has increased operation costs and eating up profit, but still regarded the phenomenon as temporary. "Listed stocks will always respond to domestic and external economic variables including inflation, exchange rate and others.Things will soon or later stabilise," one of the brokers told Daily News. Two listed stocks, Simba and Precision Air Services that announced their financial results posted huge net losses contributed largely by the fall of the shilling.Tanga Cement Company (Simba) has registered a net loss of 6.94bn/, compared to a profit of 8.60bn/- posted on the corresponding period. Read more
BoT- Dar to borrow for productive ventures
The government will continue borrowing abroad for productive investment, senior central bank official said. Bank of Tanzania Director of Research and Policy, Dr Joseph Masawe, said talks were going on with banks on a syndicated loan of between $500 million and $800 million, with proceeds earmarked to finance development projects."The government is in talks with various institutions, but that is being done very cautiously," he said. He said the country's total debt now stood at the equivalent of about 39 percent of gross domestic product (GDP), a figure that takes into account the maturity profile of the debt. Based on those debt levels, he said, there was still "a lot of headroom" for borrowing for productive investment. Read more
EAC looking into Ugandan VAT on Tanzanian rice
The East African Community (EAC) Secretariat is investigating allegations that Uganda charges 18 per cent value added (VAT) on rice from Tanzania. EAC’s Director of Customs and Trade, Peter Kiguta, said they are yet to receive a formal complaint from Tanzanian rice exporters but will still carry out investigations on the matter.“We have however contacted Uganda to give us a feedback on whether they are imposing VAT on the rice. If it is established that the VAT imposition is discriminative against Tanzanian rice the relevant provisions of the Customs Union Protocol will be invoked,” said Mr Kiguta in a statement.If found guilty, Uganda will be penalized accordingly, he noted in the statement responding to complaints from local rice producers.“And if the VAT is imposed across the board including locally produced rice then the national law will be left to apply since there will be no discrimination,” he noted. Read more
Tanzania counts losses from gold price slump
Tax remittances from gold mining companies have plummeted significantly following the decline of prices in the world market raising fiscal fears in terms of revenue collection targets, The Guardian has learnt. Government officials said that corporate tax revenue from the gold sector has fallen by almost 70 per cent.The government targets to collect 12.36trn/- tax revenue, which is almost 55 cent of this  budget. Another major area that has been adversely affected by the tumbling in gold prices has been foreign exchange income generated from the precious metal. The slump has caused gold to be overtaken by tourism as Tanzania’s top foreign exchange earner.Gold mining firms have not been spared either. Sectoral sources say the price fall has forced many of them to restructure operations in the bid to cut operation costs.Some jobs have already been lost, senior government officials told The Guardian. Mining companies have also reported fall in profitability. Read more
UK aid agency releases 367 billion/ - to TASAF
The UK Department for International Development (DFID) will release over 367bn/- to facilitate Tanzania Social Action Fund (TASAF) poverty reduction efforts. Memorandum of understanding to that effect was signed in Dar es salaam between the government and UK.Permanent Secretary in Ministry of Finance, Dr Servacius Likwelile signed on behalf of the government. "The fund will flow through Productive Social Safety Net (PSSN) program implemented by TASAF to support Tanzania's poorest households," the permanent secretary said.The fund is also expected to help more than one million poor families in the mainland and Zanzibar from which more than six million people have already registered to benefit from the support. Read more
Samsung's first fordable smartphone 
Samsung has made no bones about the fact that it has been working on flexible display panel technology for some considerable time, even occasionally publishing concept videos.Now Samsung is finally making plans to introduce genuine flexible devices inside 2016, January. The word comes via sources on Chinese network Weibo, which claims a so-called Project V or Project Valley is being tested with an aim to release.Samsung has previously released concept videos for flexible devices and during the Spring of 2015 did say it intended to introduce flexible devices to market. Read more 
Tanzania considers selling a stake in air Tanzania 
As a turnaround strategy, Tanzania’s government is considering selling a stake in Air Tanzania Corp.According to the Air Tanzania Corp Acting Chief Executive Officer,  Johnson Mfinanga, the strategy may be implemented after a new president is elected.State-owned Air Tanzania Corp. is currently restricted to flying a limited number of domestic routes because of inadequate funding to acquire more planes, Mfinanga said.“At the moment we don’t have enough aircraft to compete in the business," he said. "We are just maintaining our presence while awaiting a final move by government." Read more
 
Precession air records TSHS 83.9 billions net loss 
The Dar bourse listed company, Precision Air (PW), has recorded net loss of Tshs 83.9 billion, up from Tshs 12 billion of the year ended March 2014, according to the annual financial results.Gross profit slumped by 18.5 percent to Tshs 33.9 billion from Tshs 41.6 billion a year before.Precision Air's financial report shows revenue fall by 25 percent to Tshs 105.4 billion from Tshs 141.2 billion in the period under review largely due to fewer passengers' uplifts and cut down on freight uplifts.Its overall capacity went down by 36 percent to Tshs 323 million against Tshs 508 million of the previous year due to reduced scale of operations contributed by engine challenges that led to reduced frequency in the key routes. Read more
 
TIGO Tanzania and DTBI launches anti-theft mobile application 
Tigo Tanzania through collaboration with the Dar Teknohama Business Incubator (DTBi) has launched a mobile application that provides backup and anti-theft services.The new App enables Tigo customers to recover their contacts, photos, videos, SMS and documents on the event of a lost, stolen or damaged phone.“The Tigo Backup service as a unique product enables the owner of a stolen phone to get the phone of the thief, ring an alarm, locate the location of the device, remotely lock the lost phone to prevent misuse, alert the action of changing SIM card and remotely wipe the data,” Tigo General Manager, Mr. Diego Gutierrez said. Read more
TIB corporate finance limited changes name to TIB corporate bank limited 
Aligning itself with its broadened scope in provision of commercial banking services in the country, TIB Corporate Finance Limited has changed name to TIB Corporate Bank Limited.The bank was set to brand, market and roll out its business development strategies after it was issued with license by the Bank of Tanzania (BOT), according to Managing Director, Frank Nyabundege. He said in a statement that the inclusion of the word ‘bank’ reflects the objective of the bank in offering a full range of products and services in the commercial banking space compared to the word finance. Read more 
World bank approves $80 million for job growth in Tanzania 
World Bank has approved a development policy credit of $80 million towards improving Tanzania’s private sector performance in order to enhance its role in employment creation in the East African nation.Each year, about 800,000 young people enter Tanzania's labor force, which is expected to increase from 20 million to 40 million, the World Bank reported. Opportunities for productive jobs for these youths remain limited, mostly in the informal sector. Read more
NBC launches rewards program for its private banking customers 
The National Bank of Commerce (NBC) has launched a rewards program for its private banking customers who will enjoy attractive discounts and offers available in over 25 retail franchises located across the country.The introduction of the NBC Rewards Program is a testimony of NBC rewarding high net worth customers for their continued support and loyalty towards NBC. This rewards program has been made successful by partnering with 25 key retail franchises, in Tanzania, who will be offering their products and services with attractive discounts and seasonal offers. Read more 
BOT: Shilling Sinks 24pc 
The shilling has depreciated by almost 24 per cent  to close the market at 2,146/- a US dollar.The drop of 24 per cent is four times higher than the amount of depreciation of slightly over 6.0 per cent to 1,668/-.According to Bank of Tanzania data, though in aggregate term the shilling depreciated, on daily basis it went up by 0.28 per cent.The BoT economic report shows that it intervened to cool the interbank foreign exchange market after selling 87.5 million US dollars and 75million US dollars .For sterling pound, To date, data from BoT shows that the shilling lost ground by almost 22 per cent to 3,275/- while sunk by almost 17 per cent to 2,400/-.The shilling also depreciated against the Kenyan shilling after dive by 8.21 per cent to 20.55/- . However, NMB said on its eMarket report that the shilling remained fairly stable against US dollar amidst thin trading. Read more
CMSA, DSE told to educate Tanzanians on stock markets
Finance deputy minister, Adam Malima has directed the Capital Markets and Securities Authority (CMSA) and Dar es Salaam Stock Exchange (DSE) to conduct massive campaigns aimed at educating investors on the importance of the bourse.Speaking in Dar es Salaam soon after theoccasion to list PTA bonds at DSE, he said, the two agencies still have a crucial job to do.“CMSA and DSE and other stakeholders do still have an uphill task of educating both the new potential investors and issuers on the bourse,” he said.He also said stock exchange trading is a good avenue of resource mobilisation for financing investment activities with a view to fostering national economic development.He said the prime function of DSE is therefore to mobilise resources from savers and channel them to the productive sector. Read more
CIDT: Cashewnut fund to construct three processing plants valued at 115bn/-
The Cashewnut Industry Development Trust Fund (CIDTF) is planning to spend 115bn/- for the construction of three modern processing plants so as to increase the value of the crop and create more jobs.Speaking during a cashew nut stakeholders meeting here, the CIDTF Executive Secretary Selemani Lenga said the planned plants will be constructed at Mangamba area in Mtwara, Tunduru in Ruvuma and Mkuranga in Coast regions.He said once completed, the factories will have the capacity of processing at least 30,000 tonnes per year, (10,000 tonnes per each factory).“We need to increase production and add value as well ... our target is to ensure there is a high rate of production and we will work closer with factory owners,” he said. As for the old and underperforming ones, he said, plans are underway to work together with owners of the factories on the modalities of renovating them by facilitating owners of the factories with seed capital to rebuild them.Read more
TFDA impounds two tonnes of harmful cosmetics
Authorities in Arusha impounded two tonnes of cosmetics, which considered unfit for human consumption.The seizure followed an imprompt inspection exercise carried-out by the Tanzania Food and Drug Authority (TFDA) in collaboration with the police and Tanzania Revenue Authority (TRA).Senior inspector from the food and drugs watchdog, Elia Nyeura said that the seized two tonnes of makeups were found stored in a warehouse located a few kilometers from the northern Tanzania’s tourist city.“So, far we have impounded 2 tonnes of cosmetics, despite the fact that we’re going on with the exercise,” the TFDA official said, noting that most of the cosmetics have not registered and some without having expire date. Nyeura disclosed that the operation started when TFDA officials were informed on the consignment. Read more

Sameer Remtulla, CBA: Demand from trading and oil companies to weaken the shilling The Tanzanian shilling is expected to slip against the dollar, undermined by demand from trading and oil companies."What we see is that the shilling will likely depreciate against the U.S. dollar due to demand from oil importers and trading companies," said Sameer Remtulla, a dealer at Commercial Bank of Africa Tanzania Commercial banks quoted the shilling at 2,145/2,155 to the dollar, weaker than 2,125/2,135. Read more
    
 
Stanbic unveils modern touch -screen ATMS
“We are pleased to launch yet another first from Stanbic Bank,” said Farha Mohamed, Head of Self Service Channels. “Our new ATM’s are the version in the market, with the added advantage of the inter-account transfer functionality. The new ATM’s are just one of the many ways we are moving our customers forward, as we aim to make banking as convenient as possible.”Five of the new touch-screen ATMs have already been installed in Dar es Salaam, and the next batch will go to Arusha and Mwanza, after which they will be rolled out to other regions. Stanbic Bank has 34 ATM’s, conveniently located throughout the regions in which it operates. This is in addition to its mobile banking and internet banking offeringsRead more
Cement prices in Africa to dip as Dangote opens more businesses in five countries
Africa’s richest man is pushing to dominate its market for cement, the material at the heart of the continent’s infrastructure boom with construction of five more plants including one in Tanzania.All that stands in his way is the world’s biggest cement maker, a flood of low-priced imports, the threat of slowing growth in contracts for dams, ports and roads and a slump in the most-traded emerging-market currencies to a record low.It’s not stopping Aliko Dangote.“Africa’s future growth is intrinsically linked to cement,” Dangote, 58, told assembled dignitaries, including Zambian President Edgar Lungu, earlier this month as he opened a new factory on the outskirts of Ndola, Zambia’s third-largest city. The material is “the most basic input into building infrastructure.” Read more
Exim Bank's Profit Up 69 Per Cent
Exim Bank posted a pre-tax profit of 12.79bn/- from its operations for the quarter ended June 2015, up from 7.56bn/- made during the preceding period, reflecting 69 per cent growth."We are pleased to report good results," said Mr Selemani Ponda, the Exim Bank Chief Finance Officer (CFO) at a news conference.The pre-tax profit was 17.87bn/- or 28 per cent, higher than 13.96bn/- for the corresponding period.Net interest income grew 26 per cent to 17.9bn/- from 14.26bn/- during the second quarter of 2015. The growth was largely driven by low cost deposits and effective management of funds.Non interest income during the quarter rose by 43 per cent to 12.3bn/- from 8.6bn/- recorded in the previous year. The growth was led by higher foreign exchange margins and supported by other fee income backed by efficient delivery to its Corporate and SME business segments. Read more
Insurance industry find obstacles penetrating Tanzania: Report
The insurance industry in Tanzania is one of the poorest in the world. Its penetration is less than 1 percent of the GDP and the figure is much below the level of developed countries.The informal bloc of industrialized democracies, Group of Seven (G7), accounts for two-thirds of the insurance premiums in the world even though it has managed to cover only little more than 10 percent of the world’s population.The G7 comprises of the US, UK, Canada, Germany, France, Japan and Italy. These countries spent an average of US$3,910 on premiums per capita. Compared to this, the premiums in emerging market was US$120 in average.In Africa the sector is underdeveloped and most of the African people are unable to afford even insurance premiums. They are still struggling to meet their basic food and other daily needs.Apart from poverty there are other reasons too for the very slow penetration of insurance in the African nations. Inadequate incentive for multinational companies to enter the continent and less trust to financial service providers are the two major issues.The judicial systems are very poor in most of the African nations, assessing creditworthiness of the people is way difficult, low human capital is prevailing and shallow financial markets also restricts the insurance companies to enter the market. Read more
SIDO: Sunflower oil processing SMEs urged to invest in quality
Small-scale sunflower oil processors in Manyara Region have been challenged to process quality products and do better packaging to meet local and international markets.Manyara Regional Manager of the Small Industries Development Organization (Sido), Stephano Manongi made the call in Babati Municipality when speaking to owners of sunflower oil processing plants.The meeting was meant to improve the sunflower oil plants so as to boost the oil sector.Manongi said there are many people out there who sell edible oil in regulated systems, a situation that makes most of them unable to meet the required standards.He also suggested the need for oil processors to work closely with the Tanzania Bureau of Standards (TBS) for their produce to get access to foreign markets.“The sunflower oil sector is not yet exploited; what is needed is to add value to the produce and sell the oil products within and outside the country,” he stated.Read more
TRIT to focus more on research for bigger tea sector economic gains
The Tea Research Institute of Tanzania (TRIT) has said that it will continue to focus on research that is going to have real economic benefits to the industry, either through cost reduction or increased revenue.Speaking at Mkonge Block Farm in Mufindi District, Iringa Region recently, TRIT board chairman Ipshit Gohain said their institute has integrated focus on four research programmes, which are guided by due diligence under consultation with stakeholders and availability of limited resources. Gohain also said that the four primary areas of research that the institute concentrates more on include Crop Water Management, Crop Improvement, Soil Fertility Management as well as Technology Transfer programme. He pointed out that TRIT has come a long way since its inception in 1996 as an autonomous organisation representing the government of Tanzania and the tea sector wherein its duty was to support the continued development of the industry, both large and small-scale producers with appropriate high-quality cost effective research and technology transfer. Read more
French firm, Total ready to build oil pipeline from Uganda to Tanga
Total, a global, integrated energy producer and provider, has expressed its intention to build the 1,400km-long oil pipeline from Uganda’s Lake Albert to Tanzania’s northeastern port of Tanga as the gateway of Uganda’s oil to the international markets.The world's fifth-ranked international oil and gas company and second-ranked photovoltaic solar power producing firm, is currently exploring oil in Lake Albert.The oil firm’s headquarters in East Africa is based in Uganda’s capital, Kampala.The company’s Senior Vice President for Eastern Africa, Javier Rielo, disclosed the plan at the weekend when he met with President Jakaya Kikwete at the State House in Dar es Salaam.President Kikwete lauded the firm’s plan of building the oil pipeline to join the two points lying about 1,400 kilometers apart.Total’s plan came at the time when the government, through the Energy and Water Utilities Regulatory Authority (Ewura), is finalising preparations to start using the Tanga Port to offload petroleum product imports under the Bulk Procurement System (BPS). Read more
Trend on shilling depreciation slows Twiga cement net profit 
Tanzania Portland Cement Company (TPCC) which trades as Twiga on the Dar es Salaam Stock Exchange (DSE), posted a net profit of Tshs 22.17 billion down from Tshs 27.14 billion recorded during the corresponding period last year, blaming the trend on shilling’s depreciation.The statement issued over the weekend shows that revenue in the H1 went up by 18 percent to Tshs 135.74 billion as sales increased but cost of sales chewed up revenue by almost two-third.Twiga Chairman, Mr. Jeanmarc Junon, said apart from increased cost of sales, insurance proceeds also had toll on the profitability. Read more 
Barclays bank Tanzania launches switch campaign 
Barclays Bank Tanzania existing and new customers with salary accounts with the bank stand a chance of winning up to Tshs 5 million in its newly campaign dubbed ‘Switch’ to begin next month.The Product Manager of Barclays Bank Tanzania, Mr. Valence Lutenganya, said in Dar es Salaam over the weekend that the campaign focuses on employed customers who will channel their salaries through the bank.“The objective is to reward those customers with a chance to win 100 per cent of their salaries to enable them achieve their dreams and ambitions,” said Mr. Lutenganya.He pointed out that the winners will be obtained in lined up draws to be played for four consecutive months starting from early next month.“In each month three winners will be picked with the first one taking 100 percent of the salary back up to a maximum of Tshs 5 million, the second 75 percent equivalent to Tshs 3.7 million and the last one will grab 50 percent up to Tshs 2.5 million,” he noted. Read more 
DSE becomes the first bourse in Africa to use the mobile phone trading platform
The Dar bourse has embarked on the use mobile phones platform on buying and selling shares and bonds, a move that will widen the equity and debt trading activities especially upcountry where brokers are not present."From today everyone could trade using mobile phone. To buy or sell share simply dial *150*36# and the software will direct the user on the next step until the transaction is completed," The DSE Chief Executive Officer, Moremi Marwa said during the listing of CRDB shares.He said that the investors in remote places will be able to access the bourse's Trading and Depository platform through their mobile phones via virtual stock brokers.According to DSE, under the initiative, investors can buy and sell shares, bonds and any future listed instruments without physically visiting stock brokers or agents. Read more
BOT: Shilling to stabilise in near future
The shilling is expected to stabilise in the near future on the back of foreign exchange inflows from tourism, agricultural export proceeds and donors' support, the Central Bank has said.The bank said in its economic review that the expected increase in foreign exchange inflows would build on the corrective measures by the central bank that had helped the local currency to rally against the US dollar."With the coming of high season for tourism and agricultural exports, coupled with realisation of some of the budgetary inflows, the exchange rate is expected to stabilize in the near-term," it said.The rapid depreciation of the shilling against the US dollar from, was compounded by shortage psychology and speculative activities in the market, the central bank said."Under such circumstances people buy foreign exchange now for payments they intend to make in the future, while those who have foreign exchange choose to sell later, and some decide to convert their shilling assets to foreign exchange, causing artificial shortage. Read more
PTA Bank lists 33bn/- bond on Dar bourse
PTA Bank, a regional development bank, has officially listed its bond on the Dar es Salaam Stock Exchange (DSE).The move follows a successful financial close of the 32.6bn/- denominated bond offered to the public that became oversubscribed by 103 per cent to 33.72bn/-.The PTA bond listing has increased the total number of outstanding listed corporate bonds to six worth 66bn/- from 33bn/-.This lifted total market capitalisation for equities and bonds to 28tri/-. Deputy Minister for Finance Mr Adam Malima, commended PTA Bank for properly using the primary market for effectively financing some of the economic activities.The funds will be lent to government firms in development sectors such as power projects under TANESCO. It will be paid back in local currency thus mitigating the currency exchange rate risk."PTA Bank bond listing is the bank's commitment to investors and the public to realise return on investment and improved services," he said. Read more
Tancoal gets 2bn/- boost from KCB
KCB Tanzania Limited has increased an extended overdraft facility of 500,000 US dollars (over 1bn/-) to 1m US dollars (about 2bn/-) to Tancoal Energy Limited to finance expansion of its coal production.In a statement by Intra Energy Corporation Limited of Australia which is the parent company of Tancoal, the overdraft facility attracts an 8.0 per cent annual base rate. Tancoal has a 625,000 US dollars loan facility with KCB. "The increase in the overdraft facility will assist to fund proposed capital expenditure in FY16 to facilitate the anticipated increase in production," the company said in the statement. IEC which has a joint venture with National Development Corporation of Tanzania in developing Mbalawala and Ngaka coal mines in Nyasa district of Ruvuma region, targets to increase annual production to half a million tons.The debt increase means that Tancoal's outstanding debt facilities at KCB totaled over 3.3 million US dollars.An amount of US$255,000 of the bank guarantee is available for use, with the balance having been previously applied, the statement noted. Read more
Tourism, agriculture export will stabilize the shilling in the near future: BOT
Tanzania Central Bank has affirmed the business community and the general public that foreign exchange inflows from tourism, agricultural export proceeds and donors' support will stabilize the shilling in the near future."With the coming of high season for tourism and agricultural exports, coupled with realization of some of the budgetary inflows, the exchange rate is expected to stabilize in the near-term," the bank said in its economic review.The rapid depreciation of the shilling against the US dollar was compounded by shortage psychology and speculative activities in the market, the central bank said. Read more
Fastjet Tanzania records a highest number of passengers 
Fastjet Tanzania has recorded a highest number of passengers, carrying a total of 71,763 passengers in the month, surpassing the previous record, achieved, by over 3,600 passengers and a 36 percent increase . The load factor for July was 72 percent.The increase in passengers has been achieved in part by the commencement of flights to Malawi and additional flights to Mwanza. This has resulted in an aircraft utilization figure in excess of 12 hours per day at the end of July.“We are delighted to be reporting our highest monthly passenger numbers demonstrating the appetite for low-cost aviation in East and Southern Africa,” Ed Winter, Chief Executive Officer of fastjet, said. Read more 
East African are increasingly using mobile money platforms than ever before Consumers in Kenya, Uganda, Rwanda and Tanzania last year transacted $45.75 billion through their mobile phones — translating into 32 percent of their combined gross domestic product — up from $4.86 billion or 3.4 percent of GDP in 2009, the latest industry statistics show.The annual growth in volumes means that East African consumers are moving an average of $3.8 billion monthly or $125 million per day compared with the $13.3 million a day they transacted five years ago.The number of registered mobile money subscribers across the four countries was 82.3 million as at December last year, up from 29 million customers in 2009. Read more 
NMB registers over 250,000 ‘chap chap’ account customers
National Microfinance Bank (NMB) efforts to serve the financially underserved have shown impressive results after registering over 250,000 customers through ‘chap chap’ account.“Technology has been playing key role in increasing NMB customer base as well as reaching the financially excluded people particularly in the rural areas.  NMB is continually investing heavily on technology in order to reach and serve more people at low cost,” The NMB Head of Alternative Channels, Mr. George Kivaria, said.He said that the use of mobile technology and Point of Sale (PoS) have played vital role in the opening of ‘chap chap’ account, the initiative that have seen many people entering into the formal banking system.He said for banks to adopt mobile technology is no longer an option but a necessity for them to reap benefits from the ongoing technological revolution. Read more

Standard bank signs business coorepration agreement with woori bank 
Standard Bank has signed a Business Cooperation Agreement (BCA) with Woori Bank, one of the largest commercial banks in South Korea, aimed at capturing more banking business from Korean companies operating or investing in Africa. The agreement was signed by Standard Bank’s Global Head of Financial Institutions, Robert Cleasby and Woori Bank’s Deputy President Dong Gun Lee in Seoul, South Korea.“Woori Bank has no presence in Africa and therefore a partnership with a strong African bank like Standard Bank will enable Woori Bank to extend its banking relationship with key Korean clients to its non-presence countries.  Africa and South Korea’s diplomatic relations are conducive to the flow of capital from South Korea to Africa, bringing in new prospects for institutional investors,” Mr. Cleasby said. Read more 

TBS certifies products of five SMEs under incubation.
 t least five Small and Medium Enterprises (SMEs) which were under incubation programme of Small Industries Development Organisation (Sido) have succeed to certify their products with the Tanzania Bureau of Standards (TBS) for the past eight months.This was said at the weekend in Dar es Salaam, by the Sido Dar es Salaam Regional Manager, Francisca Simon, when briefing Deputy Minister for Industry and Trade Janeth Mbene, and her counterpart in the Ministry of Labour and Employment Dr Makongoro Mahanga on various services.The regional manager said from July last year to March this year Sido had 18 entrepreneurs under its various programmes.“Five out of 18 entrepreneurs managed to have their products certified by TBS. The certification is offered free of charge during the period,” she said. Read more
Major telecom to provide telecommunications services to 112 wards for total subsidy of $9.1 millionSupplementing the government move to provide telecommunication service to all, Vodacom, Airtel, Tigo and TTCL are set to provide telecommunications services to 102 wards which are un-served or underserved for a total subsidy of $7.6 million and another 10 wards located in border areas and special zones for $1.5 million.Tigo will cover 42 wards where it will receive Tshs 3.145 billion as subsidies to move to the areas. Vodacom will go to 36 wards and will receive Tshs 6.33 billion as subsidies.TTCL won 19 wards and will receive Tshs 4.15 billion as subsidies while Airtel has been approved to cover five wards and will get Tshs 566 million as subsidies. Read more 
The mobile operators also will provide telecommunication services to 10 wards in border and special zone areas where Vodacom has two wards and will be entitled for Tshs 804.7 million as subsidies, Tigo will go to 5 wards and will receive Tshs 985 million as subsidies and Airtel will provide telecommunication service to three wards and will get Tshs 984.9 million as subsidies.
Samsung's Galaxy S6 is hands-down the best Android smartphone you can buy. It's got the whole package, including a crazy sharp display, beautiful premium design, powerful performance and an amazing camera.Those are all great things, but did you know Galaxy S6 and Galaxy S6 Edge have the ability to endure the highest levels of abuse. It's strangely satisfying, too. Not because we like seeing expensive gadgets getting tortured, but because the Gorilla Glass 4 protecting the PHONES' CASINGS actually survives — with virtually no damage.There is a lot more here than what meets the eye. While Samsung has OFFERED a heady mix of features and shortcuts, there are a handful of hidden gems that are subtle and yet potent enough to bowl you over

CBA bank partners with chiness real estate developers to provide loans at affordable interest rates
 
CBA Bank Tanzania has inked an agreement with Chinese real estate developers, Avic International Real Estate (T) to provide loans at affordable interest rates for buying houses.Speaking after signing the agreement in Dar es Salaam at the weekend, the CBA Executive Director, Mr. Julius Mcharo, said the deal provided the opportunity for Tanzanians to own high quality houses built by Avic in Kigamboni area.Mr. Mcharo said CBA is planning to raise people’s living standards in collaboration with real estate investors by enabling them own homes.“Our bank is planning to provide low cost loans to citizens wishing to procure a house at affordable rates payable up to 20 years,” he said. Read more

Exim bank group maintains its tshs 1 trillion asset base 
Exim Bank Group has recorded an increase in pretax profit for financial year 2014 by 35 percent to Tshs 24.1 bilion, from Tshs 17.9 billion in 2013. According to the latest financial report, the bank has also maintained its Tshs 1 trillion asset base.“We are pleased to report robust performance for the financial year ending December 2014,” said Mr. Issa Hamisi, the bank’s Ag Chief Finance Officer said.He said the net interest income, grew by 30 percent to Tshs 57.3 billion from Tshs 44.2 billion recorded in 2013. The improvement was driven by an efficient balance sheet management, focusing on low cost deposits for growth. Read more

Samsung galaxy s6 edge launched in Tanzania 
Samsung Electronics has announced its entirely redefined smartphones, the Galaxy S6 and Galaxy S6 edge into the Tanzanian market.Creating a new standard for design, craftsmanship and performance, the 4G enabled Galaxy S6 and Galaxy S6 edge seamlessly blend premium materials with the most advanced Samsung technology to offer consumers an unmatched mobile experience. The company is offering what’s next in mobility, along with a new standard to drive the global mobile agenda.“By listening to our customers, and learning from both our success and areas of improvement, we continuously push forward new technologies and ideas. With a reimagined design, latest network technologies and novel services, the all new LTE Samsung Galaxy S6 and Galaxy S6 edge offer users the ultimate experience in smartphone options,” Sylvester Manyara, Manager Mobile Samsung Electronics Tanzania said.Both the Galaxy S6 and the Galaxy S6 Edge come with a 5.1in quad-HD Super AMOLED display (1440 x 2560) which, according to Samsung, can put out a maximum brightness of 600cd/m2 on a bright day with auto-brightness enabled. Read more 

Ecobank sued for 166m/ - damages Over money transfer
A bank customer, Future Trading Company Limited, has sued Ecobank Tanzania Limited, demanding over 166m/- in refund and damages for alleged wrongful withdrawal of money from its account, which was subsequently diverted to a South African third party.Through EA Attorneys, the company accuses the bank of making the money transaction through electronic banking without its approval. As a result, the company, which is the plaintiff in the matter, suffered damages and failed to meet its financial obligations.In the written statement of defence (WSD), however, the Bank, the defendant, through Crest Attorneys, has vehemently denied the demands, alleging that the money sent to one Bashir K General Dealers based in South Africa was within the knowledge of the plaintiff and was indeed authorised by him.Read more
TASAA: High freight charges raise prices of goods
Prices of goods to final consumers rise because import freight charges are high.This happens because empty containers are sent to the countries of origin.Tanzania Shipping Agents Association (Tasaa) believes that high charges imposed to each imported container is a result of the country’s low export volumes which lead to many containers being sent back empty to the countries of origin.Import freight charges which include the cost of carrying a 20- foot container from depots, putting it in the ship and transporting it is estimated at $2,000 per each 20-foot container from Asia. When a container is sent empty to the country of origin, according to Tasaa, an export ocean freight fee of $140 is paid.Read more
EAC states working hard on single currency regime - Nchemba.
Deputy Finance minister Mwigulu Nchemba has attributed what the public sees as a delay in the establishment of the East African monetary union as legal processes that are conducted by member countries to achieve the strong single currency regime.Speaking in an interview with The Guardian, Nchemba said that processes are going well to ensure that the common currency is in place so as to benefit all the states in the region.“It’s not true that the establishment of EAC Monetary Union has delayed, we are in progress to ensure that all processes are preceded as the move to make sure that all individual within the member states are benefited with the currency,” he said.He added: “Tanzania is happy with the establishment of the EAC common currency and we are providing all the requirements to ensure that the currency is implemented.” Read more
Following a fall in the prices of oil and other commodities the World Bank predicts slow economic growth in Africa of four percent , compared to the previous year when growth was 4.5 percent.“Oil prices have fallen by 50 percent  and it is not only oil, it is also prices of other commodities such as iron-ore and copper and agricultural commodities. Africa is a net exporter of primary commodities, so a sharp decline in prices is weighing very heavily on terms of trade in the region,” the bank said in a report. According to the Africa’s Pulse author Punam Chuhan-Pole, 36 African countries' trade will deteriorate, hurting their budgets.“So governments have less revenue now to spend on both current expenditure, but also much needed public investment and in terms of things like social safety nets and targeted programs to help the poor,” said the author. Read more
Airtel Tanzania has partnered with NMB, a move that will allow customers to deposit, transfer and withdraw money from their NMB Bank accounts directly into their Airtel Money wallets.To Airtel and NMB, The innovative service will also allow customers to perform simple, secure and instant financial transactions on their mobile phones and enhance the delivery of financial services, at all times, wherever they are.Speaking at the launch, Airtel Managing Director Sunil Colaso said “This partnership clearly demonstrates the revolutionary role that mobile communications companies can play in improving the living conditions of the communities.” With this move both Airtel and NMB Customers can facilitate financial transactions and transfer funds from their mobile wallet to bank account and vice versa through their mobile phones. Tanzanians especially in rural parts of the country can now easily manage their finances, business as well simplify their economic activities at all times through. Read more
Tanzania's tourism rebranding campaign receives a boost from Fastjet 
The recently-announced new PR and marketing campaign to create a new and better image for Tanzania’s tourism industry in key consumer markets, worth some $1.5 million, has received broad support from stakeholders. The latest to throw their hat in the ring is Fastjet.Mr. Jimmy Kibati, who is heading the regional operation of Fastjet based in Dar es Salaam, has reportedly pledged the airline’s support for the campaign.Traditionally, airlines have supported their respective tourism boards by availing free tickets for media and travel trade fam trips, which in the case of Fastjet extends to four domestic and four African destinations, namely Dar es Salaam, Kilimanjaro, Mwanza and Mbeya and Johannesburg, Lusaka, Harare and Entebbe, with Nairobi likely to join this list soon as bilateral talks are soon taking place. Read more 
Marking of imported goods set to start soon, says TBS
Marking of all imported goods which was scheduled to commence in 2014 now will be carried out this year, the Tanzania Bureau of  Standards (TBS) has said.Speaking to in an interview with The Guardian, the TBS Principal Public Relations Officer, Roida Andusambile, said the work would be done after recruiting new staff.“We have applied for a permit from the government to recruit 500 workers during this financial year ending June 2015,” she said.She said once approved, some of the new staff would be assigned to carry out the job countrywide later on this year.According to her, TBS intention is to see all imported goods are stamp marked with a government certification logo that will verify their standards and safety. Read more
NMB partners with Airtel Tanzania to promote financial inclusion  
Moving along with its dream of promoting financial inclusion in Tanzania, one of the leading banks in Tanzania, National Microfinance Bank (NMB) has partnered with Airtel Tanzania in offering mobile money operations.“The partnership with Airtel Tanzania means the bank will bring closer more over 1.2 million customers already using mobile money services. With the mobile banking services, customers can undertake cash deposits, withdraw, transferring, prepaid services,” the Acting NMB Chief Executive Officer, Tom Borghols, said.He said further that with technology, it is difficult to predict what will happen next but currently the partnership with the telecom firm assures the bank and its customers enabled and eased financial transactions at minimum cost. Read more
ACACIA mining dishes out TSHS 51 million to boost education sector in shiynanga
  
Acacia Mining has already set aside Tshs 51 million for this year which will facilitate funding of all necessary educational costs to students mainly from poor families. About 900 students from nine government secondary schools in Shinyanga Region will benefit from free education sponsorship offered by the company’s staff operating in Tanzania and London offices through the Can Educate programme.
The beneficiaries of the education programme, Bugarama, Bulyanhulu, Lunguya, Nyakiboko, Mwalimu Nyerere, Ntobo, Ngogwa, Msalala and Mwingiro from Msalala Disrict Council in Shinyanga Region, will get boost for all four years of ordinary secondary education, according to The Bulyanhulu Gold Mine (BGM) Organisation Effectiveness Manager, Elias Kasitila said. Read more

EAC economies are poised for a rapid growth this year.
The economic growth for the East African region is expected to increase from 6.5 per cent to 6.8 per cent this year, according to a report by the Economic Commission for Africa.Titled “Towards a selective trade policy framework for industrializing Africa’’, the report shows that Africa’s overall GDP growth increase is reflected by GDP rebasing primarily in Nigeria but also in Ghana, Kenya, Tanzania, Uganda and Zambia."Rebasing in these countries reduced their debt-to-GDP ratios, which improved their capacity to borrow on domestic and international markets and helped to lift investment in their productive sectors,” said Carlos Lopes, the executive secretary for ECA. Read more 
Vodacom facing pressure to list in Tanzania
Tanzania’s government is forcing telecom companies operating in the country including Vodacom, to list on Dar es Salaam Stock Exchange, and says that the deadline to do so has already passed. According to a report by the Dow Jones Business News, the three major mobile operators in Tanzania – Vodacom, Tigo and Airtel – will be listed on the local bourse before the end of the year.The government wants the people of the East African country to share in the profits of large multinational companies. The law reportedly requires local shareholders to own at least 35% of the businesses listed on the local exchange. Read more
CMSA eyes 100 pct growth in equity capital with Mwalimu bank IPO.
The Capital Markets and Securities Authority (CMSA) has said participants in the equity capital markets are expected to increase by 100 percent, if all active members of the Tanzania Teachers Union (TTU) will buy shares from Mwalimu Commercial Bank.Currently, TTU has about 200,000 members with up to date contributions.“This is going to be a significant transformation in the Tanzania capital markets landscape and will facilitate attainment of one of the goals of National Financial Inclusion Framework,” said the Chief Executive Officer of CMSA, Nasama Massinda. She was speaking at the launch of the Initial Public Offer (IPO) of Mwalimu Bank (Information) which was held in Dar es Salaam. Read more

Tanzania expects telecoms to list on local bourse 
All telecom companies operating in Tanzania will be listed on the local stock exchange by the end of the year, the deputy communication, science and technology minister said Wednesday, days after a deadline for them to do so had passed.The mandatory listing on the Dar es Salaam Stock Exchange would enable Tanzanians to take a stake in and benefit from the lucrative industry that is the fastest expanding sector in East Africa's second biggest economy. Read more
Exim bank customer urged to collect their faida chip and pin debit card 
In its efforts to curb the prevailing cyber-crimes and provide customers with reliable and safe banking services, Exim Bank Tanzania has urged its esteemed customers to collect their Faida chip and pin Debit Card which was introduced in January 2015 to replace the existing Magnetic Stripe Faida Debit Card. Faida chip and pin Debit Card provides enhanced security through an embedded chip that processes the customer’s data with unparallel security and hence making it virtually impossible to copy or tamper with.According to a statement released by the Exim Bank’s Head of Operations, Mr. Eugene Masawe in Dar es Salaam recently said the deadline for card collection is that makes only 13 days remaining from today. Read more
NBC launches online banking services to users of smartphones and tablets 
One of the leading banks in Tanzania, NBC, has launched online banking services to users of smartphones and tablets.The new products provide customers with freedom and flexibility to manage personal banking anytime from the comfort of home, office or even from the laptop anywhere worldwide.With the online banking services, customers could manage more than 18 routine transactions assured of maximum security on the banking details.Apart from smartphones and tablets, the NBC online banking services assure customers access to their account through the other digital banking channels including laptop and mobile phone. Read more 
Fastjet raises $75 million to fund African expansion 
Tanzania-based budget African airline Fastjet has raised $74.4 million by issuing shares and plans to open up new routes and expand its fleet of three aircraft.Funds from the offering, which represent about 75 percent of Fastjet’s enlarged share capital, will help the company add new international routes and expand in South Africa, Zimbabwe, Kenya, Uganda, and ZambiaThe company, which aspires to be the first pan-African low-cost carrier, also intends to use excess funds to start a programme to acquire used Airbus A319 aircraft. Read more 
Tigo launches free internet promotion 
One of the leading telecommunication company in Tanzania, Tigo, has embarked in a move that will insure all Tigo customers stay connected with the rest of the world by launching free internet promotion.Speaking at the launch of the promotion on Friday, Tigo Tanzania Head of Internet and Devices, Mr. David Zacharia said that the offer gives customers 100MB between 6 and 8am to suit their browsing and downloading needs.“Committed to promoting digital lifestyles, we believe this offer will enable more people to access the Internet and enjoy our already existing online products such as Tigo Music, Facebook among others,” he said. Read more
Customers Could Earn From Airtime
A Dar es salaam network marketing firm, Rifaro Africa has introduced a service package that allows mobile users generate income in the course of buying airtime.The newly-introduced services, launched this week in Dar es Salaam, comes in the wake of fast-expanding businesses, coupled with products and services opening up in Tanzania.Mobile phone subscribers using various mobile networks will benefit from the new services, says Rifaro Africa Managing Director, James Gathonjia, adding that, "At the moment, Rifaro Africa uses direct selling methods to distribute Zantel products and services primarily and exclusively using an online platform." Read more
Tourism on the decline in Tanga Region, says BoT expert
Tourism stakeholders have been asked to promote the sector in Tanga Region which is said to be on the decline and failing to contribute equitably to the region’s income.An economic expert with the Bank of Tanzania (BoT), Moto Lugobi, speaking to development stakeholders in the region said Tanga contribute only 18 percent of tourism in the Northern corridor, particularly on the border. Lugobi said Tanga Region has ample tourist opportunities including wildlife sanctuaries, historical places like Amboni and Tongoni caves as well as slave routes, but receives a very minimal number of travelers. This acts so as to constrain the region’s sources of income, he said. Read more
Statoil discovers more gas offshore 
Statoil announced the discovery of roughly 1 trillion and 1.8 trillion cubic feet of natural gas in the Mdalasini-1 well off the Tanzanian coast. Marking the end of the first phase of operations there, the company said its eight discoveries to date combine for approximately 22 trillion cubic feet of gas reserves.The company believes more discoveries can be made in the area, but said it will now concentrate on appraising one of its previous seven discoveries. Following this, there will be a pause in drilling "to evaluate next steps and to mature new prospects", Statoil said.The company has said it may build a liquefaction plant with Britain's BG Group, which operates neighboring exploration blocks. Read more
DHL expects 2015 to be a year of growth for logistics industry on the African continent In line with Sub-Saharan Africa’s (SSA) projected economic growth of 4.9 percent this year, which is double the projection for advanced economies, 2.4 percent, DHL SSA expects 2015 to be a year of growth for the logistics industry on the African continent, largely driven by increased consumer demand and the rapidly developing e-commerce industry.This is according to Charles Brewer, Managing Director of DHL Express SSA, who was commenting against the backdrop of Deutsche Post DHL Group’s full year results released in March. DHL Group ended 2014 with revenues of EUR 56.6 billion, up 3.1 percent compared to 2013. He says that the company’s increased focus on e-commerce and emerging markets, including Africa, has led the group to achieve growth in both volume and revenue in 2014.A new report by Stats.com revealed that despite Africa lagging behind other regions when it comes to the development of online infrastructure, business-to-consumer (B2C) sales will grow to double-digit numbers in EUR billions in the next three years. Read more
 
EAC needs $100 billion over the next decade to build reliable infrastructures 
The East African Community (EAC), which groups the five countries, said in a 2015-2025 strategy document it needs between $68 billion and $100 billion over the next decade to build roads, ports, railways, transmission lines and oil and gas infrastructure.The leaders of five East African countries went on a charm offensive early this week to lure investors for a massive plan to upgrade infrastructure in the region that has made big hydrocarbon discoveries.Tanzania, Kenya, Uganda, Rwanda and Burundi, whose combined economies are worth a total $110.3 billion, are working to package joint infrastructure plans aimed at boosting trade and speeding up economic integration in the region. Read more
 
Fastjet its new route linking KIA and Entebbe terminal 
Fastjet has just announced its new route linking Kilimanjaro International Airport to Uganda’s Entebbe terminal.The flights come in the backdrop of increasing trading activities between the Northern Tanzanian urban centres, Arusha City and Moshi Municipality with the Ugandan capital of Kampala. Fastjet, which has become a darling airline among budget conscious travelers, will be trailblazing across Arusha, Kilimanjaro, Mwanza and Kampala three times a week using its Airbus A319 aircraft as from March 31. Read more
 
Tanzanian shilling depreciates by about 5.0%
Tanzanian shilling has depreciated by about 5.0 percent in the first quarter of this year due to mostly strengthening of the US dollar against major currencies. The analysis of shilling trend in almost three months since January shows that in January it started at 1,714/67 but dropped to 1,795/08.The Bank of Tanzania’s Monthly Economic Review of February attributed the fall to the strengthening of US dollar. “Shilling further depreciated driven mostly by the strengthening of the US dollar against other major global currencies following improved economic activities in the US,” the report says. Read more
Exim bank opens second branch in djibouti 
Exim Bank Tanzania has opened its second branch in Djibouti to extending its services to customers in the Horn of Africa as it continues to widen its reach to customers abroad.The Governor of The Central Bank of Djibouti, Ahmed Osman, speaking at the inauguration ceremony, congratulated Exim Bank’s efforts to bring its innovative services to the people of Djibouti.“This was a very strategic decision for Exim Bank,” Governor Osman, said. “It was important for the bank to expand its footprint in Djibouti Free Zone and the Djibouti market and the location of this branch is a good spot for accessing that market,” he added. Read more
Bill to remove trade barriers sails through
Regional traders can now breath a sigh of relief after a key bill on eliminating non-tariff barriers (NTBs) sailed through its third reading on Tuesday pending assent by heads of states.The East African Legislative Assembly (EALA) passed Elimination of Non-Tariff Barriers Bill 2015 after intense debate in Arusha.Discussion on the proposed law began but was later adjourned following a motion introduced by the chairman of the Council of Ministers, Abdullah Saadalla Abdullah, to allow for further consultations. Read more
Tigo appoints new excutive to head corporate business unit 
Tigo Tanzania has announced the appointment of Rene Bascope as the new Head of Corporate Services, a business unit whose primary function is to provide technically innovative and secure connectivity solutions to companies. Bascope joins Tigo from April 1st, this year.Tigo Interim General Manager Cecile Tiano said in a statement to the media that Bascope has over 17 years’ experience in the telecommunications industry working for different telecom operators. He has an outstanding track record of achievements in Sales, Customer Operations and Team Building.Read more
TRA testing of EFDs at fuel stations proves successful
TRA has reported positive feedback from some fuel stations currently undergoing installation trials of Electronic Fiscal Devices (EFDs). In an exclusive interview with The Guardian last week, Puma Petrol Station Sea View managing director Victoria Luande said the trials are going on well, no single shilling is lost through the computing machines on the pumps.“The texting of EFDs at all fuel stations are good. However, TRA should resolve the challenges that are facing the project including controlling the roller prices so that we can obtain get the papers at lower prices,” he said. Read more
BG Group: Gas projects won't delay due to fuel price slump
The BG Group has disagreed with the analytical report issued recently by Price Water House Coopers LLP (PwC) saying that the gas and oil projects in Africa (offshore Tanzania in particular) are likely to delay or collapse altogether due to the current slump in oil price.Speaking in an exclusive interview with ‘The Guardian’ at the Pan-African Conference on Oil and Gas Vocational Training Initiative-VTEC, BG Group Tanzania country manager Adam Prince said that huge and long term investment in oil and gas projects support improvement even at this time when fuel price in the world market have dropped significantly. Read more
Tanzania shilling have been taking a biggest beating against a strong greenback in the past two months. Barclays Bank predicts that it will average Tshs 1,838 against the dollar in 2015 and Tshs 1,912 in 2016.The dollar, which has surged on expectation that the US Federal Reserve will raise interest rates, has seen the Tanzania currency shed 5.6 percent since the beginning of the year.After a two-year period of stability, the Tanzania shilling came under pressure from a stronger dollar in 2014, particularly in the second half, depreciating by 8 percent. In the three months of 2015, it has depreciated by 5.6 percent to the dollar and is now trading at Tshs 1,843. Read more
Profitability of TWIGA cement pushed the firm's full dividend by 37% 
Net profit of the Dar bourse listed company, Tanzania Portland Cement Company (TPCC), which goes by its brand name Twiga, went up by almost 50 percent in 2014, thanks to the firm's strengthened brand image through quality and service delivery to the market.The company announced in a published statement a profit increase of 47.3 percent to Tshs 55.44 billion for 2014, up from Tshs 37.64 billion in the preceding year.The profitability of Twiga pushed the firm's full year dividend by 37 percent to Tshs 267 against Tshs 195 of 2013. Midyear the company paid a dividend of Tshs 70 per share. Read more 
Tigo to roll out 843 new mobile telephone network transmission sites countrywide
One of the fast growing telecommunication in the country, Tigo Tanzania plans to expand and maintain the quality of Tigo's network coverage by rolling out 843 new mobile telephone network transmission sites countrywide.Some of the sites will be aimed at offering third-generation (3G) and 4G services, which offer increased bandwidth for users, and are aimed at enhancing penetration in rural areas as well increasing access to data for its customers.Making the dream come true, telecom company will spend $120 million this year. Read more
 
Kenya Airways cuts flights to Tanzania over air-service accords
Kenya Airways Ltd. said it reduced flights to Tanzania’s commercial hub of Dar es Salaam to 14 from 42 per week because of issues regarding air-service agreements between the two East African nations.The Tanzania Civil Aviation Authority wrote to its Nairobi-based counterpart directing Kenyan carriers to reduce frequency of their flights into Tanzania from March 19, Kenya Airways said Friday on its Twitter account. Read more 
Dar es salaam banks ranks first in GDP growth in Africa
Dar es Salaam has been ranked as the first city in Africa that records tremendous growth in terms of GDP.A new PwC report suggests that Cairo, Tunis and Johannesburg are the top three cities offering the best opportunities for future growth and investment prospects.Entitled Into Africa – the continent’s cities of opportunity, the report provides insights into 20 of the continent’s most dynamic and future-focused cities – information critical for attracting foreign investment. Read more

TRA testing of EFDs at fuel stations proves successful
TRA has reported positive feedback from some fuel stations undergoing installation trials of Electronic Fiscal Devices (EFDs).In an exclusive interview with The Guardian last week, Puma Petrol Station Sea View managing director Victoria Luande said the trials are going on well, no single shilling is lost through the computing machines on the pumps.“The texting of EFDs at all fuel stations are good. However, TRA should resolve the challenges that are facing the project including controlling the roller prices so that we can obtain get the papers at lower prices,” he said. TRA is in the final stages of testing the machines, in a move aimed to improve collection of tax.Luande pointed out that fixing Electronic Fiscal Devices (EFDs) at all fuel pumps enables the government to collect all the money that is due from the stations. Read more
StanChart Tanzania introduces direct bulk mobile payment service for corporate clients
Corporate bodies that bank with Standard Chartered Bank can now find it increasingly easy to pay various people instantly, thanks to the bank’s new service.The bank yesterday launched its “Straight2Bank Wallet” – a new mobile payment service that allows corporate clients to instantly make bulk payments directly from their Standard Chartered Bank accounts into their beneficiaries’ M-Pesa and TigoPesa accounts.The service applies to corporate clients such as development organisations, insurance companies, commodity traders and fast-moving consumer goods (FMCG) companies.With the Straight2Bank Wallet, the clients can make payments to both banked and unbanked individuals such as aid workers, policy holders, staff members and farmers through their M-Pesa or TigoPesa mobile wallets. Read more
MSPMO: Bankers Reject Customary Land Titles for Loan Security
Certificates of customary rights of occupancy were issued to, among other things, help farmers acquire loans by using them as collateral. However they are still not useful for the purpose.Banks financial institutions and even the Agricultural Inputs Trust Fund, reject the certificates as collaterals in acquiring loans despite being legal documents. The reason is clear.The certificates of customary right of occupancy cannot provide the security required to provide loans to farmers because agricultural sector perceived to be of high risk and prone to many negative factors, including unpredictable weather and price fluctuations.The Minister for State in the Prime Minister's Office (Empowerment and Investments), Christopher Chiza said in Dar es Salaam that one of his priorities would be to work out strategies that will ensure Certificates of customary rights of occupancy were accepted as collateral by banks and financial institutions. Read more
Sino-Tanzania Trade Boosts Investment Flow
Increased trade between Tanzania and China has resulted into signing of an agreement for promotion of commercial and investment opportunities in the country.Speaking in Dar es Salaam, Head of government communication unit in the Ministry of Industry and Trade, Mr Athuman Nkungu, said the agreement has made it possible for China to increase items under preferential trade."The country signed an agreement where China increased the number of items for importation from Tanzania under duty and quota free arrangement from 95 to 97 per cent," he said.Adding that "the increased trade transactions is what is now being experiencing where many Tanzanians go to China and vice versa under the bilateral relationship."He said the government was working at its best to ensure that all conflicting laws that dog trade performance were eliminated. Read more
CBA Bank Keen to Promote Delivery of Insurance Services
The banking and financial sector is a rapidly growing sector in Tanzania, and all over East Africa. In a region that is developing, but where many residents are struggling to make ends meet, lending has also become a growing industry.The speedy growth of the financial sector has lead to establishment of many new banks that provide services to urban centres and rural areas.
Records show that there are more than 50 commercial banks operating in the country. These included international banks that opened branches in the country shortly after the banking and financial sector was liberalised.The increased number of banks has triggered competition in the sector and in order to survive in the market banks were forced to come up with much needed innovations meant to improve their services, a situation which is putting banking customers at an advantage.Read more
Diamond trust bank records 9.6% increases in after tax profits 
Following a strong performance of its regional operations, Diamond Trust Bank has announced a 9.6 percent increase in after tax profit.“The group results have benefited from the continuing growth of share of results from DTB’s subsidiaries in Tanzania, Uganda and Burundi,” said DTB’s chief executive Nasim Devji in a statement Subsidiary operations contributed $17.5 million to the bank’s bottom line up from $13.1 million, rising to the equivalent of more than a quarter (27.2 percent) of the group’s earnings compared to 22.4 percent.The bank earned $62.2 million net profit  compared to $56.7 million reported. Read more
Hellofood Tanzania plans to expand to expand its wings
 
The fast growing food delivery company in the country, hellofood Tanzania, which offers customers convenience, flexibility and options when it comes to food, has announced its plan to further expand its wings to the heart of Dar es Salaam.The company started its operations in the country a little over a year ago; its expansion within Dar es Salaam has been fast and overwhelming, reaching more than 100 partner restaurants in the past 12 months. Read more
MOW: Govt to Help TBA Get Loans
The government has pledged to guarantee Tanzania Building Agency (TBA) to enable it obtain loans from financial institutions and capacitate the agency for it to build more houses.Minister for Works, Dr John Magufuli, has said that his ministry is also in communication with Ministry of Finance to pay TBA all money the latter spent while building houses for government officials."My Ministry is also pushing Treasury to provide funds allocated in the budget for the construction and renovation of public houses," Dr Magufuli noted.He was speaking on in Dar es Salaam after submitting his report to the Parliamentary Standing Committee on Infrastructure over the ongoing construction projects of government houses.The committee visited Bunju 'B' area to witness the ongoing construction of public servants' houses. He said the project that is aimed at building 155 houses for civil servants in Bunju "B" area is part of the scheme that was set to cover 10,000 houses countrywide.Read more
Bank shares show mixed trend on DSE
Banks shares at Dar es Salaam Stock Exchange (DSE) both markets are showing a mixed trend, being top gainers in the main market and the other way round on the alternative window.The banks are shining on DSE's main market by dominating price appreciation after gaining between 10 and 25 per cent while on alternative market the loss of between negative 20 and zero per cent.Orbit Securities General Manager Juventus Simon told 'Daily News' that the trend based on the fact that investors are confident to go for listed stocks on the main market."The opening of the capital market also boosted share appreciation on the main market," Mr Simon said.He said National Microfinance Bank and CRDB are the biggest banks in the country that automatically attract investors from within or outside the country.On other hand, banks on Enterprise Growth Market (EGM), Mr Simon said, were listed in less than a year meaning investors are still analyzing them properly before making firm decisions. Read more
US agency doubles presence in Tanzania…boost trade
The US Commercial Service, the export promotion arm of the Department of Commerce, doubled its presence in Africa to boost trade with some of the world’s fastest growing economies.Besides Tanzania, the agency opened offices in Angola, Ethiopia and Mozambique and is planning its biggest-ever trade mission to sub-Saharan Africa, Donald Nay, a regional senior commercial officer, said in an e-mailed response to questions by ‘Bloomberg’.US companies have faced increasing competition from China in Africa over the past decade as the Asian nation targeted the continent for oil and other mineral resources. Chinese trade with Africa amounted to USD$174bn, more than double that of the US, which was Africa’s biggest trading partner.“President Obama believes that sub-Saharan Africa can be the world’s next major economic success story that offers enormous opportunities for American companies,” Nay, who is based in Johannesburg, said. “There’s opportunity for many US companies, big and small.” Read more
PET:Cheap imports' strangle local battery firm
A local manufacturer of dry cells has called on the government to protect them from the onslaught brought about by the imports of cheap and substandard batteries that have flooded the domestic market threatening its survival.The firm, Panasonic Energy Tanzania Co. Limited, which has employed 167 Tanzanians, says the future looks bleak as cheap imported batteries from China have caused serious damage into their operations due to market distortions. "Don't stop imports (of dry cells) from China, but please we need fair competition.That's our request," the Managing Director of the company, Mr Yoshiyuki Sako, told the Minister of State in the Prime Minister's Office (Empowerment and Investment),Eng Christopher Chiza, in his tour to the factory in Dar es Salaam.Mr Sako said they were suffering from the onslaught of cheap products from China imported or smuggled into the country through Bagamoyo in Coast Region, Kunduchi in Dar es Salaam and Tanga. Production at the factory had declined from about one million batteries to 250,000 only, he said.Read more
TTCL eyes for 3.4 million subscribes by 2020 
Tanzania Telecommunication Company Ltd (TTCL) is in a plan to increase its market share by 10 percent upon increasing its subscribers database to 3.4 million. The company has 260,000 subscribers on its landline and mobile services.According to the company’s head of business unity Fredrick Mloka, the state owned corporation will enter the mobile phone sector by the end of this year, and compete directly for more than 30 million subscribers.The state corporation will move from Code Division Multiple Access (CDMA) to Global System for Mobile (GSM) services. GSM is the most widely used digital wireless telephone system in the world. Read more
Vodacom launches M-PESA payments between Tanzania and Kenya         
Over 7 million M-Pesa customers in Tanzania and over 18 million Safaricom customers in Kenya can now send and receive money from each other. This revolutionary service allows for mobile wallet to wallet transfers between the two largest telecom operators in East Africa. Now, customers can transfer funds across the border at the same rate as sending money locally. Speaking in Dar es Salaam, Vodacom Tanzania’s Managing Director said available statistics indicate that over Tshs 200 billion is sent from Tanzania to Kenya annually, while the latter sends over 26 billion to Tanzania. “Statistics from the World Bank,  indicate that Tanzania sent approximately Tshs 200 billion to Kenya through formal channels. Estimates would indicate that more than twice that amount was transacted via informal channels including bus drivers, friends and family,” he said. Read more
Safaricom's M-PESA: M-Pesa Customers Can Send, Receive Money From Tanzania
Safaricom's M-PESA customers will be able to send and receive money from Tanzania, in a move that is aimed at deepening financial inclusion and give a further boost to the regional integration agenda. Safaricom has partnered with Tanzanian mobile service operator Vodacom to enable seamless transactions between Kenya's nearly 20 million M-PESA customers and Tanzania's 7 million M-PESA customers."This is a new chapter in the continuing growth story of M-PESA. Enabling transactions between Kenya and Tanzania will make more convenient for individuals to transact across borders and unleash the transformative power of a first of its kind cross-border payment system," said Safaricom's CEO Bob Collymore. Read more
TRA: Tanzania earns $50 million from the tobacco industry
The Tanzania goverment earns around $ 50million  from the tobaaco industry as revenue.
Speaking to the East African Business Week in Dar es Salaam,  the Professor of Economics from the University of Dar es Salaam (UDSM), Asmerom Kidane said that Tanzania is one of the largest countries in Africa both in area and population.He said the export earning from Tobacco was $ 252.6million according to the Tanzania Revenue Authority (TRA) and it constitutes 40% of the total export earnings from the traditional crops.Professor Kidane said with regards to cigarette smoking, the overall smoking prevalence rate is 12.4% for males, 8.8% for females and 10.6% overall and the overall estimate increase is 20.5% when the reference population is limited to adults 15 to 60 years. Kidane, a professor of Economics & Statistics at the University of Dar es Salaam said the problems of tobacco companies' policies and practices are common to high, low and middle income countries although the latter are more vulnerable.Read more
NSSF: Lack of infrastructure hits development of satellite city
Absence of basic infrastructure at Dege Eco Village in Kigamboni is slowing development of the satellite township and developers are now requesting the government to supply the area with water, roads and energy.National Social Security Fund (NSSF) and Azimio Estate Housing Limited, who are jointly developing Sh990 billion ($550 million) Dege Eco Village, made the request through the Parliamentary Steering Committee which visited the project’s site.The Speaker of the Parliament Ms Anne Makinda who is also chairperson of the committee, led members to the project site where they were told that for such projects to be meaningful, they need reliable and advanced supply of water, electricity and well developed roads.Read more
Samsung makes 2015 a year of the wireless charger 
To ease the stress of a dying mobile phone battery and the hassle of bundling wires into your bag, South Korean giant, Samsung has included wireless charging capability in its new flagship smartphone, the Galaxy S6."This is probably the year of the wireless charger," said Kevin Curran, a senior member of the Institute of Electrical and Electronics Engineers, ahead of the mobile fair."A lot of the top-end phones now by default are coming with a wireless charger. You just have to put the phone onto a mat or a stand."If a phone has a wireless charging receptor, just placing it over the charging pad on one of these items will transfer power to it. Read more
DES's: Liberalization of current accounts makes Des more vibrant 
Liberalization of current account has given investors confidence in buying and selling shares at the Dar es Salaam bourse, thus making the market more vibrant, according to traders.Tanzania liberalized its current account last year, the move that opened door for foreign investors, particularly from across the East African region to participate in the equity markets.According to DSE's Programmes and Projects Manager, Magabe Maasa, trade at the Dar es Salaam Stock Exchange (DSE) increased by over 20 times in the first quarter of 2015 compared to the corresponding period last year, thanks to the current account liberalization initiative. Read more
TRA for Inclusive Anti-Graft Strategy
Tanzania Revenue Authority (TRA) has vowed to adopt a collaborative and participatory approach in the development and implementation of an antigraft strategy.Contributions from workshop participants - religious leaders, taxpayers, non-state actors, donor agencies, experts from within and without Tanzania - serve as a basis for drafting a comprehensive TRA anticorruption strategy and action plan, expected to be operational in due course.In his remarks at the end of anti-corruption forum, TRA Deputy Commissioner General, Mr Lusekelo Mwaseba said they had decided to involve more stakeholders in drafting the documents."We have changed our mode of operation, that's why we have engaged many stakeholders in the process of drafting our anti-corruption strategy," he said.According to Mr Mwaseba, the main idea behind the move is to have a broader perspective on the envisaged anti-corruption strategy. Read more
TCCIA says Tanzania's number of AGOA exports critically low
As the African Growth and Opportunity Act (AGOA) is set to expire, the Tanzania chamber of Commerce, Industry and Agriculture (TCCIA) has said that in all of the establishment, Tanzania has never fully utilised the market as expected.Speaking in an interview with The Guardian shortly after the Tanzania-Iran Business Forum held in Dar es Salaam, TCCIA President Eng. Peter Chisawilo said the country has not exported many goods to the AGOA. Chisawilo explained that Tanzania and other African countries are not exporting enough as expected due to the poor quality of their goods and insufficient capital.For Tanzania to enjoy the free market, he said, companies need to upgrade the quality of their goods.“Well, the AGOA market is about to expire yet Tanzania has not really benefitted from it.  Exports to the market are very minimal, and this is due to shortage of capital among business enterprises well as poor quality of products. If we want to conquer the market we need to improve quality and standards of our produce,” he said. Read more
WB credit to improve key services for 2 million people in Dar
The World Bank’s Board of Executive Directors has approved USD300 million in credit from the highly-concessional International Development Association (IDA) for the new Dar es Salaam Metropolitan Development Project (DMPD) that will improve services directly for 1.9 million residents and, indirectly, for the city’s overall population of 4.6 million. Dar es Salaam, whose population growth rate averaged 5.6 percent, is among the fastest growing cities in the world. Services have not been able to keep up with the rapid development leading to sprawl, growth of informal settlements, congestion, flooding, and constraints to the business environment.The IDA credit will improve the key services to address flooding, urban mobility, and basic infrastructure in low-income communities. DMDP will improve the capacity of local governments to better plan and provide services while focusing on the growing need to adopt a metropolitan approach to addressing the region’s challenges. Read more
KCB Group Expands its business through mobile and branchless banking 
CB Group, which also operates in Tanzania, Rwanda, Uganda, South Sudan and Burundi, plans to expand its business through mobile and branchless banking."We stopped investing big in branches. Agents are my new branches and mobile (banking) is the other new way we are connecting with customers. The growth in the alternative channels is the big part of our strategy. It is something the industry has committed to," Joshua Oigara, CEO of KCB said. Read more
Samsung is mass producing the industry's first 128GB embedded flash memory
Samsung is mass producing the industry's first 128GB embedded flash memory based on the Universal Flash Storage (UFS) 2.0 standard.The memory will be targeted for use in next-generation flagship smartphones and will offer 2.7 times the performance of today's embedded MultiMediaCard (eMMC) flash memory.Samsung is touting the new memory's ability to offer smoother ultra-high definition video streaming, more efficient multitasking and reduced power use.According to Samsung, UFS 2.0 memory offers three times the sequential read rates of eMMC and twice the random read speeds. Read more





















































Subpages (1): Tanzania Postal Bank