Dar es Salaam. CRDB Bank Plc has been voted as the best bank in Tanzania, thanks to its transformative approach. The bank was named by Euromoney, a London-based monthly magazine that focuses on business and finance, it was revealed yesterday. CRDB Bank Plc managing director, Mr Abdulmajid Nsekela said in Dar es Salaam yesterday that […]
South African Airways (SAA) has inked a codeshare agreement with Kenya Airways (KQ) on flights to and from their home countries in a bid to increase their reach. The deal, which became effective immediately, will see each airline sell, under its own code, flights operated by each other while travellers will combine flight segments and […]
NMB Bank has urged farmers, fishermen and livestock keepers to tap loan opportunities offered by the lender after slashing interest rates to 9 per cent from May this year. This was said by the NMB official responsible for Control and Implementation, Oscar Nyirenda said here over the weekend during the meeting with members of the […]
SINGAPORE — The U.S. dollar retreated further on Wednesday as the euro extended its overnight bounce on relief Europe might avoid the worst fears concerning energy shortages, and on the chance the European Central Bank may deliver a more aggressive rate hike. Russian gas flows via the Nord Stream 1 pipeline are seen restarting on […]
Investors’ wealth at the Nairobi Securities Exchange (NSE) plunged Sh95 billion as local traders raced to profit from stocks bought cheaply a month ago. The NSE’s market capitalisation closed at Sh2.15 trillion on Monday, down from Sh2.25 trillion last Thursday as a result of the profit taking, analysts said. The drop followed a rally at […]
Mainstream Renewable Power together with investment company Actis have announced the sale of Africa’s largest pure-play renewable energy independent power producer (IPP) Lekela Power, to Egyptian company Infinity Group and Africa Finance Corporation (AFC). News of the sale was revealed in a joint statement by Mainstream and Actis on Monday, months after reports of the […]
Dar es Salaam. Exim Bank Tanzania has completed the acquisition of assets and liabilities of First National Bank (FNB) Tanzania Limited as it ups its expansion plan domestically and regionally. The move comes almost nine months after Exim Bank Tanzania signed the offer to acquire certain assets and liabilities of FNB Tanzania on October 26, […]
Uganda’s Central Bank has raised its benchmark policy rate by one percent to 8.5 percent in a radical move. This was occasioned by panic amidst surging inflation levels and increased pressure exerted by the US dollar against the local currency as a result of spikes in interest rates registered by developed economies. This development follows […]
Commercial banks and saccos added an average margin of 4.5 percent on funds obtained under a State-backed affordable housing plan, according to the Kenya Mortgage Refinance Company (KMRC). Seven financial institutions got Sh1.34 billion from KMRC after it started disbursing funds for onward lending to home buyers last year, the firm says in its annual […]
