Author: Korir Issa

The Central Bank of Tanzania (BoT) has begun to purchase gold from local miners and traders, paying them in Tanzanian shillings.  This strategy is designed to stimulate growth in the mining sector and increase foreign exchange reserves.  Emmanuel Tutuba, the governor of the central bank, revealed that they have already acquired 418kg of gold and have plans to purchase an additional six tonnes of the precious metal in 2023. “The government, in its (2023/2024) budget, has set aside money to buy gold, and in this year (2023), we are planning to buy six tonnes of gold,” Mr Tutuba said in…

Econet Wireless, a leading telecommunications and technology company in Zimbabwe, has launched the country’s first Embedded Subscriber Identity Module (eSIM) service for both prepaid and postpaid customers. The technology offers convenience by providing customers with additional choice and flexibility. An eSIM is a digital SIM card embedded in a customer’s smartphone, eliminating the need for a physical SIM card. This technology enables users to have dual or multiple phone numbers on a single device. “Our desire is to enable a seamless customer experience for our subscribers’ evolving needs. We have spent significant time testing this new technology and we are…

Family Bank has launched an exclusive women’s banking initiative called ‘Queen Banking’, allocating KES 50 billion over the next two years. This initiative aims to promote women’s economic empowerment and deepen financial inclusion in Kenya. The Economics Kenya Labour Force Report 2022 reveals that women constitute 49.7% of Kenya’s total labour force, make up 50.3% of Kenya’s total population, and own 40% of micro and formal SMEs.  The McKinsey Global Institute report from 2015 suggests that USD 12 trillion could be added to the global GDP by empowering women economically and narrowing the gender gap. Jules Ngankam, African Guarantee Fund…

Standard Chartered Kenya has initiated a campaign, “Switch your Salo. Bank Better”, with a prize pool of Sh15 million to incentivize new customers who transfer their salary accounts to the bank.  The campaign, which runs from September 18th to December 18th 2023, offers a chance to win up to Sh100,000 through monthly draws for those who open salary accounts.  Edith Chumba, the Head of Consumer, Private and Business Banking in Kenya and East Africa, stated that the bank aims to provide a transformative experience by combining various services that cater to the evolving needs of its retail clients.  “At the…

Kenya has expanded its market in Asia by exporting its first batch of avocados to India.  The consignment was shipped Monday from the Jomo Kenyatta International Airport (JKIA) in Nairobi by Kenya Airways (KQ) Cargo.  This move opens up new market opportunities for local avocado farmers. KQ announced on its LinkedIn page, “Kenya exports the first consignment of avocado to India, opening up new markets for avocado farmers.  We are glad that Kenya Airways Cargo is providing the necessary logistics support to ensure that Kenya can leverage this new exciting opportunity for farmers, exporters, and fresh produce associations.” Kenya exports…

Majid Al Futtaim, the operator of Carrefour in Kenya, has launched the Women in Retail Council to empower its female workforce and advocate for diversity and inclusion. The Women in Retail Council’s mandate is to create a conducive working environment for its female employees. It will also lead to the creation of development opportunities for all female staff members, among other responsibilities. “At Majid Al Futtaim, we aim to continuously elevate the role of our female colleagues by creating incentives to encourage sustainable professional progress and development. Our goal is to be at the forefront of universally shared aspirations towards…