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Tuesday, 25 Jun 2019

The Nairobi US Embassy is now accepting both the new and the old currency


Insights Africa

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Economic Outlook

Economic Outlook

  • The Nairobi US Embassy is now accepting both the new and the old currency for payment of services like Visa fees, reversing an earlier decision where it had asked Kenyans planning to make payment to use only the old currency.
  • The Central Bank of Kenya (CBK) Governor Patrick Njoroge raised concerns over the increasing number of mobile loan apps that may be exploiting Kenyans. Unlicensed and unregulated digital lenders have been put on notice as the government moves to protect consumers from fraudulent dealers.
  • The Kenyan Ministry of Energy has cut its generation target by 2,800 megawatts amid growing demand risk concerns for 2030 electricity consumption level.
  • According to the three countries; RwandaBurundi and Tanzania, the 80 MW power plant Regional Rusumo Falls Hydroelectric Project (RRFHP) status of construction reached 47%. The project will cost 340 MM USD, is funded by the World Bank, and is being implemented by Nile Equatorial Lakes Subsidiary Action Program Coordination Unit (NELSAP-CU) of the Nile Basin Initiative (NBI).
  • The Ugandan government offers to Chinese companies and individuals investing in the country tax incentives and free land offerings to help mitigate job creation and youth unemployment.
  • The Central Bank of Uganda held its key lending rate at 10.0%, the fourth time it kept the rate unchanged and forecast the economy to expand 6.3% in 2019/2020 compared to 6.1% in 2018/2019.
  • The Zimbabwean government stated that only the Zimbabwe dollar shall be the only acceptable unit for transactions. Thus, international and regional currencies such as the rand, US Dollar, Botswana Pula and British Pound will no longer be acceptable in Zimbabwe as legal tender.
  • The Chinese Academy of Sciences (CAS) handed over a high-definition cropland distribution dataset to Zambia, aiming to help the southern African nation develop its agriculture sector.
Political Events

Political Events

  • The Zambian President Edgar Lungu commissioned 38 Housing Units for the Police Service under the first phase of the 12,000-housing unit project of the Ministry of Home Affairs in Chibombo District, Central Province.
  • The Kenya International Freight and Warehousing Association (Kifwa) announced that Kenya Customs Agents and Freight Forwarders Management Bill will bring important changes in the sector thanks to a new set of rules and regulations embedded in a new proposed law.
Stock Market

Stock Market

  • Kenya Airways (KQ) increased its share price to 3.73 KES (0.033 USD) on the day that saw the Nairobi Securities Exchange (NSE) listed firm announce another tenure for board chair Michael Joseph.
  • The Nigerian equities market has continued to plunge as investors stayed away despite attractive valuation of most stocks. The stock market had suffered high volatility in the months from January to April due to elections concerns and poor Q1 results by some companies.
Companies Transactions

Companies Transactions

  • Kenya will receive 30 BN KES (294.4 MM USD) from the Mastercard Foundation to help the youth access jobs and further their businesses as part of a joint strategy with the government aimed at benefiting at least five million people.
  • National Bank of Kenya (NBK) deposit base shrank by 9.76 BN KES (95.6 MM USD) in Q1-2019 despite offering generous interest rates of up to 7% to attract cash-rich depositors.
  • Cigna, the American health services companyhas ventured into the Kenyan insurance market with the launch of its African headquarters in Nairobi.
  • Boda boda operators would soon be able to make and receive payments while simultaneously boosting their savings following the launch of a cashless pay product by KCB Group #ticker:KCB and Visa.
  • Estonia-based cab hailing firm Bolt has unveiled its services in three additional towns across Kenya stepping up competition for its rivals Uber and Little, who already have a presence in these regions.
  • Air Tanzania is to resume flights to South Africa on next Friday in a bid to attract South African tourists and business travelers. The revived passenger schedule will connect four major airports in Tanzania.
  • Nestle may cut jobs in Zambia as Swiss Food company is reorganizing its operations and new structure. The company intends to remain active in the eastern and southern Africa market. In 2018, Nestle closed its Equatorial Africa headquarters in Nairobi, Kenya, for of its high maintaining cost.
  • The International Finance Corporation (IFC) is offering technical advisory services to Gulf African Bank to help it lend more to small and women-owned enterprises noting that the advisory service will cost 37 MM KES (368,016 USD). Other banks that have signed similar deals with the international financier include Co-op Bank and Equity Bank.

Dubai

Office No. N307, North Tower,
Emirates Financial Towers, DIFC, Dubai, UAE
P.O Box: 506726
Tel: +9714 351 8187
info@multiplesgroup.com

Cairo

Zepter Office Building,
S5-6, Area 5, District 1, New Cairo, Egypt.
P.O Box: 11477
info@multiplesgroup.com

Nairobi

Kenya Block C, Ground Floor, Fortis Office Park Muthangari
Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800

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