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Tuesday, 10 Nov 2020

Fuliza users now borrow 830 MM KES daily


Insights Africa

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Economic Outlook

Economic Outlook

  • Namibia has been praised for having one of the largest savings pools in Africa, but the question of where such funds are invested and how they are benefiting Namibians still lingers. Since 2013, the asset base of non-banking institutions has been growing by an average of 18 BN NAD (1.11 BN USD) per year.
  • In Namibia, the Ministry of Mines and Energy confirmed that fuel pump prices for November 2020 will remain unchanged The ministry will strive to continue softening the burden on consumers and, at the same time, keep the fuel pump prices stable to ensure the sustainability of the National Energy Fund.
  • Zimbabwe has been singled out as one of the countries with the lowest daily mobile money transaction limits in Africa, a development seen as hindering the growth of the mobile money sector and hampering financial inclusion.
  • The CBN has revealed that the consumers are optimistic of an improved economy in Q4-2020 and the next 12 months. This is even as the CBN stated that consumers’ confidence increased with indices of 1 and 30.5 points respectively.
  • The United Nations Population Fund (UPNFA) will inject 95 MM USD (approximately 3 TR UGX) to promote sexual, reproductive health services and rights in Uganda starting next year, over the next five years.
  • Uganda export receipts have amounted to 47 MM USD in September 2020, representing 29.5% increase compared to 321.41 MM USD recorded in August 2019. The performance of the economy indicates that sentiments about doing business in Uganda turned out positive for the first time since February 2020.
  • Wealthy Kenyans and firms have denied the Kenya Revenue Authority (KRA) more than 200 BN KES (1.83 BN USD) after challenging demands for tax payments through the appeals tribunal.
Political Events

Political Events

  • The United States and Nigeria will convene a virtual meeting with members of the Global Coalition to Defeat ISIS on November 10. The parley is expected to affirm the coalition’s commitment to countering the threat of the terrorist group and its branches worldwide, including in West Africa, and to support ongoing international efforts in the region.
  • Nigeria is reaching out to the United States and South Korea to persuade them to back its pick to head the World Trade Organization (WTO) after the candidate’s last-minute rejection threw the selection process into confusion. The United States on Wednesday voiced its opposition to former Nigerian Finance Minister Ngozi Okonjo-Iweala.
Stock Market

Stock Market

  • I&M Bank Rwanda has raised 887 MM KES (8.1 MM USD) in the just-concluded rights issue at the Rwanda Stock Exchange (RSE). The rights issue closed with an oversubscription of 12% at 39.60 RWF (4.39 KES) per share.
  • Nigerian Stock market (NGSE) ended the trading week cumulatively on a bullish note. The All-Share Index and Market Capitalization appreciated by 56 and 1.59% respectively to close the week at 16.207 TR NGN (42.56 BN USD) respectively.

                         Note:  Weekly values are calculated on Friday of each week.

Companies Transactions

Companies Transactions

  • Safaricom subscribers increased borrowing from the overdraft service Fuliza in the six months to September reaching 4 BN KES (1.37 BN USD) under a coronavirus-induced lockdown that led to layoffs and pay cuts. Fuliza overdrafts increased from 112.2 BN KES (1 BN USD) in a similar period a year earlier, indicating a daily borrowing of 830 MM KES (7.6 MM USD).
  • Amu Power is in talks with its partners in the stalled 1,050-megawatt coal-fired power plant in Lamu with a view to advance the project. The venture has faced a series of setbacks including revocation of an environmental license, delays in raising funds from banks and an announcement by the technical partner General Electric that it is exiting the coal power business.
  • Absa Bank Kenya has announced a commitment to plant 10 million trees across Kenya by 2025 in line with the bank’s renewed sustainability agenda. This declaration focus on three key areas: climate action, recycling, and sustainable sourcing.
  • Zamtel has been awarded the Best Data Service Provider in Zambia at the 2020 Zambia Ecommerce Awards. Zamtel beat off competition to emerge as the country’s most preferred data service producer for individual, retail and wholesale customers.
  • Motor vehicle dealer Isuzu East Africa has raised its market share to 1% in the nine months ended September as its sales held up relatively better compared to its rivals registering 3,067 unit sales out of 7,637 the industry’s total sales.
  • Fast food retail chain Big Square has expanded its presence with its second branch outside Nairobi. The 45 MM KES (414,364 USD) outlet in Eldoret will be the 12th store for the restaurant chain which operates 10 stores in the capital city and one in Mombasa.
  • Guernsey-incorporated Shanta Gold plans to invest 5 BN KES (161 MM USD) in pre-production capital expenditure in its gold mining activity in western Kenya. The firm expects to have a productive life of nine years should it be confirmed to be economically viable.

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