Asahi Group Holdings, the Japanese brewing and beverages giant, has picked Absa Bank Kenya PLC, ENS Africa, A&O Shearman and Nomura Holdings to advise on its USD 2.3 billion acquisition…
When veteran journalist Andrew Mwenda posted a video of weary passengers stranded at Entebbe International Airport, his words cut deeper than the images themselves. “The tragedy happening at Uganda Airlines…
Kenya Gov’t to Sell 15% Safaricom Stake to Vodacom in KShs 241 billion (UGX 6.5 Trillion Deal) The Kenyan government Kenya has officially begun the process of selling a 15…
They say actions speak louder than words, and with Paloma Lengema at the helm, BIC’s impact is clear, sharp, bold, and lasting like the iconic Cristal pen. Rising through BIC’s…
When Dr. Layi Fatona took the stage at the Stanbic Bank East Africa Economic Summit in Kampala, there was a certain stillness in the room — the kind that precedes...
Businesses in Eastern Africa must act quickly to avert increasing cases of economic crimes and fraud that threaten their existence, the Global Economic and Crime Survey by renowned international audit firm, PricewaterhouseCoopers ( PwC) has recommended. The 2022 survey revealed that 63% of respondents in Eastern Africa said they had experienced fraud within their organization, against 46% of respondents globally. For instance, at least 23% of respondents in Eastern Africa reported that they had lost between $ 100,000 and $1 million in the last two years to fraud. Evolving face of economic crimes Yet the more worrying discovery is the…
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More than 200 Ugandan private and public sector players are in Mombasa, Kenya for the 2nd Uganda-Kenya Coast Tourism Conference 2023. The conference that starts today (November 13) at the Diani Reef Beach Resort is organised by the Consulate General of Uganda in Mombasa, the Uganda Tourism Board (UTB) as well as tourism stakeholders in Uganda and Kenya. From November 22 to December 1, Uganda will also host the Kenyan delegation to a series of familiarisation trips to various Ugandan destinations and experiences. The Business to Business (B2B) Conference which runs under the theme: “Consolidating Networks, Synergies & Diversity to…
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The Kenya Revenue Authority will be rebuilt to a service-oriented organization, President William Ruto has said.Ruto observed that KRA will no longer be a suppressive entity driving taxpayers into terror in the name of revenue collection. The prouncement aligns with the Government’s commitment to decriminalising entrepreneurship and fostering a pro-business environment, ultimately broadening the tax base.Speaking during the Kenya Revenue Authority Taxpayers’ Day in Mombasa, President Ruto said technology such as the national digital identity will be adopted to enhance revenue mobilisation.The president said public resources will be utilised prudently to drive the Bottom-Up Economic Transformation Agenda.To enhance transparency and…
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Behind Ruth Zaipuna’s calm demeanor lies a lady who is a fighter and strong willed strategist. Since becoming CEO of the NMB Bank in Tanzania in 2020, she has transformed it into a financial behemoth at home and in the region. As the CEO, Zaipuna leads a team of over 3,600 employees dedicated to advancing Tanzania’s Social Economic Development Agenda by making financial lives better for people, companies of every size, and institutional investors across Tanzania. NMB Bank is Tanzania’s most profitable lender and has won Tanzania’s bank of the year award ten times.NMB Bank is the only Tanzanian bank…
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Kariuki Ngari usually refers to himself as a village boy at heart. Born and raised on the slopes of Mt. Kenya, he has risen to become a global citizen, leading Kenya’s largest international bank, Standard Chartered Bank (SCB). Kariuki was born to a teacher and a homemaker, the only boy amongst seven sisters. His father imbued him with humility. “In our household, there was always equality in education and in the allocation of chores,” Ngari once stated in an interview. Ngari would later leave the village to pursue high school education in Nairobi School nicknamed “Patch”, where he continued to…
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The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud. The scheme involved Goldenberg International Limited, which pretended to export gold and diamonds, and in exchange received substantial subsidies from the government for “earning” foreign exchange. Kenyan businessman Kamlesh Pattni – who was at the centre of the scandal and was charged with fraud but eventually acquitted. What was the Goldenberg scandal? The scandal centred on two companies: Goldenberg International and Exchange Bank Limited. Both were owned and directed by businessman Kamlesh Pattni and his partner James Kanyotu, the director of intelligence in the Kenyan police force. The two were…
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Many African tax authorities have weak capacity to raise revenue. From 1990 to 2020, sub-Saharan African countries on average collected only about 12%-15% of GDP as taxes, a much lower share than the 33.5% in OECD economies For countries that have limited information about taxpayers, constrained resources and informal economies, it can be difficult to collect revenue. What’s more, African tax administrations tend to rely on manual filing and payment of taxes. Kenya has faced many of these challenges. To streamline processes and make them more transparent, the country has in the last decade begun to digitise public services like…
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The Ugandan business ecosystem was awash with excitement when Tony Natif’s Guardian Health Pharmacy was acquired by Kenya’s MyDawa for an undisclosed amount. However, one of the biggest winners in that deal was the private equity firm, Ascent Africa which owned a controlling stake in the pharmacy chain. This deal was a major exit for a private equity firm, in a region where such milestones are rare. For those who may not understand it, the term ‘exit’ holds significant importance and is often used to denote the process through which a private equity firm or investor realizes a return on…
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In 2022, Uganda received USD 1.3bn in remittances from its diaspora community according to a World Bank and KNOMAD report. This would account for about 4.5% of Uganda’s GDP and make Uganda the 8th biggest recipient of remittances below Sudan and DRC, but ahead of Mali and South Africa. In general, remittances to sub-Saharan Africa increased by 6.1% to USD 53bn in 2022 driven by several African countries dealing with food insecurity, supply chain disruptions, severe drought (Horn of Africa), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and high youth unemployment/underemployment rates (Uganda) that force people to…
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Uganda is often called a small market. Despite having a population of over 40m, the purchasing power is relatively low. As a result, it is imperative for startups and other businesses to have expansion strategies on their mind. One of the most popular destinations when Ugandan companies are expanding in Kenya due to its similar culture and its relatively bigger spending power. As a result, AVODA Institute has launched the Business Growth Accelerator Program (BGAP) to help startups and businesses expand regionally in association with Strathmore University. “A lot of Kenyan companies have expanded into Uganda, but only a handful…
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