Ugandans applying for temporary visit and tourism visas to the United States of America will now be required to post a visa bond, following a new policy introduced by the…
In a sweeping diplomatic shake-up that has resonated across continents, the Trump administration is recalling nearly 30 U.S. ambassadors and senior career diplomats from posts around the world, a move…
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…
A November 2025 RMB white paper titled Continent at a Crossroads has warned that Africa is entering a decisive decade. The choices governments, firms, and regional blocs make will determine…
How do you rate Uganda’s performance with MTN’s continental portfolio, both in digital adoption but also returns, compared to other African markets? Yes, as MTN, we are operating in 16…
Rwanda is set to commence the construction of its ambitious Kigali Innovation City (KIC) in September 2024 after key details regarding the project’s financing were agreed upon on the sidelines of the Africa Development Bank (AfDB) Annual Meeting in Nairobi, Kenya. The $300m project was agreed upon by Rwanda’s Finance and Economic Planning Minister Uziel Ndagijimana and the Africa50 CEO Alain Ebobisse. Africa50, the continental infrastructural financier of which Rwanda is a member, will make its biggest investment in this project and will be joined by the Arab Bank for Economic Development (Badea). Badea will fund the construction of the…
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The Capital Markets Authority (CMA) of Rwanda has welcomed seasoned Botswana financial markets guru, Thapelo Tsheole, as its new Chief Executive Officer (CEO) replacing Eric Bundugu who has been acting at the helm of CMA from 2018 since the exit of Robert Mathu in 2017. Mr Thapelo was appointed CEO a month ago, and he subsequently resigned his role as the head of the Botswana Stock Exchange, but had to wait a month to take up his new role. His departure from the Botswana Strock Exchange saw him lose his seat as the president of African Securities Exchanges Association (ASEA)…
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In yet another solid step towards its 5-year growth and expansion strategy to become the “World’s Most Respected African Bank”, Access Bank Plc has announced that it has signed a binding agreement to acquire 100 per cent of KCB Group Plc’s shareholding in the National Bank of Kenya Limited. This is the second acquisition by Access Bank Plc in Kenya, after the 2019 purchase of Transnational Bank Limited. In a joint statement, Access and KCB Group said that the “successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all…
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Absa Group today announced its physical expansion into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing. The non-banking subsidiary is now open, with the official launch event in Beijing, scheduled for 8 May 2024. At a ceremony in Johannesburg, South Africa today, attended by Enoch Godongwana, the Minister of Finance of South Africa, and Chen Xiaodong, the Chinese Ambassador to South Africa – Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China. The new office will enable Absa Group to offer…
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Apple now has the lion’s share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years. The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC). Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind. Smartphone sales have been faltering as many people upgraded in the pandemic. The IDC reports that almost 1.2 billion smartphones were sold last year – a drop of more than 3% on the previous year. It…
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The Washington D.C.-based Securities and Exchange Commission (SEC) has announced charges against SAP SE- a German multinational software company for bribery schemes to government officials in South Africa, Malawi, Kenya, Tanzania, and Ghana, and other two Asian countries⏤ Indonesia and Azerbaijan. SAP, also known as System Analysis Program Development has data management operations in 157 locations across the globe. The software firm violated the Foreign Corrupt Practices Act (FCPA) and has agreed to monetary sanctions of nearly USD100 million in disgorgement and prejudgment interest to settle the SEC’s charges. The Act was enacted in 1977, and it generally prohibits the…
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International migration to rich countries is growing at the fastest pace recorded in more than 15 years, according to the Organization for Economic Co-operation and Development (OECD). The 2023 edition of the OECD’s International Migration Outlook report, which was released in October last year, shows that permanent migration to OECD countries reached 6.1 million in 2022. This is the highest level since at least 2005 and represents a 26% increase compared with 2021. Overall, 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent migration over the past 15 years. The report reveals that labour…
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The World Bank has, in its latest forecast, painted Uganda’s economic prospects for 2024 as much brighter compared to her neighbours in the Sub-Saharan Africa region. The World Bank published its ‘Global Economic Prospects Report’ on 8th January showing Uganda’s growth is projected to strengthen between 5.4 percent in 2024 and 5.7 percent in 2025 largely backed by oil investments. This is slightly below the Bank of Uganda’s projections at 6 per cent for the Financial Year 2023/24 supported by the continued recovery of industry, agriculture, construction, services and continued foreign direct investments. The World Bank shows a similar pattern…
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Four European Union member states — France, Germany, Italy, and Spain — join Japan and Singapore in boasting of the most powerful passports in the world, with their citizens able to visit an astonishing 194 destinations out of 227 around the globe visa-free. The two Asian nations – Japan and Singapore – have dominated 1st place on the index for the past five years. The six countries share the top spot with visa-free access to a record-breaking number of destinations on the 2024 Henley Passport Index, which is based on exclusive and official data from the International Air Transport Association…
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Access Bank Plc (Access), one of Africa’s largest banking groups, is set to acquire Uganda’s Finance Trust Bank, highly-placed industry sources have told CEO East Africa Magazine. Access Bank Plc, which has been on an acquisition spree on the African continent, according to our sources is “dotting the I’s and crossing the t’s as well as securing regulatory approval by both the Central Banks of Nigeria and Uganda” and the deal will be “announced soon”. Finance Trust Bank was one of the banks that needed a significant capital boost, following the Central Bank of Uganda’s six-fold increment of capital buffers…
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