Zimbabwe's Finance Minister Patrick Chinamasa said that all development assistance to Zimbabwe should come through the country's Vote of Credit to prevent double funding of projects and improve accountability; he also noted that using the Vote of Credit would make it easier for the government to allocate funding to uncovered areas and avoid directing funds to areas already covered by donors. The UN resident co-ordinator agreed on the need to strengthen aid coordination to better identify development needs and gaps.
The article discusses the Zimbabwe Consolidated Diamond Company (ZCDC), which has been operating without a proper legal framework. The permanent secretary in the Ministry of Mines admitted that unlike other state entities, no act of parliament established the ZCDC. It was instead registered as a company under the Companies Act. There are also concerns about the improperly constituted board of the ZCDC and some controversial decisions that have been made. The parliamentary committee questioned the legitimacy of the board's actions in firing employees and replacing them.
A digital copy of the Business News 24 (20 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Standard Chartered Bank plans to launch mobile and online banking platforms in 8 African countries including Zimbabwe in the first half of 2016. The bank aims to grow long-term retail banking revenues in Africa 3-4 times faster than regional economic growth. This strategy contrasts with European rivals retreating from Africa due to falling commodity prices and weak currencies. StanChart is expanding its physical presence as well by adding branches in Nigeria, as it seeks to protect and grow its market share on the continent.
The Credit Reference Bureau of Zimbabwe is set to be fully operational by July 31st, with a Czech firm having made significant progress in setting up the necessary soft infrastructure at a cost of $1.8 million to the Reserve Bank of Zimbabwe. The CRB will enhance borrower verification and help banks assess credit risk and reduce non-performing loans. A number of consultative meetings have been held with banks to define the necessary data to be collected and reports generated by the new system.
The IMF says Zimbabwe's use of multiple currencies will not negatively impact any domestic reform programs. There are indications Zimbabwe and the IMF may start developing a 3-year domestic reform program in the first half of next year to unlock bilateral funding, if the third review is successful. The IMF representative says it will take time to rebuild confidence in a local currency, and the multiple currency system has brought stability, so it is best retained for now while Zimbabwe addresses other areas like competitiveness and productivity to reduce reliance on the US dollar.
A digital copy of the Business News 24 (24 March 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document discusses the role of the Qatar Central Bank (QCB) in managing Qatar's monetary policies and financial stability. It notes that since 2001, the QCB has maintained a fixed exchange rate between the Qatari Riyal and the US dollar. While this peg has provided stability, it also means Qatar must align its policies with the US at times. The QCB governor acknowledges both the benefits and challenges of the pegged exchange rate. Overall, the QCB takes a cautious approach focused on preventing financial risks and containing any emerging problems to maintain stability in Qatar's economy.
The article discusses the Zimbabwe Consolidated Diamond Company (ZCDC), which has been operating without a proper legal framework. The permanent secretary in the Ministry of Mines admitted that unlike other state entities, no act of parliament established the ZCDC. It was instead registered as a company under the Companies Act. There are also concerns about the improperly constituted board of the ZCDC and some controversial decisions that have been made. The parliamentary committee questioned the legitimacy of the board's actions in firing employees and replacing them.
A digital copy of the Business News 24 (20 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Standard Chartered Bank plans to launch mobile and online banking platforms in 8 African countries including Zimbabwe in the first half of 2016. The bank aims to grow long-term retail banking revenues in Africa 3-4 times faster than regional economic growth. This strategy contrasts with European rivals retreating from Africa due to falling commodity prices and weak currencies. StanChart is expanding its physical presence as well by adding branches in Nigeria, as it seeks to protect and grow its market share on the continent.
The Credit Reference Bureau of Zimbabwe is set to be fully operational by July 31st, with a Czech firm having made significant progress in setting up the necessary soft infrastructure at a cost of $1.8 million to the Reserve Bank of Zimbabwe. The CRB will enhance borrower verification and help banks assess credit risk and reduce non-performing loans. A number of consultative meetings have been held with banks to define the necessary data to be collected and reports generated by the new system.
The IMF says Zimbabwe's use of multiple currencies will not negatively impact any domestic reform programs. There are indications Zimbabwe and the IMF may start developing a 3-year domestic reform program in the first half of next year to unlock bilateral funding, if the third review is successful. The IMF representative says it will take time to rebuild confidence in a local currency, and the multiple currency system has brought stability, so it is best retained for now while Zimbabwe addresses other areas like competitiveness and productivity to reduce reliance on the US dollar.
A digital copy of the Business News 24 (24 March 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document discusses the role of the Qatar Central Bank (QCB) in managing Qatar's monetary policies and financial stability. It notes that since 2001, the QCB has maintained a fixed exchange rate between the Qatari Riyal and the US dollar. While this peg has provided stability, it also means Qatar must align its policies with the US at times. The QCB governor acknowledges both the benefits and challenges of the pegged exchange rate. Overall, the QCB takes a cautious approach focused on preventing financial risks and containing any emerging problems to maintain stability in Qatar's economy.
The document provides a summary of Rana Kapoor's career and background. It states that he is the founder, managing director and CEO of Yes Bank in India. It details his educational background, starting his career at Bank of America for 16 years before joining ANZ Grindlays Investment Bank. In 2003, he was granted a license by RBI to set up Yes Bank with the vision to build one of the best quality banks in India. As of 2012, he continues to lead Yes Bank as its Managing Director and CEO.
This thesis examines the quality of service provided to outpatients at Gambela Hospital in Ethiopia. It assesses patient perceptions of and expectations for service quality across different dimensions. The author Awoke Tasew Tebeje conducted a survey of 300 outpatients using a standardized questionnaire to measure patient perceptions and expectations. The results were then analyzed to identify gaps and correlations between variables. The study aims to evaluate service quality and inform recommendations for improving the patient experience at Gambela Hospital.
Document I Conference Report Science With Africa, March 2008Musoma Blog
This document provides a summary of the Science with Africa conference held from March 3-7, 2008 in Addis Ababa, Ethiopia. Around 800 participants from over 40 African countries as well as some non-African nations attended the conference. The conference focused on exploring how science, technology, and innovation can benefit Africa's development, and addressed themes such as STI policies, energy/infrastructure, agriculture/health, climate change, ICT, and capacity building. High-level speakers emphasized the importance of increasing investment in STI for achieving economic growth and poverty reduction in Africa. The conference generated ideas for new R&D projects and highlighted the need for stronger partnerships and coordination to realize Africa's development potential through the effective use
Mahmoud G. Rateb is a trilingual executive with over 30 years of experience in the financial services industry, specializing in oil and gas projects. He has a track record of securing major deals and investments across the Middle East and North Africa. Currently working as an independent consultant, he provides strategic advice to clients on issues such as acquisitions, investments, restructuring, and risk management. Rateb has extensive experience managing teams and negotiating complex transactions involving billions of dollars.
The document provides a summary of the job experience and qualifications of Afy Ahmed Shokr. It details their work history in roles of increasing responsibility within the prior approvals and case management departments at MetLife Alico Egypt from 2012 to present. It also lists their medical education and experience working as an internal medicine resident and doctor on site for various hospitals and companies in Egypt from 2004 to 2012.
BRICS - Moral Basis and Social Aims of the Better World OrderExopolitics Hungary
BRICS - Moral Basis and Social Aims of the Better World Order. Analysis: http://www.postwesternworld.com/2015/07/09/the-declaration-analysis.
Further BRICS declarations: http://en.brics2015.ru/documents
Collection of every and all BRICS declaration: http://www.brics.utoronto.ca/docs
This document is the summary report of the Global Risks 2012 report published by the World Economic Forum. It identifies the top global risks over the next decade across five categories: economic, environmental, geopolitical, societal, and technological. For each category, it provides a landscape diagram mapping the potential impact and likelihood of various global risks based on survey responses.
Mithun Madhusudan is a 2nd year MBA student at the Indian Institute of Management Bangalore. He received his PGDM from IIM Bangalore in 2014 and has over 5 years of work experience in industries such as financial services, higher education, civic and social organizations, and newspapers. His skills include statistics, data analysis, analytics, Matlab, and VBA.
This document provides a summary of Dr. Aly N. El-Bahrawy's academic and professional background. It lists his current position as Professor of Irrigation and Hydraulics at Ain Shams University in Egypt. It then outlines his educational background, including a Ph.D. from McMaster University in Canada. The document details his extensive teaching experience at universities in Egypt, Canada, Qatar, and elsewhere. It also lists numerous administrative and training positions he has held related to water resources and environmental engineering.
CAAST-Net Plus is a network of 26 partner organisations from all over Europe and sub-Saharan Africa working together to support bi-regional cooperation in research and innovation.
Several partners of this project support the Research Fairness Initiative.
Chinese economic activities and interests in developing countries have rapidly increased since China's economic reforms in 1978. Chinese firms are now actively investing in Latin America and Africa, challenging American and European companies. This paper examines China's role and interests in developing countries, why it prefers to invest in these regions, and the effects of Chinese economic activities in Latin America and Africa. It finds that China pursues its national interests in developing countries, such as natural resources, to fuel its own economy. While Chinese investment has benefits such as infrastructure development, it is also motivated by accessing resources rather than political solidarity. Chinese firms have also been more successful than Western firms in some developing countries due to their non-interventionist approach and unconditional economic operations.
Joseph D. Stafford III is an experienced diplomat with over 30 years of experience in the foreign service. He has held senior leadership positions at US embassies and consulates in Africa and the Middle East, including serving as Charge d'Affaires or Consul General in The Gambia, Sudan, Nigeria, and Iraq. His experience includes directing large staffs, engaging with foreign governments, managing public outreach programs, and overseeing US aid and policy programs. Currently based in Austin, Texas, he founded an international consulting firm and seeks new professional opportunities.
Munawar Farooq Akhtar is seeking an executive level position in finance, sales, or management with 17+ years of experience in those fields. He currently works as General Manager of Finance in Bahrain and has held roles such as Commercial Manager and Chief Accountant in the past.
World Merit is a global network of 120,000 young activists committed to realizing the UN Sustainable Development Goals. They are developing a Sustainable Development Curriculum including MOOCs to educate 1,000,000 youth activists by 2018. The curriculum will introduce the post-2015 development agenda and teach skills to make sustainable differences in communities. World Merit also uses competitions and storytelling to engage youth and promote the SDGs.
This document provides an insightful review of the successfully concluded Youth Engagement Summit at the Intercontinental Hotel in Mauritius on the 4th-5th December. The summit was a partnership between Extensia and Ministry of ICT Mauritius and took place alongside the 3rd annual International ICT-BPO Forum
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
The Gautrain received its safety permit from the Railway Safety Regulator, allowing passenger service to begin just before the 2010 FIFA World Cup. The Gautrain will provide a fast, quiet, and comfortable rail connection between Johannesburg, Pretoria, and Johannesburg's OR Tambo International Airport. While some initially criticized the project, officials emphasized that the Gautrain contract was signed before South Africa was selected to host the World Cup and was not specifically a project for the event. The permit marks the transition of the Gautrain from construction to passenger operations.
- A leading Zimbabwean think tank, ZEPARU, forecasts that Zimbabwe's inflation rate will rise slightly from -2.47% in December 2015 to -2.10% by March 2016. This is based on the assumption that policy measures from the 2016 national budget are implemented and the South African rand stabilizes.
- The RBZ is mobilizing long term affordable financing for gold and diamond miners to increase production and export earnings from these sectors. Gold production has been rising in recent years while the diamond sector has underperformed.
- Total Zimbabwe plans to invest $10 million in capital expenditure in 2016 as it looks to maintain service quality across its network of over 100 gas stations in the country.
A digital copy of the Business News 24 (18 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The document provides a summary of Rana Kapoor's career and background. It states that he is the founder, managing director and CEO of Yes Bank in India. It details his educational background, starting his career at Bank of America for 16 years before joining ANZ Grindlays Investment Bank. In 2003, he was granted a license by RBI to set up Yes Bank with the vision to build one of the best quality banks in India. As of 2012, he continues to lead Yes Bank as its Managing Director and CEO.
This thesis examines the quality of service provided to outpatients at Gambela Hospital in Ethiopia. It assesses patient perceptions of and expectations for service quality across different dimensions. The author Awoke Tasew Tebeje conducted a survey of 300 outpatients using a standardized questionnaire to measure patient perceptions and expectations. The results were then analyzed to identify gaps and correlations between variables. The study aims to evaluate service quality and inform recommendations for improving the patient experience at Gambela Hospital.
Document I Conference Report Science With Africa, March 2008Musoma Blog
This document provides a summary of the Science with Africa conference held from March 3-7, 2008 in Addis Ababa, Ethiopia. Around 800 participants from over 40 African countries as well as some non-African nations attended the conference. The conference focused on exploring how science, technology, and innovation can benefit Africa's development, and addressed themes such as STI policies, energy/infrastructure, agriculture/health, climate change, ICT, and capacity building. High-level speakers emphasized the importance of increasing investment in STI for achieving economic growth and poverty reduction in Africa. The conference generated ideas for new R&D projects and highlighted the need for stronger partnerships and coordination to realize Africa's development potential through the effective use
Mahmoud G. Rateb is a trilingual executive with over 30 years of experience in the financial services industry, specializing in oil and gas projects. He has a track record of securing major deals and investments across the Middle East and North Africa. Currently working as an independent consultant, he provides strategic advice to clients on issues such as acquisitions, investments, restructuring, and risk management. Rateb has extensive experience managing teams and negotiating complex transactions involving billions of dollars.
The document provides a summary of the job experience and qualifications of Afy Ahmed Shokr. It details their work history in roles of increasing responsibility within the prior approvals and case management departments at MetLife Alico Egypt from 2012 to present. It also lists their medical education and experience working as an internal medicine resident and doctor on site for various hospitals and companies in Egypt from 2004 to 2012.
BRICS - Moral Basis and Social Aims of the Better World OrderExopolitics Hungary
BRICS - Moral Basis and Social Aims of the Better World Order. Analysis: http://www.postwesternworld.com/2015/07/09/the-declaration-analysis.
Further BRICS declarations: http://en.brics2015.ru/documents
Collection of every and all BRICS declaration: http://www.brics.utoronto.ca/docs
This document is the summary report of the Global Risks 2012 report published by the World Economic Forum. It identifies the top global risks over the next decade across five categories: economic, environmental, geopolitical, societal, and technological. For each category, it provides a landscape diagram mapping the potential impact and likelihood of various global risks based on survey responses.
Mithun Madhusudan is a 2nd year MBA student at the Indian Institute of Management Bangalore. He received his PGDM from IIM Bangalore in 2014 and has over 5 years of work experience in industries such as financial services, higher education, civic and social organizations, and newspapers. His skills include statistics, data analysis, analytics, Matlab, and VBA.
This document provides a summary of Dr. Aly N. El-Bahrawy's academic and professional background. It lists his current position as Professor of Irrigation and Hydraulics at Ain Shams University in Egypt. It then outlines his educational background, including a Ph.D. from McMaster University in Canada. The document details his extensive teaching experience at universities in Egypt, Canada, Qatar, and elsewhere. It also lists numerous administrative and training positions he has held related to water resources and environmental engineering.
CAAST-Net Plus is a network of 26 partner organisations from all over Europe and sub-Saharan Africa working together to support bi-regional cooperation in research and innovation.
Several partners of this project support the Research Fairness Initiative.
Chinese economic activities and interests in developing countries have rapidly increased since China's economic reforms in 1978. Chinese firms are now actively investing in Latin America and Africa, challenging American and European companies. This paper examines China's role and interests in developing countries, why it prefers to invest in these regions, and the effects of Chinese economic activities in Latin America and Africa. It finds that China pursues its national interests in developing countries, such as natural resources, to fuel its own economy. While Chinese investment has benefits such as infrastructure development, it is also motivated by accessing resources rather than political solidarity. Chinese firms have also been more successful than Western firms in some developing countries due to their non-interventionist approach and unconditional economic operations.
Joseph D. Stafford III is an experienced diplomat with over 30 years of experience in the foreign service. He has held senior leadership positions at US embassies and consulates in Africa and the Middle East, including serving as Charge d'Affaires or Consul General in The Gambia, Sudan, Nigeria, and Iraq. His experience includes directing large staffs, engaging with foreign governments, managing public outreach programs, and overseeing US aid and policy programs. Currently based in Austin, Texas, he founded an international consulting firm and seeks new professional opportunities.
Munawar Farooq Akhtar is seeking an executive level position in finance, sales, or management with 17+ years of experience in those fields. He currently works as General Manager of Finance in Bahrain and has held roles such as Commercial Manager and Chief Accountant in the past.
World Merit is a global network of 120,000 young activists committed to realizing the UN Sustainable Development Goals. They are developing a Sustainable Development Curriculum including MOOCs to educate 1,000,000 youth activists by 2018. The curriculum will introduce the post-2015 development agenda and teach skills to make sustainable differences in communities. World Merit also uses competitions and storytelling to engage youth and promote the SDGs.
This document provides an insightful review of the successfully concluded Youth Engagement Summit at the Intercontinental Hotel in Mauritius on the 4th-5th December. The summit was a partnership between Extensia and Ministry of ICT Mauritius and took place alongside the 3rd annual International ICT-BPO Forum
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
The Gautrain received its safety permit from the Railway Safety Regulator, allowing passenger service to begin just before the 2010 FIFA World Cup. The Gautrain will provide a fast, quiet, and comfortable rail connection between Johannesburg, Pretoria, and Johannesburg's OR Tambo International Airport. While some initially criticized the project, officials emphasized that the Gautrain contract was signed before South Africa was selected to host the World Cup and was not specifically a project for the event. The permit marks the transition of the Gautrain from construction to passenger operations.
- A leading Zimbabwean think tank, ZEPARU, forecasts that Zimbabwe's inflation rate will rise slightly from -2.47% in December 2015 to -2.10% by March 2016. This is based on the assumption that policy measures from the 2016 national budget are implemented and the South African rand stabilizes.
- The RBZ is mobilizing long term affordable financing for gold and diamond miners to increase production and export earnings from these sectors. Gold production has been rising in recent years while the diamond sector has underperformed.
- Total Zimbabwe plans to invest $10 million in capital expenditure in 2016 as it looks to maintain service quality across its network of over 100 gas stations in the country.
A digital copy of the Business News 24 (18 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the BH24 (22 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (25 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
NMBZ Holdings is close to securing a $20 million loan facility from two European development finance institutions. The loan will target small and medium enterprises in Zimbabwe. NMBZ already has a $20 million facility that it is currently utilizing. The CEO of NMBZ said they will focus on accessing credit lines to support productive sectors of the economy and ease cash shortages. He expects to access the $20 million European facility within the next two months to support SMEs.
Zambia expects its maize production to increase this year, pushing stocks into a surplus and reversing earlier warnings of an import need due to drought. Higher crop yields are projected to boost production to 2.87 million metric tonnes from 2.62 million tonnes last year, despite less cultivated land area. This projected surplus of 635,000 tonnes exceeds domestic consumption needs for the 2016-17 marketing season. The agriculture minister provided the updated production outlook to legislators, in contrast to concerns raised as recently as March about a shrinking harvest due to erratic rains.
A digital copy of the Business News 24 (3 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
State-owned mobile operator NetOne expects to pay a dividend to the Zimbabwean government by the end of 2016. This is despite posting a $3 million loss in 2015. The company's acting CEO said ongoing restructuring efforts will improve financial performance going forward. He noted that NetOne has similar network infrastructure to larger competitor Econet but generates much less revenue, indicating room for growth. The CEO said NetOne should capture more market share by better utilizing government customers and expanding its sales and distribution networks.
A digital copy of the Business News 24 (10 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (09 September edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (11 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news
Govt to incentivize rand usage in local tourism sector: Minister MzembiZimpapers Group (1980)
A digital copy of the BH24 (11 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The World Bank says Zimbabwe can use the Rapid Results Approach (RRA) to help expedite solutions to its current cash shortage problems. The RRA is a method used to accelerate organizational change through 100-day goal-setting. The government has completed two phases of an RRA program focused on improving ease of doing business. The World Bank country manager says Zimbabwe can transition more quickly to e-commerce by applying the RRA methodology to address cash shortages and encourage electronic payments. The article provides details on Zimbabwe's cash shortage challenges and measures already taken by the central bank to address the problem and incentivize electronic payments and exports.
ZB Financial Holdings says it will focus on transactional banking rather than lending in the current economic environment with high private sector loan defaults, as it looks to reduce its loan book and non-performing loans; while the economic situation improves, the group chief executive says ZB Financial Holdings will continue to deliberately reduce its loan book and move towards more of a transactional banking model to avoid further non-performing loans. ZB Financial Holdings was able to lower its non-performing loan ratio from 29% to 20% last year partly due to debt transfers to the Zimbabwe Asset Management Corporation and recoveries of bad debts.
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float is between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by low oil prices. The central bank will still be able to inject dollars and influence the exchange rate within reserves, but no longer has an explicit target rate for the
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float would be between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by lower oil revenues. The central bank will still be able to inject dollars and influence the exchange rate within its foreign reserves, but will no longer target a specific
Air Namibia is advertising new flight routes from Harare, Zimbabwe to Accra, Ghana and Lagos, Nigeria starting on June 29, 2018. Customers are encouraged to book flights soon to avoid disappointment as seats are selling out. Contact information is provided for booking individual flights or group fares by telephone, email, online, or through a travel agent.
In this edition, you will be enlightened on the cornerstone of international aviation which is the Bilateral Air Service Agreement, commonly referred to as BASA, Africa’s plan for a common airspace and taken on a tour of the Eastern Highlands and the new sky
Treasury directs ZINARA to disburse 70pc of funds for rehabilitationZimpapers Group (1980)
- The Zimbabwean equities market extended gains from the previous day, with the industrial index rising 1.32% to 95.28.
- Major stocks like Delta Beverages, Innscor, Econet, Colcom, CFI and Nampak saw share price increases, helping drive the overall market upward.
- Only Barclays and Old Mutual saw share price declines on the day.
- The mining index remained flat at 26.24 as several mining stocks stayed unchanged from their previous closing prices.
The National Railways of Zimbabwe (NRZ) requires $400 million in short-term funding for recapitalization. This funding will go toward acquiring new machinery and rehabilitating existing infrastructure to increase the railway's carrying capacity from the current 3.4 million tonnes to 7.6 million tonnes. The funding will also be used to procure 15 new locomotives and 1000 new wagons, as securing this funding would allow NRZ to improve services, increase revenues, and return to profitability.
SeedCo, a listed seed producer in Zimbabwe, reported a 3% increase in profit after tax for the fiscal year ending March 31, 2016 compared to the previous year, despite challenges from drought, low commodity prices, and reduced government programs. The company's turnover remained unchanged at $96 million year-over-year. SeedCo was able to increase efficiency and offer competitive pricing, which helped increase its gross margin by 7% during the period. The company plans to focus on growing its ultra-early maize seed varieties to meet increasing demand given changing weather patterns.
Zimbabwe's corporate governance weaknesses have contributed to its poor ratings in international surveys, according to an official. Improving corporate governance could significantly boost Zimbabwe's rankings. The official noted that past governance failures have resulted in the current negative perceptions, and that while some methodology reservations exist, the ratings still factor into potential investors' considerations. The government is working to enhance corporate governance in the public sector through various initiatives.
The Confederation of Zimbabwe Industries has urged the government to introduce Local Content Regulation for all sectors of the economy in order to boost local production. The regulation would give preference to local producers over imports for some goods and services. It would also require manufacturers to include a minimum percentage of local inputs in their production. A CZI economist said the regulation could increase competitiveness by promoting local products first and supporting local employment and procurement.
Isabel dos Santos, the billionaire daughter of Angola's President, has been appointed as the new CEO of state energy firm Sonangol and has pledged to overhaul the company to improve efficiency and margins amid low oil prices. She plans to split Sonangol into three units and increase transparency to international standards in order to generate more revenue for Angola, which relies heavily on oil exports. Dos Santos aims to offset the "huge" economic impact of depressed oil prices through the reforms at Sonangol.
The Zimbabwe Flight Crews Association said that the government is not adequately protecting Air Zimbabwe and is instead licensing competitors to service the same routes as Air Zimbabwe, hurting its ability to compete; they argue the national airline should have first right of refusal on routes. Captain Ottis Shonai stated that new airlines have been given licenses to fly the same routes as Air Zimbabwe, which does not happen elsewhere, and that Air Zimbabwe needs route protection from the government as other national airlines receive.
Government has released $500,000 in funding to support the hosting of this year's Sanganai/Hlanganani World Tourism Expo in Bulawayo after the Zimbabwe Tourism Authority faced financial challenges and was contemplating postponing or cancelling the event. The acting ZTA chief executive said the funds will ensure the expo is a success. Over 160 local tourism companies and 28 international exhibitors from countries like Botswana, South Africa and India have registered to participate. International buyers from Europe, Asia, Africa, the Americas and the Middle East are also expected to attend the expo from June 16-18, 2016.
Fastjet Zimbabwe recorded $0.3 million in revenue since commencing operations in October 2015, with an operating loss of $4 million, as the new airline began flights between Harare, Victoria Falls, and Johannesburg. The performance in the first few months of operations was described as "encouraging" by Fastjet, with 91% of flights arriving on time. However, the Zimbabwe operation was not included in Fastjet's key performance indicators for 2015 as it only became operational in October.
- The Beitbridge Hotel in Zimbabwe, owned 40% by the National Social Security Authority (NSSA), has incurred over $2 million in losses since opening in 2014 and has now been closed by majority owner Rainbow Tourism Group.
- An audit before construction found the hotel would be loss-making, but NSSA insisted it proceed anyway. NSSA's investments are under scrutiny as costs for the Beitbridge Hotel ballooned from an initial $3 million budget to over $49 million.
- The closure puts focus again on NSSA's investment strategies that have put pensioners' funds at risk through apparent non-viable projects like the Beitbridge Hotel.
Tongaat Hulett's sugar production in Zimbabwe declined 7.4% to 412,000 tonnes for the year ending March 31, 2016. Sales also declined, falling to 403,000 tonnes compared to 491,000 tonnes the previous year. The company reported its Zimbabwe division's financial performance was negatively impacted by lower sugar production and export underperformance. Looking ahead, Tongaat Hulett forecast sugar production could rise up to 12% to 1.15 million tonnes in the new financial year depending on rainfall.
Industry, Finance ministries working on Zimbabwe tariff order for EPA Zimpapers Group (1980)
The Zimbabwean government is working to establish the necessary legal framework to fully implement an Economic Partnership Agreement (EPA) signed with the European Union in 2009, which establishes a free trade area between the EU and Zimbabwe. The EPA grants duty-free access for trade between the EU and Zimbabwe, and Zimbabwe is expected to progressively liberalize 80% of imports from the EU by 2022. Government officials are working with the Ministry of Finance to gazette a Zimbabwe tariff order to pave the way for implementing the trade agreement.
Proplastics, a plastics manufacturer in Zimbabwe, expects to benefit from improved operational efficiencies after commissioning a new plant in the second half of 2016. The new plant is part of the company's broader modernization program, which has already seen a new injection moulding factory and HDPE line commissioned. The CEO said the new plant will improve margins and reduce costs for consumers. For the first four months of 2016, Proplastics' volumes were up 9% and exports contributed 14% to turnover, though overall turnover was flat compared to the prior year due to weaker regional currencies.
The Zimbabwe Mining Development Corporation has commenced efforts to revive the Golden Kopje Mine by seeking a firm to conduct a feasibility study. The study will develop a business plan and work schedule for reopening the mine. Golden Kopje Mine, located in Chinhoyi, stopped operations in 2006 due to financial constraints but reopened in 2009 before shutting down again in 2014 due to operational challenges. Reopening the mine could boost Zimbabwe's gold production, which increased 34% last year.
MFIs loaned $187m in 2015, but fell into consumptive lending trap Zimpapers Group (1980)
- Microfinance institutions (MFIs) in Zimbabwe have largely failed to improve small businesses as a large portion of their loans have gone towards consumption rather than productive sectors.
- Statistics from the Reserve Bank of Zimbabwe show that between 2013-2015, MFI loans were dominated by consumptive lending rather than productive sector funding as was expected.
- In 2015, MFIs loaned a total of $187.1 million but only $85.6 million (45.7%) went to productive sectors while the remaining $101.5 million (54.2%) were consumptive loans.
Dairibord Holdings plans to increase production capacity for its Maheu and cartonised Chimombe products by the second half of 2022. The company's CEO said they will focus on growing volumes of key products and reducing costs. He noted they will double capacity for Maheu and begin internal production of cartonised milk in Zimbabwe rather than having it toll manufactured in South Africa. This is aimed at increasing volumes to meet market demand.
A digital copy of the BH24, Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Zimbabwe is expected to increase its refined platinum output by 6% this year due to an expansion project at one of its mines, according to a report by the World Platinum Investment Council. Zimbabwe will boost production from 405,000 ounces last year to 430,000 ounces. This 6% growth is the highest among major platinum producers. In contrast, South Africa and Russia are expected to see declines in output of 6% each. The expansion project is occurring at Zimbabwe Platinum Holdings mine and is projected to allow for the increase in Zimbabwe's platinum production.
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Development assistance should come through Vote of Credit: Chinamasa
1. News Update as @ 1530 hours, Wednesday 06 May 2015
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Development assistance should come through Vote of Credit: Chinamasa
By Rumbidzayi Zinyuke
HARARE - Government says all devel-
opment assistance to the country
shouldcomethroughtheVoteofCredit
to prevent double allocation of funds to
thesameeconomicareasandenhance
accountability of donor funds.Speaking
at a Government-development part-
ner meeting on the review of the Aid
Co-ordination Architecture, Finance
and Economic Development Minister
Patrick Chinamasa said development
partners can discuss with government
how they want their funds to be dis-
bursed.
“We are saying aid should come
through the Ministry of Finance and
the money goes to the Vote of Credit.
From there, we agree as Govern-
ment and the development partners
involved, where they want the funds to
be directed,” he said.
He said this would make it easier for
Government to make budgetary allo-
cations towards areas that have not
been covered by development aid and
avoiddirectingfundstowardsthesame
areas that have already been covered
by donors.
Non-Governmental Organisations
operating in Zimbabwe were last year
accused of diverting development
funds to personal use instead of chan-
neling them through the state.Minister
Chinamasasaiditisdifficultforgovern-
ment to track aid that does not come
through the Vote of Credit.“If we (Gov-
ernment) do not know when the aid
has come, we cannot be expected to
be grateful and say ‘thank you’ when
we don’t know where the aid went or
how it was used,” he said.Minister Chi-
namasa said development assistance
plays a crucial role in attaining the
goals enshrined in ZimAsset.
“To help achieve this, Government
aims to place a transparent Aid and
Development Assistance Co-ordina-
tion framework that would significantly
improve effectiveness of development
assistance,buildtransparencyandlead
towardsnewlevelsofengagementand
mutual accountability between Zimba-
bwe and its development partners,” he
said.Speaking at the same event, UN
resident co-ordinator Mr Bishosw Para-
juli said there is need to strengthen aid
co-ordination to assist in clearly iden-
tifying and addressing development
needs and gaps.He said the review
of the Aid Co-ordination architecture
would help donors to appreciate the
full extent of the ongoing development
efforts, and cement further strong
development co-operation and foster
mutual accountability.
“The absence of a well-functioning
development mechanism not only
prevents the realisation of the above
enabling factors but also constrains the
Government’s ability to ensure align-
ment of donor resources to national
priorities, potentially depriving the
country of value for money,” he said.
He said a structured government-led
dialogue among stakeholders could
greatly promote transparency and
build trust among stakeholders.
“TheUnitedNationsteamstandsready
to support strengthening of the overall
national development co-operation. It
isthereforeimportantforustoadvance
development cooperation effectiveness
in line with international agreements,”
he said.●
3. 3 BH24
Constrained money supply keeps Zim inflation low in the region
BH24Reporter
HARARE - Zimbabwe's money supply
continuestoberelativelyflatduetothe
use of the multi-currency system.
According to the latest Common Mar-
ket for Eastern and Southern Africa
(COMESA) Harmonised Consumer
Price Index (HCPI), Zimbabwe main-
tains one of the lowest rates of total
inflation at -1 percent in March 2015,
only ahead of Rwanda which has a
total inflation rate of -3.3 percent.
COMESA's HCPI is specifically
designed as a macro-economic meas-
ure of monetary inflation, while some
national consumer prices indices -
including Zimbabwe's - have other
purposes such as cost of living meas-
urement.
Economists believe monetary infla-
tion to be 'real' inflation to the extent
that it reflects a sustained increase (or
lack thereof) in the money supply of a
country.
It occurs when central banks print too
much fiat currency. Too much of any-
thing devalues the existing supply and
thus it is with money.
Zimbabwe'suseofthemulti-currency
system has however meant that its
central bank - the Reserve Bank of
Zimbabwe - is not printing local cur-
rency,afactorthathasresultedincon-
strained money broad money supply
in the economy, hence the negative
inflation rate.
At the broader level, COMESA's
annual inflation rate stood at 10,7
percent in March 2015. The year on
year inflation rate (annual percentage
change) in the COMESA region as
measured by the HCPI-COMESA stood
at10,7percentforthemonthofMarch
2015, up from 9.8 percent registered
in February 2015.
A year earlier the rate was 12,4 per-
cent.
The month-on-month inflation rate in
the COMESA region as measured by
HCPI-COMESAstoodat1.6percentfor
the month of March 2015, unchanged
comparedtoFebruary2015.Itwas0.8
percent in March 2014.
Within the COMESA region, Sudan
recordedthehighestyearonyearinfla-
tion rate of (+27,1 percent) followed
by Malawi with an annual inflation rate
of (+19,9 percent) whilst Rwanda
recorded the least annual inflation rate
of (-3,3 percent) in March 2015.
The HCPI-COMESA comprises of
twelve divisions of expenditure. And
they posted the following average
price changes during the month of
March2015fromthepriorcomparable
period:
Food & Non-alcoholic Beverages
(+10.1 percent); Alcoholic Beverages
andTobacco(+26,1percent);Clothing
and Footwear (+8 percent); Housing,
Water, Electricity, Gas and Other Fuels
(+15,9 percent); Furnishings, House-
hold Equipment and Routine House-
hold Maintenance (+4.6 percent);
Health (+3,9 percent); Transport (+9
percent); Communication (+1,3 per-
cent); Recreation and Culture (+15,3
percent); Education (+21,3 percent);
Restaurants and Hotels (+12,1 per-
cent) and Miscellaneous Goods and
Services (+3 percent).
●
5. 5
By Funny Hudzerema
HARARE - Mr Mkhululi Ndlovu, the
managing director at Westchase
Consultants, was recently elected
Zimbabwe National Chamber of
Commerce Mashonaland vice-pres-
idency at the organisation's annual
general meeting.
Prior to this he was the ZNCC Mash-
onaland branch's chairman, a posi-
tion that has been taken up by Inte-
grated Properties managing director
Mr Mike Juru.
The AGM also saw the appointment
of Hunyani Holdings general man-
ager Mr Nick Alves to the position
of first vice chairman, and Surdax
Cleaning &Landscaping manag-
ing director Mrs Roselyn Charehwa
Musarurwa as second vice chair-
man.
Other new members of the exec-
utive committee include Avenues
Clinic managing director Mrs Mer-
issa Kambani, The Power of Touch
founder and managing director Mrs
Beatrice Sithole, Onara Transport
managing director Mrs Juliet Muton-
hori and BAT Zimbabwe human
resources business partner Mr Fran-
cis Mwale.
ZNCC Mashonaland regional man-
ager Mrs Christine Kahari said the
executive was selected according to
the expertise in business and their
knowledge of industry.
“The members were selected
according to our constitution and we
are set to do the final elections in
Victoria Falls to select the president
from the regional presidents which
were selected in all the regions,” she
said.
Meanwhile, ZNCC Harare branch
will hold its Annual Business Awards
Ceremony on May 15, which will this
year be running under the theme:
“Maintaining Competitiveness in a
Rapidly Changing Environment”.
Industry and Commerce Minister
Mike Bimha is expected to be the
keynote speaker at the event.
Categories this year include: Busi-
ness Man of the Year, Business
Woman of the Year, Entrepreneur
of the Year, Most Innovative SME
of the Year, Best Bank Supporting
SMEs, Rural Business Person of
the Year, Best Exporter of the Year,
Best Social Corporate Responsibility
Program, Best ICT Company of the
Year and Best Parastatal of the Year.
“This event has grown from
strength to strength and gained
popularity over the years and last
year’s attendance was close to 500
delegates,” said Mrs Kahari●
ZNCC Mashonaland appoints new executive
BH24
Mkhululi Ndlovu
7. 7 ANALYSIS7 NEWS
HARARE - The Zimbabwe Diamond and
Technology Centre (ZDTC) on Tuesday
unveiled the first batch of state of art
equipment which will enable the coun-
try to cut and polish diamonds before
exporting.
The centre signed a multi-million dollar
dealwithIndianfirm, SahajanandLaser
Technology Limited early this year for
supplyofthe machinery.
Although Zimbabwe is among the top
five producers of diamond in the world,
over the years it has been losing out
throughexportingrough diamonds.
ZDTC chairman Mr Lovemore Kurotwi
said the last batch of the machinery was
still awaiting clearance in India and was
expectedinthecountrysoon.
Mr Kurotwi said the equipment had the
capacity to cut and polish all diamonds
minedinthecountry.
“This machinery is for the industry and
withthistechnologyonesetof laserhas
the capacity to cut 100 big stones and
alternatively 700 small stones per day.
Ifwemultiplybythenumberofunitswe
are talking of thousands of stones to be
cutperday,”hesaid.
“We are not doing any experiments.
All other countries that are mining dia-
monds have established such centres. It
is only us who are the major producers
butdonothavethemachinerytocutour
stones,”headded.
At least nine experts from India are in
the country to commission and train
localstooperatethescientificequipment.
Mr Kurotwi said the Indians would be in
the country until the local experts were
familiarwiththemachinery.
HesaidChinaandDubaihadexpressed
interestinpartneringtheZDTC.
Mr Kurotwi said there was need to
merge the seven local companies that
were cutting and polishing diamonds for
easiercontrol.
Speaking at the same event beneficia-
tion firm Supertrend Enterprises chair-
man Retired Colonel Charles Mugari said
the only way the country could make
money was by selling processed dia-
monds.
“We are exporting jobs out there and
with our current economic challenges it
is high time we start thinking positively
and see how we can stop exporting
those jobs and create new ones by add-
ingvaluetoour ownminerals,”hesaid
Zimbabwe mines most of its diamonds
from the vast Marange fields in Mani-
caland province which are estimated to
havethecapacitytosupply
25percentofglobaldemand.
Researchers contend that Zimbabwe
has the potential to generate over $8
billion and create over 200 000 jobs
annually when it starts processing its
minerals.-NewZiana●
Zim Diamond Centre unveils state of the art machinery
MrLovemoreKurotwi
9. Industrial stocks bucked a six-day
losing streak to bump 0.47 (or 0.30
percent) in today's trades to close
at 155.38.
AFDIS gained 10 cents to trade at
50 cents, while giant retailer OK
Zim added a cent to 11 cents and
StarAfrica moved up 0.40 cents to
close at 1.40 cents.
ART was the biggest gainer, as it
doubled to 0.60 cents, while bev-
erages manufacturer Delta gained
a marginal 0.01 cents to trade at
105.01 cents.
Only two counters traded on the
downside. Telecoms giant Econet
retreated by 0.52 cents to 47.98
cents whilst ZPI lost 0.20 cents to
close at 0.80 cents. Higher trades
in trades in Delta, Econet and
AFDIS pushed the value of trades
to $2,17 million.
The mining index was flat at 42.93
points as BNC, Falgold, Hwange
and RioZim maintained previous
price levels at 4 cents, 0.40 cents,
3.50 cents and 6 cents, respec-
tively. - BH24 Reporter
- BH24 Reporter●
9 ZSE REVIEW
Equities recover after six day losses
10. REGIONAL NEWS10
Growth in its South African ferro-
chrome and coal operations were a
highlight amid a mixed production
performance for the March quarter
reported by diversified global miner
Glencore on Tuesday.
Although prices for almost all com-
modities have continued to weaken,
reflecting oversupply, expansion pro-
jects launched during the years of
higher prices are only now coming on
stream.
Attributable ferrochrome produc-
tion had risen 15 percent to 385 000
tonnes compared with the same quar-
ter last year, as the Lion 2 expansion
project startedlast April, Glencore
said. Total coal production from SA,
Australia and South America grew 4
percent to 35.6-million tonnes, driven
by the commissioning of two new pro-
jects in SA.
Glencore,whichproducesandmarkets
more than 90 commodities, including
agricultural produce, reported higher
quarterlyoutputofferrochrome,nickel
and zinc compared with a year ago but
lower output of copper, cobalt, lead
and platinum group metals (PGMs).
The lower PGMs’ production reflected
poor ground conditions at the Eland
Platinum mine near Brits.
Within its energy division, the group’s
South African export thermal coal pro-
duction rose 14 percent and domes-
tic thermal coal by 6 percent as the
Tweefontein and Wonderfontein mines
ramped up.
The group’s share of oil production in
Equatorial Guinea and Chad grew 52
percent to 2.6-million barrels, both
from the ramp up of two new fields
and an increase shown in its interests
in Chad.
Average cash copper prices have fallen
17 percent between the first quarter
of last year and this year, while coal
prices have fallen by about 20 percent
on average over the past year.
BHP Billiton CEO Andrew Mackenzie
said last month the group was deliv-
ering strong operating results while
efforts to improve productivity and
lower costs were helping to offset
weak prices.
Rio Tinto CEO Sam Walsh said the
group’s solid production in the March
quarter was driven by a focus on effi-
ciencies. - BDLive●
Glencore's SA coal production grows
ArcelorMittal (SA)
to reduce output at
Newcastle by 6pc
ArcelorMittal's South African
unit will cut second-quarter
production by 6 percent at its
Newcastle plant due to slack
demand from its domestic
market, it said on Tuesday.
"Production to be reduced by
a further 6 percent to 4,300
tons per day to reduce the
steel stock on hand," the firm
said in a presentation deliv-
ered at the plant in South
Africa's eastern KwaZulu-Natal
province. - Reuters●
12. 12 DIARy OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
24 April 15
Energy
(Megawatts)
Hwange 442 MW
Kariba 614 MW
Harare 30 MW
Munyati 29 MW
Bulawayo 26 MW
Imports 0 MW
Total 1153 MW
20 May 2015 - The Seventy-Fifth Annual
General Meeting of Astra Industries Limited; Place: The Auditorium at Astra Park, Cor-
ner Ridgeway North / Northend Roads, Highlands, Harare; Time: 12:00 hours.
21 May 2015 - The 20th Annual General Meeting of Members of NMBZ Holdings Lim-
ited; Place: 4th Floor, Unity Court, Corner 1st Street/ Kwame Nkrumah Avenue, Harare;
Time: 10:00 hours.
28 May 2015 - The twentieth Annual General Meeting of Dairibord Holdings Limited;
Place: Mirabelle Room, Meikles Hotel, Harare; Time: 11:30 am.
29 May 2015 - The 13th Annual General Meeting of NICOZDIAMOND Insurance Lim-
ited; Place: NICOZDIAMOND Auditorium, 7th floor Insurance Centre, 30 Samora Machel
Avenue; Time: 12:00 hours.
THE BH24 DIARy
13. European Central Bank officials will
debate tighter rules for the liquidity
that Greek lenders rely on for sur-
vival, two people familiar with the
matter said, a move that underscores
the fragility of the country’s financial
system.
The Governing Council will discuss
Wednesday whether to raise dis-
counts on the collateral Greek banks
pledge in exchange for emergency
funding, said the people, who are
familiar with the agenda and asked
not to be identified. Governors will
also review how much more Emer-
gency Liquidity Assistance to offer
Greek banks.
With access to capital markets shut
and deposits flowing out of their
vaults, ELA is the last thread keep-
ing Greece’s banks afloat. While
economists say the ECB is unlikely
to demand higher haircuts without a
green light from Europe’s politicians,
the debate shows how concerned
some central bankers are about
Greece’s solvency 100 days after
Prime Minister Alexis Tsipras came to
power.Greek bonds plunged yester-
day as Tsipras’s government stepped
up its game of brinkmanship with
international creditors, blaming them
for a failure to end an impasse in the
country’s bailout talks.
“Tighter collateral requirements could
send a strong message to the Greek
government that time is running out,”
said Holger Schmieding, chief econ-
omist at Berenberg Bank in London.
Still, the ECB will not take big polit-
ical decisions, without the support
of European Union governments,
according to Schmieding.
New Slide
Greek bonds resumed their slide
today, with the yield on two-year
notes rising 66 basis points to 21.64
percent at 11:06 a.m. in Athens,
after climbing 149 basis points on
Tuesday. The benchmark stock index
slipped 0.4 percent after dropping 3.9
percent on Tuesday, the most in six
weeks.
Greece is sending mixed signals
about just how much money it has
left. While officials say they can make
payments to the International Mon-
etary Fund this week and next, one
policy maker signaled last month that
the country may struggle to keep its
finances afloat beyond the end of
May.
An interest payment of 200 million
euros ($225 million) to the IMF by
Greece will be made today “as nor-
mal,” Alternate Finance Minister Dim-
itris Mardas said in interview with
Mega TV. - Bloomberg●
13 INTERNATIONAL NEWS
ECB considers tighter noose on Greek banks
GREEK FINANCE MINISTER YANIS VAROUFAKIS
14. Mobile phones have proven to
be potential game-changers
in boosting access to financial
products and services to people
in Africa. This is particularly true
for those at the bottom of the
socio-economic pyramid as seen
in East Africa. It has often been
appraised based on its contribu-
tion to ‘banking the unbanked’,
but mobile money has achieved
much more, it has saved the
continent nearly $2 billion previ-
ously lost annually to inefficient
money transfer.UK-based think-
tank, Overseas Development
Institute (ODI), in a 2014 report
noted that Africans in Diaspora
pay an average of 12 percent
to money transmitters to send
$200 home. This is a far-cry
from the global average of 7.8
percent and more than double
the 5 percent target set by the
G8. “These excess fees cost the
African continent $1.8 billion
a year; enough money to pay
for the primary school educa-
tion of 14 million children in the
region.”
Why Africa pays so much
Weak competition, concentra-
tion of market power and flawed
financial regulation all contrib-
ute to high remittance charges,
according to ODI. Western Union
and MoneyGram are the two
leading money transfer oper-
ators (MTOs) that account for
two-thirds of remittance trans-
fers, and ODI estimates that
both will account for $586 mil-
lion of the loss associated with
the remittance ‘super tax’, part
of it through opaque foreign
currency charges. ‘Exclusivity
agreements’ between MTOs,
their agents and banks also
restrict competition and make
prices jump. However, WorldRe-
mit, a UK-based company
founded by a Somalian, is pro-
viding much-needed petition.
“With fair and transparent
prices, we are challenging the
“Remittance Super Racket” of
incumbent money transfer com-
panies in Africa which continue
their practices of agent-exclu-
sivity arrangements and charg-
ing unreasonable fees. We are
embracing mobile money as new
technology that is set to revolu-
tionise banking from the ground
up and make money transfers
more convenient for everyone,”
CEO & Founder of WorldRemit,
Ismail Ahmed said in an inter-
view. Ahmed, who founded the
online money transfer service in
2010 aims to use technology to
shake-up the industry, which he
considers stagnant. “By taking
the industry online and refus-
ing to engage in anti-compet-
itive practices, we are bringing
fairer, lower cost remittances
to Africa.”Years of experience
working with a number of remit-
tance businesses, as well as
international policy makers has
taught him that mobile money is
a technology that addresses an
important human need; access
to financial services. With this at
the back of his mind, he part-
nered with EcoCash and MTN to
enable instant transfers to the
telcos’ mobile wallets. The com-
pany is also close to launching
instant mobile money transfers
to Econet in Burundi. More
than 50 percent of Worldremit’s
transfers to Africa are currently
received as Mobile Money or air-
time top-ups.
Why is remittance impor-
tant to Africa?
Money sent home by friends
and relatives working abroad are
critical to the survival of many in
rural communities within Africa.
Without a decent job or mon-
ey-making trade, many rural
dwellers depend on handouts to
cater for domestic bills.
This has made the innovative
transfer service popular within
Africa. The continent received
$32 billion in 2013 and is
expected to receive more than
$40 billion by 2016. Somalia
is heavily dependent on remit-
tances. Money sent home by
Somali Americans to Mogadishu
is estimated to hit $215 mil-
lion annually. This accounts for
about 4 percent of the country’s
GDP.
14 ANALYSIS
How mobile money is saving Africa $2bn annually
14 ANALySIS
15. According to Jonathan
Scanlon of Oxfam America,
remittances to Somalia is
the largest and most impor-
tant financial flow going
into the country. “It really
is a lifeline for the coun-
try.”Nigeria, Africa’s larg-
est economy also depends
on remittances for foreign
exchange. Money transfer,
mainly from North America
and Europe, makes up the
country’s second highest
foreign exchange earner.
The country is also Africa’s
top remittance recipient,
accounting for around two-
thirds of total remittance
inflows to Sub-Saharan
Africa. Remittance to Nige-
ria is recorded at $21 bil-
lion for 2014 alone. While
making a case for donor
agencies to restructure the
way aids are channelled for
more efficiency, Hong Kong-
based Ghanaian academic
Adams Bodomo claimed that
Africans living outside the
continent send more money
home than what traditional
Western donors send as
Official Development Assis-
tance (ODA).Africans in
the Diaspora have recog-
nised the importance of
the money they send home
to their families are. With
mobile money proving to
be a more effective means
of transferring funds home,
they are increasingly adopt-
ing the service.A GSMA
report for 2014 highlights
that “2014 saw a steep
increase in the number of
international remittances
via mobile money, primarily
driven by the introduction
of a new model using mobile
money as both the sending
and receiving channel”.
Banking the unbanked
Mobile money continues
to expand the reach of
financial services in highly
unbanked Africa. Accord-
ing to Frans Prinsloo, Man-
aging Director at Hollard
International, South Afri-
ca’s largest privately-owned
insurance group, “The rapid
uptake of mobile telephony,
the introduction of smart
phones and cloud comput-
ing, and the availability of
affordable data have for-
ever changed the financial
services landscape.”Today,
the number of active Mobile
Money accounts globally
now exceeds 100 million and
sub-Saharan Africa accounts
for more than half (53 per-
cent).“Cash is increasingly
becoming an obsolete tech-
nology as the developing
world sprints ahead of the
developed in its adoption
of Mobile Money,” Ahmed of
WorldRemit further explains.
Bill Gates recently made a
big bet that by 2030, almost
everyone will have a mobile
money account. “Not having
access to a range of cheap
and easy financial services
makes it much more difficult
to be poor.“Traditional banks
cannot afford to serve the
poor because of their costs.
That’s why 2.5 billion adults
don’t currently have a bank
account,” Gates stressed.
Mobile money is affording
the poor access to more
financial services everyday.
From savings account to
credit insurance, the tech-
nology is saving Africa, a
continent where nearly 50
percent of its population are
resident in rural communi-
ties.
However, there is still a long
way to go to finally estab-
lish a robust cross-border
transaction market using
mobile technology. Although
its potential to lower costs
is undisputed, its use
remains limited due to the
regulatory burden related
to combating money laun-
dering and terrorist financ-
ing, according to the World
Bank. - Ventures Africa
Ventures Africa●
15 ANALYSIS15 ANALySIS