Uganda to Borrow $660m to Bridge Budget Deficit
Reuters reports that Uganda plans to borrow $660 million (KSh67 billion) to bridge the budget deficit in the 2019/2020 fiscal year. The finance ministry says that the move was informed [...]
MTN Opposes Bid to Slash Data Prices
MTN has vowed to oppose the competition authority's bid to slash data prices, citing gaps in Bonakale's report. According to a statement from the Telco, MTN halved its data prices [...]
Nigerian Credit Startup Migo Raises $20M for Brazil Expansion
Credit startup Migo has raised $20 million in its series B funding round. Brazil-based Valor capital led the investment into the five-year-old fintech. The investment follows an earlier $13 million [...]Lumos Global Gets $75Million to Install Off-Grid Solar System in Nigeria
Nigerian Government has awarded $75 Million (KSh7.7 billion) to Lumos Global BV, to power rural households with Off-grid solar power, reports Bloomberg. The funds are part of a $350 million [...]SA Commission Orders Telcos to Cut Data Prices
The South Africa Competition commission has ordered telcos to cut data prices by 30-50% or face prosecution. The order has come after years of outcry from citizens and analysts over [...]Ethiopia Receives $388 Million Grant from Germany for Reforms
Ethiopia has received $388 million (KSh39.8 billion) from Germany in the form of a grant. The money is for reforms that will promote private investment and sustainable economic development. According [...]Egyptian lender CIB to Acquire Kenya's Mayfair Bank
The Commercial International Bank (CIB), an Egyptian private sector lender has announced plans to acquire a stake in Mayfair Bank Limited in Kenya. READ; Egyptian lender CIB to Make an [...]AfDB Approves $210 Million Loan for Nigeria
African Development Bank (AfDB) has approved a $210 million loan for Nigeria. The investment is aimed at helping Nigeria upgrade its electricity transmission and distribution network. According to Transmission Company [...]Tanzania Liquefied Natural Gas Project Put on Hold
Tanzania's Liquefied Natural Gas (LNG) project has, yet again, been put on hold. This follows the suspension of talks between the government and foreign investors that seek to review the [...]Vodacom Tanzania Introduces Vending Machine that Accepts M-Pesa
Vodacom Tanzania has introduced a vending machine that accepts M-Pesa payments. The vending machine allows customers to request for an item and pay via QR code via M-Pesa. Consequently, the [...]Exim Bank Opens in Ethiopia
Exim Bank Group has opened its first office in Addis Ababa, Ethiopia. This, therefore, makes it the first Tanzanian Commercial bank to be granted an operational license in Ethiopia, through [...]MTN Introduces Mobile Money Service for Diaspora
MTN has launched a mobile remittance service for diaspora customers dubbed Homeland. The new service will facilitate money and airtime transfers across Europe and Africa and parts of the Middle East. Homeland [...]
