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Tag: Tanzania

World Bank approves US$335m to scale up rural electrification in Tanzania

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TANZANIA – The World Bank approved additional financing of US$335 million to support Tanzania’s efforts to scale up grid extension and grid densification, following the country’s achievement as one of the fastest electricity access expansion rates in Sub-Saharan Africa over the past decade. The new International Development Association (IDA) credit to the Tanzania Rural Electrification Expansion Program (TREEP) will facilitate…

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NCBA Group invests US$16.6m in Tanzanian Subsidiary to increase capital

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TANZANIA – NCBA Group, a financial services conglomerate in East and West Africa, has announced that it is investing KSh2 billion (US$16.6 million) in its Tanzanian subsidiary this year to shore up its capital which was eroded by losses and a rise in defaults due to the economic fallout from the Covid-19 pandemic. The new capital injection into NCBA Bank…

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Equity Bank Kenya partners Tanzania’s payment processing startup NALA

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TANZANIA – Equity Bank Kenya, a financial services provider, has signed a partnership with NALA Payments Limited, a Tanzanian-based remittance payment processing startup to facilitate diaspora remittances into Kenya. This partnership will allow Kenyans living in the United Kingdom and the United States to send money directly from their banks, through the NALA app, instantly and at the most competitive…

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Exim Bank Tanzania completes acquisition of First National Bank Tanzania

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TANZANIA – Exim Bank Tanzania, a commercial bank, has completed the acquisition of assets and liabilities of First National Bank (FNB) Tanzania Limited, a financial services company, as it ups its expansion plan domestically and regionally. The move comes almost nine months after Exim Bank Tanzania signed the offer to acquire certain assets and liabilities of FNB Tanzania on October…

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Fintech platform Nomanini launches finance solution for informal retailers

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TANZANIA – Nomanini, a fintech platform, has launched a new supply chain finance solution called StockNow that connects Fast-moving consumer goods (FMCGs) and financial service providers to serve Africa’s informal retailers at scale. StockNow, an app for retailers developed by Nomanini, makes it possible for informal micro and small retailers to purchase stock digitally. The StockNow app connects informal retailers…

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Financial service company Cellulant partners Tanzania’s fintech NALA

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TANZANIA – Cellulant, a Pan-African payments company, has teamed up with NALA, a Tanzania based fintech company, to power remittance payments from the United Kingdom and United States into Kenya, Uganda, Rwanda, Tanzania and Ghana. Besides Official Direct Assistance (ODA), remittances make up the second-largest source of external resources for Sub-Saharan Africa. In 2019, approximately US$48 billion was remitted in…

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Investors and companies form USA sign agreement for business projects in Tanzania

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TANZANIA – Tanzania and the Government of USA have signed seven agreements for business projects which are set to be implemented in Tanzania by investors and companies from the United States of America. According to a statement issued by the directorate of presidential communications, the deals with key private sector companies are worth a total of US$5.04 billion (KSh11.3trillion) and…

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Edtech startup Ubongo appoints Mwasi Wilmore as new CEO

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TANZANIA – Ubongo has appointed Mwasi Wilmore as its new CEO to lead the organization into a new era of Pan-African growth and sustainable impact. Ubongo is a pan-African, non-profit social enterprise aimed at significantly improving school readiness and learning outcomes and promoting social and behavioral change communication through localized edutainment (educational entertainment) for kids and their caregivers.  Mwasi joins…

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Totalenergies launches first solarized service station in Tanzania

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TANZANIA – TotalEnergies Marketing Tanzania Limited officially launched its new identity and the first solarized service station, TotalEnergies Samora service station. The station makes TotalEnergies the first and only Oil Marketing Company in Tanzania with solarized service stations. To meet the company’s ambition, TotalEnergies Marketing Tanzania Limited launched its first solarized service station in Dar es salaam Tanzania, TotalEnergies Samora…

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Uber appoints Imran Manji as head of East Africa, suspends operation in Tanzania

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EAST AFRICA – Uber, a ride hailing company, has announced the appointment of Imran Manji as their new Head of East Africa. He will be responsible for Uber’s business strategy and growth across the region which includes Kenya, Uganda and Tanzania. Imran previously worked as co-CEO for TowerTech Africa, a leading manufacturer and supplier of towers in East Africa. He…

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