By Ahmed A. Muhumud The small remote coastal settlement of Garacad in Northeastern Mudug Region of Puntland Somalia, has seen many difficulties since it was first settled by a businessman from Lower Juba (Basso Juba) named Salaad Cabaas and his wife Fadumo Galti. For a while it was a bustling trading hub rich in livestock,...
LONDON (Reuters) – Liz Truss quit on Thursday after the shortest, most chaotic tenure of any British prime minister, forced out after her economic programme shattered the country’s reputation for financial stability and left many people poorer. The Conservative Party, which holds a big majority in parliament and need not call a nationwide election for...
NAIROBI, Oct 7 (Reuters) – Shares of Kenyan telecoms operator Safaricom (SCOM.NR) surged more than 9% on Friday after it secured a mobile financial services licence in Ethiopia, market participants said. Ethiopia’s Finance Minister Ahmed Shide said on Thursday his country had given Safaricom the licence in one of Africa’s largest telecoms markets as the company formally...
Market share of account-to-account (A2A) transactions is expected to increase steadily over the next five years, but the lack of a sustainable income stream for participants put the business case into question. Account-to-Account (A2A) payments enable the direct transfer of monies between accounts without relying on third-party intermediaries or payment cards. According to the 2022...
By Abdulkadir Hussein Although the banks in the country are limited to serving domestic banking, in the last decade, local banks were continuing to burgeon operationally. A handful of Somali-owned commercial banks prevail in the country today, which all of them are home grown and obtain operating license from the federal authority to render banking...
As cities grow, tonnes of garbage are generated every day. Across most waste management is, however problematic with numerous illegal dumpsites that can go uncollected for weeks. In most cases, the proper disposal facilities are not provided and where they are available, they are few and far between. This did not sit well with Eddy...
Recently appointed Ethiopian Airlines chief executive Mesfin Tasew has embraced the ‘Vision 2035’ roadmap introduced by his predecessor Tewolde GebreMariam in 2019, as he aims to keep the carrier on an aggressive growth path. Speaking during July’s Farnborough air show, Tasew says the roadmap is “tailored around fast, profitable, sustainable growth” and will involve a...
By Vera Songwe, project syndicate ADDIS ABABA – For African economies that have yet to recover from the COVID-19 pandemic, Russia’s war in Ukraine could not have come at a worse time. The economic wounds of the previous crisis had been stitched up, but more time was needed for them to heal, let alone for...
LONDON, (Reuters) – The head of one of Tanzania’s biggest firms, Mohammed Dewji, said he plans to float an agriculture company worth up to $4 billion in New York or London next year, with money raised mainly from development banks. Russia’s invasion of Ukraine in February sent global grain and fertiliser prices soaring, though they...
The Somali government has granted operating licenses to Turkish Islamic lender, or participation bank, Ziraat Katılım, becoming the first Turkish international bank to operate in the Horn of African country. After a meeting in the capital Mogadishu, Somalia’s central bank said in a statement that it has granted permission for two international banks to operate...