By Mohamed M. Ibrahim In 2015, I met with Mohamud Muse Hersi, also known as Adde Musa, the former president of Puntland State, at Rugsan Hotel in Garowe. During our conversation, he shared a poignant reflection on Somalia’s untapped oil potential, recounting how his father began working for Sinclair Oil Corporation in 1956. This was...
By Fasika Tadesse (Bloomberg) — Ethiopia will start selling a 10% stake next week in its largest telecommunications operator Ethio Telecom, ahead of a listing on the country’s new stock exchange. The public will be able to buy shares on Ethio Telecom’s mobile money platform, telebirr, from Oct. 16, the company said Friday in an invite...
By David Herbling (Bloomberg) — Kenya’s central bank surprised financial markets by cutting its benchmark interest rate for the first time since early 2020, providing some respite to consumers who have become increasingly frustrated by the high cost of living. The monetary policy committee lowered the key rate to 12.75% from 13%, Governor Kamau Thugge said...
Nairobi — Private sector activities in Kenya last month saw a sharp decline, weighed down by Gen Z’s countrywide protests that disrupted business operations. Latest Stanbic Bank Kenya’s Purchasng Manager’s Index (PMI) shows that the country’s PMI in July dropped to 43.1 percent from 47.2 in June. While a PMI reading below 50 indicates a downtick...
By Abdinassir Shale Sagar Background An economic development agenda is a central pillar of state building and is key to societal progress. Both the academic literature and practitioner views converge on the idea that states emerging from civil war or protracted conflict should put in place measures to strengthen economic development and spur growth. While...
By Mohamed Saman Early morning in Qahira village Wajir East, Rukia Abdi comes back from the shop; a long walk in the scorching sun. She is happily received by her four children who are excited that today she is carrying goods home…some flour and vegetables for the evening meal. Rukia is among the pastoralist communities of...
The price of hiring the luxury private jet in which he and his delegation travelled is estimated to be $1.5m (£1.2m), according to Kenya’s private KTN TV station. “The benefits from this visit far outweigh such a million times,” government spokesman Isaac Mwaura told the BBC, without confirming the cost. More than 30 people, including...
(ERGO) – Ahmed Hussein Ali and his family in Elasha-Biyaha, on the outskirts of the Somali capital Mogadishu, descended into poverty almost overnight after he lost their source of livelihood and all his savings through an online scam. Earlier this year, Ahmed came across Trade Bot – a fraudulent pyramid scheme that he believed would make...
By KEPHA MUIRURI Dominance of cash, especially for small value transaction, continues to stand in the way of Safaricom Ethiopia’s payments business using its M-Pesa platform, says the telco. “Banking penetration in urban areas is relatively high but 99 percent of small value transactions are in cash,” Safaricom Plc, which is the majority owner of...
Safaricom Ethiopia has identified cash dominance as a key barrier to growing its payments business represented using its M-Pesa platform. The telco said the proliferation of cash, especially for small-value transactions was a challenge but an opportunity to digitise payments in the country as the operator also eyes the rollout of financial services. “Banking penetration...