· Stanbic Bank Tanzania has opened a new branch located in town lying between Mbeya and CDA street in Dodoma to better serve its
customers. The branch will support farmers and boost small-scale businesses through the provision of their banking needs,which include
facilitation of transactions on the local and international markets as well as providing affordable loans.
· In its interim financial statements for Q1 2020, exploration Group Orca (TSX-V: ORC.A, ORC.B), operator of the Songo Songo integrated gas project in Tanzania, has reported that revenues decreased by 11% to US$ 17.7 million compared to the same period in the previous year. The decline was a result of decreased sales to the Tanzanian Electric Supply Company Limited (TANESCO) under the Portfolio Gas Supply Agreement and a smaller current income tax adjustment due to lower revenues.
· Safaricom CEO Peter Ndegwa confirmed that the company would attempt to enter Ethiopia when the market opened to outside nvestors for the first time. The company has already filed an expression of interest with authorities. A decision is expected to be made on licensees in early 2021. However, the partner for Safaricom’s venture in Ethiopia has still not been announced. Presently, the state-owned Ethio Telecom has a monopoly in the Ethiopian market. The present dispensation is trying to break the monopoly by bringing private sector players. Apart from Safaricom and other Vodafone Group affiliates, several other major players with large footprints in
Africa are scouting for the Ethiopian market.
