KENYA.
Kenya has introduced a new 'Class R' work permit that allows East African Community (EAC) nationals to work in the country without paying fees, joining Rwanda in abolishing work permit charges for regional citizens.
The changes, announced by Prime Cabinet Secretary and Foreign Affairs Minister Musalia Mudavadi through a Gazette Notice on Tuesday, also include a revision of nomad work permit requirements, reducing the minimum annual income threshold from $55,000 to $24,000 to attract international remote workers.
The reforms, part of the Kenya Citizenship and Immigration (Amendment) Regulations, 2024, also introduce a new Class P permit for employees of international institutions at $200 plus an annual fee of $1,000, while religious and charitable organization professionals will pay up to Ksh1 million.
These changes aim to position Kenya as a multilateral hub, particularly in the digital space, targeting 40 million global digital nomads.
While other EAC members Tanzania, DRC, Somalia, Burundi, and South Sudan continue to charge work permit fees ranging from $500 to $2,000 for various categories.
UGANDA.
MTN Uganda Mobile Money (MoMo) has reported a 100% growth in its digital lending portfolio.
The success of its digital lending program, launched in January, has expanded the company's financial services.
According to Richard Yego, the Managing Director of MTN MoMo, the portfolio now includes four loan products: Extra Cash, More Cash, More PESA, and Mopesa, which have expanded the company's financial services reach, with loan disbursements tripling in the first quarter.
More PESA emerged as the most popular product, distributing Shs 200 billion monthly, while Extra Cash attracted over 2 million active borrowers, demonstrating the platform's broad appeal to different customer segments.
The company's digital financial services have grown substantially, with cashless transactions increasing by 57% from 16 million to 25 million and total transaction value rising from Shs 1.4 trillion to Shs 2.1 trillion.
MTN MoMo has disbursed Shs 990 billion over nine months, aiming to reach Shs 2 trillion in disbursements by 2025.
The platform has expanded its customer base from 12.06 million to 13.6 million, to reach 40 million active users.
Partnerships with organizations like the World Food Programme and UNHCR have further facilitated financial aid distribution, totaling USD 7.8 million to refugees through mobile money platforms.
RWANDA.
The International Monetary Fund (IMF) has approved a fresh funding package of $181.7 million for Rwanda following successful reviews of multiple support programs, including the Policy Coordination Instrument, Resilience and Sustainability Facility, and Standby Credit Facility.
The decision comes as Rwanda's economy demonstrates robust growth, with IMF projecting an 8.3% expansion in 2024 and 7% in 2025, driven by strong performance in services, construction, and food crop production, while inflation has stabilized around the central bank's target of 5%.
Despite facing challenges such as a widening current account deficit due to increased capital goods imports,its economic outlook remains positive, with international reserves projected to cover 4.5 months of imports by the end of 2024.
The IMF emphasizes the importance of strengthening domestic revenue mobilization through tax base expansion, streamlined exemptions, and improved compliance while maintaining tight monetary policy and exchange rate flexibility to manage external shocks and support sustainable development objectives.
TANZANIA.
The Tanzania Investment Centre (TIC) has launched an investment facilitation platform in China's Hunan Province, aiming to secure US$3 billion of the US$10 billion investment package pledged by Chinese President Jinping Xi during the Forum on China-Africa Cooperation (FOCAC).
The initiative, directed by Tanzania's Minister of Planning and Investment, Prof. Kitila Mkumbo, and launched by Acting Consul General Ali Mohamed Mwinyi, establishes Hunan Province as a gateway for Chinese businesses to explore investment opportunities in Tanzania's manufacturing, mining, and infrastructure sectors.
The platform's launch event attracted over 150 Chinese companies and was followed by Tanzanian officials conducting tours of major industrial facilities to encourage manufacturing investments in Tanzania.
Led by TIC Executive Director Gilead Teri, this move represents Tanzania's proactive approach to capturing a portion of Chinese investment in Africa.
With the dedicated facilitation center serving as a direct channel for promoting Tanzanian investment opportunities to Chinese businesses and supporting President Samia Suluhu Hassan's economic development agenda.
