NSSF introduces E-statements.
National Social Security Fund (NSSF) plans to start sending member contribution statements electronically using e-mail addresses provided by contributors.
NSSF Ag. Managing Director Martin Bandeebire said the Fund will send out 180,000 statements to members by end of February 2009 after three successful pilot tests confirmed the feasibility of the project.
Employers whose statements were successfully sent during the pilot tests include URA, NSSF, Makerere University Walter Reed Project, Chevron, Uganda Debt Network and Save the Children Uganda.
NSSF has been issuing paper statements to its members. The e-statements are one of the many IT innovations planned over five years as part of the Fund's Strategic Plan currently being implemented. Other planned innovations include access to individual contribution balances on mobile phones via SMS, member online self- service, among others.
Fina Bank holds loan seminars
Fina Bank, the third Kenyan Bank to enter the Ugandan financial market has come with a strategy of educating the business community on business operations before giving them loans. Fina, which specialises in micro-entrepreneurs banking, says it will not loan out money without due diligence on the applicant clients. Robert Warlow the group Chief Executive Officer at Fina Bank and Jared Aimba the banks Managing Director told over 200 participants at a business seminar held at Grand Imperial Hotel that, they should not expect easy money from the bank.
This comes amidst stiffening competition in Uganda's banking industry where over 21 banks are in operation. Uganda has a huge un-banked population most of it leaving in the rural areas. The business seminar was in relation to why businesses fail. Fina Bank has a regional presence in East African with branches in Rwanda, Kenya and Uganda.
Dar gets modern housing
Shelter Afrique has entered into an agreement with Integrated Property Investments of UK for the first phase of a five year $ 6.2 million (U Shs 12 billion) housing project at Bahari Beach in Dar es Salaam.The loan will fund the first phase comprising 114 executive villas and town houses. The proposed Bahari Beach satellite town will have about 1,000 housing units, a five star hotel, a ferry terminal, a school and a shopping mall among other facilities.
The project will cover an area of 500,000 square meters. The first phase is already under construction with partial completions set for October 2009 and May 2010. The project is located 25 Kms from Dar es Salaam city centre and 30 Kms from Bagamoyo town on the coast. The agreement was signed on January 22 at Shelter Afrique Kenya.Shelter Afrique, is a regional housing finance and development institution established by African governments and the African Development Bank.
Kigali hosts coffee summit
Rwanda's capital Kigali is teeming with activity as the central African Nation hosts the 6th African Fine Coffee's Conference and Exhibition. The conference runs from Feb12 " 14 under the theme: â€œLinking research results to small holder livelihoods in Africaâ€. The conference comes when coffee exports from Africa are being hit by the global financial crunch.
Air Tanzania up for sale
Government of Tanzanian plans to sell a stake in Air Tanzania to a Chinese firm China Sonangol International. The deal is designed to help the airline implement its strategy which includes acquiring nine new aircrafts.The Chinese will buy 49 % of the airline.
The move comes at a time when the national carrier is facing major operational issues that led to Tanzania Civil Aviation Authority (TCAA) suspending its operating license towards the end of last year. It resumed operations towards the end of January 2009 after the Government released some $1.3 million (T Shs 91 million) to rescue it.
Air Tanzania has been operating on losses for the past few years. Last year it was dragged to court by South African Airways in a bid to recover millions of shillings still owed to SAA since a partnership between both airlines aborted in 2006.
The airline is facing stiff competition from smaller Kenyan carriers like Fly 540 and Uganda's Air Uganda which operate on the same routes.The Chinese firm Sonangol is involved in exploration of oil, gas, minerals, and crude oil trading among other ventures. Sonangol has a stake in Angola's Sonair airline.