Josephine Christopher

Tanzania

Business Reporter at The Citizen (Tanzania)

Business Reporter at Mwananchi

Business Communications| @TheCitizenTz and @MwananchiNews @climatetracking 2023 fellow | views are my own

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Articles

Report: Why forex deposits in Tanzania increased over the past year

Nov 16, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. The amount of foreign currency deposits in commercial banks rose during the past year as companies sought to shield themselves against exchange risks. The Bank of Tanzania (BoT) says in its October 2024 report that private sector deposits in banks amounted to Sh38.75 trillion (about 20 percent of gross domestic product) at the end of August 2024, compared to Sh37.95 trillion at the end of June 2024.
What recipients spend money on as personal loans dominate

Nov 12, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. A big chunk of money borrowed as personal loans is spent on the construction of houses and other structures, according to new data. Personal loans remain the largest component of credit to the private sector, accounting for 36.4 percent, followed by trade and agriculture at 12.8 percent and 11.8 percent, respectively.
Viwango vya kukopesheka Tanzania vyaimarika

Nov 5, 2024 | mwananchi.co.tz | Josephine Christopher

Dar es Salaam. Tanzania imepiga hatua kubwa katika kuboresha uwezo wake wa kukopesheka. Hii ni kutokana na viwango vipya vya ukadiriaji wa mikopo vilivyotolewa na Moody's Investors Service na Fitch Ratings, kuonyesha mafanikio ya kiuchumi katika Ukanda wa Kusini mwa Jangwa la Sahara. Kwa mujibu wa wataalamu hao, viwango hivyo vinaonyesha usimamizi mzuri wa fedha wa nchi pamoja na ukuaji thabiti wa uchumi.
Credit rating upgrade brightens up Tanzania’s economic outlook

Nov 5, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. Tanzania has made significant strides in enhancing its creditworthiness, with recent credit ratings by Moody’s Investors Service and Fitch Ratings placing the country among the top economic performers in sub-Saharan Africa. Experts are of the view that these ratings reflect the country’s strong fiscal management, stable economic growth and resilience to market shocks.
Tanzanian banks ‘ready to adopt digital currency tech’

Nov 4, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. While the Bank of Tanzania (BoT) has not yet approved the use of cryptocurrencies or a central bank digital currency (CBDC), key players in the banking industry have expressed their readiness to adopt these technologies as soon as the regulatory framework is in place. Some banks told The Citizen that they were investing and making strategic preparations as the regulatory framework for digital currencies is being developed.
Revealed: Contributing factors as bank profits hit new record

Nov 3, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. The 14 first-tier banks operating in Tanzania collectively posted a record Sh1.47 trillion in net profits in the nine months to September 2024. This represented a 31 percent increase from the Sh1.12 trillion collective net profit that was recorded during the corresponding period in 2023.
Saccos growth steady, but rural access still elusive

Nov 2, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. Rural communities remain largely underserved by savings and credit cooperative societies (Saccos), which are mostly operating in urban areas, according to the Tanzania Cooperative Development Commission (TCDC). The TCDCs annual performance report for 2023 shows that the number of registered Saccos in Tanzania stood at 884 by the end of the year. Membership rose from 1.80 million in 2022 to 1.82 million in 2023, representing an increase of 0.52 percent.
Local financial markets ‘not ready for advanced instruments’

Oct 31, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. Contracts for Differences (CFDs) are attracting cautious attention from financial experts in Tanzania as a potential addition to the country’s growing financial markets. CFDs allow traders to speculate on the price movements of assets like stocks, commodities, and currencies without owning them. As the Dar es Salaam Stock Exchange (DSE) shows bullish momentum, experts believe CFDs could bring more dynamism to the market.
Tanzania sees 142 percent surge in investment, attracts $3.9 billion in Q3

Oct 1, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. The value of registered investment projects in Tanzania surged by over 142 percent in the third quarter of 2024, reaching $3.9 billion in total capital, according to the Tanzania Investment Centre (TIC). This marks a significant increase from the $1.61 billion registered in the previous quarter, from April to June 2024.
Regional leaders and academics advocate for late President Benjamin Mkapa’s legacy

Oct 1, 2024 | thecitizen.co.tz | Josephine Christopher

Dar es Salaam. Regional leaders and academics have called for the legacy of Tanzania’s late President Benjamin Mkapa to be remembered for his vision in driving peace, development, and regional economic integration. Speaking at the 3rd Benjamin Mkapa Memorial Lecture, held in Dar es Salaam and organized by Cavendish University Uganda, the leaders highlighted Mkapa’s profound impact on both Tanzania and the East African region.