Business

CIC Insurance
  • CIC Insurance Group has reported a 64% rise in its net profit to hit KSh 1.1 billion in the year ended December 2022
  • The regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management
  • CIC Group’s gross written premium grew by 20% from KSh 19.7 Billion reported in 2021 to KSh 23.7 Billion in 2022. The net earned premiums grew from KSh 14.7 Billion to KSh 17.5 Billion

CIC Insurance Group has reported a net profit of KSh 1.1 billion in the year ended December 2022, marking a growth of 64% from the KSh 668 million reported in 2021.

On Wednesday, March 22, the regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management.

The company also pegged its improved performance to operational efficiency, digital transformation, …

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The notion that government control in the adoption of CBDCs in Africa represents the only means of advancing policy remains idyllic.

  • The most prominent justification for government-backed consumer wallets emanates from the idea of banking the unbanked.
  • Regionalising the power balance between central and commercial banks can address the identified risks of the adoption of CBDCs in Africa.
  • One intriguing aspect of money privatization and the adoption of CBDCs in Africa is the link between monetary digitisation and financial globalisation.

The most prominent justification for government-backed consumer wallets emanates from the idea of banking the unbanked. As early as 1987, economic researchers like James Tobin outlined the idea of government-backed collective banking as a technological issue.

Variants of the argument are gradually evolving. They now contain twists such as the argument that if governments failed to intervene, digitisation of money would entail privatisation because fiat currency would be reduced to…

  • Uganda signed a deal with China under which the China National Nuclear Corporation(CNNC) would assist its endeavours to tap into one of the few Nuclear energy sources in Africa.
  • The first nuclear project, Buyende Nuclear Power Plant, will be located in Buyende, approximately 150 km(93 miles) north of Kampala.
  • Uganda has an estimated 52000 square kilometres of uranium deposits around Buganda, Toro, Ankle and Bunyoro.

Africa takes the next step in its evolution as Uganda announced its plans to generate at least 1000 MegaWatts(MW) from its nuclear power plant by 2031. This lines up with its efforts to identify alternative energy solutions that guarantee faster and more efficient electricity production. Uganda will become one of the few countries to produce nuclear energy in Africa, further boosting its economic growth exponentially.

Uganda first discovered its uranium deposits in 2004, and since then, nuclear power became a valid option for the country.

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  • Burkina Faso’s largest microfinance institution ACEP Burkina has received $2 million from the International Finance Corporation (IFC).  
  • The loan facility will allow ACEP to ramp up access to longer-term finance for agri-sector MSMEs, smallholder farmers, and businesses in rural food chains in Burkina Faso.
  • The financing will also help improve ACEP Burkina’s liquidity and support the company’s expansion of its mobile banking and access to credit services for rural MSMEs.

Burkina Faso’s largest microfinance institution ACEP Burkina has received $ 2 million from the International Finance Corporation (IFC) aimed at improving access to finance for farmers and micro, small and medium sized enterprises. 

The loan facility will allow ACEP to ramp up access to longer-term finance for agri-sector MSMEs, smallholder farmers, and businesses in rural food chains in Burkina Faso, including women-owned businesses, contributing to increased agricultural production.

The financing will also help improve ACEP Burkina’s liquidity and support the

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