Tanzania Places 5 Banks Under Receivership for Breaching Capital Rules

Tanzania’s central bank has canceled licences for five banks and placed them under receivership.

The Bank of Tanzania (BoT) said the lenders breached core capital rules.

The banks are Covenant Bank for Women, Efatha Bank Limited, Njombe Community Bank Limited, Meru Community Bank Limited, and Kagera Farmers’ Cooperative Bank Limited. 

In December, Tanzanian president John Magufuli ordered the central bank to tighten controls on the movement of hard currency and take swift action against failing banks in a bid to tackle financial crimes and protect the local shilling currency.

Magufuli pledged to reform an economy hobbled by red tape and corruption and begin a program to develop public infrastructure after he was elected in 2015.

“We now have some 58 banks in Tanzania, the [central] Bank of Tanzania should closely monitor these banks and take swift action against failing institutions. It’s better to have a few viable banks than many failing banks,” he said in a statement issued by his office. 

Ethiopia to Close Down Notorious Ma’ekelawi Prison

Ethiopia’s Prime Minister Hailemariam Desalegn has said his government will close down the notorious prison ward called Mae’kelawi.

The Prime Minister said Mae’kelawi will be turned into a “modern museum”. Read

Africa in 2018: What to expect
History was being made across the continent in 2017. From the end of an era to the realization of grand ambitions, from thrilling discoveries, to tragedies that shocked the world.

2018 will reveal its own surprises, but some of the potential highlights, lowlights, and events worth keeping an eye on are listed below: