Posts tagged as: lending

Islamic Banking Faces Tax Hurdles in Uganda

By Bernard Busuulwa

Issues of taxation, manpower and marketing have hampered the rollout of Islamic banking products in Uganda, as technocrats struggle to finalise regulations for the new products.

While regulations to guide the use of agency banking have been finalised and are scheduled for issuance after April 19, issues surrounding taxation of Islamic banking products remain unresolved.

Under Islamic banking rules, no interest is charged on loans to borrowers; profits and losses realised from a business are shared equally between lenders and borrowers, and lending is restricted to morally acceptable ventures: Lending to alcohol firms, tobacco producers and gambling companies is prohibited.

Concerns over how much tax should be applied to Islamic financial products and the elimination of double taxation have slowed consultations on the matter.

For example, a mortgage transaction arranged between a bank and a client under Islamic banking would require the two parties to make equity contributions towards the deal without charging the home buyer any interest.

The client would instead be obliged to buy out the bank’s equity share in order to achieve full ownership of the house or piece of land in question. Recent proposals in favour of taxing the banks’ contribution have raised questions about the competitiveness of Islamic banking products when compared with conventional financial offerings.

In contrast, mainstream mortgage products require clients to make reasonable equity contributions towards the purchase of real estate, disbursement of a bridging loan facility by a commercial bank, and repayments that carry annual interest charges. Withholding tax is levied on interest earned from the mortgage, while the value of the loan is exempt from taxes.

A shortage of specialised Islamic banking professionals has also slowed down the rollout of Islamic financial products. Due to the sensitive nature of Islamic banking operations, use of qualified Shariah professionals is considered essential in regulation, selling and distribution of financial services.

However, according to research data, there are only 10 qualified Shariah professionals on the local market.

This is in a business environment with 24 commercial banks and a small pipeline of specialised Islamic banking players who have shown interest in the market but are yet to obtain commercial licences.

“Taxation of Islamic banking transactions seems complex because it is difficult to determine the exact point of taxation, and also minimise the risk of double taxation. But the UK has already come up with useful tax guidelines that define the degree of taxation for Islamic banking transactions, involving both physical assets and direct cash, which would be compatible with our environment. The human resource gap experienced among local Shariah professionals in Uganda could be filled by foreign manpower previously nurtured by big banks like Standard Chartered, Barclays and KCB in their native markets. In addition, there are overseas players in big Shariah markets like Malaysia that are capable of providing outsourced compliance services for Shariah boards,” said Abubaker Mayanja, the managing director of ABL Dunamis Ltd, a financial advisory services firm.

Uganda

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Bank Tips Traders On ‘Loans to Invest’

By Bernard Lugongo

Mwanza — Tanzania Postal Bank (TPB) yesterday again appealed to entrepreneurs and investors to come forward and take loans from it and investment on ‘flourishing opportunities’ in Mwanza City.

The remark was made here by Tanzania Postal Bank (TPB) Chief Executive Officer, Mr Sabasaba Moshingi, saying the bank is in a good position financially, and only what they require are investors processing their papers effectively and getting funds to invest in the city.

He urged traders and investors to see the importance of exploiting the chance in order to transform the economy from solely relying on agriculture to industries by 2025.

While making a presentation on the importance of loans from the financial institutions at the Mwanza Business Forum, he said NMB bank will soon list its shares in the Initial Public Offering (IPO), and urged the residents of Mwanza to buy them, when listed as part of investment.

He pointed several benefits from the institution, including marketing a number of its products on ‘Group Lending’ which has been designed to financially support Small Scale Entrepreneurs (SSE) to grow in the business.

On his part, NMB bank’s Acting Head of Corporate, Mr Nsolo Mlozi, said the Business Forum will continue to enlighten the public on the role of financial institutions in the country. He said his bank is fully prepared to ensure that business and investment flourish in the area with their support, besides opening up other branches there.

‘In the near future, the bank eyes to open at least 10 more branches in the Lake Zone,” he pointed out. Mr Mlozi hinted that they want to bring their services close to the residents and provide them with more loans to start up small business in their midst.

He advised the residents to think of businesses and projects which are likely to increase their incomes and share their ideas with the bank if they really want to ‘address poverty’ in the region.

Presiding over the occasion, TIB Development Bank Director of Strategic Planning and Corporate, Mr Patrick Mongella, said his bank was also ready to provide loans to the residents, traders and entrepreneurs to reduce poverty in the region.

He hinted that Mwanza City has many opportunities to exploit including collecting revenues from Busisi Bridge, the Great Lakes ferries, and Industrial Parks as well as the Mwanza Airport to improve its economy.

Tanzania

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Rwanda Bourse Moves to Boost Trade Volumes, Infuse Liquidity

By Kabona Esiara

The Rwanda Stock Exchange has said it will introduce a market makers scheme in an effort to infuse liquidity in the bearish market and boost volumes traded.

Market makers buy shares of a listed company, warehouse them and sell them to the public when prices appreciate, creating a balance in the market.

“The legal framework is in place,” said Robert Mathu, executive director of the Rwanda Capital Markets Authority, adding that the RSE has also been pushing for the scheme to be adopted by its regional peers.

The Nairobi Securities Exchange, which has had a difficult run in recent months, is understood to be implementing the market makers scheme. The capping of the lending rate at four percentage points above the Kenya Bank Reference Rate has reduced investors’ appetite for listed companies, reducing their earnings.

In 2015, NSE chief executive officer Geoffrey Odundo said the bourse was working with various stakeholders to develop a framework and regulations to enable market makers, short sellers and stock lenders to operate in the capital market.

Optimism

The EastAfrican understands that while the market making system is operational in Kenya, the big capital requirement has locked out many brokerage firms.

Davis K Gathaara, general manager of Baraka Capital, a brokerage firm in Kigali and Kampala, has advised the RSE to first extend trading hours and bring down the settlement time.

The RSE trading floor opens at 9am and closes at 12pm while the settlement time take two days.

Mr Gathaara is optimistic that the market makers will improve turnover on regional equity capital markets, which have suffered partly due to continued outflows as investors shift capital to more advanced economies in search of a lower risk profile.

In 2016, the turnover on the Rwanda bond and equity markets declined by 55.6 per cent to Rwf17.1 billion ($20.7 million), due to underperformance of most listed companies compared with the same period in 2015.

Kenya’s equity market also performed dismally in quarter four, recording Ksh25.39 billion ($246.5 million) in 2016 compared with Ksh46.10 billion ($447.5 million) in the same period in 2015.

Bond market

The Rwanda bond market has not kept up, as it is dominated by government bonds. The corporate bond market, in addition, has remained under-tapped, with only I&M Bank Rwanda and IFC trading.

The challenge cited by the National Bank of Rwanda (BNR) is that secondary market bond trading is not buoyant, partly because investors are holding on to their bonds till maturity.

“The Rwandan capital market still lacks corporate bonds while most investors in government bonds tend to hold the securities up to maturity. These are big challenges to the development of the country’s capital market,” said BNR.

The volume of bonds traded on the secondary market increased by 85 per cent to Rwf1.63 billion ($1,9 million) in 2016 from Rwf0.88 billion ($1 million) in 2015 while the number of transactions increased by 230 per cent — from 30 transactions in 2015 to 99 transactions in 2016.

Most local debt markets in Africa were buoyant in 2016, driven by relatively low levels of activity in the Eurobond market by African issuers.

Mixed Fortunes for Banking as Kenya, Rwanda Vote in August

By Moses K Gahigi

With elections on the horizon and the effects of interest rate caps kicking in, the region’s banking sector is facing mixed fortunes, as analysts warn of stormy times ahead.

Kenya, the region’s biggest economy and Rwanda, the bloc’s star business reformer, will both hold presidential elections in August this year, events that are expected to stimulate liquidity but also minimise investor appetite.

Although both countries will hold elections, the impact on the sector is expected to be slightly different.

“In Kenya, there is a wait-and-see attitude by investors This means they will not be dispatching new investments so this is likely to depress the sector. In Rwanda, it could be a bit different because Rwanda’s elections are not normally disruptive, but an election year is one of anxiety nonetheless,” said Maurice Toroitich, managing director of KCB Rwanda could and head of the Rwanda Bankers Association.

Kenyan banks are struggling to cope with interest rate cap measure taken by the government to reduce the cost of borrowing for the country’s private sector, with some experts terming it as “a massive own goal.”

The caps were fixed at a maximum of 4 percentage points above the Central Bank’s base-lending rate, bringing the maximum lending rate to 14 per cent.

Consequence

As a consequence, 11 listed Kenyan bank stocks have plunged by an average of 14 per cent, with further stock falls expected to happen in the coming months. “Wait until they release numbers for 2016, dividend cuts, single digits growth,” noted a financial commentator on Twitter.

Although Kenya’s economy has been reported to have been spared the effects of the slump in commodity prices that ravaged commodity based economies, the cap is proving to be the Achilles heel for its growth this year, expected to slow to 5.7 per cent or lower in 2017.

Reports indicate that KCB fell 2 per cent on Wednesday to push losses over the past 12 months to 37 per cent, while Equity Group rose 0.9 per cent, but its 12-month decline still stands at 32 per cent.

The volatility in the financial sector cut across the region, with Rwanda grappling to stem a growing trend of non-performing loans — expected to grow by 8.5 per cent in 2017, while lenders in Uganda are faced with high lending rates.

“With the lending rate cap in Kenya and high interest rates in Uganda, banks will have to adopt more technology based delivery options to make banking affordable to the consumer, and also cut costs”

“Banks are cutting branches and reducing human resource,” said Mr Toroitich. Players are casting a positive forecast for Rwanda’s banking sector, predicting more growth in the coming months, coming from the expected surge in liquidity as a result of increased election spending.

Kenya

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Kenya: Mixed Fortunes for Banking as Kenya, Rwanda Vote in August

By Moses K Gahigi

With elections on the horizon and the effects of interest rate caps kicking in, the region’s banking sector is facing mixed fortunes, as analysts warn of stormy times ahead.

Kenya, the region’s biggest economy and Rwanda, the bloc’s star business reformer, will both hold presidential elections in August this year, events that are expected to stimulate liquidity but also minimise investor appetite.

Although both countries will hold elections, the impact on the sector is expected to be slightly different.

“In Kenya, there is a wait-and-see attitude by investors This means they will not be dispatching new investments so this is likely to depress the sector. In Rwanda, it could be a bit different because Rwanda’s elections are not normally disruptive, but an election year is one of anxiety nonetheless,” said Maurice Toroitich, managing director of KCB Rwanda could and head of the Rwanda Bankers Association.

Kenyan banks are struggling to cope with interest rate cap measure taken by the government to reduce the cost of borrowing for the country’s private sector, with some experts terming it as “a massive own goal.”

The caps were fixed at a maximum of 4 percentage points above the Central Bank’s base-lending rate, bringing the maximum lending rate to 14 per cent.

Consequence

As a consequence, 11 listed Kenyan bank stocks have plunged by an average of 14 per cent, with further stock falls expected to happen in the coming months. “Wait until they release numbers for 2016, dividend cuts, single digits growth,” noted a financial commentator on Twitter.

Although Kenya’s economy has been reported to have been spared the effects of the slump in commodity prices that ravaged commodity based economies, the cap is proving to be the Achilles heel for its growth this year, expected to slow to 5.7 per cent or lower in 2017.

Reports indicate that KCB fell 2 per cent on Wednesday to push losses over the past 12 months to 37 per cent, while Equity Group rose 0.9 per cent, but its 12-month decline still stands at 32 per cent.

The volatility in the financial sector cut across the region, with Rwanda grappling to stem a growing trend of non-performing loans — expected to grow by 8.5 per cent in 2017, while lenders in Uganda are faced with high lending rates.

“With the lending rate cap in Kenya and high interest rates in Uganda, banks will have to adopt more technology based delivery options to make banking affordable to the consumer, and also cut costs”

“Banks are cutting branches and reducing human resource,” said Mr Toroitich. Players are casting a positive forecast for Rwanda’s banking sector, predicting more growth in the coming months, coming from the expected surge in liquidity as a result of increased election spending.

Kenya

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Africa: Tazara Railway Shows Benefit of Chinese Aid

The 1,860.5 kilometer-long Tazara railway spanning from Tanzania’s commercial center Dar es Salaam to Zambia’s Central Province represents one of China’s largest foreign aid projects. A tripartite agreement was signed in September 1967 to build the railroad and construction began in 1970. The railway opened in 1975 and in July 1976 was officially transferred to the governments of Tanzania and Zambia, with the Tanzania-Zambia Railway Authority undertaking operations. Over the past four decades, the railroad has helped boost agricultural production and urbanization along its route.

Despite sustained operational woes, the governments of China, Tanzania and Zambia actively strive to explore ways to revitalize the railroad and enable profitable operations, spotlighting the spirit embodied by the Tazara railway. This will take Sino-African cooperation in development to a new level as well as foster a shift in China’s role as a force in advancing global governance from primarily promoting South-South Cooperation.

The decision to fund and build the railroad dispels accusations of China’s neocolonialism. China faced natural disasters in the 1960s and the country’s industrialization was still in its infancy at the start of the project. As such, the country had no need to exploit African resources or develop local markets. As Tanzania’s and Zambia’s efforts to seek help from Western countries and the former Soviet Union were repeatedly rejected, Chinese leaders didn’t take economic losses into account and resolutely decided to build the Tazara railway out of benevolence to help Africa’s newly independent countries develop their economies and stand on their own feet. African leaders also put a premium on China’s decision. Lending a helping hand to third world countries and promoting joint development was the fundamental starting point of Chinese aid in Africa, while the West’s claims of neocolonialism by China is utterly groundless.

The recollection also highlights the international spirit of China’s aid teams which sets an example for Chinese businesses operating in Africa. Along with growing economic and trade ties, China’s economic activity in Africa has been seen to feature a mix of good and bad. Some Chinese enterprises came across as violating business ethics and treating local employees unlawfully, resulting in rebukes about a lack of corporate social responsible as well as subjecting Sino-African ties to latent political risks. A look back at the efforts of Chinese railway experts and workers in building the Tazara railway, however, reveals how China taught techniques to its African brothers and how countries along the rail route were impressed with Chinese staffers’ devotion to duty. The intangible assets, as such, could be tapped as tutorials for Chinese enterprises with operations in Africa to regulate their business activity and benefit local society.

Furthermore, a comprehensive model in foreign aid is needed in guiding large infrastructure projects in Africa. While helping build the Tazara railway, the Chinese government paid special attention to fostering management talents in Tanzania and Zambia. China helped develop around 200 overseas students and a large number of mid-level technicians in both countries and established a school for studying railway technology in Zambia. As the project moved forward, the cooperation model among China, Tanzania and Zambia evolved, shifting from one where Chinese experts provided technical support and trained railway management talents to one with comprehensive participation from all sides in local railway management. Such a comprehensive model that combines project construction and technological cooperation is of profound guiding significance to Chinese aid projects of large cross-regional infrastructure and landmark buildings in Africa today.

Last, China needs to help solve the current predicament in the operation of the Tazara railway. Since the 1990s, an improved political environment in southern Africa has led to an increase in export channels for Zambia, which has caused a severe diversion of supplies. The joint management for the Tazara railway also resulted in insufficient management, in which both sides focused on running the railway but overlooked maintenance and relevant input. In addition, the Tanzania-Zambia Railway Authority adopted unrealistic welfare policies, which have pushed up operation costs. These factors have pushed the Tazara railway to the verge of bankruptcy. This also reflects some drawbacks on the Chinese side. Some African projects have proven to be unsustainable after China handed over the reins. For example, farms China helped build vanished within several years. In this respect, China should start from the commercialization of the Tazara railway, and push forward comprehensive reforms in the railway, for instance, by applying for joint support from the governments and banks, and by adopting a franchise model to qualified enterprises in the running of the Tazara rail line.

The author is an associate researcher with the Chinese Academy of International Trade and Economic Cooperation.

Africa

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Bank of Uganda Predicts Increase Lending to Private Sector

By Mark Keith Muhumuza

Kampala — Bank of Uganda (BoU) has projected that commercial banks will start lending to the private sector at a much faster rate than the case has been.

This comes as a result of interest rates on government securities continue to decline and the continued reduction in the Central Bank Rate (CBR), according to BoU.

However, the Central Bank warns that commercial bank earnings are likely to drop because of “reduction in returns from banks’ holdings of government securities coupled with the need for banks to set aside high provisions for bad debts.”

In the Financial Stability Report 2015/16 released on January2, 2017, the Bank revealed that commercial banks grew their lending to the government at a much faster rate than to the private sector.

The report further said the higher returns on government securities and risky nature of lending to the private sector in the last one and half years have forced banks to lend more to the government.

“During the year to June 2016, banks increased their holdings of government securities by 15.9 percent up from 6.1 percent while lending grew by 3.7 percent compared to 19.7 percent, reflecting a shift from riskier assets to safer assets driven by the decline in asset quality,” the report reads.

It indicates that lending to the government by commercial banks grew to Shs5trillion in 2015/16 from Shs4.3trillion in 2014/15, whereas private sector lending expanded marginally from Shs10.5trillion to Shs10.9trillion over the same period. This move to increase lending government at a much faster rate is not entirely surprising considering what has been happening in the economy.

The interest rate charged on government securities had been rising for most of the financial year 2015/16 and so did interest rates on private sector loans.

However, because of the large exposure to None-performing loans (NPLs) from the private sector, commercial banks moved to lend to the less risky government.

“The downshift in banks’ lending was witnessed across all sectors of the economy, except for personal loans. This partly reflects the slowdown of economic activity coupled with banks reduction in lending in light of rising nonperforming loans (NPLs),” the report points out.

Interest rates

Interest rates to the private sector had surged to about 30 per cent by January 2016. The government securities yields were also about 21 percent, which resulted into what is termed as crowding out the private sector.

Notably, it is those same NPLs that were responsible for the Crane Bank takeover by BoU on October 20th, 2016 that eroded the capital base of the fourth largest bank in Uganda.

“The Ugandan banking system faced a difficult year in 2015/16, mainly because of a rise in nonperforming loans (NPLs) from 4 percent of total loans in June 2015 to 8.3 percent in June 2016.Amongst the different sectors of the economy, the construction section sector was the largest single contributor to the rise in NPLs during 2015/16,” says Mr Emmanuel Tumusiime-Mutebile, the BoU Governor says in the report.

30%

Interest rate at which banks were lending to the private sector by January 2016

Uganda

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Rwanda: Energy Utility Moves to Enhance Efficiency, Revenue Collection

By Peterson Tumwebaze

The Energy Utility Corporation Limited (EUCL) has unveiled a new drive that seeks to increase access to electricity as well as boost efficiency and improve revenue collection.

The performance improvement programme is part of efforts geared at transforming the utility firm into a “highly efficient and customer-centric” organisation, according to Jean Bosco Mugiraneza, the Rwanda Energy Group (REG) chief executive. He is optimistic the programme will help boost performance and promote best practices and a ‘culture of excellence’.

“We are hopeful the initiative will help improve service delivery and revenue management within the energy business,” Mugiraneza said during the launch of the 90-day drive last week.

The Ministry of Infrastructure signed memoranda of understanding with the REG/EUCL board and the utility bodies’ top managers to implement the programme.

Under the deal, all parties agreed to step up efforts and enhance energy distribution, accessibility and collections of power fees. The 90-day initiative will run from January 1, 2017 to March 31, Mugiraneza said.

Speaking at the event, James Musoni, the Minister for Infrastructure, said the programme will focus on eight thematic areas; improving network availability and reliability, as well as revenue collection, and operations, and reduction of power losses.

It will also ensure talent attraction and retention, enhancing IT systems and promotion of automation, skills development, and performance management, as well as improving response time to faults and ensuring that customer complaints are promptly addressed.

“We are passionate about powering Rwanda to success. Our vision is to be the leading regional provider of innovative and sustainable energy solutions for national development. We can only achieve this by developing and providing reliable and affordable energy while creating value for stakeholders,” he said.

Musoni called on sector players to tap embrace innovation and design participatory approaches and become more efficient.

Rwanda’s power generation capacity currently stands at 190MW, up from 186MW in 2015. The Government also targets to increase access to electricity to 70 per cent by 2018, from 25 per cent presently.

The new initiative will, therefore, boost government efforts to achieving its energy objectives as outlined under the second Economic Development and Poverty Reduction Strategy (EDPRS II).

REG launched the integrated and business management system (IBM) recently as part of the reforms being undertaken by the group to “boost efficiency and help minimise power losses. The solution, by South African-based enterprise software developer, IFS, is expected to help the utility reduce commercial losses from current 3 per cent to less than one per cent.

Rwanda

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Kenya: Cabinet Okays Household Goods for Bank Loans

Photo: Abokoe Sibanda

(file photo)

By George Ngigi

The Cabinet has approved a Bill that would allow borrowers to use household goods like fridges and cookers to secure commercial bank loans in a move that widens the bracket of those able to access debt from commercial lenders.

The executive approved the creation of a centralised electronic registry for movable assets, which is the government’s answer to the difficulties facing potential borrowers who do not have land — the preferred collateral of lenders — to back up their credit applications.

“The Bill will provide for the creation of an electronic registry, enhance confidence of the lending institutions and create an enabling environment to lend against moveable assets as collateral,” read a brief from the Cabinet.

Goods listed in the electronic registry will have a unique identification number that will allow tracking of those that have been used to secure bank loans or collateral.

Movable assets, such as household goods and office equipment have been ignored by lenders as loan collaterals owing to lack of a central registry where they could log in their claim on the asset.

This means ownership of a collateral could easily be transferred without the bank’s knowledge, leaving it exposed in case of a default.

Should the Bill become law, it will also allow borrowers to use a single asset to get credit from different lenders.

A new lender will know whether there is headroom for additional lending. Borrowers, who currently use motor vehicles as security, for instance, have to transfer ownership of the car to the bank and deposit the logbook, which is evidence of ownership, with the lender.

To borrow from another bank, a person who has used his car as collateral for a previous loan has to find a means of settling the debt and getting the security back in his name before he can approach another lender for money using the same car as security.

A borrower who has, for instance, used a car valued Sh2 million to secure a loan with bank A and remains with a Sh200,000 balance cannot use the same logbook as collateral for a new loan with another lender that is offering cheaper rates until cleared by bank A.

A centralised register makes it easy for a borrower to transfer loans across the industry.

Kenya

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Uganda: Bank of Uganda Reduces CBR to 13 Percent

By Mark Keith Muhumuza

Kampala — For the fourth consecutive time this year, Bank of Uganda (BOU) has reduced the Central Bank Rate (BOU), as it looks to stimulate demand in the economy. In the Monetary Policy Statement issued today, Prof. Emmanuel Tumusiime Mutebile, the BOU Governor, revealed that the CBR would be reduced from 14 percent to 13 percent; a factor that is expected to contribute to domestic economic growth.

“Given that core inflation is the forecast to remain around the medium term target of 5 percent over the next 12 months, there is room to support the domestic economic growth momentum especially against the ongoing global economic slowdown. Therefore, the BOU believes that there is scope to ease monetary policy,” Mutebile said in a statement at the release of the October 2016 Monetary Policy Statement.

The expectation is that commercial banks will also react going forward to further slash their lending rates. However, there is always a lag effect in the fall of interest rates in commercial banks, so borrowers may take about a month to reap the benefits of the BOU reduction.

The CBR rate cut was also informed by better prospects within the economy, especially inflation, which remains within the BOU target. Notably, BOU is also concerned that there is still a risk to inflation rising and it will “… primarily, depend on the exchange rate movements as well as the impact of less than normal rains for the current season.”

Uganda

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