Nigeria leads in musical hits; South Africa rakes in streaming cash
Before she bought her first iPhone, Deborah Obishai, who works as a secretary, used to download music from bootleg sites like Trendy Beatz and Flexy Music. One of her biggest disappointments when she made the phone switch was realising she could only stream music, so she tried the YouTube Music app. Despite its frustrating ads and the absence of certain features like downloads or the ability to play music in the background, Obishai insists on not subscribing to the premium on the streaming platform, which costs ₦1,100 monthly — the equivalent of a dollar. Across the country, there are millions of music lovers like Obishai, who download songs from stream ripping sites or use the free tiers of music streaming services due to inability to afford such subscriptions or plain disregard for the value of the art. According to a report, Nigerians spend an average of 31 hours weekly — much more than the global average of 20.7 hours — listening to music, especially Afrobeats. and while there are now more people who are paying for music streaming platforms than five years ago, it’s not nearly enough revenue for the kind of growth the industry is witnessing. The global music industry is dancing to the rhythm of streaming, with 67.3% of all music revenue worldwide generated from digital subscriptions to streaming platforms. In March 2024, The International Federation of the Phonographic Industry (IFPI) released the Global Music Report for 2023, which disclosed that streaming brought in 67% of the $28.6 billion realised in 2023, leaving the sales of physical copies and performance rights trailing behind with 17.8% and 9.5% respectively. Sub-Saharan Africa had the fastest growth out of all global regions. It was the only one to surpass 20% growth as revenues climbed by 24.7%, fuelled by the growing popularity of Afrobeats and Amapiano tunes worldwide. Interestingly, while the Nigerian music industry is the largest on the continent, consistently churning out global hits and achieving billboard ranks; South Africa, the second largest music industry, has remained the most profitable music market in the region, bringing in the bigger bucks. According to the report, the rainbow nation contributes 77% to music revenue in sub-Saharan Africa — an impressive 19.9% growth from the previous year. Joey Akan, a music journalist, isn’t surprised by this twist, as he shared that the Nigerian music industry has a long way to go before reaching profitability like its well-oiled South African counterpart. “South Africans have a more structured industry. They have all their collection society rights which is basically a fanbase that values music and a government that punishes piracy. If you put all of these together, you have a better environment for music to generate more money,” he shared with TechCabal. “It’s taken us about 30 years to build what this industry currently is, while South Africans were able to clock the system and build a functional industry which works for them. We have the artists to brag about, as well as the fanbases and cultural commitment to Afrobeats, but are missing one of the most important elements, which is the [revenue] numbers. This is why we cannot have access to certain deals and attract certain investments.” While creatives across the world tussle with the illegal distribution of their work, Nigerian artists deal with a much more sophisticated version where bootlegged versions of their music might be even more popular than the original versions on streaming platforms. Nigeria was named the worst place in Africa to be a creative as it has the largest market in Africa for goods which infringe on intellectual property rights. Original physical copies of albums are almost nonexistent in the Nigerian industry, as pirated copies are already the norm. A pirated copy of Asake’s music Outside of the lack of regard for the value of music, Akan believes that the broader economy also has played a climacteric role in music revenue for the two countries as richer countries are more likely to have higher-yielding industries. The South African rand is stronger than the Nigerian naira, with one rand equaling over 70 naira. “It’s not new information that in Nigeria, everything competes with food,” he said. “The money the average Nigerian will pay for Apple Music can be diverted to pay for lunch.” This means that for music artists in Nigeria, the biggest revenue opportunity lies in their music reaching international audiences across the Atlantic who bring in the juicier revenue; as the majority of their local fans cannot afford to pay for these streaming services. *Kamal Chude, a hip-hop artiste in Lagos is yet to get the “streaming cake” even after four years of making music. *Chude, who is in a two-year contract with music distribution company, Notjustokaydistro, has found himself still doing the bulk of the distribution work for his music despite having a 70:30 revenue split agreement. “I worked with them on one song, which is my biggest so far, and there isn’t much to show for it on the backends. I didn’t even get access to it until I brought my lawyer into the conversation. We checked the logs and found out that the streaming platforms that were on the list were not up to five. Meanwhile, the song was available on all the Digital Service Providers (DSPs) you can think of,” he shared. Will partnerships save the music industry? Distribution and record companies play a vital role in boosting artists and nurturing the industry’s growth, especially in today’s hyper-competitive global market, where social media platforms like TikTok are changing the game with their content-heavy environment. Tunji Balogun, Chairman & CEO, of Def Jam Recordings, shared that one of the strategies that can be deployed for this growth is forging partnerships. “When it comes to music coming out of Sub-Saharan Africa, we’ve partnered with a label from Nigeria called Native. I felt strongly that I wanted to work with people that have a genuine connection to the culture on the continent,” he shared. In September 2023,
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Breakdown of 2024 Ghana passport application price increase
The Ghanaian government recently implemented an update to passport processing fees. If you’re planning to apply for a Ghana passport, it’s crucial to be abreast of the 2024 price or pricing structure before submitting your application. Standard Ghana passport 2024 application price structure Previously, the standard application fee for the 32-page booklet was around GH¢100.00, while the 48-page booklet cost about GH¢150.00. This has changed significantly. The new standard fee for a 32-page booklet is now GH¢500.00, reflecting a substantial 400% increase. The standard 48-page passport booklet has also seen a significant increase, with the new price set at GH¢644.00, representing a 329% increase from the previous GH¢150.00. Expedited Ghanaian passport application price structure For those needing their passports processed faster, expedited options are available. Previously, the expedited fee for a 32-page booklet was GH¢150.00, while the 48-page option cost GH¢200.00. These fees have also been revised. The expedited fee for the 32-page booklet has jumped to GH¢700.00, a significant 466% increase. The 48-page expedited booklet now costs GH¢800.00, reflecting a 300% rise from the earlier price. Reasons cited for the 2024 Ghana passport application price increase Revenue Generation: The Ministry claims the increased fees are essential to generate revenue for improving service delivery at passport offices nationwide. Investment in Equipment: Ampratwum-Sarpong asserts the additional revenue will be used to purchase equipment like printers, laminating machines, and capturing machines for biometric data. Reduced Waiting Times: The Ministry believes investing in equipment will streamline passport processing, leading to shorter appointment wait times (currently 6-8 months). Final thoughts on breakdown of 2024 Ghana passport application price increase Before you apply for a Ghanaian passport, be sure to visit the official passport application website to review the latest application structure from pricing to process. TechCabal also has the latest Ghana passport application structure covered here.
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Get your Nigeria birth attestation easily on the NPC portal 2024
Registering a birth and obtaining an official attestation is crucial for Nigerian citizens, especially for people looking to correct NIN details like date of birth and the like. Thankfully, the National Population Commission (NPC) offers a convenient online portal to complete the process. This guide walks you through the requirements and steps on how to use the NPC website to get your birth attestation/registration done. Before you begin the process of getting your NPC birth attestation You need to consider some birth attestation requirements, and they are as follows: 1. Self-service convenience fee You’ll be charged a processing fee of ₦3,000 only. This fee covers the online application process. 2. Age Requirement Birth attestation on the NPC website is only available for adults aged 17 and above. 3. National Identification Number (NIN) Having a valid NIN will significantly expedite the processing of your birth certificate. While not mandatory, it’s highly recommended. 4. Temporary Birth ID Applicants without a NIN will receive a temporary Birth ID upon successful application. The official birth certificate will require further processing. 5. Court Affidavit You’ll need a Court Affidavit sworn before a Commissioner of Oaths. It is mandatory for your application. 6. Valid Phone Number Ensure you provide a valid and active phone number during registration. The NPC will use this number for communication throughout the process. 7. NPC birth attestation online To initiate the process, visit the National Population Commission website and navigate to the birth attestation section. Follow the on-screen instructions to complete the registration process. 8. Registration Location While registering online, indicate your current state of residence and Local Government Area (LGA). This helps identify the closest NPC registration centre for potential future needs. 9. Application Status and Download You can check the status of your application using the provided payment reference number. Once your birth certificate is ready for download, log in to your NPC account and navigate to the “Download Certificate” section. 10. Payment Non-refundable Please note that all application fees are non-refundable. 11. Certificate Download Limit You can only download your official birth certificate once after a successful application. 12. Certificate Reprint If you require a reprint of your birth certificate in the future, you can revisit the NPC website and access the dedicated reprint service. Steps to getting your birth attestation from NPC Here are the steps to take for your attestation certificate on the NPC portal online: 1. Payment for the NPC birth attestation service Visit the NPC website and navigate to the “Services” section and choose “Birth Attestation.” Click agree below the page and proceed to enter your email address in the provided space and make the online payment of NGN3,000 using the provided secure payment gateway. You’ll receive a confirmation and reference number via email. 2. Registration Once payment is confirmed, proceed to fill out the online registration form. This includes applicant details, parent/guardian information, hospital/clinic details, and document uploads as mentioned previously. 3. Review and submit Carefully review all information and uploads for accuracy. Submit the application after confirmation. 4. Tracking and download your NPC birth attestation certificate Use the reference number to track your application status. Upon completion, you’ll be notified and can download your official birth attestation from your NPC account. Final thoughts on how to get your Nigeria birth attestation easily on the NPC portal 2024 Please ensure a stable internet connection throughout the process. Also, use high-quality scans of documents for clear upload. Alongside, please keep a copy of the reference number for future reference. If you encounter any difficulties, consider reaching out to the NPC through their contact information available on the website.
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New information for approved but unpaid SRD SASSA R350 2024
SASSA SRD R350 2024 Are you among the South African citizens who applied for the COVID-19 Social Relief of Distress (SRD) grant of R350 for 2024 and received approval, but haven’t gotten a pay date yet? The South African Social Security Agency (SASSA) has a message for you. Cash Send/Mobile Money Issues and Alternative Solutions If you opted for a cash send or mobile money payment method for your approved SRD SASSA R350 (2024) but haven’t received any funds, it might be due to a verification issue. SASSA might not be able to conclusively match your cellphone number with your ID number. This unfortunately prevents them from processing cash send payments. To ensure you receive your SASSA SRD R350 (2024) grant, SASSA recommends providing alternative banking details. This will allow them to disburse the funds electronically. Contact SASSA for Further Assistance If you haven’t chosen cash send/mobile money or haven’t had any issues with verification but are still waiting for your approved SRD SASSA R350 payment, reach out to the SASSA Customer Care call centre at 0800 60 10 11. Their representatives can investigate the matter further and assist you. You can find more information on their website, https://www.sassa.gov.za/SitePages/HomePage.aspx, for any further inquiries you may have about the SRD SASSA R350 (2024) program. Precautions for future or new SRD SASSA r350 grant applicants to avoid delayed payments Mistakes in your details can lead to delays in SRD SASSA payment processing. Therefore: Always double-check information accuracy Ensure that the cellphone number and ID number provided during the application process are accurate and match official records. If opting for electronic disbursement, verify that the provided banking details are correct because incorrect banking information can cause payment delays or rejections. Regularly check your application status through the SASSA online portal or contact the Customer Care call centre for updates on verification progress.
Read MoreForeign investors stage comeback to Nigeria, seeking high yields over interest rates
Foreign investors are staging a comeback for more demand for government securities, following a hike in benchmark interest rates and reforms led by Nigeria’s Central Bank. Many of these investors have picked interest in Open Market Operations (OMO) and treasury bills auctions. Sources said there was an uptick of foreign portfolio investors in the market which was dominated by domestic investors for the past seven years. Foreign Portfolio Investments on the Nigerian Exchange Limited (NGX) in February 2024 rose by 23% from ₦53.11billion ($39.13million) to ₦65.81billion ($42.61 million) compared to January 2024. This uptick reflects investor confidence in the market, according to analysts. “High-interest rates attract foreign investor participation, which could stabilise the currency woes,” Ayodeji Ebo, Chief Business Officer, Optimus by Afrinvest told TechCabal over the telephone. The Central Bank has consecutively raised interest rates sharply to a 10-year high of 24.75%, in an aggressive move to contain stubborn inflation. At the last rate hike meeting, Cardoso hinted that the MPC would keep raising the rates in hopes that inflation moderates below 30%. The continuous rate hike has attracted more investors while hurting lending to smaller businesses. Analysts told TechCabal that they want the trend to continue. Last week, the CBN directed all banks on a recapitalisation drive, to increase their minimum capital requirements within 24 months, to ensure stability of the financial system. Ebo believes that the entrant of foreign investors will provide the needed capital for the banks’ recapitalisation. He explained that even if the entry of foreign investors is for a short while, their inflow is important for stabilising the economy. Foreign investors provide the liquidity needed in the market, said Ayooluwade Ogunwale, a portfolio manager. “As such, carry trade opportunities in Nigeria have become attractive again.”
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👨🏿🚀TechCabal Daily – Kenya has a new EV policy
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF What’s better than a daily dose of the latest industry insights in your email? Viewing it as a status on Whatsapp! TechCabal’s Whatsapp channel is coming soon. We’ll bring you more updates as soon as we have them! In today’s edition Nigeria’s Binance case postponed to April 19 Kenya launches new EV policy Nigeria to develop national AI strategy framework Funding tracker The World Wide Web3 Events Crypto Court adjourns Binance tax evasion case till April 19 The scuffle between the Nigerian government and Binance is becoming hard to keep up with. Two days ago, Binance asked the Nigerian government to let its people go. Tigran Gambaryan, who has been detained for about five weeks since flying into the country to resolve Binance’s restricted website access made his first appearance in court yesterday after being charged with a tax evasion charge. ICYMI: Gambaryan was charged alongside Binance’s Kenya-based regional manager for Africa, Nadeem Anjarwalla, who fled Nigeria on March 22, by Nigeria’s tax agency, the Federal Inland Revenue Service. Gambaryan, the former US agent will reappear in court on April 19 after a Nigerian High Court adjourned the case till then. The FIRS also charged Binance for failing to register with it, alongside four other charges: nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. A Nigerian high court, yesterday adjourned the company’s tax evasion court case till April 8. An impending suit: Gambaryan, who is yet to get the final ruling on his tax evasion case, is the subject of a potential money laundering charge by Nigeira’s anti-graft agency, the Economic and Financial Crime Commission (EFCC). It appears there is no love lost between Gambaryan, leader of Binance’s Financial Crime Compliance unit and the EFCC who claimed to have buddied up to fight fraud and money laundering activities in the country. Premium Times, yesterday reported that the EFCC planned a money laundering charge against Gambrayan, but the anti-graft agency faced a stern battle with Gambrayan’s lawyer who argued that Binance, the company, should be the target of the money laundering lawsuit, not Gambaryan himself. Gambrayan’s lawyer based his argument on the fact that only the representative of a company in Nigeria could be charged individually for a suit. He argued first that Binance had no physical presence in Nigeria and that Gambaryan did not qualify as an agent of Binance in Nigeria. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Mobility Kenya launches new EV policy Startups across the continent are justling for a top spot in Africa’s nascent electric vehicle (EV) industry. Last year, Possible EVs set up shop in Nigeria to produce up to 10,000 EVs annually. Spiro, an e-mobility company, also signed a $63 million debt financing to fund two electric motorcycle assembly and battery manufacturing plants in Benin and Togo in 2024. Roam, an EV company recently introduced Kenya’s first locally manufactured electric bus. And now, Kenya is setting the stage to attract more EV manufacturers into the country. The news: Yesterday, Kenya launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles (EVs). The policy, done in collaboration with the state’s trade and investment ministry, will help facilitate the production of EV components and support local battery manufacturing, recycling, and repurposing efforts. The big picture: While the new policy will help reduce Kenya’s reliance on petroleum for its mobility needs and save on petroleum import bills, the e-mobility draft policy is also coming at a time when electric buses are becoming a part of the daily lives of Kenyans. Roam’s electric buses now serve as commute vehicles for Kenyans. The company is also planning to introduce electric buses for Nairobi’s bus rapid transit (BRT) system. Ride-hailing companies are also in the mix. Uber partnered with Greenwheels Africa to make electric motorbike rentals available in the country. Similarly, Bolt recently invested KES100 million ($770,000) to integrate e-mobility solutions into its services in Kenya. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. AI Nigeria to develop National AI Strategy Framework Yesterday, Nigeria’s minister of communications, innovation and digital economy, Bosun Tijani, faced a bit of fire on social media. Why? The minister had announced, on Wednesday, that the country will collaborate with 120 researchers, startups and stakeholders to create a plan for implementing AI across the country. These experts would come up with this framework at the National Artificial Intelligence Strategy Workshop scheduled to be held from April 15 to 18, 2024 in Abuja. So why is Tijani facing fire? According to social media, AI is the least of Nigeria’s problems. One poster said, “We don’t even have the basic infrastructure to build AI frameworks on.” Another tweeted, “How do you start researching AI when you don’t have electricity? How will you power the AI?” Nigeria’s tech minister, however, had some answers: Per Tijani, the aim is to co-create a multi-year strategy and action plan for research and AI adoption in the country and a framework for AI adoption in the country. “The need to coordinate and harness the power of AI for national development is a critical element in our journey towards the use of technology to accelerate productivity in our country,” he stated. Tijani emphasised that this was an opportunity to leverage AI, noting its transformative impact on agriculture, education, healthcare, and productivity. The minister highlights that one of the earliest initiatives from the start of his term in office was to properly define
Read MoreNigeria’s stock exchange buys stake in Ethiopia’s first-ever bourse
The Nigerian Exchange Group (NGX) has acquired a stake in Ethiopia’s first-ever securities exchange for an undisclosed amount in a fundraising that has seen the Horn of Africa nation raise $26.6 million, surpassing the target it touted to investors in 2023. The Ethiopian Securities Exchange (ESX) last year set to raise $11.07 million to start operations as part of a larger push by Prime Minister Abiy Ahmed to liberalise and modernise the economy. “We are thrilled to have exceeded all our expectations in terms of the capital raise and are excited by the overwhelming confidence shown by investors in the long-term prospects of both ESX,” said Tilahun Kassahun, ESX chief executive. The Ethiopian government will hold a 25% stake in the ESX through the Ethiopian Investment Holdings (EIH) and its subsidiaries including Ethiotelecom and Commercial Bank of Ethiopia, while private and institutional investors will be allocated a 75% stake. NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block. “Strategic foreign investments by TDB, FSD Africa, and [the] NGX Group are particularly important in allowing the transfer of technical know-how and best practices as well as other areas of long-term strategic value that we will explore,” Kassahun added. The NGX is one of the largest securities exchanges in Africa with a market capitalisation of ₦58.66 trillion ($41.8 billion) and will support ESX with technical experience in developing the bourse structure, trading rules and marketing segments. The collaboration with the NGX has already helped the ESX develop a rule book to guide its operations. The ESX also closed the fundraising with commitments from domestic investors including 16 local banks, 12 insurance firms, and 17 private entities. The exchange is expected to launch sometime this year, further attracting foreign investors into the populous Horn of Africa nation. While PM Ahmed has moved to liberalise Ethiopia’s economy since coming to power, it is still largely controlled by the state with little private sector involvement. For instance, Ethiopia has no investment banks–suggesting that businesses can only raise capital from commercial banks.
Read MoreNigerian court adjourns Binance executive’s tax evasion case until April 19
A Nigerian high court in Abuja, the nation’s capital, has adjourned the tax evasion case against Tigran Gambaryan, a Binance executive detained since February, until April 19, Bloomberg first reported. Gambaryan who made his first appearance in court on Thursday, was charged with tax evasion by Nigerian authorities, alongside Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa, who fled the country on March 22. Both executives were arrested and detained after flying into the country to resolve the company’s restricted website access—which the government blocked on suspicion of manipulating FX prices in unofficial markets. TechCabal reported that the Nigerian government also charged Binance on a four-count charge, including nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. The government also accused Binance of failing to register with its tax collection agency, the Federal Inland Revenue Service (FIRS), for tax purposes, an offence punishable under Section 8 of Nigeria’s Value Added Tax Act of 1993. Justice Emeka Nwite, presiding over the case, also adjourned the suit against Binance until April 8, when a hearing will commence. In a separate lawsuit, last week, both executives filed a human rights violation case in Nigeria’s Federal High Court, asking the office of the National Security Adviser (NSA) and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) to release them, return their passports, and issue a public apology. This is Gambaryan’s fifth week in detention. On Wednesday, Binance asked Nigerian authorities to release its detained official, saying he “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government.” The Nigerian government also has issued an international arrest warrant for Anjarwalla.
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Kenya greenlights local manufacturing and assembly of electric vehicles despite minimal infrastructure
Kenya has launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles (EVs). The initiative arrives when Kenya lacks the factories or expertise to build EVs entirely within the country. If approved, the policy will enforce zero-emission vehicle (ZEV) sales targets and investment criteria for car manufacturers and assemblers to qualify for government incentives. The policy will also establish clear requirements for local content (using locally sourced materials) in EVs that will be implemented gradually. The policy will further facilitate the production of EV components and support local battery manufacturing, recycling, and repurposing efforts. At the launch of the draft policies, Kipchumba Murkomen, Kenya’s transportation cabinet secretary, noted that “the shift to electric vehicles significantly cuts emissions of greenhouse gases while reducing the petroleum import bill, currently standing at KES 628.4 billion ($4.8 billion). It will also promote local manufacturing and create jobs.” To further promote EVs, Kenya has started issuing green-coloured number plates. The initiative aims to “raise awareness about EVs among the general public and encourage more people to consider switching to e-mobility,” Murkomen added. Kenya begins issuing green-coloured number plates (shown by cabinet secretary of transport Kipchumba Murkomen) to promote EV adoption. Image source: X The policy, launched in collaboration with the trade and investment ministry, will glean from the expertise of the private sector, international investors, and academic institutions to build the necessary EV infrastructure. Kenya is a key player in African e-mobility, attracting prominent EV manufacturers. BasiGo, an electric bus company backed by the CFAO Group, is one of the pioneers of e-mobility in the country. The company’s electric buses serve Nairobi residents as commuter vehicles, popularly referred to as matatu. ROAM Motors, is also introducing electric buses for Nairobi’s bus rapid transit (BRT) system, but is currently offering electric motorbikes nationwide. Ride-hailing companies have also joined the e-mobility movement in Kenya. In 2023, Uber partnered with Greenwheels Africa for electric motorbike rentals. Likewise, Bolt has invested over KES 100 million ($770,000) to integrate e-mobility solutions into its services.
Read MoreBank of Tanzania raises interest rate to 6% amid steady inflation
The Bank of Tanzania (BOT) has increased its interest rate (CBR) from 5.5% to 6% following a meeting held by its monetary policy committee on Wednesday. This adjustment, effective from Q2 2024, is in response to changes in inflation, which remained steady at 3% in Q1, indicating the central bank’s aim to maintain stable prices and promote economic growth. “The decision of the MPC is based on [the] macroeconomic forecast made in March 2024, which requires an increase in the scope of the monetary policy actions to contain the lingering inflation pressures arising from global economic developments,” said Emmanuel Tutuba, the central bank’s governor. Tanzania’s economy grew by 5.1% in 2023, up from 4.7% in 2023. Growth in the first quarter of 2024 was also estimated at 5.1%. This growth was supported by increased public investment, especially in infrastructure, that sought to boost the private sector activity and investment. Q1’s inflation remained under the country’s target of below 5% and regional economic blocs’ convergence criteria. This stability was maintained through monetary policy and sufficient domestic food supply. As of January 2024, the BOT changed its monetary policy approach from focusing on the quantity of money to using interest rates. At that time, BOT said that an interest rate-based policy might give the bank more control over economic conditions. “The implementation of monetary policy in the first quarter of 2024 succeeded in containing the seven-day interbank interest rate within the target band of 3.5-7.5%. Credit was mostly directed to agriculture, mining, transport and manufacturing activities,” BOT said. Under this framework, the BOT sets the CBR based on alignment with low inflation and support for economic growth. The CBR guides monetary policy, allowing for either tightening or expansionary measures. However, it does not fix interest rates offered by banks and financial institutions in Tanzania, which market dynamics will still influence.
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