January 2022 / Focus Africa

27 Gennaio 2022

Africa in Review by the Numbers (January 2022)

$12 million

Value of deals closed via opportunities on our Digital Engagement platform. AfricInvest Private Credit and TDB both signed debt deals originated via their DealRooms, validating the efficacy of digital deal-making. Momentum continues to grow on the platform as we head into 2022.


Companies profiled for Asoko clients though our Bespoke Research service. Africa-focused businesses, investors and multilateral used our corporate data and insights to support their market entry plans, map participants along their supply chains, long-list investment targets and facilitate bilateral trade and investment opportunities.


Proportion of submissions to the Digital Engagement platform acted on by partners. The average comprises deal opportunities fed into investor pipelines as well as companies accessing visibility opportunities, KYC and business development support. Within the investment arena, our digitally enabled origination has a higher success rate than that achieved offline.


Stake in Africa’s largest data centre services provider, Teraco, acquired by Digital Realty Trust in a deal has been valued at about $3.5 billion. The US firm, which operates 280 data centres worldwide, aims to to tap into the fast growth in Africa through the South African provider, which serves more than 600 clients, including global internet providers. (Reuters)

$47 million

Grant approved by Africa Development Bank Group to boost Mozambique's Special Agro-Industrial Processing Zone. This financing will help improve agricultural  productivity and agribusiness in the Niassa Province, in line with the economic diversification agenda of the national development plan 2015-35. (Africa Business)

3,000 tonnes

Initial daily capacity of the Naitiri Sugar Company, owned by the Rai Group in Kenya, when it starts production in Q1 this year. Capacity at the Bungoma-based plant is expected to ultimately double to 6,000 tonnes per day, helping to reduce reliance Kenya's on imports and increase competition for raw cane. (Business Daily)

$36 million

First close of Verdant Capital Hybrid Fund, a new fund to support micro, small and medium-sized enterprises (MSME) growth in Africa. German development bank KfW backed the fund, which will invest hybrid capital and subordinated debt instruments into inclusive financial institutions on a pan-African basis. (Africa Global Funds)

600 KWp

Generation capacity of a new mini-grid solar project inaugurated in Uganda, making it the most advanced mini-grid in the continent. This joint project between ENGIE Energy Access and Equatorial Power Ltd will connect more than 3000 households and 700 businesses to reliable electricity, impacting more than 15,000 people. (CEO Business Africa)


Kenya joins South Africa as the only two countries in Africa to own a salvage boat after the Kenya Ports Authority (KPA) acquired a $16.65 million multipurpose salvage tugboat for use at Mombasa Port. The investment supports the government's ambition to boost port efficiency and drive trade through the country. (The East African)

$100 million

Investment by Safaricom in a new data centre in Addis Ababa. The prefabricated facility will support the telco's service rollout after winning the licence to become Ethiopia's second telecoms operator. (CEO Business Africa)


Solar plants put out to tender by Botswana Power Corporation, inviting independent power producers to accelerate the country's deployment of renewable resources via public-private partnerships. (Afrik21)


Reduction of mobile money charges offered by Ghana's telcos to offset the impact of the e-levy. The tax on digital transactions will be put before Parliament this month as a way to boost government revenues as more economic activity moves online. (Ghana Web)   Review by Kili Partners . Powered by Asoko Insight  
25 Gennaio 2022

Central Bank of Nigeria Digitalizes Import and Export in Nigeria

The Government of Nigeria has introduced the digitalized e-Evaluator and e-Invoicing system for taxpayers to use in the import and export sectors. Effective 1 February 2022, all import and export operations in Nigeria will require the submission of an electronic invoice authenticated by authorized dealer banks on the Nigeria single window portal – Trading Monitoring System (TRM).

The new e-invoicing system will query and stop all imported and exported goods with unit prices that are greater than 2.5% of the verified global checkmate prices from completing Form M or Form NXP.

The supplier/buyer is required to register for authentication and submit an e-invoice in a dedicated portal as specified by the Central Bank of Nigeria (CBN) by paying an annual subscription fee of USD 350.00

All individual invoices with a value of less than USD 10,000 (or its equivalent in another currency) except where suppliers have an annual cumulative invoicing value equal to or above USD 500,000 (or its equivalent in another currency) are exempted from the submission of e-invoices. All import and export transactions made for supplies to security agencies, diplomatic and consular missions, and international agencies dependent on the United Nations are exempt from submitting e-invoices. Donations made by foreign governments or international organizations to foundations, charities and recognized humanitarian organizations, and goods directly supplied by a foreign government are equally exempted.

The announcement to introduce the e-Evaluator and e-Invoicing system was made by the Trade and Exchange Department of the CBN on 21 January 2022 through Circular TED/FEM/ FPC/PUB/01/001.

11 Gennaio 2022

Uganda Signs Multilateral Competent Authority Agreement on Automatic Exchange of Information on Financial Accounts (CRS-MCAA)

According to a recent overview published by the OECD, Uganda has joined the Multilateral Competent Authority Agreement‎ on Automatic Exchange of Information Agreement (2014) (CRS-MCAA) on the introduction of the automatic exchange of information in tax matters on a reciprocal basis. The CRS MCAA is a multilateral competent authority agreement, based on article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, as amended by the 2010 protocol, which aims to implement the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS). The text of the CRS MCAA, background information and a list of all the signatories (status on 25 September 2021: 114 signatories) can be found here.
27 Gennaio 2022

Uganda Expands Social Security Coverage

The Ugandan government has enacted the National Social Security Fund (NSSF) (Amendment) Act 2021 (the Act) with the aim of increasing social security contribution coverage by making contributions to the NSSF mandatory for all workers in the formal sector and further allowing workers in both the formal and informal sector to make voluntary contributions to the NSSF.

Major highlights of the Act are as follows:

  • it is mandatory for every eligible employee to register as a member and make contributions to the NSSF. The Act also obliges every employer, irrespective of the number of employees, to register with the NSSF as a contributing employer. According to the National Social Security Fund Act 1985 (NSSF Act), the employee's contribution amounts to 5% of his monthly wage while the employer's contribution amounts to 10% of the employee's monthly wage;
  • repealing the provision allowing cancellation of registration of a member if in the 2 years immediately preceding their application, the member has employed less than the minimum number of employees required (i.e. 5 employees) for compulsory registration. Previously, employers were only eligible for compulsory registration and contribution if they employed 5 people. However, voluntary registration for employers that did not meet this threshold was acceptable;
  • allowing mid-term access to benefits by members who have made contributions to the NSSF upon fulfillment of the following conditions:
    • a member must have made voluntary contributions to the NSSF;
    • a member must be 45 years and above and have made contributions for at least 10 years to the NSSF to be able to access up to 20% of their accrued benefits; or
    • a member must be a person with disability, aged 40 years and above and have made contributions to the NSSF for 10 years to be able to access up to 50% of their accrued benefits.
    Previously a person could only access their benefits at 50 years if they had retired from employment; were not engaged in any gainful occupation; or intended to engage in gainful occupation occasionally.
  • every worker can voluntarily save with the NSSF, over and above the mandatory 15% contributions. Any self-employed persons or any other person may also apply for membership and make voluntary contributions to the NSSF; and
  • a person is entitled to payment of the full balance of his savings with the NSSF if he ceases to be a member of the NSSF, in case:
    • they are employed in an organization that is exempted from NSSF; or
    • they emigrate permanently from Uganda to a country with no reciprocal arrangement for NSSF savings.

The NSSF Act has not been amended since its enactment in 1985 but on 17 February 2021 the parliament passed the NSSF (Amendment) Bill 2021 which was assented to by the President on 2 January 2022. Earlier amendments were proposed in the NSSF Bill 2019 but were not approved due to specific clauses which caused controversial views from the public.