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Kenyan Digital Taxi drivers protest poor rates

Price wars have been raging between ride-hailing firms for a long time and the little guy is now feeling the pinch. On Monday morning, digital taxi drivers from Little, Uber, Taxify, MondoRide among others, have gone on strike, demanding their firms raise prices

Published

6 years ago

July 3, 2018

Africa News Watch

The Monday strike resulted in higher prices, longer waits and ejection of riders from taxis that continued to operate. The strike was later suspended amid negotiations between them and transport sector stakeholders.

The Digital Taxi Association of Kenya (DTAK) claims that prices have gone so low drivers are having a hard time maintain their cars, let alone earn a decent salary from them.

In September of 2017, Uber drivers went on strike in September resulting in the company hiking ride prices to KES 42 per kilometer. However, in the absence of a written agreement, they have gradually been reducing them since. Uber takes the highest commission at 25% off the top. It is currently charging riders KES16 per Kilometre for Uber Chap Chap and KES27 per Kilometre for Uber X. Taxify charges KES14 per kilometer and a much lower 15% commission.

The drivers demand a hike to at least KES60 per kilometer and for commissions to be slashed to 10%, claiming most of the cars in operation cost at least KES45 per kilometer to fuel and maintain. DTAK Chairman David Muteru on Monday said the strike pushes for fair pricing in the industry and better terms from taxi hailing companies. “Recently there has been a price war are which has made this work untenable. When these guys entered the market it was Ksh60 per kilometer and Ksh4 per minute, today it’s only Ksh16 per kilometer and Ksh2 per minute,” Mr Muteru said.

Uber spokesperson said in a statement, “We constantly monitor fares and examine rider price sensitivities to ensure fares are correctly priced so that riders continue to take trips and drivers have access to more fare-paying passengers.”

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Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

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Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.