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UBER ends operations in Tanzania over unfriendly regulations. See implications

Published

3 years ago

April 14, 2022

Ride-hailing company, Uber, has suspended its services in Tanzania as a result of regulations that are not business-friendly which has made its operation in the East African country.

The US-based company, which has operated in the country for six years said operations will resume after arriving at an agreement with the Tanzanian authorities, the company announced in a statement on Thursday.

Uber has become one of the lucrative income sources, as proven by Uber drivers carving their own spot in the gig economy statistics which Africa has benefitted immensely from. It is not yet clear what becomes of the thousands of Uber drivers and riders who rely on the services of the ride-hailing company in Tanzania.

“We have made the difficult decision to suspend our services in Tanzania from Thursday 14 April 2022. The guide fare set by the Land Transport Regulatory Authority (LATRA) has posed significant challenges for systems like Uber to continue to provide services to our customers. It becomes increasingly difficult for us to continue providing services. We will not be able to provide services until the environment becomes friendly for us to continue providing services.” The statement reads.

“Current regulations in the transportation sector have created an environment that is not friendly and has been a challenge in our business,” the firm said.

“This is a difficult time for all of us, but this does not mean that it is the end of everything. We are ready to co-operate with the relevant authorities and reach an agreement that will create a stable environment for our business,” the statement says.

The company, however, said it was ready to key into Tanzania Vision 2025 which it believes is committed to building a strong, diverse, resilient, and competitive economy that is in line with the regional and international market and technological changes. While suggesting that its decision to leave Tanzania could be reversed the environment became better for its businesses

“We hoped that this would include creating an enabling environment for domestic and international trade to thrive in a positive and balanced way, but unfortunately, the situation is contrary to expectations.” The stamen reads further.

Uber has been providing transportation services in Tanzania through UberX, UberX Saver and UberXL services.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”