World
Russia Revisits Business Opportunities With Tanzania
By Kestér Kenn Klomegâh
With geopolitical changes at its height, Russia now considers Africa as its indispensable partner, reviewing and revisiting unfulfilled pledges made decades ago. Even as its interest is seemingly rising, Russia is not investing as practically as expected across Africa. Anti-western criticisms dominate its rhetoric at business meetings, summits and conferences. Official travels have become frequent between the first and second Russia-Africa summits held respectively in late October 2019 (Sochi) and in July 2023 (St.Petersburg). Several agreements were signed at both summits with African countries.
In late October, the Russian-Tanzanian intergovernmental commission, headed by Russian Economic Development Minister, Maxim Reshetnikov, was in Dar es Salaam, aiming at opening new business horizons for cooperation in Tanzania and throughout the East African region. The objectives of achieving genuine economic growth and development for the majority of East Africa’s impoverished population. As always, Russia looks forward to strengthening economic cooperation with Tanzania, specific spheres include broadening trade, raising tourism and reviewing the possibility of engaging in energy and exports.
“We stand ready to increase exports of agricultural machinery, construction materials, pharmaceutical products, natural gas, LNG. We view interaction in the energy field as promising. We know about Tanzania’s interest in gas and LNG exports. Apart from that, our companies are willing to work on extracting fossil fuels and implementing major pipeline projects. One of the oil and gas institutes that specializes in standardizing and assessing compliance of oil and gas equipment is interested in cooperation with the Tanzanian state oil and gas company,” Reshetnikov said after an exclusive meeting with the Prime Minister of Tanzania Kassim Majaliwa, according to local media reports.
“Considering the pace at which electricity consumption is growing in Tanzania and the necessity of commissioning new power generating facilities, we’re prepared to build wind and solar power plants of any capacity and complexity,” he said.
The advantageous geographic position of Tanzania on the coast of the Indian Ocean and its connection to other African countries unlocks great opportunities for Russia. “Bearing in mind that Tanzania is located on the Indian Ocean’s coast and is a member of regional integration associations, therefore country can serve as the sole window through which Russian products could enter the Eastern African market. Russia could play an analogous role for exporters on the Eurasian Economic Union’s markets,” Reshetnikov said.
The agricultural sector is yet another priority. “To maintain the agricultural sector’s brisk development, Tanzania needs new technology, fertilizers, and the production of animal feedstuffs. Our companies are willing to supply them, cooperate in organizing the efficient use of fertilizers for plants, and share best agronomic practices. And also invest in joint projects to grow produce to be supplied to Russia and third countries,” Reshetnikov said.
“We expect to be able to intensify cooperation between veterinary and phytosanitary oversight agencies. Russian businesses are willing to supply animal products. We’ve offered a list of such companies to the Tanzanian side and asked them to issue permits for such supplies as soon as possible,” he said.
Some of the other highlights embodied FESCO Transportation Group, the flagship of which is the Far Eastern Shipping Company (FESCO), planning to launch shipping services between Russian ports and Tanzania. According to the Group’s vice president Dmitry Pankov, Tanzania could serve as a major transport and logistics hub for shipping goods to other countries in the East African Community (EAC) and Central African region.
On tourism at the Russia-Tanzania business forum, Tanzania offered to organize a familiarization tour for Russian tourism industry representatives in order to build business relations in tourism and to eventually begin direct flights. In turn, Russia offered to promote Tanzanian tourism products on its market, organize business meetings with Russian tour operators, and present the tourism potential at Russia’s tourism forums. Russia is also interested in joint social projects, including those in education, science and healthcare.
Political and diplomatic mutual understanding between Russia and Tanzania creates good conditions for increasing trade and economic cooperation. “Tanzanian business shows great interest in Russia. Russian business, in turn, is ready to enter new markets, invest in joint projects and share technologies. We are ready to help the Tanzanian economy maintain the high growth rates in energy, agriculture, infrastructure development and tourism,” the minister finally added.
The parties discussed the nature of the current interaction and promising areas of future cooperation. Reshetnikov highlighted the reliable and historically established relations between the governments, business, and people of Russia and Tanzania. After Soviet’s collapse, Russia maintain an excellent diplomatic relations over these three decades with Republic of Tanzania in East Africa.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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