Managers of Wealth Africa

Finance ministers seek $100b cushion against coronavirus

With the economic crisis unfolding as the number of infections and mortality rises, Africa is appealing for a speedy disbursement of the bailout package

Buhari Exempts Financial Services Operators from Lockdown

The exemption comes as the boost in lending and other business activities have propelled higher earnings for the foreign subsidiaries of four of Nigeria’s tier 1 banks, the full year audited results of the financial institutions have shown.

Nedbank details how small firms can tap Oppenheimer fund to cover employee wages

Nedbank said it will only consider applications from its client base.

Customers storm banks as Nigeria shuts down

The same scenario repeated itself yesterday in the wake of the 14-day lockdown announced by President Muhammadu Buhari on Sunday.

Assets frozen after the death of a loved one – How does my family survive?

In South Africa, the estate must be reported to the Master of the High Court office in the regional jurisdiction where the deceased resided.

All financial institutions should work during lockdown - Bank of Ghana

President Nana Akufo-Addo in a broadcast last night, Friday March 27, announced a partial lockdown of some parts of the country for two weeks in a bid to contain the spread of the novel coronavirus pandemic.

Old Mutual faces potential money laundering charges in Zimbabwe

It is also alleged that fungible stocks provided some of the shareholders a conduit to launder money out of Zimbabwe.

COVID-19: Audi, McDonald’s And Other Brands Redesign Logo To Promote ‘social Distancing’

Meanwhile, several corporate brands have come up with innovative ideas to promote the message of social distancing at the time of the public health crisis.

South Africa may approach IMF over coronavirus impact

"We take no ideological position."

Reserve Bank takes steps to ease bank lending

While South African banks have been criticised by labour unions and small business owners for not doing enough to help struggling customers as the nation entered a 21-day lockdown on Friday, they have to comply with capital and reserve requirements as pre

African Development Bank issues world's biggest social bond in virus fight

Banks involved with AfDB’s bond sale included Credit Agricole SA and Goldman Sachs Group Inc.

Experts laud new tax measures

The overall new tax proposals announced by President Uhuru Kenyatta to cushion Kenyans against the impact of the coronavirus pandemic are expected to rob the tax man close to 100 billion shillings in revenue.

RBA fears massive benefits erosion

In a communique to 1,287 pension schemes, the RBA chief said it had reviewed reporting regulations to ease the schemes' pain by deferring submission of audited financial results by sixty days—after listed firms were given similar extension.

IMF, World Bank clear Somalia for debt relief, normal ties to world

The decision comes at a critical time for Somalia

African Development Bank picks Citi for US dollar coronavirus bond sale

Funding from the bank per project is typically below $200m, though a power-sector reform programme in Angola drew funding of $1bn.

NSE Relaxes Requirement for Listed Companies Due to COVID-19

The virus outbreak has already affected capital market obligations of some of the quoted companies

Kenya makes Kshs 115b emergency loan request

With suppressed economic activities which has chocked revenue the government has turned to Bretton woods institutions for budgetary funding.

CBK cuts main loan rate, lowers growth estimate to 12-year low

The extra billions of shillings will provide banks with low-cost funds for lending to households and small businesses expected to suffer reduced cash flow due to the virus.

Reserve Bank announces more coronavirus relief measures

The central bank said it will provide intraday liquidity support to clearing banks, through auctions conducted daily between 10h00 and 13h00 – except Wednesdays when the main repurchase transaction is conducted.

Here’s how the coronavirus lockdown will affect banking in SA

The banking sector will, for the most part, remain unchanged during the lockdown - with a few exceptions here and there.

Regulation,Tax & Compliance