Managers of Wealth Africa

A R200bn shot of adrenalin for the formal economy

The R200bn loan guarantee fund is likely to be the medicine South Africa’s stressed corporate sector needs if it is to survive the Covid-19-induced economic crisis.

The crisis can ‘galvanise all of us to eradicate inequality’

To lessen the damage being wrought by the response to Covid-19, the coronavirus budget mixed increased grants with more money for infrastructure and to keep businesses open through spending by state institutions and loans from local and international inst

Tougher rules for borrowers seeking personal loan relief

“You may visit any nearest branch to request for a loan relief through our loan officers. You will require a letter from your employer indicating a salary cut or job termination,” one of the banks says in a notice to customers.

Leonteq, Rand Merchant Bank partner to distribute structured investment products

Rand Merchant Bank head of Structuring Hendrik Fourie said: “Our collaboration with Leonteq will enable us to expand our financial services offering, thus enhancing our value proposition for clients.

CRS And FATCA Update

We have summarised the key updates below which Cayman Financial Institutions (Cayman FIs) need to be aware of

Prudential authority undaunted by challenges facing SA banks in Africa

G20 nations have agreed to freeze bilateral government loan repayments for low-income countries until year-end

Tougher rules for borrowers seeking personal loan relief

Some banks have for instance asked borrowers seeking to defer repayment of their loans to provide letters from employers showing proof of salary cuts or job termination as a condition to be considered for the relief.

Lockdown | Demand for debt repayment relief is 'vast and growing', says Nedbank

But the bank says the need for assistance which include payment holidays and additional credit extension is vast and still growing.

East Africa: Lobby Urges Leaders to Prepare Joint Recovery Plan

The statement, issued at the end of the 76th Board Meeting of the EABC, said all six members of the EAC--Tanzania, Kenya, Uganda, Rwanda, Burundi and South Sudan --have been affected by the viral disease.

PwC Nigeria: Nigeria’s Finance Act Gets a Facelift to Attract Business and Investment

One of the core objectives of the Act is to bring the laws into line with the federal government’s policies and to generate short-term revenue to fund the 2020 Budget.

Experts call for improved intra-African trade

Businesses on the continent are having stresses so you don’t expect them to ramp up production especially at a point they can’t export.

Standard Chartered Bank Botswana committed to the fight against COVID-19

Drawing on the experiences of our international network especially in markets where the COVID-19 outbreak took hold earlier than in Botswana, Standard Chartered Bank Botswana took early and decisive steps to prepare for the pandemic.

The phasing-out of LIBOR: a helpful guide to the “must-have” features of contractual fall-back language

The question then is what happens to these LIBOR-based products when LIBOR is no longer available. As

Africa tax in brief

African Tax Administration Forum: Guidelines for Coronavirus (COVID-19) pandemic emergency tax measures published

CMA cautions investors against using unlicensed firms

Investors should also confirm the licensing status of any firms offering services in the capital markets industry

Banks’ excess cash pile at CBK rises to Sh50bn

The main objective of the cut was to enable banks free more cash for lending, but the rising level could reflect low uptake by the economy.

Insurance regulator grants 3-month premium pay holiday

In the life insurance segment, policy contracts have specific commencement dates and maturities and customers have to pay

South African Rand Forecasts: Investec sees Recovery in Third Quarter

Bishop says eventually sufficient global and domestic monetary and other policy measures support growth and markets allowing sentiment to stabilise.

SA considers pandemic responses, including $5.3 bn social bond

The recommendations include R200 billion of guarantees for bank lending to struggling businesses.

Lobby urges EAC leaders to prepare joint recovery plan

Private sector organisations from Kenya, Tanzania, Uganda, Rwanda, Burundi and South Sudan also called for a common approach to businesses to safeguard the region’s jobs and exports.

Regulation,Tax & Compliance