Managers of Wealth Africa

NIC, CBA bank merger exempted from paying millions in share sale tax

NIC Group will remain listed, suggesting a transfer of the CBA unquoted shares, which makes them liable for the one percent stamp duty tax.

São Tomé and Principe sign MoU for Lusophone Compact

The signing ceremony was attended by over 50 participants including representatives of the São Toméan Government, members of the diplomatic corps, financial institutions, private companies and project sponsors, the Compact for São Tom

Reserve Bank worth its weight in gold, that's why they want to nationalise it

The group’s capital and reserves accumulated to over R20 billion in 2019, while the group’s ratio of capital-to-total-assets increased to a healthy 2.3 percent.

Fidelity Bank signs pact to promote open banking

By relying on networks instead of centralisation, open banking helps customers to securely share their financial data with other financial institutions.

Bank of Ghana revokes licences of 23 Savings and Loans Companies

The statement said in line with the government’s commitment to protect depositors’ funds, the government had made funds available, to enable the Receiver pay depositors after their claims are validated.

Digital ID in Africa this week: biometric bank cards, birth registrations up, ePassport problems

There are also plenty of small positive stories involving biometrics this week, such as 141 Malian refugee students in Mauritania passing their BAC exams via UNHCR-provided biometric ID and Algerians now being able to apply online and have biometric ID de

Nigeria & South Africa: time for the frenemies to step up co-operation

The recently signed Africa Continental Trade Agreement (AfCFTA) might also make the agenda as well as the woes of Nigeria’s biggest telecoms operator, South Africa’s MTN, which has struggled with both the central bank and regulators over the l

New ethics code for accountants: action must be taken on threats straight away - expert

The IESBA is an independent standard-setting body for professional accountants worldwide.

Reprieve for tycoon as bank accounts freeze suspended

Ms Nzibe noted with concern that the Director of Public Prosecutions (DPP) on August 9, 2019 was directed to file in court an inventory list of the properties attached and bank accounts but as at August 15 had not filed any.

Namibia follows SA rate cut to boost shrinking economy

The Bank of Namibia’s Monetary Policy Committee reduced the rate to 6.5%

South Africa’s Public Protector Flagged by HSBC in Connection to Guptas

The bank flagged a payment worth over US$5,000 into Mkhwebane’s account at First National Bank in South Africa in June 2014

South Africa’s Kganyago Sues After SARB Battle Gets Personal

Governor said he’d fight for the independence of Reserve Bank

Insurer and PSL head for arbitration

The PSL's main gripe is that the deal with the insurance giant triggers a conflict of interest.

Insecurity, fraud clog financial inclusion stride

The bank was actually reacting to an enquiry on the supposedly rumour and confirmed that it had started closing down unviable branches, in the wake of bank attacks across the country.

Botswana to allow citizens do business from home without licences

The president hopes the move will make it easier for Batswana to venture into domestic entrepreneurship as a way of beating unemployment in the country.

Lord Hain: Still a lot going for SA

During the USB-ED presentation, Hain argued that South Africa by no means operates in isolation.

Alarm as four firms sack 1,700 staff in three weeks

Stanbic Bank was the first about three weeks ago to announce a redundancy targeting an estimated 200 staff, while Athi River-based cement maker EAPCC last week said it would let go all its 800 workers.

Treasury orders parastatals to surrender all cash

Treasury principal secretary Julius Muia in an interview said the directive is in line with the law and a prudent way for the government to cut its cost of borrowing.

Bank of Tanzania moves to curb forex black market as 12 seized

BoT Bureaux de Change manager Victor Tarimu said that the Finance sector’s regulator was working closely with security organs to curb illegal money exchanging channels.

Standoff as MPs reject KCB’s buyout of NBK

NSSF holds 48.05 percent shares of NBK, while the Treasury controls 22.5 percent, giving them 70.5 percent total ownership.

Regulation,Tax & Compliance