09/29/2023
CBN will spend $3bn loan to stabilise economy – NEC
On August 16, the Nigerian National Petroleum Company Limited revealed that it secured an emergency $3bn crude repayment loan from Afrexim Bank to relieve pressure on the naira.
Regulation,Tax & Compliance
09/29/2023
Banks cut lending as defaults increase to Sh586 billion
Banks have been increasing their attention to government papers given the sustained rise in the yields on T-bonds and T-bills.
09/27/2023
Extension for 27 bank branches offering Smart IDs and Passports in South Africa
The department has counted six branches for Nedbank, but the group confirmed that it only has five branches in the pilot.
09/26/2023
South African regulator withdraws licence of asset manager
After it found the firm had ‘significant compliance deficiencies’
09/26/2023
Employers’ headache as pay deductions cross two thirds
Employers said new statutory deductions and the mounting interest rates have significantly raised the monthly deductions on employee payslips
09/26/2023
Companies feel pain of rising loan interest rates
The rates on the 182-day and 91-day T-bills are lying just shy of the 15 percent mark at 14.94 percent and 14.79 percent respectively.
09/26/2023
NITDA warns Nigerians over cryptocurrency giveaway scam
The agency also cautioned Nigerians to be wary of any giveaways on social media, especially cryptocurrency giveaways.
09/26/2023
Reserve Bank adds to concerns over South Africa’s spending risks
Tax revenues fall short of spending, and debt issuance to make up the gap has boosted yields.
09/25/2023
Reserve Bank warns ANC over spending risks
Tax revenues fall short of spending and debt issuance to make up the gap has boosted yields.
09/25/2023
Beware: your employer can take away your pension benefits in South Africa
If the employee gets access to their retirement benefits, it is unlikely that the employer will get those monies back.
09/25/2023
Fraud warning for South Africa – the latest scams to watch out for
Karrim explained that these loan scams are often “Advised fee scams”
09/22/2023
South Africa central bank holds key rate and warns on fiscal risks
Economists had widely predicted that the repo rate would be maintained at 8.25%
09/22/2023
Close call as Reserve Bank holds on interest rates
Inflation in August ticked slightly higher to 4.8%, up a fraction from 4.7% in July.
09/22/2023
Sovereign wealth fund of Zimbabwe renamed ‘Mutapa investment fund’
The regulations make substantial amendments to the Sovereign Wealth Fund of Zimbabwe Act
09/21/2023
Bahamas and Botswana Sign MOU on Mutual Development
“Through this agreement, we aim to foster deeper collaboration, leverage our unique strengths, and jointly address challenges to ensure mutual progress.”
09/21/2023
The rand could hit R25 to the dollar, economists warn
At the same time, Unit labour costs also grew from 1.6% to 2.2%, exacerbating concerns regarding the relatively high inflation levels in the US compared to previous years.
09/21/2023
Casual staff, board members to pay housing levy
The statutory deduction adds to the tax burden on employed Kenyans who are struggling with the rising cost of living amid a freeze on salary increases and employment by Kenyan firms.
09/21/2023
Big interest rate decision for South Africa tomorrow – what to expect
Interest rates in South Africa have remained unchanged since May, but the US hiked rates by 25 basis points in both May and July, raising its Bank rate by 5.25% in total compared to South Africa’s 4.75%.
09/20/2023
Government racks up R18.5 billion in unauthorised spending
Treasury defines unauthorised spending as overspending or spending that is not for the purpose it was intended.
09/19/2023
Co-operative Bank of Kenya Named Best SME Financier in Africa
The Global SME Finance Awards 2023 is organized by the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI).