Managers of Wealth Africa

Warning for interest rates in South Africa

The MPC has cut interest rates by a cumulative 100 basis points since September 2024, with average inflation now believed to be firmly in the target range of 3% to 6%.

South African inflation steady as central bank pushes for lower target

The finance minister would need to sign off on changing the inflation target, but discussions are at an advanced stage, Governor Lesetja Kganyago said last month.

Reserve Bank unlawfully interfered in Absa chair appointment, says court

Costs were awarded against the respondents, Absa and the PA.

SEC eyes cross-border trade with stablecoin framework

This approach is designed to foster trust and transparency in the digital assets’ ecosystem, moving beyond mere speculation to support real-world economic activities.

In CBN’s Return to Orthodoxy, FirstHoldco Faces $887m Exposure

The policy had already posed concerns for financial institutions, such as FirstHoldco, with significant forbearance-linked assets.

African Development Bank approves €19.6 million in financing to scale up Cabo Verde’s pioneer in wind and battery storage capacity

The project is the country’s first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale.

New and easy fix to prevent financial fraud

SkyQR has caught thousands of fraud attempts and prevented the loss of more than R2.5bn since 2020.

Investec launches multi-currency account for globally connected citizens

The offering enables Investec Private Bank clients to hold, manage and transact in dollars, pounds and euros – all through a single, integrated card.

Access Bank Takes Over Standard Chartered Bank After 130 Years of Operations

According to The Standard, a Gambian tabloid, the apex bank boss said Access Bank will be another big bank with strong financial muscles to help finance the economic activities in The Gambia.

BoG reviews policy on problem assets to address liquidity risks, threat to financial stability

The Board of an RFI shall have overall responsibility for approving and periodically (at least annually) reviewing the credit risk management strategy and policies of the RFI”, it pointed out.

African Development Bank Concludes Strategic High-Level Mission to Ghana, Identifies Five Key Areas for Transformational Partnership

The Bank expressed strong enthusiasm for Ghana's 24-Hour Economy concept

G20 Financial Architecture Working Group Convenes in South Africa to Advance Global Development Bank Reform

One of the central points on the agenda is the monitoring and reporting framework for the roadmap, a critical mechanism to track how MDBs are aligning their operations with evolving global priorities.

Major international bank seals exit from South Africa

“This will ensure that the transferred HSBC clients will have ongoing access to corporate and investment banking services in South Africa,” the group said.

HSBC finalises sale of SA unit to FirstRand

The deal is expected to be completed by end-October 2025.

Win for the rand and petrol prices in South Africa

This is an overall stronger position than recent sessions, primarily driven by weakness in the greenback, rather than any local strength.

Audit flop: Nigeria forfeits $4m from World Bank loan

The fund formed part of the $103m Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.

Fraudsters demanding money from investors, NNPC warns

These actions are unauthorised and illegal.

Bank of Ghana directs banks to review pricing model for customers

The Governor announced that the central bank will cap Optional Issuer Fees on cross-currency card transactions at 2 per cent.

Businessman Claims R40bn From Nedbank Over Fraud Listing

The case highlights the devastating impact of erroneous fraud listings.

Nigeria to lose $215 million as US moves to cut foreign remittances

The bill has passed the US House of Representatives, and if implemented, it would cause Nigerians to lose about $215 million.

Regulation,Tax & Compliance