Managers of Wealth Africa

South African central bank prepares for total power failure

The South African Reserve Bank is working with the private sector to prepare emergency plans in case the electrical grid, already under severe strain, collapses.

New court ruling reverses big change for listed businesses in South Africa

Webber Wentzel noted that the rule’s promulgation came as the auditing industry had been historically implicated in domestic and international corporate wrongdoing.

New currency for South Africa, Russia and China in focus as BRICS seeks to expand

Coming at a time of heightened tensions between Washington and Beijing, the talks are also likely to fan Western concerns that the group is moving to become a counterweight to the US and the European Union.

Here are all the new FNB banking fees for 2023/24

Many of the bank’s fusion products, except wealth, have seen no fee increases.

Banks’ borrowings from CBN rise 464% to N4.95 trillion

The banks deposited N584.79 billion in January. The figure rose by 14 percent to N668.86 billion in February and down by 29.5 percent to N471.4 billion in March.

The Reserve Bank prepares for grid collapse

South Africa is experiencing unprecedented levels of load shedding in 2023, and the power utility has struggled to meet electricity demand leaving the nation in darkness for as many as 12 hours a day.

Sarb sounds alarm on threat of sanctions

The central bank has warned that South Africa’s financial system will be unable to function if its ability to make international payments in dollars is impeded.

Banks warn to watch out for these scams in South Africa

The centre added that social engineering in the form of Phishing, Vishing and Smishing are rampant at the moment and is used to obtain personal information, OTPs, and passwords to commit card fraud

Wealthy Kenyans' dollar stash in banks hit record $7.7bn

The increase comes despite a number of pronouncements by President William Ruto to urge Kenyans to release their dollar stockpile amid a weakening shilling.

Banks recapitalisation: BoG urged to be supportive

The debt exchange exercise which was mostly patronised by players in the banking sector resulted in creating serious financial challenges as 16 of them recorded heavy losses at the end of the 2022 financial year.

Rand tanks after SARB rate hike

“We adjust our policy stance to deal with the effects of the exchange rate on inflation – so we are responding to inflation, not the exchange rate.”

Economists expecting a big rate hike today

An increase of that size would be the first back-to-back 50 basis-point hikes in 15 years, when the fallout from the global financial crisis weighed on the local currency.

Joburg plans big changes to load shedding hours

State power utility Eskom is subjecting South Africa to outages that add up to as much as half a day because its dilapidated equipment can’t meet demand.

FG approves NIN, debit card merger

This is as the Federal Executive Council, on Wednesday, approved a memo from the National Identity Management Commission allowing banks to print debit cards that double as National identity cards.

Strict new BEE laws could result in 600,000 job losses: DA

The new laws give the employment minister the authority to establish specific numerical goals for the racial and gender diversity of designated businesses

Banks cut mortgage terms by a year, raise interest on defaults

Banks increased interest rates on home loans in line with a decision by the apex bank to raise basis points, piling pressure on potential homeowners.

CBK clears 20pc sale of Nyachae-linked Credit Bank

“CBK welcomes this transaction that will diversify and strengthen the resilience of the Kenyan banking sector,” said the regulator in a statement. The CBK did not disclose the value of the deal.

Nigeria records forex supply of $15.2 billion via official window

One of the factors that contributed to the depreciation of the naira in 2022 was the lack of forex supply from the BDC market.

SARS is stepping in to keep food prices lower in South Africa

In South Africa, the cost of petrol and diesel includes various levies and taxes that make up 31% of the total cost

South Africa could slip into a dangerous ‘feedback loop’

Tighter monetary policy risks “creating a feedback loop for the rand,” Andrew Matheny and Bojosi Morule wrote in a note to clients.

Regulation,Tax & Compliance