10/17/2023
2024: FG plans N26tn budget, debt servicing to gulp N8.25tn
The PUNCH also observed that the government would spend more on debt servicing than it would spend on paying the salaries and pensions of its workers.
Regulation,Tax & Compliance
10/13/2023
African Development Bank Group Chief Economist Kevin Chika Urama urges Nordic and Irish entrepreneurs to make Africa their business and investment destination
Denmark’s imports from Africa represent only 0.1% of Africa’s total exports between 2018 and 2022.
10/13/2023
Absa Bank Raises Mobile Transaction Limits, Following CBK Directive
Making the announcement, Absa Bank Kenya’s Head of Digital Channels, Steve Omamo said the move is in line with recent changes in mobile money transaction limits and evolving consumer needs.
10/13/2023
Islamic financiers back new bill on lending
The Central Bank of Kenya Amendment Bill, 2023 seeks to establish a regulatory framework for Islamic banks and financial institutions
10/13/2023
SARS wins major battle against organised crime
Some of the suspects included former Eskom employees who facilitated procurement fraud.
10/12/2023
South Africa has run out of money – Finance Minister responds
The provisional financing data from the National Treasury for September 2023 also points to a widening budget deficit.
10/12/2023
Citigroup urges CBN to lift forex embargo on 43 items
In his notes, Van Eysinga said that apart from clearing the backlog of forex demand, there was a need to remove restrictions from the 43 items.
10/11/2023
South African ruling explores ‘delay’ in review applications
The court considered two aspects: firstly, whether the review was brought within a reasonable time period, and secondly, whether the delay should be condoned given the circumstances.
10/11/2023
Resolution Insurance to remain under caretaker management
The extension of statutory management status also means a continuation of a moratorium on policyholders and creditors who are owed money by the cash-strapped insurer
10/11/2023
NCBA to raise interest rates for second time
NCBA Group had reviewed the cost of loans to 13 percent from August 1, a decision that it had attributed to the increase in the base lending rate by the Central Bank of Kenya (CBK).
10/09/2023
African Development Bank, IOM collaborate on joint report on diaspora engagement, climate-induced migration and skills mobility
Both institutions are prioritizing ways to mitigate the negative impacts of migration, while fostering resilience and economic development and leveraging the potential of Africa's human and economic capital.
10/06/2023
Islamic banking industry remains underdeveloped in Africa - Moody's
Shari'ah compliant banking assets make up only around 2% of Africa's global Islamic banking assets
10/06/2023
Experts want taxpayers registered at birth
The experts also proposed the need for the introduction of a personal identification number (PIN) categorisation for employees, students, and businesses to prevent dormant PINs.
10/06/2023
New currency for South Africa, China and Russia – Godongwana draws the line
It was heavily speculated ahead of the BRICS Summit in August the bloc would put forward a proposal to create a new currency between the participating nations to ease trade and to side-step sanctions imposed by the West.
10/05/2023
Access Bank announces $60m trade finance deal with British International Investment
The agreement was inked on Tuesday between Mr. Kumapayi and Mr. Admir Imami of BII in Lagos, Nigeria.
10/04/2023
Banks’ Borrowing from CBN Hits N2.68trn on Liquidity Pressure
According to findings, banks and merchant banks during the first nine months of 2023 accessed the SLF window against the backdrop of CBN’s tightening monetary policy stance.
10/04/2023
Why banks are whittling down stocks of State papers held for sale
The cut in government securities held for trade has been attributed to commercial banks seeking to avoid mark-to-market losses as interest rates on the securities lift off.
10/03/2023
Big win for business and government’s plan to save South Africa
The unit – along with Units 1 and 2 – were taken out of service last year following the collapse of a flue gas desulphurisation duct.
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.
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.