07/27/2023
CBN limits transactions on PAPSS by dealer banks to $200,000
In June 2023, PAPSS signed a memorandum of understanding (MOU) with five African multinational commercial banking groups for seamless cross-border trade payments.
Regulation,Tax & Compliance
07/26/2023
Further rate hikes on the table for South Africa
The MPC’s future decisions could also be influenced by what happens to interest rates in the US.
07/26/2023
Push to relax checks on large cash deals gets IMF attention
The Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023, was approved by a Cabinet meeting chaired by President William Ruto on July 18.
07/26/2023
KRA raises tax on employee benefits
The fringe benefits tax is imposed on employees receiving extra welfare benefits such as cheap loans in addition to their wages.
07/26/2023
FCTA to audit remittances of workers’ payroll deductions
The auditing of these payroll remittances signifies our unwavering dedication to a robust and meticulous financial system
07/25/2023
Uganda plans to phase out low denomination currency note
The 1,000-shilling banknote will be the first to go out of circulation, says official
07/25/2023
IMF backs Kenya's new taxes that have sparked riots
The fund last week approved almost $1 billion for Kenya to help its economy
07/25/2023
Trouble ahead for the rand
With inflation cooling, the SARB’s Monetary Policy Committee voted to keep the repo rate at 8.25% after ten consecutive rate hikes.
07/24/2023
KRA coy on fighting minimum tax ruling at the Supreme Court
It was not immediately clear why the taxman opted not to challenge the Court of Appeal Judgment at the Supreme Court.
07/21/2023
Sustained growth of monetary aggregates
The PSCE data reflects lending from all sources
07/21/2023
Big changes at SARS for customs and travellers
“Traders can now register and lodge customs declarations under the SACUM-UK EPA as well as the SADC-EU EPA.”
07/21/2023
Access Bank Plc, Standard Chartered Bank sign acquisition deal
The release said Access Bank would provide a full range of banking services and continuity for key stakeholders, including employees and clients in the Standard Chartered businesses across the five aforementioned countries.
07/20/2023
PoS operators insist on new charges
Elegbede noted that the association’s new pricing regime was operational across the country.
07/20/2023
It's official: South Africa is the cybercrime capital of Africa - here's how to protect yourself from becoming a statistic
Highlighting the surge in cybercrime, the Southern African Fraud Prevention Services reported a staggering 356% increase in impersonation fraud
07/20/2023
Climate change mitigation in Zimbabwe and links to sustainable development
In 2021, Zimbabwe updated its target for reducing greenhouse gas emissions
07/19/2023
State moves to relax checks on large cash transactions
Moneyed individuals and businesses have protested the onerous checks amid fears relaxing the rules could aid money laundering and terrorism financing.
07/19/2023
Bank ordered to pay Honeywell N72bn
After weeks of struggling to run a business without access to their bank accounts, Honeywell Flour Mills applied for discharge of the orders
07/19/2023
NDPC investigates firms for data breaches
We are currently investigating about nine major organisations, an insurance firm, a school, and a consulting firm.
07/18/2023
PoS operators divided as new charges commence
“We call on the Central Bank of Nigeria to review this cashless policy and increase the withdrawal limit for PoS operators and mobile money agents via the ATM counter, and other channels.”
07/18/2023
New finance laws for South Africa – here are the changes
The new law does not include previously planned amendments to the Financial and Fiscal Commission Act.