Managers of Wealth Africa

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.

All resolutions approved at Ecobank Transnational Incorporated’s 35th Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM)

At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.

IGAD central banks revive push to cut remittance fees

The cost of intra-regional remittances transfer among the IGAD member states stands at 10.6 percent

‘Difficult trade-offs’ coming to keep South Africa afloat

Godongwana said that key among these is the outcome of the public sector wage negotiations, which the budget did not pre-empt.

Banking licenses unjustly cancelled to be restored, laid-off staff to regain jobs – Mahama

Aside from reviving the collapsed indigenous banks and other businesses, he said allowing for local participation and ownership in them will be a priority to revamp the country’s ailing economy and create more employment for the citizenry.

Shareholders reject scheme of arrangement proposed for Union Bank and Oando acquisitions

The transaction will be implemented by way of a Scheme of Arrangement between the bank and the bank’s shareholders (the Minority Shareholders).

South African rand sinks to new 3-year low as power concerns flare

Struggling power utility Eskom is implementing the worst power cuts on record lasting more than 10 hours a day for some households and businesses

SARS changes VAT registration rules after flood of suspicious activity

All new applications for VAT registration will be subjected to a more stringent registration process

Reserve Bank sharpens its tools for interest rates in South Africa

The monetary policy broadly refers to the process by which central banks such as SARB manage the supply and demand of money to achieve economic objectives such as price stability and economic growth.

Titan Trust offers N7 per share to buy out Union Bank minority shareholders

At the close of the trading session on Wednesday, Union Bank’s share price moved up by 0.71 percent to N7.05kobo.

Absa states ‘categorically’ its full compliance with employment equity laws

Bank strongly denies being issued any notice of non-compliance by the labour department.

CBN bans unapproved foreign bank representatives from banking operations in Nigeria

This Guidelines, issued in exercise of the powers conferred on the CBN under the Central Bank of Nigeria Act,

Regulation,Tax & Compliance