Managers of Wealth Africa

Demystifying the Mauritius Trust: Insight, Concept and Residency

Mauritius Trusts are governed by the Trust Act 2001 which lays out the regulations relating to the creation and administration of Trusts on the island.

Morocco’s central bank holds benchmark interest rate at 1.5%

The bank revised down its 2022 growth forecast to 0.7%

New legislation could limit the number of foreign nationals employed in South Africa

The addition of this provision appears to be aimed at ensuring that the amended ESA applies to workers who are employed through digital platforms, such as Uber and Bolt drivers.

Ethiopia moves to allow entry of Kenyan banks

Business Daily learnt that the committee’s work plan states the first draft of the financial services code must be ready by December 2022.

CBN forecasts 3.24% growth in 2022 despite rising inflation

The CBN Governor condemned the rate of oil theft recorded in recent times, which had a debilitating impact on government revenue.

South Africa's central bank to IPO its stake in African Bank

A surge in market volatility in recent weeks due to the Russia-Ukraine crisis has forced several companies to delay their market debuts.

Central banks, BIS team up on digital-currency payments

This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions.

African Development Bank Group approves new Strategy for Addressing Fragility and Building Resilience in Africa 2022-2026

This is the Bank’s third fragility and resilience strategy, built upon previous strategies in 2008 and 2014.

Precedent-setting Bredenkamp case gave banks too much power

The case has set a dangerous precedent and one that Sekunjalo is challenging at varying levels of South Africa’s legal system, including the Equality Court and the Competition Commission.

Dividend boom is here as banks turn the corner on Covid woes

Investors and analysts, during the peak of Covid-19 infections, did not expect payouts to snap back quickly to 2019 levels.

African Bank heads to JSE after Reserve Bank fails to find suitable buyer

Through its transaction advisors Rothschild & Co, BofA Securities and Moshe Capital, the Reserve Bank invited local and international investors to bid for its stake.

CBN warns against companies promising easy loans

The Director of Corporate Affairs, Mr Osita Nwanisobi who represented the CBN Governor at the CBN Fair holding simultaneously in Adamawa

Ecobank board proposes $40m dividend

The relevant resolutions will be presented for shareholders’ approval at the upcoming Annual General Meeting of ETI.”

eCedi will meet very high security requirements

In other words, the eCedi should work effectively in both online and offline environments.

CBN reconstitutes executive management of Nigerian Commodity Exchange

Two directors of the apex bank were also appointed as members of the Board.

Standard Bank won't finance any new coal power plants, backing gas and renewables instead

The group aims to achieve net-zero carbon emissions from its operations by 2040 and that of its finance portfolio by 2050.

Banks Temporarily Suspend, Reviews International Transaction of Naira Cards

Banks had in 2020 reviewed monthly international spending using naira cards from $500 to $300 and ultimately to $100 and also stopped the use of naira cards for ATM foreign currency withdrawals.

Mauritius: An Overview of the New Regulatory Framework of Virtual Assets and Initial Token Offerings

On 17 September 2018, via a guidance note, the Financial Services Commission (FSC) recognised digital assets as an asset-class for investment by sophisticated and expert investors.

South African Reserve Bank Set to Launch Project Khokha 2 Blockchain Report in April 2022

Project Khokha 2 was launched by the Intergovernmental Fintech Working Group (IFWG) to explore the policy and regulatory implications of tokenization in the financial markets in South Africa.

FBNQuest to host Islamic estate planning clinic in Abuja

This forum aims to educate Muslims about the importance of Estate Planning in line with Islamic law.

Regulation,Tax & Compliance