Managers of Wealth Africa

Polaris Bank About Closing Down Over Unpaid Staff Salaries

In October 2022, the CBN sold Polaris bank for a paltry N40 billion under controversial circumstances, after sinking over N1.2 trillion into it.

Card, mobile money transactions rebound

The rebound in January and February this year boosted expectations of a return to growth for these cashless transactions going forward, following a decline in 2022.

Ecobank, Lagos partner for growth, development

The Ecobank Group was established in 1985 to drive financial integration and socio-economic development in Africa.

Listed banks take 87 percent of Kenya industry profits in the year to December

KCB Bank Kenya is the most profitable having posted a pre-tax profit of Sh49.7 billion in the review period or 20.4 percent of the sector’s total.

Nigerian banks hooked on non-core lending income despite CBN push

Further analysis reveals Access Bank’s N508 billion non-operating income is attributable to most contribution from net gains on financial instruments at fair value

Eight banks rake in N225bn from e-banking fees

This is happening as more Nigerians continue to adopt electronic forms of payment with total cashless transactions rising by 42.05 per cent y-o-y in 2022.

Union Bank grows earnings by 19%

Operating expenses grew marginally by 0.4 per cent to N79.4bn from N79.2bn in 2021, reflecting tight cost control despite inflationary pressures.

Islamic banking: A growth market for customers seeking no-interest products

Islamic banking is growing in double-digits in SA, with conventional banks like Absa now customising the experience for consumers.

FirstBank: Boosting global expansion with subsidiaries’ name change

It also said that the Ghana, Senegal and Guinea subsidiar- ies would be next in the phased name change implementation.

These are all the companies Gordhan and other ministers are invested in

The interests range from shares valued at R550, to holdings of R453,900 in Absa Bank.

South Africa's Capitec bank reports 15% rise in profit

Profit on the upper end of its forecast range

These are South Africa’s favourite banks

FNB, Absa and Standard Bank have a larger proportion of South Africans that earn more than R10,000 compared to lower income brackets.

Standard Chartered: Qatar economic growth forecasted to be highest in Gulf

Growth forecasted to be at 4.0% in 2023, down from 4.75% in 2022

Bank runs in South Africa? Unlikely

The nature of local banks’ depositors is one reason few analysts see the odds of a run here. Rather, the global sell-off, they say, is good reason to buy

FNB at the forefront of innovative credit solutions

The bank has reimagined ways to support customers with its R1bn SME Bounce Back Loans and new financial solutions for alternative energy

UBA, Zenith Bank, Four Others Declare N389.8bn Dividend in Two Years

The dividend pay out is on the back of N1.32 trillion profit after tax (N691.97billion in 2022 and N631.41 billion in 2021) financial year.

The Reserve Bank’s new plan to secure bank accounts in South Africa

CODI aims to put South Africa on par with its international peers and further align its financial sector to the principles of international standard-setting bodies.

KCB, Equity raise loan reserves by $154m in bid to protect gains

KCB Group more than tripled its statutory loan reserves and increased loan loss provisions during the same period.

South Africa’s Peach Payments lands $31m Series A funding

“We want to be the infrastructure layer they build their business on. This was our original vision when we started, and is more relevant today than ever,”

Use of multiple bank accounts declines to 48pc

The banking industry has benefited from the use of multiple accounts, allowing several institutions to earn revenue from a single customer.

Retail Banking