Managers of Wealth Africa

In a bid to make banking more digital-first, are we leaving the unbanked behind?

Are we as bankers so blinded by the bright lights of the digital realm that we can no longer see the needs of the unbanked?

Absa’s top executives’ massive payday – earning a collective R207 million

Return on equity (RoE) improved to 15.6% from 14.6%, and net asset value (NAV) per share grew by 4% to 16,255 cents.

Dark clouds gather for businesses in South Africa

84% of lenders in South Africa are pessimistic about growth, an increase from 69% last year.

Investors undervalue banks despite increased earnings

Analysis of lenders’ price-to-book valuations –which indicates the value that market participants attach to a company’s shares relative to its net assets

Best credit card deals in South Africa

Nedbank and Standard Bank offer credit cards with the lowest management fees at R40 per month.

South Africa the biggest loser among major economies

As announced in March, the IMF has cut South Africa’s GDP growth outlook to a paltry 0.1% for 2023, showing that the country is flirting with a full-year recession.

Reserve Bank isn’t winning many friends with new proposal

Proposed changes include structural reforms, deregulation of the nation’s transport and electricity sectors, lowering the inflation target and a shift back to predictable, transparent fiscal policy rules.

The sector standing strong in South Africa’s storms

The bank collapsed mainly due to the US Federal Reserve’s (Fed’s) aggressive interest rate hikes over the last year, which crippled financial conditions in the startup environment in which SVB was a notable player.

South Africa's Gupta extradition bid from UAE fails

Some of the paperwork was either incorrect, in the case of the fraud charge, or missing, in the case of the corruption charge, the statement adds.

South African households are in trouble

The hike marked the ninth consecutive increase since the start of the rate cycle in November 2021. Rates are currently at their highest point since the year of the global financial crisis.

African Development Bank facilitates 3rd Structured Dialogue Platform meeting in Harare on Zimbabwe Arrears Clearance and Debt Resolution process

The next structured dialogue platform meeting will take place in Harare in late April/early May and will be followed by a high-level debt resolution forum meeting on the 11th of May.

Number of jobless Kenyans rises to 2.97m after polls

More than half of Kenyans without jobs or 1.54 million people were between 20 and 29 years, underlining the growing crisis of youth unemployment.

African billionaires flee the continent

How the mega-rich are preparing for a new post-Covid world elsewhere

Nigerians in Diaspora worry hardship may reduce remittances

It noted that two in three consumers (63 per cent) of the Nigerians who took part in its survey stated that they collect funds at least once a month, with 70 per cent also transferring money abroad at the same rate.

Middle class to pay Sh2.7bn more per month for power

The new tariffs will see electricity prices increase by between 15 percent to 20 percent on average from next week, setting up consumers for higher prices of manufactured goods.

The richest people in South Africa in 2023 – including a billionaire who doubled his fortune

In addition to this, total billionaire wealth was also down 10% compared to last year, with the richest people in the world worth a cumulative US$13.7 trillion.

What to expect from the Reserve Bank’s interest rate decision this week

Old Mutual Wealth strategist Izak Odendaal also sees the SARB hiking rates by 25bps – but thinks that the rate should hold instead.

Government fails businesses in South Africa

The Health Department was the worst offender and owed more than R55 million to businesses in roughly 2,000 invoices by the year’s end.

SA-born Credit Suisse finance boss is at the centre of rescue battle

Credit Suisse has been bleeding billions following the collapse of the UK lender Greensill Capital and the US investment firm Archegos Capital over recent years.

Africa accounts for 55% of world’s poor – ECA

And we have estimated 548 million Africans living in poverty in 2022 and 149 million at risk of falling into poverty in the same year.

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