Managers of Wealth Africa

Nigerian billionaires lose billions amid COVID-19 pandemic

Nigerian billionaires recorded more losses than gains amid COVID-19 due to the volatility of the stock market occasioned by the killer disease.

Study shows consumers in Middle East & africa move to contactless payments for everyday purchases, seeking touch-free payment experiences

In a Mastercard global consumer study, seven in 10 in the Middle East & Africa say they use contactless payments

Ecobank records significant increase in customers adoption of digital channels

Ecobank Pay, our payments platform saw a 61% increase in merchant acquisition numbers to 195,000 merchants.

UBA Delivers Impressive Returns on Investment, as Shareholders Applaud Bank’s Support in Fight against COVID-19

In his opening statement. UBA’s Group Chairman, Tony O. Elumelu, noted that this was a very special meeting, held in extraordinary circumstances.

Africa’s Challenges in a Post-Covid-19 Era

Health systems and infrastructure across the continent looks fragile and the economic impact of a rapid rise in cases of the virus will be widespread and significant.

S&P downgrades SA's credit rating further into junk, citing impact of coronavirus

The group expects SA's headline fiscal deficit to widen to 13.3% of GDP in 2020, leading to net debt levels rising to over 75% of GDP by the end of this year.

South African Treasury Sees Substantial Revenue Shortfall Due to Virus

Its revenue-collection estimate for the fiscal year through March 2021 was 1.43 trillion rand in the Feb. 26 budget.

South Africa needs a wealth tax to help stop coronavirus worsening inequality

It is in line with the recommendations recently made by the International Monetary Fund to equitably attain fiscal sustainability and better position the economy for post-COVID recovery.

Coronavirus’ clarion call for Africa’s self-reliance

Only about a third of African countries have GDPs that are actually more than the USD27.7 parcel above.

Mboweni sees economy contracting by 6.4%, struggling Land Bank saved

The funding reprioritisation could include delaying some spending on infrastructure, Roy Havemann, the Treasury’s chief director of financial markets and stability, said on the call.

6 best long-term, affordable local shares to buy, right now

Right now, there are several companies with share prices that look very attractive, especially for investors who take a longish view.

Coronavirus: why South Africa needs a wealth tax now

Based on our new study on wealth inequality in South Africa, we propose a progressive solidarity wealth tax.

'The Biggest Risk in Banking is People’ – Victor Asemota Advocates Dumping People for Technology in Banking

According to Victor, the system will build and own its own software or depend largely on open-source technology.

Kenya's economic growth slowed to 5.4% in 2019 -finance minister

The telecoms sector grew by 8.8% in 2019, down from 11.3% in 2018, Yatani added.

StanChart sees key markets leading quick economic recovery after loan losses hit first quarter

Increased credit impairment and provisions for an expected increase in loan losses pushed pretax profit for January-March down 12% from the same period a year earlier to $1.22 billion, the London-headquartered bank said in a stock exchange filing.

Banks to develop more innovative SME funding

Compounded with their inability to access affordable credit, a significant number of them are now at risk of closure which will inevitably lead to mass layoffs.

Moody's sees SA in recession, outlook for banking system negative

The ratings agency has changed its outlook for the South African banking system to negative from stable, it said on Monday.

De Beers' Namibia diamond venture boosts output by nearly 6% in Q1

The Bankers Association of Namibia and the Economic Association of Namibia both now expect diamond mining to contract by 7.5% or 700 million Namibia dollars in 2020.

Moody’s revises Nigeria banking outlook to negative

Nigeria’s largest banks, however, will continue to benefit from high government support.

Report: Top 10 most attractive banks in Kenya

Diamond Trust Bank Kenya took the top position from a future growth opportunity perspective; however, it had a weak franchise score moving it to position 5 on the weighted score.

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