Managers of Wealth Africa

The offshore cash conundrum solution

Offshore policy wrappers offer some real solutions to some of the potential issues with investing offshore.

CBN approves new cheque standard for banks

A new cheque standard has been approved by the Central Bank of Nigeria.

NDIC set to pay insured depositors of liquidated Femaz Microfinance Bank

The affected depositors are to present their cheque books, passbooks, and other proofs of account ownership, together with a valid means of identification on alternate account.

Banks shouldn’t lend to states without our approval – FRC

On lending to states by DMBs, the communique read in part, “No commercial bank should lend money to states without approval from the FRC, in line with the provisions of the FRA.”

Portuguese regulator calls for criminal prosecution of auditors following Luanda Leaks

The regulator also identified situations in which auditors failed to identify parties to transactions, lacked adequate documentation to show “economic substance of underlying transactions” and did not maintain ”professional skepticism,&a

Nigeria widens markets’ depth with central counterparty clearing houses

SEC’s approval-in-principle has been described as a ground-breaking development which opens up the financial markets to possibilities of permissible products.

Kenya and France sign three bilateral deals to boost economic ties

The highway is one of the largest PPP projects in Eastern Africa.

African Development Bank wins global award for COVID-19 bond issue

The winners of the GobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years

Ghana should consider revising pension age

According to Mr Atta Krufi, Ghana’s retirement age of 60 years could result in losses in the workplace in both human and financial resources.

Announcement from the Ministry of Financial Services and Good Governance - Mauritius

Mauritius had already agreed to implement a detailed Action Plan within an agreed timeline with the FATF, to be removed from the FATF list and subsequently from the EU list.

Monetary policy failed to cushion consumers in Q2

This failure had two main components.

ICA to offer financial crime prevention education in East Africa

The need for effective financial crime prevention training has never been more pronounced

Bank eyes Mozambique, South African markets

The bank said the first is an initial cash consideration for a 49 per cent shareholding, increasing to a majority stake in the second tranche.

Treasury reopens long-term bonds in Sh50 billion sale

The government is targeting to raise Sh50 billion from the two-tranche bond issue, intended for general budgetary allocation.

Banks get CBK's nod to start blacklisting loan defaulters at CRBs

The CBK announced the suspension of CRB listing for loans that were defaulted after April 1, and the relief was to last for six months to September 30.

Lenders exempted from mortgage cap in State-backed plan

KMRC will lend to banks and financial co-operatives at an annual interest of five percent, enabling them to write home loans at rates lower than average market rate of 11.94 percent.

Opec Fund lends Sh2bn to bank for SME loans

Ms Vivienne Yeda, the director general of EADB, said the funds will be deployed to "promote enterprises that generate employment opportunities, social economic development and consequently promote regional integration."

New case deals with the freezing of bank accounts in South Africa

“In the matter of Houtbosplaas (Pty) Ltd v Nedbank Ltd, the applicant companies had a complex shareholding structure. In essence, the shares were held by four registered trusts,” said Janse van Rensburg

Booming Africa crypto adoption sparks regulation concerns

The rapid growth of blockchain technology in Africa has raised concerns over a heavy-handed regulatory response that would hinder local innovation.

US, Somalia ink debt relief deal

Mr Yamamoto stated that the US commends Somalia on its efforts towards economic reform.

Regulation,Tax & Compliance