08/29/2019
South Africa regulator warns against unregulated wealth firm
It promised 50% or more returns within 30 days
Regulation,Tax & Compliance
08/29/2019
Eskom will go bust by March unless funding model is executed – Treasury
One of the main conditions for the bail-out would be for Eskom to service debt and interest and not to pay bonuses.
08/27/2019
KRA targets doctors' payments from 12 foreign insurance firms
The insurance firms include UK-headquartered Bupa International Limited, American-managed health care company Aetna, Allianz Worldwide Care which is headquartered in Ireland, William Russell headquartered in the UK, IHI Danmark a Danish firm and British f
08/27/2019
Beware of the pitfalls when investing offshore
Some offshore jurisdictions - such as Malta, Gibraltar, Guernsey and Mauritius - allow clients to hold assets anywhere in the world in foreign currency, m
08/27/2019
Zimbabwe proposes amendments to thin capitalization rules
In general, Zimbabwe’s thin capitalization rules disallow for corporate tax excess interest where the debt to equity ratio exceeds 3:1.
08/27/2019
South Africa’s R5 circulation coin gets a new face
The SARB issued five new R2 coins over the past three months to mark South Africa’s 25 years of constitutional democracy
08/27/2019
Regulators to set up a pension solutions sandbox
Over 10 million Kenyans do not have any arrangements to save a portion of their income
08/25/2019
Tanzania central bank threatens hefty fines for lenders over data compliance
A Bank of Tanzania spokesperson confirmed to Reuters on Sunday the regulator issued a circular on Friday that imposes a fine of 5 billion Tanzanian shillings ($2.18 million) for lenders that have not set up an in-country data centre.
08/23/2019
Ghana’s Central Bank Pulls Licenses Of 23 Financial Institutions
Capping off the effort last week, Ghana’s central bank announced it had revoked the licenses of 23 savings and loans companies as well as finance houses and appointed a receiver to manage their affairs.
08/23/2019
President must do more than talk – HRM Oscar Yao Doe
The president expressed these frustrations in a meeting with Members of the Council of State on Tuesday.
08/22/2019
Former UN Economist Becomes Prime Minister in Crisis-Hit Sudan
Abdalla Hamdok set to head promised cabinet of technocrats
08/22/2019
Nigeria’s forex reserves might face $9 bln fine
The Nigerian currency is facing pressure on the international foreign exchange market with a further decline against the US dollar.
08/22/2019
Irresponsible Bank of Ghana caused banking crisis – Akufo-Addo
“As a result, look at the amount of money that the public exchequer on the first phase of the banking scandal; GHS13 billion, had to come from public funds to support the industry and make sure that the funds were secured”, the President noted
08/22/2019
Ghana’s Shutdown of Second-Tier Lenders Seen Risking 4,000 Jobs
The steps marked the end of an industry cleanse of lenders and second-level financial institutions that started in August 2017 and cost the government at least 12 billion cedis ($2.2 billion) in bonds and cash to cover depositors’ holdings.
08/22/2019
State currency order returns Sh25b in ‘mattress accounts’
The financial regulator acknowledges that some of the Sh196 billion could be money that Kenyans are using to buy goods and services with some in people’s pockets, but a good chunk of it could also be dirty money that has been kept out of circulation
08/22/2019
Ramaphosa to Brief Lawmakers as South Africa Seeks to Cut Spending
They were distributed to departments to guide their preparation for their budget proposals.
08/21/2019
Mozambique announces decision to join African Bank of Imports and Exports
The $ 1 billion fund is intended to help countries adjust to the sudden and significant loss of customs revenue, which is expected to be reduced and in some cases eliminated.
08/21/2019
MTN granted permission to bring digital banking to Nigeria
In May, MTN Nigeria listed in Lagos with a $6.54bn at the time debut that turned it into the Nigerian Stock Exchange’s second-largest stock by market value.
08/21/2019
Barbados: Kenya Ties On The Table
Speaking at a forum entitled ‘Strengthening Trade and Investment Co-operation within the ACP Framework Kenya-Barbados Private Sector and Other Stakeholders’ at the Lloyd Erskine Sandiford Centre, the Prime Minister suggested Kenya presented my
08/20/2019
GN Bank siphoned $62m - BoG
According to the Central Bank’s report, GN Savings and Loans transferred $62 million and another 718,000 Pounds Sterling to its sister company in the US without the knowledge of BoG and the Ministry of Finance.