Managers of Wealth Africa

Plan to encourage Islamic banking faces setback

The Bank of Ghana has over the past three years maintained that it is working to encourage the establishment of an Islamic Bank in Ghana.

The greatest growth story of the twenty first century?

Once dominated by mining stocks, it is now a far more modern and diversified bourse, where industrial and financial counters play a much bigger role.

KENYA: More regulation needed in the banking sector

Ultimately, small banks will need to re-evaluate whether they are 'too small to succeed', and whether consolidation is the better option.

Global remittances slow, while regulation restricts access

Workers' remittances are a significant part of international capital flows, and the inspiration of many bitcoin and blockchain companies.

Plan to encourage Islamic banking faces setback

Under the current banking laws, an institution that is granted provisional license has about six months to recruit personnel

Central Bank of Kenya seeks powers to name rogue banks

Officials of the Bank Supervision Unit said the sanction was necessary to make sure banks respect the directives of the CBK as a regulator.

South African Reserve Bank Sees Potential For Real Bitcoin Growth

It is always good to know how several banks around the world feel about Bitcoin, even though the outcome will be identical in most cases.

UBA, GTB, Zenith and Sterling Banks fined N3.2bn by CBN

Others are failure of the bank to meet the deadline for transfer of funds to the TSA, N4m

KBA threatens to expel banks condoning malpractices

Corporate governance malpractices have led to the shock closure of Chase, Imperial and Dubai banks in nine months

Joint statement on the fight against illicit financial flows, by OECD Secretary-General Angel Gurría and Thabo Mbeki, Chair of the High Level Panel on Illicit Financial Flows from Africa

While there has been significant progress in the past few years due to a global crackdown on opacity and secrecy in financial and tax matters, more needs to be done.

Seychelles issues guidance to financial institutions on FATCA reporting

Seychelles is negotiating a Model 1B IGA with the US. On May 28, 2014

South African regulator approves IDS hedge fund hosting schemes for 83 hedge funds

IDS identified the need of hosting many hedge fund managers who prefer not to own or run their own CIS Management companies.

Capital Markets Authority moves to assure investors in Chase Bank subsidiary

The bank's first tranche of the issue was oversubscribed by a whopping 161 per cent, raking in Sh4.8 billion against a target of Sh3 billion.

Central Bank of Kenya governor mocks investors’ appetite for caps and power-banks

Central Bank of Kenya Governor Patrick Njoroge has scorned shareholders for reducing annual general meetings to discussions on umbrellas and caps.

Africa’s offshore wealth: feeding inequality

Rise of Africa’s rich has been good business for banks but less good for development

Update 1-Kenya central bank evaluates offers for closed Chase Bank

Mid-sized Imperial Bank was taken over in October after fraud was uncovered. Two months earlier, smaller lender, Dubai Bank, was put in receivership.

New Bank of Ghana governor commits to IMF plan to stabilise economy

At the same time, gross domestic product growth has fallen from about 14% in 2011 to 4.1% last year

8 Banks Pay N3.32bn As Fine In 2015

For contravening various rules, including late remittance of funds under the Treasury Single Account guiding the Nigerian banking industry, eight banks last year paid a total fine of N3.323 billion.

Central Bank of Kenya Puts Third Lender in Receivership

Chase Bank, which will be in receivership for one year, suffered a rapid loss of liquidity as customers withdrew their deposits over concerns about the lender’s viability and management.

Banks strengthen offshore operations

The Central Bank of Nigeria had set N100 billion minimum benchmark for a bank’s offshore licensing, in order to ensure that only highly liquid lenders operate offshore units.

Regulation,Tax & Compliance