Managers of Wealth Africa

African Bank report out soon

An investigation into whether fraud or reckless lending was responsible for the collapse of African Bank Investments in August 2014 will be published by the South African Reserve Bank by year end.

IMF comes to town

THE International Monetary Fund team will jet in tomorrow for a review of the second economic reform plan for Zimbabwe amid indications that the country has met some of its set targets.

Investors lose Sh470 billion in six months as companies bleed

Investors have lost about Sh470 billion on the stock market since prices of shares started falling six months ago, bruised by a volatile Kenyan currency, inflation and high interest rate regime. The losses have seen companies listed on the Nairobi Securit

African Bank Wins Regulator Approvals to Set Up `Good Bank'

The “good bank” has applied for a credit provider license from the National Credit Regulator

Protocol Amending Cyprus-South Africa Double Tax Agreement Signed

The protocol aligns the definition of a 'resident of a contracting state' with the 2010 Organisation for Economic Cooperation and Development Model Convention.

Banks may benefit from new CBN policy reviewing COT

The CBN also requested the banks to send a list of products and services that were existing as at 31 March 2013

South Africa's Abil says its "Good Bank" receives approval from central bank

Troubled South African lender African Bank, said on Thursday its so-called "good bank" has been given a go-ahead to start operations by the central bank

CBK orders liquidation of Dubai Bank Kenya following cash flow problems

The recommendation was premised on the review of Dubai Bank Kenya Limited by KDIC after appointment as receiver by CBK.

CBN Finalises Guidelines for Diaspora BVN Enrolment

The banking sector regulator explained that the plan was to roll out in 12 locations in the first phase.

Proposed Unilateral Extension of Prescription by SARS

A number of issues arise from this proposed amendment.

FATCA legislation to impact SA financial services sector

FATCA is poorly understood and adopted by companies in South Africa, mostly because it is perceived that the expertise level required for compliance is low and compliance measures are expensive.

Taxation of estates to also be revisited?

The Minister of Finance instructed the DTC to enquire into “the progressivity of the tax system and the role and continued relevance of estate duty to support a more equitable and progressive tax system”

Attractive tax rules for foreign expatriates

These individuals also more commonly known as 'short-term business travellers' are generally physically present in SA for periods ranging from two weeks to four months at a time.

Banks Win Bid To Manage Lagos Treasury Single Account

LEADERSHIP investigation showed that the bank chiefs and financial experts had also met with the state government officials to ruminate on the modalities of maintaining a single account for all the transactions in the banks.

Bank closures: DPC pays out $2,6 million

THE Deposit Protection Corporation has so far paid out $2,6 million to 9 495 depositors of six banks that were closed since 2012 and says it is lobbying for a separate insolvency regime or additional legal provisions for banks.

Sudanese media highlights Saudi 1$bn deposit offer for Khartoum

Some of the newspapers analysed the probabilities of the economic survival due to the deposit.

BOV refutes allegations of fraudulent transaction

Bank denies claims that €70,000 were fraudulently withdrawn from fund managed by BOV subsidiary

As Africa tightens money policy, Botswana goes the opposite way and lowers interest rates

Central banks in South Africa, Ghana, Angola, Kenya and Uganda have raised interest rates this year to ease pressure on their currencies.

Skye Bank Attains IT, Security Management Certification

The Central Bank of Nigeria had made the certifications statutory for banks as a way of expanding their capabilities in IT and security management systems as well as business continuity management.

Kenya Central Bank Urges Slower Pace on Bank Consolidation

Kenya, with a $55 billion economy, has 43 commercial banks and a mortgage-finance company, according to the Central Bank of Kenya.

Regulation,Tax & Compliance