Managers of Wealth Africa

Kenya is overhauling its national healthcare scheme after 58 years

Insurance Fund for advanced services at larger hospitals, and the Emergency, Chronic and Critical Illness Fund to cover emergency and long-term treatments.

Good news for interest rate cuts in South Africa

The central bank’s forecasts see consumer price growth settling at 3.6% in the last quarter of this year and averaging 4% in 2025.

SEC: Smart Regulation Catalyst for Inclusive Growth, Investors Protection

Agama said the SEC has adopted a Regulatory Incubation (RI) Programme, which allows fintech firms to test their business models

HSBC and Bidvest Bank fined millions for non-compliance

HSBC failed to conduct adequate customer due diligence

New bank branches for Smart ID and passports in South Africa incoming

The public-private partnerships would allow the banks to use their employees to run the service while Home Affairs staff are moved to other projects.

PenCom okays ARM, Access Pensions merger

It noted that the merger was expected to achieve economies of scale and improve operational efficiency within the new entity, adding that Retirement Savings Account holders could anticipate enhanced services and benefits.

The African Development Bank approves a trade finance facility of EUR 70 million for Bank of Africa Morocco to promote trade in Africa

The facility comprises a Risk Participation Agreement (RPA) of EUR 50 million and a Trade Finance Line of Credit (TFLOC) of EUR 20 million.

African Development Bank takes $10 million equity stake in Kenya’s Dhamana following anchor investment from Private Infrastructure Development Group

Dhamana will support access to financing for key sectors including transport, water, renewable energy, and waste management.

BoG launches gold coins to enhance stability of Cedi – cuts policy rate by 200 basis points

Dr Addison stated that the GGC, issued and guaranteed by the BoG could be purchased in Ghana through commercial banks across the country

African Development Bank Group’s Sustainable Energy Fund for Africa approves €6 Million for Desert to Power - Burkina Faso Solar Project

The project involves designing, constructing and operating an 18-megawatt solar power plant in Dédougou

Eskom-sized problem for interest rates in South Africa

The yield on Eskom’s unsecured 2028 bonds declined seven basis points Thursday to trade at 6.78%, its lowest level since November 2021.

N70,000 minimum wage: FG begins payment, salaries rise to N4tn

The amount was calculated per annum.

Rand could break through R15 to US dollar

The biggest driver behind the current rally is an interest rate cutting cycle in the United States, but with confidence on the home front also a factor.

Bank of Ghana reports 455 per cent surge in loan data submissions in 2023

However, in the business loan segment, banks dominated, contributing 67.6 percent of all business-related submissions—a trend that has remained consistent in recent years.

CBK directs financial institutions to switch to international electronic payment standard

The proposed CBK date to go live for the new system is September 30.

Kenyan High Court Rules Privatization Law Is Unconstitutional

The privatization law was meant to accelerate the process of divesting from some state-owned companies

Eight banks rake in N4.8tn from loans

In July, the MPC raised the interest rate by 50 basis points from 26.25 per cent to 26.75 per cent.

The JSE’s problem children

Several listed companies remain suspended due to the late publication of results, and some have other serious problems too.

New financial solution to defend clients against banks overcharging

These include overdrafts, revolving credit plans, medium-term loans, home loans, vehicle assets finance, and thoroughly examines the terms of their lending agreements.

South Africa to lead the way on interest rates

This will result in a cautious rate cycle across Africa for the rest of 2024 and into 2025, with central banks prepared to continue to run quite significantly real positive policy rates to limit currency depreciation.

Regulation,Tax & Compliance