Managers of Wealth Africa

World Bank backs Central Bank of Kenya interest rate hike

The shilling has been the biggest gainer among currencies in Sub-Saharan Africa on a year-to-date basis

Warning for directors in South Africa

This was outlined by legal experts at ENS Africa, Wandile Ndabambi and Atlegang Raganya, who said that this is stipulated in black and white in the Pension Funds Act.

Subsidies, tax breaks detrimental to production, says IMF

The report also noted that many countries were ramping up industrial policy to boost innovation in specific sectors

Bad news for interest rates in South Africa keeps coming

That’s prompted traders to erase bets on monetary policy easing in South Africa.

‘Old’ African Bank funders get R600m payout

The total extraordinary payment of R600 million is made up of the R500 million indemnity plus an additional R100 million

Nigerian Banks’ New Paid-In Capital Rules to Spur Equity Issuance, M&A

Some small and medium-sized banks may struggle to raise the necessary capital, leading to increased M&A.

Bank of Ghana’s higher cash reserve requirement for commercial banks is counterproductive – Kwakye

The Central Bank at its last Monetary Policy Committee meeting in March 2024 announced an adjustment for the existing Cash Reserve Ratio of 15%

Uganda taps into Islamic banking market with entry of Salaam Bank

The two countries are among a growing list of Sub-Saharan African states placing greater emphasis on Sharia-compliant financial products as alternative financing

IMF faces push to cut billions in fees for large borrowers

The IMF released a statement last week saying that ‘a number’ of its board members were open to reviewing policies around surcharges.

Absa CEO: Why sustainability is next frontier in driving lenders' bottom lines

The new requirement tasks firms to disclose their environmental, social, and governance (ESG) goals and communicate the company’s progress and efforts to reach those goals.

Forex losses hit currency dealers as CBN slashes BDC rate to N1,117.5/$

Analysts attribute naira appreciation to CBN policies

South Africa unlikely to be struck off greylist, says Nedbank CEO

Inclusion on the so-called greylist means financial transactions with a South African component are subject to enhanced due diligence.

Interest rates on Treasury bills drop first time in two years

Investors bid Sh28.4 billion for the three papers, representing a performance rate of 118.65 percent from the Sh24 billion on offer, with the Central Bank of Kenya (CBK) accepting Sh26.1 billion.

Microsoft faces CompCom complaint as cloud probes grow

Regulator to raise concerns over Azure’s switching costs.

Kenya set for Sh131 billion new IMF financing June

The disbursement awaiting both staff-level agreements and the nod from the IMF executive board is expected to be the largest access yet from the programme approved in 2021.

Sars follows the money

Targeting big-ticket taxpayers and their ‘trusted advisors’ in its efforts to be South Africa’s Robin Hood.

Ramaphosa signs off three new laws for South Africa

Despite signing the Bills, the President still has 23 Bills on his desk waiting to be signed, which have passed through the National Assembly and National Council of Provinces.

Discovery Bank issues fraud alert – scams to look out for in South Africa right now

The alert noted that the bank had flagged a spike in ATM fraud.

Single account nightmare for banks as State starts audit

According to the Treasury, public entities held more than 33,000 bank accounts locally as at January 2023.

Steady dollar supply pushes naira to 1,262/$

This means the local currency hasSteady dollar supply pushes naira to 1,262/$ continued its positive streak against the green with expectations of further appreciation.

Regulation,Tax & Compliance