Managers of Wealth Africa

Salaam bank gets first Islamic banking license in Uganda

Islamic Banking is a phrase used to refer to the banking services that follow Islamic principles, which bar the charging of interest on a loan.

Kenya diaspora workers now face mandatory welfare levy

This is an innovative fund to address the plight of migrant workers.

Warning over new laws for businesses in South Africa

Proposals in the amendments would see it become compulsory to disclose the pay gaps between top executives and lowest-paid workers

Private firm withdraws case opposing Eskom’s new grid rules

The rules will also “compel applicants for access to undertake procedures which are onerous and prejudicial,” G7 Chief Executive Officer Kilian Hagemann said.

Growth in banking industry hinges on firm regulatory framework — Nigeria

Director General of SEC, Mr Lamido Yuguda, said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award recently

Uganda to allow financial institutions to sell Islamic banking products

President Museveni recently signed an amendment to authorise Sharia-compliant banking

Auditor-General warns of theft risk in single paybill payments

She told Budget and Appropriations Committee chairman at the event that she would raise the issue with the National Assembly.

Treasury says we need budget cuts, Ramaphosa disagrees

In 2020, the Treasury had forecast a primary surplus for three years as well as the stabilization of debt as a percentage of gross domestic product in 2025.

Kenya Treasury to mop up $3bn public funds from banks

The latest move is likely to cause a shake-up in the liquidity position of the banking industry in which government cash constitutes between eight and 10 percent of the total bank deposits.

Billions of rands in pensions have not been paid in South Africa

“Failure to pay over contributions as required is not only a contravention of the PFA but leads to prejudice and unfair outcomes for members,’ the FSCA said.

Access Bank Plc enters acquisition deals with 5 Standard Chartered Africa Shareholdings

The agreement with Access for the sale of the bank’s business in Sub-Saharan Africa is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.

NIN registration: FG records 48% of monthly target

This is as the number of Nigerians with National Identification Numbers increased to 102.39 million in August despite a slowdown in the number of enrolments.

Kenya banks’ lending to parent firms abroad up 61pc

The terms of the transactions the lenders have with their affiliate firms are normally not disclosed, but they are expected to treat the sister companies the same way they deal with other customers.

Banker calls for state of emergency on low literacy level in Northern Nigeria

A breakdown of the $6billion investment shows that a total of $1.2billion has been budgeted for the year 2023, $1.9bn for 2024 and $2.88billion for 2025.

Banks, 18 others, fined N125m for late filings

The rules also require quoted companies to submit interim reports not later than 30 calendar days after the end of the relevant period.

Central Bank of Kenya targets $145m from reopened bonds sale

The CBK took up Ksh11.7 billion ($80.8 million) on this paper, at an average rate of 16.97 percent.

Banks book Sh14bn forex gain from foreign units

The shilling depreciated by 18 percent

No new BRICS bank members to be announced at summit: CFO

NDB has already raised $4.5b this year and will raise at least $8b by the end of the year

5 new laws being finalised for South Africa – including changes to taxes and pensions

The new Draft Revenue Laws Amendment Bill states that the new “two-pot retirement system” will become operational on 1 March 2024.

Banks on scam alert to check identity theft

Various banks such as United Bank of Africa, Guaranty Trust Bank, Zenith Bank, First Bank have alerted their customers in different ways to fraud attacks

Regulation,Tax & Compliance