Managers of Wealth Africa

KRA nets Sh174m in digital service taxes in six months

In total, the taxman has registered 178 firms under the tax head.

Over 1,900 businesses shut down in South Africa – these sectors were hit the hardest

Most of the businesses that closed in the country were in financing, insurance, real estate, and business services, followed by trade, catering and accommodation.

New rules for crypto ads in South Africa – including warnings that you could lose your money

Advertisements must expressly and clearly state that investing in crypto assets may result in the loss of capital

Why States Should Implement Contributory Pension Scheme

The National Pension Commission (PenCom) reviews draft state Pension Laws and supports states in implementation.

What to expect from interest rates in South Africa this week

More than half (59%) of the panel think the rate will be increased by 50 basis points (bps), while a third (33%) predict just a 25bps increase.

Ramaphosa wants Eskom to halt price hikes

Ramaphosa’s comments come after Eskom said the country could face two years of persistent blackouts as it overhauls its ageing power stations. He spoke in the central Free State province.

Uganda to raise capital requirements for forex bureaus, money transfer firms

Existing regulations governing those businesses were enacted in 2004, and the higher capital requirements are designed to help the central bank effectively handle fraud complaints and instil market discipline, the finance ministry said in a statement

South African law firm ordered to pay over R5.5 million to victim of email fraud

The seller appointed ENS as the conveyancing attorney.

Zenith Bank Ghana ceases operations as a Trustee in securities industry and capital market

It added that this is to promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

Banks reject amended debt exchange offer

However, in the event that a bank may have to move forward to exchange, the MD/CEO must inform the CEO of GAB directly of the decision,” according to the letter sent to the banks.

Reserve Bank testing ‘digital rand’ in South Africa

A CBDC is a digital version of a country’s fiat currency issued and controlled by the country’s central bank.

Regulator punishes 10 insurance firms, triples industry fines

The rise in penalties from Sh17.6 million in the preceding year and Sh2.7 million in 2019 comes on the back of increased focus on the sector over the stability of some of its players as customer complaints mount.

Fraud perpetrated by bank staff rises, says FITC

The number of bank workers that were sacked in second quarter 2022 due to fraud represents a 90 per cent increase compared to 10 recorded in Q1 2022.

General Laws Amendment Act – is your company prepared?

The purpose of the new act is to address any shortcomings in the current legislation that deals with combatting money laundering and terrorist financing.

Job cuts at one of South Africa’s biggest companies

“The 2020 tobacco sales ban resulted in an explosion of growth for the illicit market. This has continued even after the ban on tobacco sales was lifted.”

EAC to set up regional central bank this year

The single currency will ease business and movement of persons within the region, which would achieve the bloc’s goal of becoming as envisioned in the Common Market Protocol.

Group seeks deadline extension for acceptance of old Naira notes

Already, there are strong indications that a new date may be announced before or during the CBN Monetary Policy Committee (MPC) meeting coming up on Wednesday, January 25, 2023.

CBN begs traders to accept new naira notes

Ogbu advised the market men and women, “to ensure that you deposit cash holdings in these denominations (N200, N500 and N1,000) at your commercial banks”.

Africa Prudential bags more ISO Certifications

The certifications followed a comprehensive audit and evaluation exercise conducted by MSECB – an internationally recognised certification body.

Access Holdings planned takeover of Kenya’s Sidian Bank aborted

The corporation noted that “the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”

Regulation,Tax & Compliance