12/27/2022
CBN monitors 6,047 BVNs over suspected fraudulent transactions
The report also noted that 11,871 BVNs have been watch-listed as deceased persons this year.
Regulation,Tax & Compliance
12/27/2022
Ghanaian Banks’ Capital to Weaken on Sovereign Debt Restructure
The LC debt exchange, launched on 5 December, comes alongside Ghana’s efforts to secure IMF support. Fitch views it as a distressed debt exchange and downgraded Ghana’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘C’ fr
12/27/2022
Afreximbank Spends $1.5B to Promote Trade Finance in Caribbean
Afreximbank, or the African Export-Import Bank, aims to “finance and promote intra-and extra-African trade.”
12/23/2022
CBN raises cash withdrawal limits
According to the CBN, any withdrawal above the set limits must be approved by the Managing Director of the bank in writing.
12/23/2022
Beware these insurance scams on the rise in South Africa
Insurance sales scams refer to a customer applying for a loan and are requested to make a deposit into the scammer’s bank account.
12/23/2022
2022 Review: Confidence in the African Development Bank Increases!
For its part, the Board of Executive Directors, led by the Bank's President, Akinwumi Adesina, took seriously the looming threat of food and social crises in African countries in the wake of Russia's war in Ukraine.
12/22/2022
Moroccan Assets Controlled by BANK OF AFRICA Protected by New Security Partnership
Building an intricate anti-fraud culture is paramount to the growth of pan-African banking.
12/22/2022
Kenya to spy on accounts of ministers, judges in IMF deal
The proposed amendments to the Proceeds of Crime and Anti-Money Laundering Act and Regulations are aimed at preventing the laundering of illicit proceeds from corruption.
12/21/2022
Algeria, Germany sign MoU to build 50 MW hydrogen plant
“This project will allow Algeria to benefit from the experience of Germany, whose industry is at the forefront in the field of new and renewable energies,”
12/21/2022
IMF reveals special audit of spending in Uhuru last days
Another Sh9.45 billion was allocated for road construction and Sh6 billion for the purchase of a 60 per cent stake in Telkom Kenya, turning the operator into a parastatal.
12/21/2022
Banks reduce new naira notes per cash withdrawal
As CBN releases security features
12/20/2022
Ghana suspends part of foreign debt payments
“This suspension will include the payments on: our Eurobonds; our commercial term loans; and on most of our bilateral debt,”
12/20/2022
CMA issues four licenses to financial intermediaries
Vedman Capital Limited has been licensed as an investment adviser, to primarily advise clients about investments in the capital markets and where an agreement exists with a client, while Pergamon Financial Services has been licensed as an Investor Bank.
12/19/2022
How Pension Funds are Invested under Multi Fund Structure (4)
The regulation aims to promote financial inclusion within the Nigerian Financial System, establish standards and procedures for managing the Fund VI by licensed PFAs.
12/19/2022
South Africa’s new ‘two-pot’ retirement system – everything you need to know
The new system is set to come into effect on 1 March 2024.
12/19/2022
Government takes giant step to prevent potential greylisting
Important legislation will be in place when the global financial crimes watchdog meets in February.
12/19/2022
KCB finalises acquisition of DRC bank after regulatory approval
KCB announced the acquisition deal with TMB shareholders in August, and is expected to close by end of this month.
12/19/2022
Angola: African Development Bank Group approves $10million Trade Finance Transaction Guarantee to Banco Fomento de Angola S.A. (BFA)
The African Development Bank will provide up to 100% guarantee to participating banks for the non-payment risk arising from the confirmation of letters of credit and similar trade finance instruments issued by BFA.
12/19/2022
Sanlam-Allianz venture set for completion in six months
The agreement is subject to certain conditions precedent that Sanlam and/or the Allianz Group would be required to fulfil for each jurisdiction.
12/16/2022
IFC, Nimble Group, and South African Lenders Launch Facility to Help Resolve Distressed Assets
The facility of up to ZAR 2.8 billion capital (equivalent to $165 million) will acquire NPLs in Botswana, Eswatini, Kenya, Lesotho, Namibia, and South Africa and invest in financially distressed businesses in South Africa.