Managers of Wealth Africa

Standard Bank puts plans to exit ICBCS joint venture on ice

Results from the JV contributed to a 2% decline in the bank’s profit in the six months ended 30 June.

Trouble for SARS over eFiling fraud

SARS Criminal Investigations and the SARS Anti-Corruption Unit also pursue these matters.

States should pay new minimum wage

Many states are adamant that they cannot pay the new wage, or they will go bankrupt.

R500 per month relief for homeowners in South Africa right around the corner

Rising mortgage repayments have strained household budgets, making it difficult for many to meet their monthly obligations.

ANC’s plan to tap into pensions shot down

The FSCA has opposed the ANC’s proposal of introducing prescribed assets, stating that it will hurt the nation’s retirement outcomes.

R30 million payday for Reserve Bank bosses

Through its interest rate decisions, the central bank must ensure that it balances inflation and economic growth.

SEC approves extension of Access Holdings rights issue

The commencement of the Rights Issue subscription is an important step in our growth strategy

10 Banks Pay N1.66trn Into AMCON’s Trust Fund In 10 Years

AMCON had created the N1.5 trillion sinking fund, which was to be financed through the contributions of financial institutions in the country as well as the: Central Bank of Nigeria to cover losses on the NPLs.

South Africa to align foreign policy with economic interests

Pretoria’s refusal to condemn Russia’s invasion of Ukraine and decision to lay of genocide charges against Israel in an international court over its war in Gaza have been particularly contentious.

Top 10 Banks that got highest FX from CBN’s latest Retail Dutch Auction

The bid range for Union Bank was between N1,500.00/$1 and N1,600.00/$1.

FG pays NiMet workers’ 45-month minimum wage arrears

The unpaid arrears, which date back to 2019, had been a source of tension between NiMet management and its staff, leading to frequent clashes with labour unions.

Cashless transactions call for an end to printing banknotes

Extending the reach of financial services in emerging markets is a challenge and opportunity for traditional banks.

The new way scammers are picking their targets in South Africa

Banking fraud contributed to 45% of these incidents, followed by the microfinance sector at 19% and retail at 14%.

Nigerian banks remain resilient amid new policy

Banks are working to raise over N4 trillion to meet the CBN’s new capital requirements

More than half of banks would not require recapitalisation – World Bank

The Capital Adequacy Ratio was also relatively high at 13.9% in December 2023

South Africa’s big push to get off the grey list

FATF added South Africa to its list in February last year

Sharp rise in fx utilisation in Q1 ‘24

The expansion in Q1 represents the strongest q/q growth since Q4 ’21.

Sustained tightening amid heightened inflationary pressures

The committee voted to increase the Monetary Policy Rate

Central Bank of Kenya cuts rates by 25bp

First reduction in more than four years comes as inflation declines and CBK issues new banknotes

Nigeria Approves First Banking Merger Under New Capital Rules

Nigeria’s banks are striving to meet the new thresholds after the CBN lifted capital requirements tenfold in March.

Regulation,Tax & Compliance