05/26/2023
Wealthy Kenyans' dollar stash in banks hit record $7.7bn
The increase comes despite a number of pronouncements by President William Ruto to urge Kenyans to release their dollar stockpile amid a weakening shilling.
Regulation,Tax & Compliance
05/26/2023
Banks recapitalisation: BoG urged to be supportive
The debt exchange exercise which was mostly patronised by players in the banking sector resulted in creating serious financial challenges as 16 of them recorded heavy losses at the end of the 2022 financial year.
05/26/2023
Rand tanks after SARB rate hike
“We adjust our policy stance to deal with the effects of the exchange rate on inflation – so we are responding to inflation, not the exchange rate.”
05/25/2023
Economists expecting a big rate hike today
An increase of that size would be the first back-to-back 50 basis-point hikes in 15 years, when the fallout from the global financial crisis weighed on the local currency.
05/25/2023
Joburg plans big changes to load shedding hours
State power utility Eskom is subjecting South Africa to outages that add up to as much as half a day because its dilapidated equipment can’t meet demand.
05/25/2023
FG approves NIN, debit card merger
This is as the Federal Executive Council, on Wednesday, approved a memo from the National Identity Management Commission allowing banks to print debit cards that double as National identity cards.
05/23/2023
Strict new BEE laws could result in 600,000 job losses: DA
The new laws give the employment minister the authority to establish specific numerical goals for the racial and gender diversity of designated businesses
05/23/2023
Banks cut mortgage terms by a year, raise interest on defaults
Banks increased interest rates on home loans in line with a decision by the apex bank to raise basis points, piling pressure on potential homeowners.
05/23/2023
CBK clears 20pc sale of Nyachae-linked Credit Bank
“CBK welcomes this transaction that will diversify and strengthen the resilience of the Kenyan banking sector,” said the regulator in a statement. The CBK did not disclose the value of the deal.
05/22/2023
Nigeria records forex supply of $15.2 billion via official window
One of the factors that contributed to the depreciation of the naira in 2022 was the lack of forex supply from the BDC market.
05/19/2023
SARS is stepping in to keep food prices lower in South Africa
In South Africa, the cost of petrol and diesel includes various levies and taxes that make up 31% of the total cost
05/18/2023
South Africa could slip into a dangerous ‘feedback loop’
Tighter monetary policy risks “creating a feedback loop for the rand,” Andrew Matheny and Bojosi Morule wrote in a note to clients.
05/18/2023
All resolutions approved at Ecobank Transnational Incorporated’s 35th Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM)
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.
05/17/2023
IGAD central banks revive push to cut remittance fees
The cost of intra-regional remittances transfer among the IGAD member states stands at 10.6 percent
05/17/2023
‘Difficult trade-offs’ coming to keep South Africa afloat
Godongwana said that key among these is the outcome of the public sector wage negotiations, which the budget did not pre-empt.
05/16/2023
Banking licenses unjustly cancelled to be restored, laid-off staff to regain jobs – Mahama
Aside from reviving the collapsed indigenous banks and other businesses, he said allowing for local participation and ownership in them will be a priority to revamp the country’s ailing economy and create more employment for the citizenry.
05/12/2023
Shareholders reject scheme of arrangement proposed for Union Bank and Oando acquisitions
The transaction will be implemented by way of a Scheme of Arrangement between the bank and the bank’s shareholders (the Minority Shareholders).
05/12/2023
South African rand sinks to new 3-year low as power concerns flare
Struggling power utility Eskom is implementing the worst power cuts on record lasting more than 10 hours a day for some households and businesses
05/12/2023
SARS changes VAT registration rules after flood of suspicious activity
All new applications for VAT registration will be subjected to a more stringent registration process
05/11/2023
Reserve Bank sharpens its tools for interest rates in South Africa
The monetary policy broadly refers to the process by which central banks such as SARB manage the supply and demand of money to achieve economic objectives such as price stability and economic growth.