Kenya inflation hits 11 months high over new fuel tax
Agency Report
September 28, 2018
Kenyan inflation rose to its highest rate in nearly a year in September, the statistics office said on Friday, reflecting the impact of a new value added tax on fuel. President Uhuru Kenyatta’s government, which is struggling to boost expenditure while cutting its budget deficit, introduced a 16 percent tax on petroleum products at the […]
South African President Ramaphosa unveils plan for ailing economy
Anthony OgboSeptember 21, 2018
South Africa’s president, Cyril Ramaphosa has announced plans on Friday to set up a multi-billion-dollar funds for infrastructural development in order to revive the country’s ailing economy. Speaking a day after the central bank disappointed some in his ruling African National Congress (ANC) party by not cutting interest rates, Cyril Ramaphosa said the government needed […]
AfDB board approves non-sovereign operations policy
Businessam StaffSeptember 12, 2018
The African Development Bank Group has announce that its board of directors has approved its policy on non-sovereign operations (NSO). The policy represents the framework within which the AfDB through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility requirements on non-concessional […]
Kenya’s Central Bank slaps $3.89mn fine on 5 top banks for handling stolen funds
Adesola AfolabiSeptember 12, 2018
Kenya’s Central Bank on Wednesday fined five of its top commercial banks a total of 392.5 million shillings ($3.89 million) for handling more than $35 million, stolen from the country’s National Youth Service (NYS) agency. The banking regulator in a statement said its investigations led to Standard Chartered Bank Kenya, Equity Bank Kenya, Diamond Trust […]
South African Payments start-up, Yoco, raises $16m
Businessam StaffSeptember 10, 2018
South African fintech start-up Yoco raised $16 million from international and local investors in a private funding round, it said Thursday. Yoco offers a card reader and app, which allow users to turn smartphones into payment terminals and the company, started in 2015, is targeting small businesses that do not currently accept cards. Only seven […]
Afreximbank unveils programme to aid African banks in international transactions
Businessam StaffSeptember 4, 2018
The African Export-Import Bank (Afreximbank) says it has set up a trade finance facilitation programme to mitigate the stringent compliance and regulatory requirements imposed by international banks on African banks for trade confirmation lines. A statement on Tuesday by Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, quoted Amr […]
South Africa launches first electronic trading platform for government bonds
Businessam StaffAugust 30, 2018
The Johannesburg Stock Exchange (JSE) and the London Stock Exchange launched the country’s first electronic government bond trading platform, offering an alternative to traditional fixed-income trading via telephone or chat services. The new system offers public price transparency equivalent to that seen in currency and equity trading and will use real-time price data to enhance […]
British prime minister pledges additional £4bn support for African economies
Adesola AfolabiAugust 29, 2018
Theresa May, British prime minister, has pledged to boost Britain’s investment in Africa after Brexit with £4 billion, which would target growing the economies on the continent and create jobs for young people. May, who is visiting the continent as prime minister for the first time, gave the pledge in her speech delivered in Cape […]
4th annual Tony Elumelu Foundation entrepreneurship forum announced for 25th October 2018
Adesola AfolabiAugust 14, 2018
The Tony Elumelu Foundation (TEF) has announced October 25, 2018 as the date for its 4th annual TEF entrepreneurship forum. TEF, the largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem, will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, […]
ECA urges Africa to combat money laundering, bribery, tax evasion for increased prosperity
Businessam StaffAugust 8, 2018
African leaders need to combat bribery, money laundering and tax evasion if the continent has to finance its transition to middle income status and increase prosperity, according to Vera Songwe, the executive secretary of United Nations Economic Commission for Africa (ECA). Songwe, who spoke in a two-day African Leadership Forum (ALF) 2018 last week in […]