Mobile money has turned into the main money rail across parts of Africa. The shift looks simple on the surface, but it is big: How Mobile Money Became More Powerful Than Banks in Parts of Africa is now a real business story, not a slogan. Telecom-led wallets, agent points, and quick transfers have reached markets […]
A Bahraini entrepreneur has announced the opening of a new smart cities management firm to transform the way modern cities work and develop. The company that has been created aims at providing holistic digital solutions that improve mobility, infrastructure effectiveness and experiences among citizens. The firm is a total ecosystem that integrates technology, automation and […]
Wema Bank Plc has reported a 32.5% increase in its after-tax profit for Full Year 2019 compared to the corresponding period of 2018. The full account of the bank’s financial performance in the review period is published in its Unaudited Financial Statements for the Period Ended 31 December 2019, posted on the website of the […]
With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies have recommended a provisional cut of 600,000 barrels per day in oil supply to the international market, in response to the Coronavirus outbreak, […]
Foreign investors have overlooked pertinent domestic risks and rushed into rand-denominated bonds, prompting the yields on 10-year government bonds to fall to their lowest levels in almost five months on Thursday. Global markets recovered this week as efforts to tackle the deadly coronavirus and positive news regarding US-China trade ties lifted investor sentiment. Foreign investors, […]
Cell C, which has defaulted on almost R3bn of debt, said on Wednesday it had renewed its sponsorship agreement with Sharks Rugby. “Our sponsorship over the last six years has proven exceptionally valuable as a brand engagement platform for our customers as we endeavour to connect with them through their passion whilst driving key brand […]
South African billionaire Patrice Motsepe apologized for telling U.S. President Donald Trump that Africa loves him, but warned the growing perception that the continent is anti-America may hamper investment. Motsepe’s remarks to Trump at a business dinner during the World Economic Forum in Davos last week sparked a debate among his countrymen who questioned his […]
Nigeria’s Minister of Communications and Digital Economy, Dr. Isa Pantami, has urged the 36 states of Nigeria to key into the nation’s policy of national digital economy and strategy designed to fast-track growth.President Muhammadu Buhari had unveiled the National Digital Economy Policy on November 29, 2019 under the Ministry of Communications. The policy is part […]
Genghis Capital, one of the leading investment banks in Kenya on Tuesday released a report predicting that the Nairobi Securities Exchange (NSE) will offer both local and foreign investment opportunities for the year 2020.According to the report, the year presents an opportunity to investors to continue diversifying their portfolios, and post positive returns, in a […]
President Muhammadu Buhari has unveiled progress of his administration and the strides in agriculture, leading almost to self-sufficiency in rice and other grains.He told British Prime Minister Boris Johnson on Monday in London on the side line of the UK-Africa Investment Summit that the gains in agriculture had saved the country billions of dollars, which […]
The United Kingdom is positioning itself to be the ‘investment partner of choice’ for Africa, holding a summit with leaders of 21 African countries on Monday, days before it leaves the European Union (EU). Britain’s prime minister, Boris Johnson, who secured the country’s January 31st departure from the EU trading bloc is determined to enter […]
The African Continental Free Trade Area (ACFTA) will top discussion as Dr Akinwumi Adesina, the President of African Development Bank (AfDB) is expected in London for the milestone investment summit. The bank’s Communication and External Relations Department made this known in a statement in Abuja on Friday. The AfDB said new opportunities for bilateral trade […]
Six West African countries have criticised what the changes of the regional CFA Franc currency to Eco, saying its not in line with what was agreed for the adoption of a single regional currency. Last month, French president Emmanuel Macron and his Ivorian counterpart Alassane Ouattara announced that the West African Economic and Monetary Union […]
The board chair of South Africa’s electricity company Eskom, resigned on Friday after failing to keep his promise to stop the load shedding that is hampering the country’s growth, the South African presidency announced. This surprise resignation of Jabu Mabuza comes a few days after the arrival of a new CEO, Andre de Ruyter at […]
The Minister of Industry, Trade and Investment, Mr Richard Adebayo said on Thursday that the ministry would partner Dangote Group to set up a Foreign Trade Academy. The minister said this in Abuja when the Chairman, Dangote Group, Mr Aliko Dangote visited him. “We have strong and hardworking trade officers in the ministry, but we […]
MTN Group has agreed to sell its towers businesses in Ghana and Uganda as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East. Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this […]
Changes to the CFA franc used by 14 African states, announced over the weekend by Ivorian president Alassane Ouattara and his French counterpart, Emmanuel Macron, continue to drive debate across the continent. In this article, we share key details about this currency that has been in use for nearly three-quarters of a century. Colonial origins […]
The Economic Community of West African States (ECOWAS) has endorsed the candidacy of African Development Bank President Akinwumi Adesina for a second term at the helm of the institution. The decision was announced at the end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, held on Saturday […]
A new report released by Standard Chartered Bank now reveals that with a wealth expectancy of 63.6 million shillings($626,421) many Kenyans will fall short of their aspirations.According to the report, by 60 years of age, 66 percent of Kenya’s savers will be less than half way to achieving their wealth aspiration, while almost a third […]
The West African Economic and Monetary Union has agreed with France to a number of changes to the CFA franc currency, including a new name, Ivory Coast’s President Alassane Ouattara said Saturday, as the West African bloc inches closer to a split from the French-backed currency. The monetary union will move its currency reserve from […]