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 […]
Mr. John Mahama, Former President of Ghana, on Tuesday, appealed to the Nigeria Government to open up her border so that economic activities can resume in West Africa. Mahama made the plea while delivering the 7th Anniversary Lecture, Investiture into The Realnews Hall of Fame and The unveiling of the Book: Pathways to Political and […]
Online retailer Jumia Technologies, often called “the Amazon of Africa”, said it suspended its e-commerce platform activities in Cameroon on Monday because it is not suitable for the country. Its shares have tumbled from its Wall Street initial public offering price of 14.50 dollars in April, hitting a record low of 5.10 dollars on Monday […]
The Minister of Finance speaking at the Zimpapers breakfast meeting on Friday said it would take time to reach the de-dollarisation target as very few economies had successfully de-dollarised, the Herald reports. The treasury boss according to the publication said: We are in a transition but the trick to de-link from the United States dollar […]
DRC’s $10 billion draft budget for 2020 An ambitious draft budget presented to the National Assembly of the Democratic Republic of Congo. More than US$10 billion is needed for the various projects to be carried out in the 2020. This is an increase of 63.2% compared to 2019. A historic budget that the authorities are […]
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that investigations are already underway to ascertain the source of new notes that have flooded the black market. Mangudya said the banks responsible for channelling the notes onto the streets will be severely dealt with once they are known. He said: We have launched an investigation […]
The African Development Bank has disclosed plans to target projects valued at $67bn with deal makers at its flagship investment conference this week. According to AfDB President, Akinwumi Adesina, who spoke with journalists in Johannesburg, South Africa, the deal which is targeted at 29 countries across the continent, will range from infrastructure development in energy, […]
Nigerian firefighters were battling two fires that broke out almost simultaneously Tuesday at a busy market in central Lagos, the country’s largest city and commercial center. Balogun Market, where the fires erupted, is one of Nigeria’s largest textile markets. “We have split our team in two to fight both fires,” Ganiyu Olayiwola, head of the […]
The Zimbabwe dollar has shown signs of stability in October, with the local currency shedding 3.1 per cent of its value against the greenback on the interbank market. As of September 30, 2019, the official USD/Zimbabwe dollar official rate was 15.1979 and fell to”only” 15.6467 as of October 31, 2019. Some financial experts have opined […]
Nigeria said on Sunday its borders would remain closed to trade until at least January 31, 2020. Nigeria launched a partial border closure in August to tackle smuggling of rice and other goods. Last month the head of customs confirmed that all trade via land borders was halted indefinitely. Joseph Attah, spokesman for the Nigerian […]
US President Donald Trump has indicated his intention to terminate the designation of the Republic of Cameroon (Cameroon) as a beneficiary sub-Saharan African country under the African Growth and Opportunity Act (AGOA). In a letter addressed to Congress, Donald Trump says the measure which is supposed to take effect as from January 1, 2020 is […]
Ratings agency Moody’s followed S&P Global and Fitch in spelling bad news for Africa’s second biggest economy, South Africa, now facing a slowdown in economic growth and rising debt burden. The rating agency moved South Africa one step closer to “junk” status on Friday by revising the outlook on the country’s last investment-grade credit rating […]
The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that the central bank will inject more liquidity on the interbank market to stabilise the exchange rate and ensure efficient forex allocation through the market. Speaking during the inaugural press conference for the central bank’s recently commissioned Monetary Policy Committee (MPC) in Harare on Tuesday, […]
Ghana President, Nana Addo Dankwa Akufo-Addo on Tuesday said the closure of the land border between Nigeria and the Republic of Benin was a big blow to regional integration. Akufo-Addo who made this known at a meeting with a delegation from the First Bank of Nigeria at the Jubilee House in Accra said the closure […]
Tanzanian billionaire Mohammed Dewji, who was kidnapped and held for 10 days in October last year, says he was ready to die, having been disoriented by his captivity. 43-year-old Dewji, who is widely considered to be Africa’s youngest billionaire, told the BBC he asked his kidnappers to shoot him. He was speaking to mainstream media […]
Volkswagen is importing a batch of electric powered Golf models into Rwanda for a local ride-hailing service, establishing a bridgehead in the country that it hopes to expand to other nations as it seeks to increase market share globally. Importing the vehicles into Rwanda, which sells itself to foreign investors on its reliable infrastructure, stability […]
The governor of the Reserve Bank of Zimbabwe, Dr JohnPanonetsa Manguta announced this Tuesday that the central bank will introduce some notes and coins in the Zimbabwe dollar currency in the next two weeks. The move which is said to be meant to address the cash shortage can be viewed in the lenses of a […]
President Cyril Ramaphosa on Monday refuted allegations that a number of countries in Africa are being led into a debt trap as they take up loans to fund a number of projects. Ramaphosa said in his weekly address from the Desk of the President in Cape Town, after returning from the Russia-Africa Summit held in […]
After a two-year streak of astronomical sales growth, Gucci’s latest figures show it growing at a more earthly rate. The luxury Italian brand grew 13.3% in the most recent quarter, compared to 34.9% in the same quarter last year and 42.8% in 2017. Sales reached nearly €2.4 billion (about $2.6 billion) for the quarter. Between […]