Commercial Banks in Nigeria Seek Central Bank Liquidity Amidst Increasing Borrowing Trend
Commercial banks and merchant banks in Nigeria are turning to the Central Bank of Nigeria (CBN) for liquidity, intensifying their…
Month: August 2023
Nairobi Stock Exchange Sees 50% Plunge in Investor Wealth in 2 Years”
Investor wealth in the Nairobi Securities Exchange (NSE) has been cut in half since reaching its record high valuation of…
Kenya Re to Exit Indian Market Amid Heavy Losses from Agricultural Sector
Kenya Re, one of Kenya’s leading reinsurance companies, is planning to exit the Indian market due to increased losses primarily…
Rwanda’s Bus Shortage Fuels Unregulated Alternatives, Raises Concerns of Fraudulent Ticketing Practices
The ongoing shortage of public buses in Rwanda has led to a host of issues for commuters, prompting the emergence…
Surprising Surge: Kenyan One-Year Treasury Bill Interest Rates Spike to 14% Despite Government’s Borrowing Cut Plans
In an unexpected twist, the interest rate on the one-year Treasury bill in Kenya soared to a remarkable 14% during…
Credit Bank PLC Set to Make a Splash on Nairobi Securities Exchange, Aiming to Raise Sh1 Billion in Major Listing Move!
In a bold move marking a significant shift on the financial horizon, Credit Bank PLC has announced its upcoming listing…
Kenyan Fintech Zanifu Bags $11.2M in Pre-Series A Round to Supercharge MSMEs with Inventory Credit Revolution
In a groundbreaking stride, Kenyan fintech powerhouse Zanifu has clinched a monumental $11.2 million in a pre-series A round, setting…
Cape Town’s VC Powerhouse HAVAÍC Deepens Investment in RapidDeploy’s Game-Changing Public Safety Tech
Venture capital juggernaut HAVAÍC, headquartered in Cape Town, is making waves again. Fresh off their participation in a bridge round…
Revolutionary Fundraising Blitz: RH Managers Spearheads R2-billion South African Impact Fund!”
Johannesburg-based private equity and infrastructure powerhouse, RH Managers (RHM), is igniting a fervent fundraising campaign, aiming to secure a staggering…
AIIM and N+ONE Partner to Drive Pan-African Data Center and Cloud Services Platform
African Infrastructure Investment Managers (AIIM) and N+ONE DATACENTERS are collaborating to establish a groundbreaking Pan-African data center and cloud services…
Nigeria Loses 400,000 Barrels of Crude Oil Daily to Theft Despite Efforts to Curb Menace
Despite ongoing efforts to combat crude oil theft, Nigeria is still losing around 400,000 barrels of crude oil daily to…
Nigerian Banks and Listed Companies Fined N125m for Failing to Submit Financial Statements
A total of eight banks and 18 listed companies in Nigeria have been collectively fined N125 million for their failure…
Over 88% of Working-Age Nigerians Lack Salary-Paying Jobs: NBS Data Reveals
Recent findings by The PUNCH indicate that a staggering 88.2% of working-age Nigerians are without salary-paying jobs. Data sourced from…
Nigerian Economy Suffers N1 Trillion Loss Across 26 Sectors in Q2 2023
The Nigerian economy continues to grapple with challenges as the food, textile, and 24 other sectors face a staggering loss…
Equity Market Shake-Up: Domestic Investors Steal the Show, Foreigners Left Cautious – NGX Report Reveals
The allure of foreign investments in equities has taken a hit due to ongoing macroeconomic challenges, as revealed in a…
KRA’s Dynamic Move: Real-Time Surveillance on Mobile Money Transactions for Enhanced Tax Compliance
The Kenya Revenue Authority (KRA) has embarked on a groundbreaking initiative to closely monitor transactions within mobile merchant accounts, including…
Shilling’s Slide Spurs Currency Gains: Tier One Banks Record Substantial Earnings Boost in H1 2023
Tier one banks in Kenya have experienced a noteworthy surge in currency gains, amassing a total of Ksh 14.5 billion…
Pyrethrum Power Surge: Kentegra Biotechnology Secures $15 Million Financing for Blossoming Growth
Nairobi-based pyrethrum pioneer, Kentegra Biotechnology, is set to receive a significant boost with a financial injection of Ksh 2.1 billion…
NBK Reports Ksh 3.84 Billion Loss, Hit by Compensation Payout; KCB Evaluates Capital Injection
National Bank of Kenya (NBK), a subsidiary of KCB Group, has announced a net loss of Ksh 3.84 billion for…
Kenya Power Seeks Government’s Help to Convert Dollar Debt Amid Depreciating Shilling
Kenya Power, the country’s power distribution company, is actively seeking the assistance of the government to convert a portion of…
Central Bank of Kenya Gains Enhanced Powers to Vet Beneficial Owners and Regulate Large Cash Transactions
The Central Bank of Kenya (CBK) has been granted expanded authority to scrutinize not only directors and senior managers but…
Access Bank Ghana Reports Strong Half-Year Financial Performance with 65.4% Growth in Profit Before Tax
Access Bank Ghana has announced robust financial results for the first half of 2023, reporting a significant growth of 65.4%…
UBA Partners with UNDP to Empower Youth and Women-led MSMEs in Ghana and Promote Climate Financing
United Bank for Africa (UBA) Plc has entered into a Memorandum of Understanding (MoU) with the United Nations Development Programme…
Boosting Export Trade: Nigerian Customs Service to Expedite Local Commodities’ Quick Export
The Free Trade Zones (FTZs) Committee, focused on reshaping Nigerian Customs Service (NCS) operations, has recommended the immediate allowance for…
NCC’s Local Content Initiatives Bolster Telecom Sector: Ban on SIM Imports Spurs Job Creation
The Nigerian Communications Commission (NCC) has revealed that its strategic policies, particularly those focused on local content development, have yielded…
Reviving Tax Amnesty Scheme and Renewed Hope: Nigeria’s Fiscal Policy Reforms”
The Federal Government has unveiled plans to reintroduce the national tax amnesty scheme, as revealed in a statement released on…
Rising Tide of Financial Fraud: Nigerian Banks Grapple with 24,232 Cases in H1 2023
Nigerian banks have been besieged by a surge in fraud incidents during the first half of 2023, totaling 24,232 cases,…
Manufacturing Sector Unemployment Crisis: A Deep Dive into Nigeria’s Employment Conditions
The Manufacturers Association of Nigeria (MAN) has revealed a concerning decline in the Current Employment Condition, indicating a drop from…
Naira’s Decline to N910 Sparks P2P Dollar Rush Amid FX Reserves Concerns
In a dynamic market twist, the Nigerian Naira plummeted to as low as N910 against the dollar, later moderating to…
IHS Towers: Naira’s Rollercoaster Ride Costs $31 Million, Revenue Takes a Dip
The economic landscape takes a twist as IHS Towers, the world’s fifth-largest independent TowerCo, reveals a $31 million hit caused…