Real Time Financial News Website
Commercial banks and merchant banks in Nigeria are turning to the Central Bank of Nigeria (CBN) for liquidity, intensifying their borrowing from the apex bank in the first eight months…
Investor wealth in the Nairobi Securities Exchange (NSE) has been cut in half since reaching its record high valuation of Sh2.9 trillion two years ago, mainly due to foreign investors…
Kenya Re, one of Kenya’s leading reinsurance companies, is planning to exit the Indian market due to increased losses primarily from the agricultural sector. The Indian market accounts for about…
The ongoing shortage of public buses in Rwanda has led to a host of issues for commuters, prompting the emergence of unregulated alternatives and fraudulent activities in ticketing. The scarcity…
In an unexpected twist, the interest rate on the one-year Treasury bill in Kenya soared to a remarkable 14% during the previous week’s auction. This astonishing rise occurred despite the…
In a bold move marking a significant shift on the financial horizon, Credit Bank PLC has announced its upcoming listing on the Nairobi Securities Exchange (NSE) by the end of…
In a groundbreaking stride, Kenyan fintech powerhouse Zanifu has clinched a monumental $11.2 million in a pre-series A round, setting the stage for a new era of economic empowerment for…
Venture capital juggernaut HAVAÍC, headquartered in Cape Town, is making waves again. Fresh off their participation in a bridge round last October, the VC powerhouse is doubling down on RapidDeploy,…
Johannesburg-based private equity and infrastructure powerhouse, RH Managers (RHM), is igniting a fervent fundraising campaign, aiming to secure a staggering R2-billion social impact fund. The mission? To galvanize South Africa’s…
African Infrastructure Investment Managers (AIIM) and N+ONE DATACENTERS are collaborating to establish a groundbreaking Pan-African data center and cloud services platform. With a combined vision, AIIM and N+ONE aim to…
Despite ongoing efforts to combat crude oil theft, Nigeria is still losing around 400,000 barrels of crude oil daily to both local and international thieves, according to Malam Nuhu Ribadu,…
A total of eight banks and 18 listed companies in Nigeria have been collectively fined N125 million for their failure to submit their 2022 audited financial statements and quarterly reports…
Recent findings by The PUNCH indicate that a staggering 88.2% of working-age Nigerians are without salary-paying jobs. Data sourced from the National Bureau of Statistics (NBS) underscores that only about…
The Nigerian economy continues to grapple with challenges as the food, textile, and 24 other sectors face a staggering loss of over N1 trillion in the second quarter of 2023.…
The allure of foreign investments in equities has taken a hit due to ongoing macroeconomic challenges, as revealed in a recent report by the Nigerian Exchange Limited (NGX) on MarketNewsNG.…
The Kenya Revenue Authority (KRA) has embarked on a groundbreaking initiative to closely monitor transactions within mobile merchant accounts, including the widely-used Lipa Na M-Pesa platform by Safaricom. Drawing inspiration…
Tier one banks in Kenya have experienced a noteworthy surge in currency gains, amassing a total of Ksh 14.5 billion in the first half of the year. This substantial increase…
Nairobi-based pyrethrum pioneer, Kentegra Biotechnology, is set to receive a significant boost with a financial injection of Ksh 2.1 billion (USD 15 million) from Finnfund, a Finnish development financier, and…
National Bank of Kenya (NBK), a subsidiary of KCB Group, has announced a net loss of Ksh 3.84 billion for the first half of the year, a stark contrast to…
Kenya Power, the country’s power distribution company, is actively seeking the assistance of the government to convert a portion of its dollar-denominated debt into Kenyan shillings. This strategic move is…
The Central Bank of Kenya (CBK) has been granted expanded authority to scrutinize not only directors and senior managers but also beneficial owners of banks, following amendments to the law…
Access Bank Ghana has announced robust financial results for the first half of 2023, reporting a significant growth of 65.4% in its profit before tax. The bank achieved a profit…
United Bank for Africa (UBA) Plc has entered into a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to provide support to youth and women-led Micro, Small,…
The Free Trade Zones (FTZs) Committee, focused on reshaping Nigerian Customs Service (NCS) operations, has recommended the immediate allowance for swift export of fully processed commodities containing 100% local raw…
The Nigerian Communications Commission (NCC) has revealed that its strategic policies, particularly those focused on local content development, have yielded significant achievements, including the prohibition of whole-body subscriber identification module…
The Federal Government has unveiled plans to reintroduce the national tax amnesty scheme, as revealed in a statement released on Thursday. The statement, signed by Stephen Kilebi, the Director of…
Nigerian banks have been besieged by a surge in fraud incidents during the first half of 2023, totaling 24,232 cases, encompassing mobile fraud, computer/web fraud, and Point of Sale (PoS)…
The Manufacturers Association of Nigeria (MAN) has revealed a concerning decline in the Current Employment Condition, indicating a drop from 51.3 points in the final quarter of 2022 to 50.7…
In a dynamic market twist, the Nigerian Naira plummeted to as low as N910 against the dollar, later moderating to around N902/$. This slide followed a JP Morgan report revealing…
The economic landscape takes a twist as IHS Towers, the world’s fifth-largest independent TowerCo, reveals a $31 million hit caused by the naira’s devaluation in June. While revising expected revenues…