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Businessman Strive Masiyiwa now Zimbabwe’s first billionaire

Businessman Strive Masiyiwa now Zimbabwe’s first billionaire

Exiled Zimbabwean businessman Strive Masiyiwa, often described as Zimbabwe’s richest man, is now a billionaire for the first time, according to the latest Forbes rankings released today. His current net worth is estimated at $1.7 billion raking him 14th among Africa’s 23 billionaires. According to Forbes: Masiyiwa overcame protracted government opposition to launch mobile phone network Econet […]

TFC, Afreximbank join Efforts to Support African Trade with $100 Million and €50 Million Murabaha Partnership Agreements

TFC, Afreximbank join Efforts to Support African Trade with $100 Million and €50 Million Murabaha Partnership Agreements

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, have signed a US$100-Million agreement and a EUR 50-Million Murabaha agreement with the aim of facilitating and financing exports amongst African countries and […]

An emotional tribute in memory of former AfDB President Babacar Ndiaye

An emotional tribute in memory of former AfDB President Babacar Ndiaye

Goodbye, Papa, farewell to the ambassador for Africa’s development, rest in peace.” In an intensely emotional tribute, the President of the African Development Bank (AfDB), Adesina Akinwumi, opened a ceremony honouring Babacar Ndiaye at the organisation’s headquarters in Abidjan. Adesina announced that the AfDB headquarters auditorium will from now on be named Babacar Ndiaye Auditorium. […]

Youtap launches mobile money QR code solution and apps for growth markets in Africa and Asia

Youtap launches mobile money QR code solution and apps for growth markets in Africa and Asia

Youtap (www.Youtap.com), a global provider of contactless mobile payments and financial services software, has launched a QR code solution and smartphone apps for mobile money services in Africa and Asia. Youtap’s solution enables customer-initiated or merchant-initiated QR code payments for smartphones and smart point-of-sale devices. The solution conforms to the BharatQR industry standard developed by […]

World Bank approves $500 million loan for Tunisia

World Bank approves $500 million loan for Tunisia

The World Bank on Tuesday approved a $500 million loan to support Tunisia’s budget, a government official for the North African country said on Tuesday. The funding followed the release by the International Monetary Fund of a delayed $320-million tranche of Tunisia’s IMF loan, after the government agreed to speed up economic reforms. Praised as […]

Lack of Financial Literacy in the Society in Africa

Lack of Financial Literacy in the Society in Africa

Let me put before you an interesting fact on financial education. The story goes as follows: Here is a test-suppose you had USD 100/- in a saving account that paid simple interest at the rate of 2 percent per year. If you leave the money in the account, how much would you have accumulated after […]

ATM card cloning: Bank card criminals invade Bulawayo

ATM card cloning: Bank card criminals invade Bulawayo

CRIMINALS who replicate Automated Teller Machine (ATM) cards and go on to clean out people’s accounts have hit Bulawayo, police have warned. The crime, also known as card cloning or card skimming, is relatively new in the country. Acting Bulawayo police spokesperson Assistant Inspector Abednico Ncube said three cases of card cloning have been reported […]

Malawi’s FMB takes over Barclays Bank Zimbabwe

Malawi’s FMB takes over Barclays Bank Zimbabwe

BARCLAYS Plc has sold its majority stake in its Zimbabwean operation to Malawi’s First Merchant Bank (FMB), putting an end to months of a fierce bidding war to take over one of the country’s iconic financial institutions, Zimbabwe Independent can exclusively report. Barclays Bank Zimbabwe was established in 1912, and has operated in the country […]

President Robert Mugabe blocks rand adoption

President Robert Mugabe blocks rand adoption

FORMER Finance minister Tendai Biti has disclosed that President Robert Mugabe in 2010 blocked the use of the South African rand as the official currency, possibly for fear of being politically subservient to his South African counterpart, Jacob Zuma. Addressing a financial markets conference in Harare yesterday, Biti said Mugabe rejected proposals to adopt the […]

South Sudan War Forces East Africa’s Biggest Bank KCB to Retreat

South Sudan War Forces East Africa’s Biggest Bank KCB to Retreat

East Africa’s biggest bank by assets KCB Group plans to shut down some of its branches in South Sudan, citing civil strife, devaluation of the country’s currency, and hyperinflation which negatively impacted the lender’s earnings last year. KCB, which has 19 branches in South Sudan, now wants to cut its exposure in Africa’s newest nation […]

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