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A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

Although mobile money has become the leading transaction platform in Zimbabwe, its weaknesses came into focus this week after the dominant EcoCash network in Zimbabwe went down for two days, and left many consumer businesses floundering in an already difficult economy. EcoCash, which competes against smaller platforms run by state controlled telcos NetOne and Telecel […]

African Banks Consider Chinese Yuan, But Risks Loom

African Banks Consider Chinese Yuan, But Risks Loom

More than a dozen African countries have been weighing the merits of adding the Chinese yuan to their mix of foreign reserves, discussing the idea at a gathering of officials last month in Harare, Zimbabwe. Adopting the yuan, also known as the renminbi, or RMB, would make it easier for African countries to pay back […]

Tanzania Loan Defaulters Get Ultimatum

Tanzania Loan Defaulters Get Ultimatum

THE government yesterday declared serious crackdown on loan defaulters to recover unpaid loans, which were issued by state-sponsored empowerment funds to support youth, women and people with disabilities. Although the government envisages consolidating the empowerment funds, which currently range between 16 and 19 to make them have a noticeable impact in the society, it has […]

Central Bank of São Tomé and Príncipe decides to close Banco Privado de STP

Central Bank of São Tomé and Príncipe decides to close Banco Privado de STP

The Central Bank of São Tomé and Príncipe (BCSTP) has cancelled the operation of the Banco Privado de São Tomé e Príncipe, BPSTP for “repeated breaches of the rules” and “credit portfolio degradation” – the governor, Hélio da Almeida, said on Thursday. According to the Governor of the BCSTP, the decision was taken by the […]

Chinese Yuan to Become Reserve Currency of Lesotho?

Chinese Yuan to Become Reserve Currency of Lesotho?

LESOTHO is among 14 eastern and southern African countries that are considering the adoption of the Chinese yuan as a reserve currency to facilitate the repayment of loans being advanced by the Asian economic giant for infrastructural developments. A team of Central Bank of Lesotho (CBL) officials recently joined their eastern and southern African counterparts […]

Meet Nthabeleng Likotsi, the Woman Set to Become South Africa’s First Black Female Bank Owner

Meet Nthabeleng Likotsi, the Woman Set to Become South Africa’s First Black Female Bank Owner

Nthabeleng Likotsi is on course to establish the first black women-owned bank in South Africa. Her aim is for the bank to empower black female entrepreneurs with the financial support they lack. “I asked myself what it meant to be a young black woman in South Africa. Truth is that not much is happening for […]

Soldier Blows $230 000 Accidentally Deposited by Cabs Into his Account

Soldier Blows $230 000 Accidentally Deposited by Cabs Into his Account

CABS bank lost $230 000 to an Air force Zimbabwe operations officer after its internet system went down, a Harare court heard on Monday. Court heard between May 2017 and September 14 the same year the bank experienced challenges with its system and as a result it was crediting clients without any corresponding deposits. Court […]

Mozambique Internal Public Debt Set to Increase

Mozambique Internal Public Debt Set to Increase

The Government of Filipe Jacinto Nyusi plans to increase the Internal Public Debt during the 2018 fiscal year by at least 84.2 billion meticais to finance its State Budget which is expected to continue without support from the Cooperation Partners for the third consecutive year, V erdade ‘s Adérito Caldeira reports. The largest beneficiaries of […]

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 […]

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