Kevin Mwanza, 10:21 am
The Central Bank of Nigeria has given new operating licenses to 11 International Money Transfer (IMTOs) service providers, in efforts to open up the market and make foreign exchange readily available to the nation’s low income earners. WorldRemit, a leading online remitter globally and which sent more than 40,000 transfers monthly to Africa’s biggest economy before it suspended its partnership with local correspondents over new regulations in early August,
Kevin Mwanza, 8:24 am
Nigeria’s economy, Africa’s second largest, shrunk for the second straight quarter in the three month to end of June officially cementing the country’s first recession in over two decades, figures from the nation’s statistics office showed on Wednesday. Data released by the Nigeria Bureau of Statistics indicated that the country’s gross domestic product (GDP) contracted by 2.06 percent in the second quarter of this year confirming that the West African oil producer was now in a recession
Kevin Mwanza, 5:32 am
Tension is high in Gabon after Jean Ping, the main challenger to President Ali Bongo Ondimba, claimed victory in the presidential election that was held on Saturday before official results were announced. A delay in releasing the results scheduled for Tuesday has stoked tension in the streets of Libreville, the capital of Gabon, which necessitated the deployment of armed forces to deal with any violence.
Kevin Mwanza, 8:41 am
Share in Kenyan banks have suffered the worst fall in years over the last one week after President Uhuru Kenyatta unexpectedly signed a legislation capping interest rates on loans and deposits. Share price in more than half of banks listed on the Nairobi Securities Exchange fell to their one-year low by the end of last week as investors reacted to the news that the cost of credit had been capped.
Kevin Mwanza, 7:02 am
The Nigerian naira hit a new record low of 414 to the dollar in the parallel market on Monday as the continents second largest economy continued to struggle with a biting scarcity of foreign exchange, with market pundits predicting further pressure in the foreign exchange market this week. Forex traders said increased demand for greenbacks by summer travelers and parents paying for school fees overseas was the main cause for the local currency depreciation
Kevin Mwanza, 8:19 am
The South African rand remained on edge on Monday, touching a four weeks low against the dollar, amid concerns that Finance Minister Pravin Gordhan could be arrested. Gordhan, failed to present himself to the police at the last week after receiving summonses from the Directorate for Priority Crime Investigations (the Hawks). The rand shed 3 percent against the dollar.
Kevin Mwanza, 7:16 am
Sub-Saharan Africa is losing $95 billion annually due to fewer jobs given to women on the continent, a United Nations (UN) report showed, adding that the continent was home to seven of the most unequal countries in the world. African women have been overshadowed by men in economic production and hold only 66 percent of all jobs in non-agricultural informal sector, according to Africa Human Development Report 2016.
Kevin Mwanza, 6:56 am
Japan will provide $30 billion to support developments in the health, education and infrastructure sectors in both public and private regions of the African economy in the next three years, as the nation battles China for more financial influence in the continent. The financial aid will be committed in partnership with the African Development Bank (AfDB) and comes three years after a $32 billion aid by the Asian economic powerhouse pledged to Africa during the fifth Tokyo International Conference on African Development (TICAD).
Kevin Mwanza, 6:55 am
A crowdfunding campaign for Ethiopian runner and Olympic silver medalist, Feyisa Lilesa, has raise over $130,000 days as he failed to return home from the Rio Olympics on concern that his life could be in danger after flashing a protest sign against the government’s crackdown on his Oromo community. Lilesa crossed his arms in the air as he finished the race on Sunday and during the medal presentation, in solidarity with the Oromo people who have faced a brutal crackdown since protests began in November last year.
Kevin Mwanza, 5:41 am
Kenyan President Uhuru Kenyatta has shocked the countries financial markets after he unexpectedly signed a legislation that imposes limits on bank lending and deposit rates on Wednesday. According to the new law, lenders who charge more than 14.5 percent on credit to customers face a one year jail-term or a fine of at least $10,000. The base lending rate in the East Africa’s largest economy is currently set at 10.5 percent by Central Bank of Kenya (CBK), the nation’s banking sector regulator.