Author: Albert Nangara

Econet Wireless Zimbabwe is Zimbabwe’s largest provider of telecommunications services. The financing  is aimed at redeeming the outstanding debentures in the capital of both companies. EcoCash Holdings Zimbabwe is the ninth most traded stock on the Zimbabwe Stock Exchange over the past three months Zimbabwe Stock Exchange (ZSE) listed Econet Zimbabwe and its subsidiary, EcoCash Holdings, have announced their intention to raise US$30.3 million through a renounceable rights issue. The move is aimed at redeeming the outstanding debentures in the capital of both companies. The recent rights issue on the ZSE is similar to the 2020 offer made by retailer Edgar’s…

Crowdfarming is a concept that aims to address these challenges by equipping smallholder farmers with the resources they need to grow crops and raise livestock. The global crowdfunding market was estimated to be over US$17 billion in 2020, with an annual growth rate of 16 per cent – 17 per cent. Between 2013 and 2016, over 78 per cent of annual African crowdfunding occurred in South Africa, Nigeria and Kenya. When it comes to the agricultural sector in Africa, the concept of crowdfarming is shrouded in mystery. This relatively new phenomenon has attracted a lot of attention in recent years…

The South African Revenue Service (SARS) has exceeded the 2022 revenue collection by R123 billion after collecting a net revenue of R1.687 trillion in the financial year that ended in March 2023. Gross tax revenue collected exceeded R2 trillion for the first time after gross revenue rose to R 2.068 trillion over the same period. The gross revenue collected excludes the refunds of R381.1billion, an 18.7 per cent growth or an increase of R60 billion from 2022. The South African Revenue Service (SARS) has reported an impressive growth of 7.9 per cent in net revenue for the 2022/2023 financial year.…

The South African Reserve Bank has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance (CODI) to protect bank depositors and bring confidence to a resilient financial sector. The CODI became a legal entity as of March 24, 2023, as set out in the commencement schedule published by Finance Minister Enoch Godongwana. CODI’s primary responsibilities are to establish, maintain and administer a deposit insurance fund. South Africa’s first deposit insurance institution, the Corporation for Deposit Insurance (CODI), has been established by the South African Reserve Bank. This move aims to protect bank depositors and increase confidence in…

WestProp Holdings Limited says it is on track to list soon at the Victoria Falls Stock Exchange (VFEX). The IPO offers one million ordinary shares at US$ 10 each and US$ 5.4 million preferential redeemable convertible shares at US$ 5 each. “WestProp’s IPO is to raise US$30 million capital to accelerate development of existing projects.  WestProp Holdings Limited, a property development and investment company, is set to list on the Victoria Falls Stock Exchange (VFEX) following the Board of Directors’ announcement of their upcoming offers. The VFEX -a USD-indexed bourse and also a subsidiary of the Zimbabwe Stock Exchange (ZSE)…

Africa is an emerging market in forex trading, and its potential for growth is immense. Forex trading in Africa is a growing industry, but it faces significant challenges. These include lack of infrastructure, education, and awareness, coupled with fraudulent activities, have hindered its growth. Online Forex trading in Africa is still in its nascent stage and is largely driven by the youth. In layman’s terms, forex trading is the act of buying and selling currencies to make profits based on speculating the relative upward or downward movements of currencies. According to ForexSchoolOnline.com, the average age of forex traders is between…

Morupule Coal Mine (MCM) and Letshego Botswana have joined forces to support Micro and Small Entrepreneurs (MSEs) and drive Citizen Economic Empowerment. Through the signing of a Memorandum of Understanding, Morupule Coal Mine’s contract suppliers now have the opportunity to access affordable funding through the commitment of a P2.2 Billion ($165M) facility by Letshego Botswana over a 5-year period. Letshego Botswana and Morupule Coal Mine have pledged to hive off contracts, provide ongoing financial support, and empower these entrepreneurs, giving them the potential to scale up their operations. The signing of the Memorandum of Understanding between Morupule Coal Mine and…

The annual inflation rate for February 2023 increased by 7.2 per cent compared to 4.5 per cent recorded in February 2022. On a monthly basis, inflation rate increased to 0.4 per cent compared to 1.1 per cent registered in the earlier month. Load-shedding in South Africa is preventing farmers from buying livestock from Namibia.   In February, the cost of goods and services increased more sharply and the outlook does not appear promising, particularly regarding food, which saw a 14 per cent hike. The Namibian Statistics Agency disclosed inflation figures for February yesterday, with the month displaying a 7.2 per cent…

According to figures released this Wednesday by Statistics South Africa, retail sales in the country fell 0.8 per cent year on year in January. The data provides an insight into consumer demand in the country’s most industrialized economy. Sales for the three months to the end of January were also down by 0.2 per cent compared to the same period last year. Statistics South Africa has released figures showing that retail sales in the country declined by 0.8 per cent year on year in January, following a revised 0.5 per cent decline in December. On a month-on-month basis, sales rose…

IBL Group, a multinational conglomerate has acquired an undisclosed stake in Harley’s, a pharmaceutical distributor based in Kenya. The transaction marks the group’s latest investment in Kenya, following the acquisition of a 26.32-percent stake in Naivas Limited for Ksh12.5 billion (US$100 million) last year. IBL revenues for six months ended 31 December 2022 increased by 24 per cent to Rs 27.06 billion. Operating profit for the Group has increased to Rs 1.99 billion from Rs1.65 billion in 1H2022, representing a growth of 20 per cent. Mauritian conglomerate Ireland Blyth Limited (IBL) has bought an undisclosed stake in Nairobi-based pharmaceuticals distributor Harley’s…