- The Just Energy Transition in Africa: Lessons from South Africa and Senegal
- Mukuru Wallet poised to bolster financial inclusion in Zimbabwe
- Tanga port sailing toward becoming Tanzania’s second-busiest cargo terminal
- Tanzania’s roadmap to universal energy access by 2030
- World Bank, WHO, and Unicef in $82M deal to revive healthcare system in wartorn Sudan
- Empowering Africa: Energy leaders gather in Tanzania for key industry summit
- Digital farms: The new frontier for African agriculture
- UAE readies to champion sustainable health during 2025 Local Production Forum
Banking
- Mukuru Wallet is set to allow millions of users in Zimbabwe to send and receive money locally and internationally via mobile phones.
- The service provides convenience and cost savings, such as paying for utilities, buying airtime, DStv bills and insurance.
- Launch of Mukuru Wallet comes after the company received a Deposit-Taking Microfinance Institution licence from the Reserve Bank of Zimbabwe.
Financial services platform Mukuru has launched a mobile wallet in Zimbabwe just weeks after the company received a Deposit-Taking Microfinance Institution (DTMFI) licence from the country’s central bank.
With more than three-million customers in Zimbabwe, Mukuru wallet is poised to offer several services, including its standout features: two pockets that allow users to send and receive money locally and internationally from mobile phones, safe storage of funds as well as a free cashout on international transfers.
“To avoid disappointing people who travel long distances to receive their remittances which they …
- A staggering $16.2 million from the Bank of Uganda (BoU) was wired into suspect accounts in Japan, audit shows.
- Uganda’s Auditor-General fingers systemic flaws and possible criminal intent in the November 2024 cyber heist.
- Parliament has now forwarded the file for further investigantion by Uganda’s Directorate of Criminal Investigations (CID).
In a high-stakes digital heist, hackers infiltrated Uganda’s treasury systems, siphoning off a staggering $16.2 million (approximately USh60 billion) from the Bank of Uganda (BoU). The theft, first reported in November 2024, sent shockwaves across the country, prompting a forensic audit by the Auditor-General.
The findings of this audit have since ignited intense investigations by the Directorate of Criminal Investigations (CID), laying bare the vulnerability of Uganda’s financial systems.
Auditor-General report on $16.2 million cyber theft
The explosive revelations landed in Parliament on January 9, 2025, where Government Chief Whip Denis Hamison Obua presented the Auditor-General’s report. The report painted …
- Development of the Misurata Free Zone, road to Chad and Niger, and support for the Sahel-Saharan Bank for Investment and Trade are some of the key projects targeted in new era of cooperation.
- The partnership is poised to facilitate the development of vital infrastructure, bolster trade, and support Libya’s efforts in economic diversification and reconstruction.
- With a GDP of $50.49Bn in 2023, Libya is ranked as Africa’s 12th largest economy. However, less than 10% of its trade occurs with other African nations.
Libya has formally acceded to the Afreximbank Establishment Agreement, becoming the 53rd member nation of the pan-African financial institution. The entry of oil-rich Libya marks a crucial step in advancing continental integration through trade and investment.
Signed by Libya’s Minister of Finance, Dr. Khaled Al-Mabrouk Abdullah, the accession document sets the foundation for a new era of cooperation between Libya and African Export-Import Bank (Afreximbank). The partnership is …
- The cost of borrowing in Kenya has been going up since October last year, when it was at 10.50 per cent, before two consecutive raises.
- This means banks are likely to adjust their interest rates upwards, pushing the cost of borrowing beyond the reach of many.
- The majority of bank rates are currently above 20 per cent, amid a high default rate as banks struggle with Non-Performing Loans (NPLs).
Higher interest rates to raise the cost of borrowing in Kenya
The cost of borrowing in Kenya is set for yet another rise if banks are to factor in the latest Central Bank of Kenya increase in the base-lending rate.
The Central Bank of Kenya (CBK) has raised borrowing costs to highs last seen nearly 12 years ago, as it moves to try and contain the country’s inflation, which has started to pick.
On Tuesday, the Monetary Policy Committee, CBK’s top …
- The Central Bank of Kenya benchmark rate has gone up to 12.5 per cent from 10.5 per cent.
- Developing economies including Kenya are paying dearly for geopolitical tensions.
- The current US policy rate at 5.25 per cent -5.5 per cent is the highest in 22 years, exerting pressure on economies.
Borrowers in Kenya are facing the prospect of more expensive loans following the country’s central bank’s decision to raise its base lending rate to a near 11-year high of 12.50 per cent. This marks an increase from the 10.50 per cent rate that has been in place since June this year, when it rose from 9.50 per cent due to a rise in non-performing loans in the banking sector.
The hike in rates occurs as Kenya, along with other economies in the region, continues to grapple with the impact of global factors, including elevated interest rates in the United States. …
- The UAE Banks Federation (UBF) has committed to mobilize $270 billion in sustainable finance by 2030.
- His Excellency Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aiming to support and facilitate global climate finance solutions and progress towards a sustainable future.
- UBF has been working closely with its partners on sustainability efforts to accelerate and advance sustainable development goals.
The UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, has committed to mobilize $270 billion in sustainable finance by the year 2030. His Excellency Abdulaziz Al-Ghurair, Chairman of UBF, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aimed at supporting and facilitating global climate finance solutions and progress towards a sustainable future.
“The pledge …
- CBZ Holdings, FBC Holdings, and ZB Financial Holdings have all played a pivotal role in shaping Zimbabwe’s banking sector this year.
- One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First Mutual Holdings Limited.
- 2023 saw FBC Holdings execute a strategic move by acquiring Standard Chartered Bank Zimbabwe Limited.
This year has proven to be a transformative period for Zimbabwe’s banking sector, witnessing significant acquisitions that have reshaped the landscape. In particular, three major players, CBZ Holdings Limited (CBZ), FBC Holdings Limited (FBC), and ZB Financial Holdings (ZB), have played a pivotal role in these developments.
These acquisitions signify a dynamic shift in Zimbabwe’s banking sector, with key players strategically positioning themselves for growth and market dominance.
Acquisitions shaping Zimbabwe’s banking sector
One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First…
- Fintech Verto has partnered with UBA Bank to launch a cross-border payment solution in East Africa, starting with Kenya.
- Verto’s suite of products, spanning foreign bank accounts, instant currency exchange, and international money transfers, is now accessible to individuals and businesses in Kenya.
- This strategic partnership with UBA Bank marks a pivotal moment for East Africa, positioning the company as a catalyst for overcoming the challenges associated with cross-border trade.
Fintech Verto, a London-based company, has partnered with UBA Bank to launch a cross-border payment platform in East Africa, starting with Kenya.
The platform offers a comprehensive solution, enabling startups, SMEs, and large corporations to effortlessly send, receive, and exchange money in over 190 countries. With the capability to hold funds in Verto accounts across 51 currencies, the platform is a game-changer for businesses seeking global expansion.
Verto’s suite of cutting-edge products
“By aligning with UBA Bank, Verto is strategically …
Financial professionals must be fit to lead Africa’s inclusive sustainable growth and economic recovery, ensuring the continent’s place in the global arena. This call by the Association of Chartered Certified Accountants (ACCA) comes as the global economic landscape undergoes dynamic shifts. The ACCA emphasizes the importance of accountants being well-equipped to lead this charge and secure Africa’s standing in the international arena.
Their advocacy underscores the integral role that financial professionals play not only in shaping the economic landscape of individual nations but also in fostering a collective, continent-wide approach to sustainable development.…