Browsing: banking/finance

• 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 …

• Africa’s exploding population presents huge growth opportunities; A world-class digital payments ecosystem will be fundamental to that.
• There are opportunities for anyone who can simplify, rationalise and standardise payments for the continent’s dynamic financial economy.
• Any platform entering this space must recognise that there isn’t one answer; there are many.

Africa is an exciting, vibrant, and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic. Africa is not for sissies, as the saying goes.

In navigating those challenges, relationships matter. It’s not so much about throwing money at a problem, it’s about investing time, building trust, meeting with partners and regulators, and understanding each other’s needs.

Africa offers an enormous upside for those prepared to make this time investment. The continent’s population is set to reach 2.5 billion by 2050, and Africa’s people are embracing digital technology, …

• 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 …