Nigeria Extends Deadline to Exchange Old Currency by 10 Days
Nigeria’s central bank extended a deadline for the expiration of higher denomination naira notes to Feb. 10 after long queues developed at banks and commercial activities almost came to a [...]
Joe Mucheru Appointed as President in the South African Fintech, Jumo
Financial services start-up JUMO, backed by Goldman Sachs and valued at $400 million, has appointed former ICT Secretary Joe Mucheru as its new president to drive expansion in Africa. We [...]
Egyptian lender CIB announces 100% acquisition of Mayfair Bank Kenya
Commercial International Bank (CIB) Egypt has announced the full acquisition of Mayfair CIB Bank Limited in Kenya. The Central Bank of Kenya (CBK) has granted consent to CIB of Egypt [...]Nigeria Introduces Domestic Card Program for Cashless Initiative
Nigeria’s central bank has launched a domestic card scheme, AfriGo, to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa’s biggest economy a cashless [...]South African Currency Weakens Following Central Bank's Rate Hike
South Africa's rand weakened on Thursday after the central bank raised its main lending rate by 25 basis points to 7.25%, less than expected by most economists polled by Reuters. At [...]Nigeria Expects $4.3 Billion Cash Return to Banks on Currency Notes Redesign
The Central Bank of Nigeria expects at least 2 trillion naira ($4.3 billion) of cash to return to banks by Jan. 31, when the deadline to replace high-value currency notes ends. Residents [...]African Economies to Grow Faster than Global Projections in 2023-AfDB
African Development Bank (AfDB) says the continent’s economies are expected to grow faster than global projections this year. In its Africa’s Macroeconomic Performance and Outlook report , AfDB said the [...]China Delays Loan to Zambia Over Claims on Local Debt
China has delayed Zambia's debt restructuring plans with requests to have the country's local-currency debt held by foreigners included in a deal that could set a global precedent, according to [...]Angola Central Bank Cuts Interest Rate Further to 18%
Angola's central bank has cut its main interest rate to 18.0% from 19.5%, its governor José Massano said on Friday, stating the country recorded its lowest inflation rate in five years [...]Mamo Mitheru Appointed as the New Governor of the Central Bank of Ethiopia
Ethiopia’s prime minister appointed Mamo Mihretu as governor of the National Bank of Ethiopia. Mamo is currently the chief executive officer of state-owned Ethiopian Investment Holdings. He previously served as [...]Zambia Signs $2 Billion Solar Power Development Agreement
Zambia's president Hakainde Hichilema announced the signing of an agreement with the United Arab Emirate's government-owned renewable energy company, Masdar, to develop a $ 2 billion solar power. The partnership [...]DR Congo Awards 3 Licences for Lake Kivu Natural Gas Blocks
The Democratic Republic of Congo has awarded licenses for three natural gas blocks in Lake Kivu to Renewable Energy Developments (a subsidiary of United States-based Symbion Power), Winds Exploration and [...]
