South Africa's Inflation Rises to 7.8% in July
South Africa’s headline consumer inflation jumped to 7.8% year on year in July from 7.4% in June, data from Statistics South Africa shows. On a month-on-month basis, consumer inflation was [...]
Nigeria Spends $43.8 Million Daily on Petrol Subsidies
The Nigerian government spends an average of $43.8 million daily on petrol subsidies despite expending 118% of its revenue on debt servicing. Finance Minister Zainab Ahmed told federal lawmakers that [...]China Waives 23 Interest-Free Loans to 17 African Countries
China, Africa’s largest bilateral lender has unveiled a minor debt relief package for 17 African countries, writing off 23 interest-free loans that came due at the end of the last [...]World Bank Grants $300 Million to Mozambique after 6 Years Hiatus
The World Bank has granted $300 million to Mozambique in a deal that marks the resumption of its support to the country, six years after it suspended aid following a [...]South Africa's Central Bank Grants Financial Institutions Permission to Serve Crypto Clients
South African financial institutions will now be allowed to deal with funds linked to digital assets and shouldn't indiscriminately block all crypto clients, the country's central bank said. Banks in [...]
South Africa's Unemployment Rate Declines 33.9% in Q2
South Africa’s unemployment rate unexpectedly declined for a second consecutive quarter, even as flooding devastated a major transportation hub and electricity outages intensified. The jobless rate decreased to 33.9% in [...]Ayagigs Launches to Match Global Businesses with Africa’s Best Web3 Freelancers
Aya, the gig platform that enables global startups and Small-Medium Businesses (SMBs) to access the best vetted African skilled freelancers, has announced their public beta launch. The company acts as [...]VC Firm Microtraction Hits 1st Close of its $15 Million 2nd Fund
Microtraction, an early-stage venture capital firm that invests in African tech entrepreneurs at the pre-seed stage, has announced a $15 million first close of its second fund. Microtraction Community Limited [...]Regional Trade Council Pushes for East Africa Tax Harmonization
The East African Business Council (EABC) has this month commissioned a study on the harmonisation of excise duty in the region to bolster trade among member states. The differing tax [...]Visa Opens DRC Office in a Bid to Expand Digital Payments in the Country
Global payments technology company Visa has announced plans to establish local business operations in the Democratic Republic of Congo as it seeks to expand digital payments in the country. The [...]Egypt Maintains Lending Rate at 12.25%
Egypt's Monetary Policy Committee has maintained the deposit rate at 11.25% and the lending rate at 12.25% for a second consecutive meeting, The country's economy is reeling from the spillover [...]Emirates to Halt Flights to Nigeria from 1st September
Dubai's Emirates has announced plans to suspend flights to Nigeria from 1st September, seeking to limit further losses and impact on its operational costs that continue to accumulate in the [...]
