Category: <span>Banking</span>

The International Monetary Fund has cut Angola’s preliminary growth outlook for 2025 to 2.4% from an initial 3%, it said after an assessment mission to Luanda, citing lower prices of oil and tightening external financing conditions. The Southern African oil exporter had to pay $200 million as extra security for a $1 billion loan from...

The International Monetary Fund is anticipating an increase in funding support requests from Africa as US President Donald Trump’s tariffs and aid cuts reduce options.  “We live in a shock-prone world,” Abebe Aemro Selassie, director of the African Department of the Washington-based lender, told reporters Tuesday in Senegal’s capital, Dakar. “The poorest and least resilient...

A unit of South Africa’s third-largest bank by assets plans to open a representative office in Dubai next year to benefit from growing trade and investment between the Middle East and Africa.  “We’re setting up a Dubai office in the first quarter of 2026,” Yasmin Masithela, chief executive officer of Absa Group Ltd.’s corporate- and...

– Limit your essential living costs to 60% of your income. Ensure you don’t fall into the cycle of earning, upgrading, earning more, and upgrading again. While it might feel good for a moment, it won’t make you wealthier in the long run. Think of your new promotion as a reason to save more money...

South African lender Absa Group reported a 10% jump in its annual profit on Tuesday, 11 March 2025 with a significant improvement in performance during the second half, driven by a reduction in retail credit impairments in its home market. The lender, with a presence across 16 countries including Ghana, Kenya, Zambia, the UK and...

Multi-country digital banking group Tyme today announced its Series D capital raise, which secured a total of US$250 million in funding. Significantly, Nubank, one of the world’s largest digital financial service platforms, with over 110 million customers, has joined its shareholder base, along with M&G’s Catalyst as the second new shareholder. Tyme, which has its roots...

South Africa should end its “excessive” regulatory burden and revamp its Black-ownership laws to remove the “signs of paralysis” that plague its economy, the World Bank said. Enabling these changes would take the country off what the Washington-based lender termed “the wrong growth trajectory,” where real output per capita in 2023 was less than in...

EY Australia is considering cutting jobs as part of “workforce adjustments” to reflect challenging market conditions, with some targeted restructuring possible for “particular circumstances” in the near term, the accounting major said on Wednesday. In an emailed response to Reuters, a spokesperson for EY Australia said the firm “started this year expecting a market rebound...

“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela. South Africa has stumbled significantly in the past. Yet, 2024 was a year of progress. Persistent power cuts have largely subsided, though not disappeared. South Africa was one of more than 60 countries to conduct...

There’s no shortage of opportunity in the African digital financial services sector. However, this doesn’t mean that fintechs can just show up and grow. There are established fintech brands operating alongside new players in diverse markets. Businesses from other sectors, such as telcos, are developing fintech services while next-generation financial services providers are innovating and...