Behind every salary payment, ATM withdrawal, online purchase and stock market trade in South Africa sits a financial system that most people never see. South Africa’s SAMOS payments platform processes about R584 billion ($32.4 billion) daily. Roughly 90% of transaction value is settled in real time, reducing risks in the banking system. The Reserve Bank…
Millions of dollars are moving into and out of Nigeria through smartphones, digital wallets, and dollar-backed crypto assets, creating a new challenge for Africa’s most populous economy. Nigeria received about $59 billion in crypto inflows between July 2023 and June 2024, according to IMF-cited data. Stablecoins have become a major tool for remittances, trade payments…
Israel has imposed sweeping travel restrictions on foreign nationals from five African countries following concerns over the spread of Ebola, drawing a sharp protest from Kenya, which says it has not recorded a single case of the disease. Israel has imposed strict travel restrictions on foreign nationals from five African countries due to Ebola concerns.…
According to recent industry data quoted by S&P Global, the Dangote Oil Refinery’s rapid production is drastically altering fuel trade patterns throughout West Africa, causing a sharp decline in imported clean refined fuel. The Dangote Oil Refinery in Nigeria has rapidly increased production, significantly reducing West Africa’s need for imported refined petroleum products. West Africa’s…
Indian textile manufacturer Prestige Denim Mills plans to invest $20 million in a denim production facility in Egypt, adding to a wave of foreign textile projects in Africa’s second-largest economy. Prestige Denim Mills from India will invest $20 million in a denim production facility in Egypt’s West Qantara Industrial Zone, marking the first Indian investment…
Canada has joined the United States in blocking African participants from the 2026 FIFA World Cup after denying Ghana midfielder Thomas Partey a visa, a decision that has triggered a diplomatic protest from Accra and renewed concerns over cross-border travel during the tournament. Canada denied Ghanaian midfielder Thomas Partey a visa, preventing him from playing…
Australia has joined the United States and the United Kingdom in warning citizens travelling to South Africa about elevated security risks, citing violent crime, public unrest, and growing concerns linked to anti-immigration protests. Australia has joined the US and UK in warning about increased security risks for travellers to South Africa due to violent crime…
South Africa will begin charging foreign governments for the cost of deporting their nationals who violate immigration laws, in a policy shift signaling a tougher stance on undocumented migration and mirroring hardline approaches seen in the United States under President Donald Trump. South Africa plans to charge foreign governments for the costs associated with deporting…
Family Bank will begin trading on the Nairobi Securities Exchange (NSE) on June 23 after receiving approval from Kenya’s Capital Markets Authority (CMA), marking the culmination of a decades-long journey from a small building society into one of the country’s largest mid-tier lenders. Family Bank will begin trading on the Nairobi Securities Exchange on June…
