Category: Pan African Banking
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SWIFT declares second sandbox connector tests a success for CBDC and more
Having shown the application of its connector in complex use cases, SWIFT will continue to increase the connector’s functions. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging network has released the results of the second phase of sandbox testing for its central bank digital currency (CBDC) interlinking solution, which it calls a connector. The…
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Apple Card Savings account rate dips for first time since launch
Nearly one year after it launched in the U.S., the Apple Card’s high-yield savings account will be receiving its first-ever interest rate decrease. 4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%. When the Apple Card’s savings account first became available, it…
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Entrepreneurs and Revolutionaries
As I read about Justice Department’s antitrust suit against Apple, I asked myself, “how is it that Apple, like so many other large companies, is so good at suppressing competition? They don’t teach you how to do that in business school. When companies become big and dominant, they become worse at many things but become very good…
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Sam Bankman-Fried sentenced to 25 years for FTX fraud
The co-founder and CEO of FTX has been sentenced. FTX co-founder Sam Bankman-Fried was sentenced to a total of 300 months, or 25 years, in prison for seven counts of conspiracy and fraud charges stemming from the collapse of the crypto exchange he started. The judge applied a 240-month sentence and a 60-month sentence to…
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🇺🇬 Salaam Bank launches Uganda’s first Islamic bank
A unit of Djibouti-based Salaam Group launched in Uganda on Wednesday as the country’s first Islamic banking-compliant financial institution, the Ugandan president’s office said. The launch of the Salaam Bank Limited’s operations follows a law legalising Islamic banking in the east African country last year. Islamic finance follows Islamic religious principles such as bans on…
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Italian PM Meloni secures $8 billion Libyan natural gas deal during Tripoli visit
🇮🇹🤝🇱🇾 Italy’s prime minister held talks in Libya on January 28 with officials from the country’s west-based government focusing on energy and migration. During the visit, Italy’s state-run energy company, ENI, signed an $8 billion deal with Libya’s National Oil Corporation to develop two Libyan offshore gas fields. The agreement involves developing two offshore fields…
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South African pension fund attack admitted by LockBit
South Africa’s Government Employees Pension Fund, which is the largest fund of its kind in Africa, was claimed to have been compromised by the LockBit ransomware operation in an intrusion last month that resulted in operational and pension payment disruptions, according to The Record, a news site by cybersecurity site Recorded Future. Advertisement Such claims…
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U.S. Sanctions 3 Cryptocurrency Exchanges for Helping Russia Evade Sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three cryptocurrency exchanges for offering services used to evade economic restrictions imposed on Russia following its invasion of Ukraine in early 2022. This includes Bitpapa IC FZC LLC, Crypto Explorer DMCC (AWEX), and Obshchestvo S Ogranichennoy Otvetstvennostyu Tsentr Obrabotki Elektronnykh Platezhey (TOEP).…
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Tunisia’s central bank keeps key interest rate unchanged at 8%
🇹🇳 Tunisia’s central bank has kept its benchmark interest rate unchanged at 8%, an offical at the bank told Reuters on Friday. The annual inflation rate slowed for the sixth consecutive month to 7.5% in February from 7.8% in January, official data showed this month. #Tunisia
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