Category: Pan African Banking
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๐๐ผ๐ ๐ฑ๐ผ๐ฒ๐ ๐ฉ๐๐ฆ๐/๐ ๐ฎ๐๐๐ฒ๐ฟ๐ฐ๐ฎ๐ฟ๐ฑ ๐บ๐ฎ๐ธ๐ฒ ๐บ๐ผ๐ป๐ฒ๐?
This 6-step diagram shows the economics of the credit card payment flow: 1๏ธโฃ The cardholder pays a merchant $100 to buy a product. 2๏ธโฃ The merchant benefits from the use of the credit card with higher sales volume, and needs to compensate the issuer and the card network for providing the payment service. The acquiring…
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Zimbabweans forced to use US dollar in absence of new currency ZiG
๐ฟ๐ผ Here we go again: Zimbabweans forced to use US dollar in absence of new currency ZiG Zimbabweโs informal traders who account for about 75% of all employment in the nation have stopped accepting the ZIMdollar also know as RTGS dollar fearing its value has declined. The new ZIG currency which was supposed to be…
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Seven in ten Ugandans spend beyond their income, survey-based study shows
๐บ๐ฌ๐ต “Seven out of every 10 Ugandans were operating a personal budget deficit (needing more money than they are earning to cover their personal budget),” the FinScope 2023 survey done by the not-for-profit company Financial Sector Deepening Uganda read. What is interesting is how the Ugandans’ strategy for coping with this financial situation has changed.…
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Ecowas sends fact-finding mission to Togo, finally
The seven-member mission will be led by Maman Sambo Sidikou, former representative of the African Union in Mali and the Sahel. โDuring its stay in Togo from 15 to 20 April, the mission will meet the main stakeholders in the electoral process, in particular the heads of State institutions and agencies, political parties, the electoral…
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Nubank partners with Wise to launch a global account and tap into travel banking
The news ๐๏ธ Nubank, Brazilโs FinTech gem and one of the worldโs largest digital banks with over 90 million customers, has partnered with Wise Platform to launch a new global account and international debit card for its premium Ultravioleta customers. This marks an important step for Nubank into the travel segment and further strengthens Wiseโs international growth ambitions. Letโs take…
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Russia begins diesel exports to Sudan, LSEG data shows
๐ธ๐ฉ๐ท๐บ Russia has begun diesel exports to Sudan as Moscow seeks new markets for its refined products after an EU embargo, LSEG data shows.Since the full EU embargo on Russian oil product imports was imposed in February 2023, diesel supplies have been diverted to Brazil, Turkey, countries in Africa, Asia and the Middle East as…
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Kenya and Central African Republic strengthen ties
๐ฐ๐ช๐จ๐ซ Kenyaโs President William Ruto made a 24-hour visit to the Central African Republic on the weekend, holding talks in Bangui with President Faustin Archange Touadera. It was the first time a Kenyan head of state had visited the country and Touadera thanked him for coming to Bangui. During the visit, Ruto paid tribute to…
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Zimbabwe’s transition to new ZiG currency reportedly prompts banking disruptions
๐ฟ๐ผ Banking operations in Zimbabwe have been disrupted as financial institutions rushed to convert all Zimbabwe dollar account balances to ZiG, the new legal tender, media reported. Thus, ZimSwitch, the national payments platform provider, revealed that processing of local dollar transactions across financial institutions is currently unavailable. Nedbank, a South African banking giant operating in…
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Ethiopian securities exchange reaches capital raise target needed for operations
๐ช๐น The Ethiopian Securities Exchange (ESX) has achieved a milestone by meeting its initial capital raise target of $11.07 million required to kickstart its operations, the ESX said in a statement. The exchange announced that the fundraising effort was oversubscribed, with offers totaling $26.6 million from both domestic and foreign commercial investors, demonstrating robust interest…
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Africa reportedly bears annual cost of $8.4 billion due to hospital infections
๐๐ฅ Whatโs even more important is that hundreds of thousands die due to infections acquired in hospitals, the media revealed, citing a joint research by the international non-governmental organization WaterAid and the World Bank. Clean water, better restrooms, and handwashing facilities could prevent at least half of the cases, according to the paper. Notably, pediatric…
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