Category: Finance

Francophone Africa’s CFA franc is under fire

DEBATING the merits of the CFA franc, says Guy Marius Sagna, a Senegalese activist, “is like discussing the advantages and disadvantages of slavery.” That is a ridiculous analogy. But the past year has seen protests in several cities against the currency, used by 14 countries in west and central Africa and supported by France, the ...

W

WhatsApp is finally catching up to African entrepreneurs with a standalone business app

Over the last two years, WhatsApp, has stood out as one of the fastest growing media platforms in Africa. For many people, WhatsApp is their primary social media platform, not Facebook, which owns the messaging app. WhatsApp rise has caused tensions with some of the mobile network operators as its success has eaten into the ...

N

Nigeria’s lawmakers think bitcoin is one big financial scam

The bitcoin boom in Nigeria is drawing opposition from its lawmakers. The senate has asked Nigeria’s central bank and other regulators to “investigate the proliferation of bitcoin” and do more to educate citizens about “the dangers” of the cryptocurrency. Much of the lawmakers’ fears are based on recent events after Mavrodi Mundial Moneybox (MMM), a ...

W

Why $70 oil isn’t good news for Nigeria

If you’re an economy that’s just come out of a five-quarter long recession that was mainly triggered by a drop in global oil prices—your main revenue source—then there’s good reason to be excited about oil returning to three-year highs of $70. This is especially true if your budget is based on a benchmark of $45. ...

E

Et si le bitcoin remplaçait le franc CFA ?

La monnaie virtuelle peut apparaître comme une solution aux limites du système financier en vigueur dans l’ouest du continent. Pas si simple, décryptent le professeur d’économie Jérôme Mathis et le doctorant Daniel Ouedraogo.

A

Angola scraps dollar peg as foreign reserves fall

Kwanza could drop 20% after move that may also lead to renegotiation of external debt

K

Kenya’s fintech companies are innovating to bring small businesses into their fold

Mobile operators and electronic payment firms are focusing on the hundreds of thousands of small businesses in Kenya by introducing new products specifically aimed at paying for low-value card transactions with ease, speed, and convenience. PesaPal, a Nairobi-based aggregator for online and mobile payments, recently introduced a mobile point of sale (mPOS) service known as ...

Kenya: Is the interest rate cap coming off?

It is now a year since an amendment to the Kenyan Banking Act of 2016 capping interest rates on loans at 4% above the Central Bank rate – which stands at 10% – came into force. Twelve months later the exercise has brought home sobering lessons for the Kenyan economy and the banking sector as ...

Managing stakeholders in a traditional African setting

This article makes a case for how stakeholder relationships could be managed in an African manner using practices from the Bafokeng (“People of the Dew”), whose kingdom, the Royal Bafokeng Nation (RNB) is located in the North West province of South Africa. They survived the negative effects of colonialism and apartheid and have emerged into ...

B

Bitcoin’s rise in African markets is driven by an old Russian ponzi scheme

“Welcome to the System! Together we will change the world!” These are the words I found scrawled at the bottom of a web page, right next to a picture of Sergei Mavrodi, a convicted Russian fraudster infamous for operating Mavrodi Mundial Moneybox (or MMM), one of the world’s largest ponzi schemes. Two decades after MMM ...