Finance
Afreximbank approves $400 million facility to improve agriculture in Africa
The African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution, has approved a $400-million revolving global credit facility agreement for the Export Trading Group (ETG), one of the largest and fastest-growing integrated agricultural conglomerates in Africa. The agreement will enable ETG to keep playing its vital role in the agri-foods supply chain of efficiently connecting African farmers to markets, as well as expanding access to key inputs to boost agricultural productivity in a continent with tremendous but yet unrealized potential. According to Afreximbank’s estimates, Africa spent over $90 billion on food imports in 2019, even though it possesses up to 60 percent of the world’s remaining arable land. Moreover, the Food and Agriculture Organizat...
South African Crypto Traders should Gear Up for Stricter Taxes
Over the last five years, South Africa has emerged as one of the world’s most notable cryptocurrency adopters, and an estimated 13% of its internet users owning or using cryptocurrencies. With the South African Bitcoin/ZAR weekly trading volume – to name just one – currently standing close to R30million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies. This is according to Wiehann Olivier, Partner at the Audit Division of Mazars in South Africa, who says that there are various techniques SARS could apply for the direct taxing of cryptocurrencies. “To start, the fact that cryptocurrencies were created to allow for anonymous, frictionless and trusted peer-to-peer transaction to be condu...
More Women In Africa are Turning To Cryptos, Research Shows
Sourced from Hacker Noon. The COVID-19 pandemic has brought the global economy to a standstill and put millions of people under financial stress. Understandably, people from all walks of life started looking for alternative income streams. Not only are these side jobs providing women with additional income, but they are also giving individuals an opportunity to develop new skills in the bitcoin and blockchain space. Blockchain skills are in high demand internationally and may unlock new career opportunities or set the ground for running a successful business in the future. Beyond speculative activities, bitcoin already drives a whole range of entrepreneurial ventures including arbitrage, remittance, e-commerce and educational projects, to name a few. /* custom css */ .tdi_3_b38.td-a-...
Mastercard Improves Online eCommerce Security Capabilities
As digital commerce continues to accelerate owing to the COVID-19 pandemic, Mastercard has announced that it will offer new security services to merchants in South Africa. The company says that it hopes this will further protect consumers and increase convenience when storing Mastercard cards in merchant databases. Dubbed Mastercard Digital Enablement Service (MDES) for Merchants, the service uses a security measure known as tokenization to protect, speed up and simplify online and in-app Mastercard card purchases, as well as subscription-based and recurring payments like streaming music, video services, and utility bills. “Online shopping has gained significant traction in South Africa, and it is imperative for merchants of all sizes to ensure that they are offering a convenient, enjoyabl...
Experian was not ‘Hacked’, says CEO
Sourced from Republic Title Experian CEO Ferdie Pieterse says that the business and credit information services agency was “in no way, shape, or form” hacked. This comes after the company confirmed that the personal information of nearly 24 million South Africans was breached. Pieterse adds that none of their systems, databases or records was ever penetrated or hacked. Instead, the fraudsters used social engineering tricks to present themselves as a legitimate Experian client, this resulted in the “release of information which is provided in the ordinary course of business or which is publicly available” – potentially including First and last names, ID numbers, Telephone numbers, Physical addresses, and Email addresses. The South African Banking Risk Information Centre (SABRIC) says t...
Airtel Africa and MoneyGram Enable Direct Mobile Wallet Transfers
Sourced from Comms MEA Airtel Africa has partnered with MoneyGram – an international money transfer company – to allow its 19 million customers to quickly and conveniently receive transfers directly into their mobile wallets. Once Airtel Money customers receive the funds, they can be accessed immediately and used to pay utility bills, goods and services, transferred to other individuals, or converted to cash at any of Airtel Africa’s branches, kiosks, and agents. “This partnership with Airtel will enable millions of consumers instant access to our global platform to receive money from over 200 countries & territories without having to even step outside,” says John Gely, Head of MoneyGram Africa. “We’re excited about how this customer-centric partnership with Airtel will expand our mobi...
Ukheshe Joins Forces with Mastercard and Nedbank in South Africa
Mastercard, Nedbank, and Ukheshe have launched Third-Party Processing Services (TPP) in South Africa which will give everyday businesses access to prepaid and virtual cards. Clayton Hayward, CEO of Ukheshe, says that through Ukheshe’s innovative payment solutions, businesses in South Africa can now issue virtual prepaid cards to employees or customers. Providing recipients with improved financial freedom where they have the option to earn rewards, incentives, and have a secure card that can work anywhere in South Africa while building brand association. Ukheshe will leverage Mastercard Processing, which enables it to launch secure prepaid payments programs to its customers with greater speed, flexibility, and convenience. Through this new relationship, prepaid products will be processed th...
24 Million South Africans at Risk After Experian Hack
South Africa has just been hit a major data breach that may have put the personal information of as many as 24 million South Africans at risk. This information could include First and last names, ID numbers, Telephone numbers, Physical addresses and Email addresses. Experian South Africa – business and credit information services agency – has confirmed that “an individual in South Africa, purporting to represent a legitimate client, fraudulently requested services from Experian”. This resulted in the “release of information which is provided in the ordinary course of business or which is publicly available.” The South African Banking Risk Information Centre (SABRIC) says that “Banks have been working with Experian and SABRIC to identify which of their customers may have been exposed to the...
NAICOM releases guidelines of minimum paid-up share capital for insurance companies
File Photo The National Insurance Commission (NAICOM) on Tuesday released guidelines for the payment of Minimum Paid-up Share Capital by insurance and re-insurance companies in compliance with the first phase recapitalistion directive deadline of Dec. 31. Mr Pius Agboola, Director, Policy and Regulations, NAICOM, for the Commissioner of Insurance, said that the guidelines were in furtherance to the commission’s earlier circulars referenced /25/2019, dated May 20, 2019, July 23, 2019 and December 30,2019 respectively on the subject matter. Agboola said that the minimum paid-up share capital shall be through any or a combination of either and existing paid-up share capital, cash payment for new shares, retained earnings – capitalisation of undistributed profits. He listed also payment in kin...
China loans: Nothing bad in borrowing – minister
Minister of Information, Lai Mohammed, has declared that there is nothing wrong in borrowing. He said what matters is that funds are invested in infrastructure rather than services or consumption. The minister insisted that Nigeria is effectively utilizing the funds it borrowed from China and elsewhere for infrastructural development and job creation. Mohammed spoke at the construction site of the Ibadan Train Station on Saturday. He inspected the Lagos-Ibadan Standard Gauge Rail Project with his Transportation counterpart, Rotimi Amaechi. “We didn’t borrow money for services or overhead expenditure. We borrowed money for capital projects: rail; roads; bridges; power – infrastructure generally,” he said. Mohammed expressed delight at the level of work on the train stations and the modern c...
Four Takeaways From MSG Entertainment’s Near-Zero Revenue Debut Quarter as a Standalone Company
Crippled by venue closures, concert promoter MSG Entertainment’s fiscal fourth quarter revenue fell 96% to $9 million from $215.2 million for the same period a year earlier, according to financial results released Friday (Aug. 14). These aren’t the sort of numbers investors might have hoped for in the first full earnings report since MSGE spun off from the Madison Square Garden Company on April 20, but amid a pandemic that has shut down concerts since March perhaps there is some solace that this decline in revenue was still slightly better than the 98% drop Live Nation announced Aug. 5. Shares of MSGE dipped 4.7% to $67.99 at the New York Stock Exchange on Friday. In all, MSGE’s revenue for the full fiscal year, from July 1, 2019, to June 30, 2020, fell 27% to $762.9 million from $1 billio...
Plateau Assembly urges government to provide bailout to private schools
The Plateau House of Assembly (PLHA) has urged the Plateau Government to provide bailout funds to proprietors of private schools to augment payment of their staff salaries which could not be paid due to COVID-19 pandemic. The post Plateau Assembly urges government to provide bailout to private schools appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
