The Editorial Team |

Crypto 2.0 May Be Digital Cash You Can Actually Use to Buy Stuff

LAGOS (Capital Markets in Africa) – The London clubhouse built for activists who helped redesign Britain’s electoral system nearly two centuries ago offered a fitting setting for the crowd of technology entrepreneurs hoping to reinvent money. Those gathered in the Reform Club near Buckingham Palace late last month were just a small part of a fast-growing cohort of idealists and profit-seekers working feverishly on a new breed of digital currencies. Call them crypto 2.0. These coins should, as…

War Tamed, South Sudan Faces New Hurdle: Luring Vital Investment

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LAGOS (Capital Markets in Africa) – South Sudanese authorities, eager for investment after a five-year civil war, vowed to meet international companies’ needs for foreign exchange, shortages of which forced Anheuser-Busch Inbev SA’s unit to close. The Investment Authority’s pledge comes as the oil-producing East African nation enacts a peace deal and pursues international financing to overcome an economic crisis that saw inflation exceed 200 percent. Units of both MTN Group Ltd. and Kuwait’s largest mobile-phone provider are among the…

Banks Fear Hyperinflation Redux in Plea for Zimbabwe Reforms

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HARARE (Capital Markets in Africa) – Zimbabwean banks urged the government to introduce wide-ranging reforms amid signs the country is facing an economic crisis reminiscent of a hyperinflationary spiral a decade ago. Finance Minister Mthuli Ncube is preparing to announce the 2019 budget later this month. He’s juggling a ballooning budget deficit, foreign-exchange shortages that are fuelling inflation, and an inability to raise foreign loans because of $5.6 billion of debt arrears. The fiscal shortfall, which was more than triple…

South Africa’s High-Speed Rail Network Seeks Cash for Trains

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s high-speed rail network is seeking 4 billion rand ($290 million) to increase its number of trains by 50 percent ahead of a potential expansion to other parts of Johannesburg and Pretoria. The Development Bank of Southern Africa Ltd. is leading the fundraising, a spokeswoman said in an emailed response to questions on Wednesday. Canada’s Bombardier Inc., CRRC Corp. of China and local firm Egoli Rail are among the…

Will ICOs Prevail? Let’s Give Them Five Years: Aaron Brown

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LAGOS (Capital Markets in Africa) – Despite reports of fraud, the success of initial coin offerings compares favorably to conventional technology projects and early-stage ventures. Ernst & Young recently published a damning analysis of 2017’s initial coin offerings. The odd thing is it concentrates on the financial performance of the cryptocurrency market’s equivalent to an initial public offering in the mainstream investment world since the end of 2017. That does not reflect on the competence and sincerity of their…

SEC Settles First Unregistered Crypto Securities Exchange Case

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LAGOS (Capital Markets in Africa) – The founder of cryptocurrency trading platform EtherDelta settled with the SEC for operating an unregistered national securities exchange in the agency’s first case of this kind. Zachary Coburn will pay $313,000 in disgorgement and interest and a civil fine of $75,000 to settle Securities and Exchange Commission allegations his crypto site acted as an unregistered securities exchange, the agency said Nov. 8. Coburn created his platform, EtherDelta, in 2016, the SEC…

Nigeria’s Fidelity Bank to Boost Profit by Spending More on Tech

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LAGOS (Capital Markets in Africa) – Fidelity Bank Plc of Nigeria plans to boost investment in technology as a way of cutting costs and increasing profit over the next three to four years. The Lagos-based lender already hiked spending on digitization by more than 40 percent this year, and plans to increase its outlay further still, Chief Operating Officer Gbolahan Joshua said in an interview in the West African nation’s commercial hub. Technology will allow the bank to…

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