Banking

JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank asked the country’s credit regulator to probe whether Capitec Bank Holdings Ltd. re-introduced a product criticized for its fee structure, an investigation that is ongoing, according to a person familiar with the matter. The referral to the National Credit Regulator came after the issue about the so-called multi-loan product was raised in a report by short-seller Viceroy Research in January, said the person, asking not to be…

ACCRA (Capital Markets in Africa) – The Bank of Ghana is changing the way lenders calculate their capital-adequacy levels as the regulator seeks to strengthen the industry. Banks would on Sunday begin adopting Basel II framework, which will require they include their risk-weighted assets when determining capital adequacy ratios, the Accra-based regulator said in a statement on its website on Monday. The companies have until Jan. 1 to comply with the directive, it said. Ghana is looking for ways to bolster…

SEYCHELLES (Capital Markets in Africa) – Rwanda’s central bank kept its benchmark lending rate at a record-low 5.5 percent as it sees inflation and exchange-rate pressures remaining subdued. The key rate was held at 5.5 percent, Governor John Rwangombwa told reporters in the capital, Kigali, on Tuesday. While inflation could accelerate to about 4.5 percent by the end of this year, from 3 percent in May, price pressures are low, he said. The Rwandan franc weakened 1.5…

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd. Chief Executive Officer of Consumer Banking Jan Moganwa is leaving as the South African lender’s retail and business banking division embarks on a reorganization of its top management. The announcement was made in a notice to staff seen by Bloomberg News and confirmed by Johannesburg-based Barclays Africa spokesman Songezo Zibi. Moganwa will pursue other interests after five years at the unit, which he joined as head of products and…