Features

JOHANNESBURG (Capital Markets in Africa)- It doesn’t look like the hub of an online bank. But that’s what the yellow and blue metal kiosk becomes when Albert Agane locks himself behind the metal bars every day at 6 a.m. From his perch along a dusty suburban thoroughfare in Accra, the 28-year-old helps fellow Ghanaians withdraw or deposit cash for accounts they operate from their mobile phones. All they need do is text. Mobile money is…

JOHANNESBURG (Capital Markets in Africa) – When Cyril Ramaphosa succeeded Jacob Zuma as South Africa’s president, he promised a “new dawn” after nine years of misrule that hobbled the economy. Eighteen months later, hopes have dissipated that the former labor union leader can orchestrate a turnaround. The economy shrank the most in a decade in the first quarter of this year; 38% of the workforce can’t find jobs or have given up looking; and massive bailouts for the debt-stricken…

L;ONDON (Capital Markets in Africa) – The U.K. government doesn’t expect the European Union to shift its position on Brexit for at least a month, a person familiar with the matter said. Prime Minister Boris Johnson is insisting the EU must reopen the Withdrawal Agreement it negotiated with his predecessor, Theresa May, and drop the so-called Irish backstop, a fall-back position designed to keep the border with Ireland open. That’s something EU leaders have said they won’t countenance. Johnson has…

LAGOS (Capital Markets in Africa) – Facebook Inc. is participating in a $125 million fundraising for an Indian startup that is aiming to bring more commerce to social networks like, well, Facebook. Meesho, based in Bangalore, is what’s known in the tech industry as a social commerce startup, allowing people to build connections online and then sell through services such as Facebook and its WhatsApp and Instagram services. The funding round was led by South Africa’s Naspers…

LONDON (Capital Markets in Africa) – The nation that gave the world parliamentary democracy is poised to test the system’s safety valve: A vote to oust the government from office. With Britain due to leave the European Union on Oct. 31, and Prime Minister Boris Johnson vowing to go through with it whether or not a deal is in place to ease the impact, his opponents’ ultimate weapon is a no-confidence vote in the House of Commons. Such votes…

LONDON (Capital Markets in Africa) – U.K. officials wondering how to cope if Britain crashes out of the European Union can generally agree that there’s no real precedent for how it might pan out. That’s the theme Bank of England Governor Mark Carney played to when he spoke to lawmakers on Nov. 1 — exactly one year before he’s set to man the front line defending the post-Brexit economy. “This is rare,” he said. “It doesn’t happen.”…

MALAWI (Capital Markets in Africa) – Hundreds of thousands of Malawians gathered in the streets of the main cities on Tuesday to demand the resignation of Jane Ansah, the head of the southern African nation’s electoral agency that they accuse of helping rig an election to keep Peter Mutharika as president. The disputed May vote has sparked four previous demonstrations and is being challenged in court by the opposition Malawi Congress Party and the United Transformation Movement. Previous protests have…