News | - Part 29

Nigeria |MasterCard Sees Growth in Nigerian Traders Without Bank Accounts

LAGOS, Nigeria, Capital Markets in Africa — MasterCard Inc. plans to introduce new payment systems in Nigeria that will target merchants who don’t have bank accounts and rely mostly on cash transactions. The company is working with the umbrella organizations of Nigerian traders and collaborating with banks and technology companies to start offering the services this year, Omokehinde Ojomuyide, MasterCard’s vice president and area business head for West Africa, said May 6 in an interview in Lagos,…

South Africa | Partnerships Can Avert South Africa Junk Rating, Radebe Says

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — South Africa’s government is confident that its partnerships with business and labor can help it avert a credit-rating downgrade to junk, according to Jeff Radebe, Minister for Planning, Performance, Monitoring & Evaluation in the Presidency. “We are not envisaging a downgrade because we have put in measures as a government working with our partners in the private sector and labor to ensure that we stay the course,” Rabede told…

Infrastructure | South Africa Secures $16.5 Million for National Internet Rollout

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — South Africa has set aside 250 million rand ($16.5 million) to start the first phase of broadband roll-out across Africa’s most industrialized economy and will approach the private sector, banks and development institutions about additional funding, the telecommunications minister said. Construction will start in three months following various delays, Siyabonga Cwele said in a phone interview on Monday. The total cost of the project could rise to as much as…

`Zombie’ Money Printed by Zimbabwe Draws Scorn From Critics

Posted on by The Editorial Team

Harare, Zimbabwe, Capital Markets in Africa — A new currency printed by Zimbabwe’s central bank to ease a cash shortage has drawn scorn from critics attacking it as signaling a return to the hated local dollar, abandoned seven years ago as inflation spiraled to 500 billion percent. The central bank will distribute units with face values ranging from two to 20 dollars, pegged to the U.S. currency, Governor John Mangudya said Wednesday, describing them as “bond notes”…

Gabon | Moody’s places Gabon’s Ba3 ratings on review for downgrade

Posted on by The Editorial Team

Libreville, Gabon, Capital Markets in Africa — Moody’s Investors Service has today placed the Republic of Gabon’s Ba3 government bond and issuer ratings on review for downgrade. The purpose of Moody’s ratings review is to assess the extent of the impact of the further sharp fall in oil prices, which Moody’s expects to remain low for several years, on the Republic of Gabon’s government balance sheet in the coming years. As part of the review,…

Congo | Moody’s downgrades Republic of the Congo’s rating to B1

Posted on by The Editorial Team

Brazzaville, Congo, Capital Markets in Africa — Moody’s Investors Service has today downgraded the Republic of the Congo’s (ROC) issuer rating to B1 from Ba3 and placed the B1 rating under review for further downgrade. The downgrade reflects the severe deterioration in the government balance sheet caused by the significant fall in oil prices, which Moody’s expects to remain low for several years. The purpose of the review for further downgrade is to allow Moody’s…

Nigeria Says $15 Billion Stolen in Security Spending Scams

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigerian Vice President Yemi Osinbajo said about $15 billion was lost by the previous administration to fraudulent security spending scams, almost three times more than was previously estimated by the government. Osinbajo, who along with President Muhammadu Buhari defeated Goodluck Jonathan in elections last year on an anti-corruption campaign, said that the figure had only been discovered a few days ago, dwarfing the previous estimate of $5.5 billion allegedly misappropriated from contracts to buy defense equipment to…

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