S&P Global Ratings cut Senegal’s long-term foreign-currency sovereign credit rating to “CC” from “CCC+” and its local-currency rating to “CCC” from “CCC+” on Friday, citing the government’s plan to restructure its debt. S&P assigned a negative outlook to both ratings, saying Senegal’s proposed debt treatment was likely to leave foreign-currency creditors receiving less than originally […]
Read MoreKenya’s public wage bill is provisionally projected to rise to Sh1.287 trillion ($9.9 billion) in the financial year 2025/26 from Sh1.247 trillion a year earlier, the Salaries and Remuneration Commission (SRC) said on Friday. The Sh40 billion increase represents growth of about 3.2%, with the SRC attributing the rise largely to expansion of the teaching, […]
Read MoreEgyptian President Abdel Fattah al-Sisi urged the Asian Infrastructure Investment Bank (AIIB) to expand investment in Egypt into energy, transport, ports and logistics during talks with the bank’s president, Zou Jiayi, on Sunday. The meeting comes as Egypt seeks to broaden financing partnerships for infrastructure and attract more private investment to support economic development. Sisi […]
Read MoreSouth Africa’s financial regulator has fined and debarred three executives linked to Africa Bitcoin Corporation for 20 years over Altvest share price manipulation, imposing combined penalties of 10 million rand ($580,000) for trading conducted in 2022. The Financial Sector Conduct Authority (FSCA) said Warren Wheatley, his wife Tatum Keshwar-Wheatley and Akshay Karan coordinated trades in […]
Read MoreNigerian billionaire Aliko Dangote said on Thursday the initial public offering of his oil refinery, Africa’s largest, will open within the next 10 to 12 days, in what is set to become the continent’s biggest stock listing. Dangote made the announcement at a briefing in Gaborone, Botswana’s capital, where he met President Duma Boko to […]
Read MoreMajor financial institutions are expanding crypto infrastructure through tokenization, digital-asset custody and blockchain-based settlement systems, as banks seek to integrate digital assets into traditional financial markets. The shift is moving beyond direct bets on cryptocurrencies such as bitcoin toward the technology and financial networks that support trading, payments, custody and settlement. A report published by […]
Read MoreSafaricom Ethiopia said on Thursday it has surpassed 15 million active subscribers, marking five years since it received Ethiopia’s first full-service unified telecom operating license. The company received its license from the Ethiopian government on July 9, 2021, and began commercial operations in October 2022, Safaricom said in a statement. Safaricom Ethiopia said it had […]
Read MoreRocket Money, the personal finance unit of Rocket Companies (RKT.N), said it has launched an artificial intelligence agent called Rowan that can monitor users’ spending, negotiate bills and move money into savings, all through text messages. The tool, built with AI company Anthropic, is designed to act on consumers’ finances rather than simply display data […]
Read MoreMore than 2,000 African and global business leaders, alongside several heads of state, will meet in New York on September 20-21 for Unstoppable Africa 2026, an investment summit aimed at channeling capital into the continent’s economies, organizers said on Wednesday. The event, now in its fifth year, is the flagship gathering of the Global Africa […]
Read MoreNigerian fintech OPay is considering a listing on the Nigerian Exchange (NGX) in addition to a previously reported U.S. initial public offering that could value the company at about $4 billion. The mobile payments firm, one of Nigeria’s largest fintech companies, has not confirmed a final decision on where it will go public, but a […]
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