Author: Editorial Staff

Orange and Ecobank have launched a bank-to-wallet money transfer service in Côte d’Ivoire, Guinea and Niger. This partnership, which is already operational in Mali since January 2015 and in Cameroun since August 2015, facilitates money transfers for both Ecobank and Orange customers by allowing them to top-up their Orange Money e-wallet from their bank account, and vice versa. Customers can use their mobile phones to securely transfer money between accounts at any time, without the need to go to a distribution point or to have any physical cash. Ecobank customers can also view bank account balance and obtain mini-statements by…

RINGIER Africa Deals Group, a newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings,  has acquired one of Nigeria’s biggest online shopping platforms, DealDey. The acquisition represents an expansion of Ringier Africa’s portfolio beyond publishing and digital marketing in Nigeria and Silvertree’s first e-commerce investment in the country. It sees the two companies invest significantly in Nigeria’s fast-growing multi-billion dollar e-commerce sector as part of their partnership in the Ringier Africa Deals Group. DealDey, the online deals e-commerce platform, was launched in 2011 by serial entrepreneur Simdul Shagaya together with Investment AB Kinnevik. With over…

THE prolonged low price of crude oil and refined product is not reflecting in the pump price of most sub-Saharan African countries. Most countries have either maintained the status quo or lowered pump price by a disproportional margin. Despite the decline in the international price or refined product by more than 50 percent, prices have only dropped by a disproportionate 5.7 percent, 5 percent, 4.3 percent, and 2.3 percent year-on-year (YoY) in Tanzania, Senegal, Kenya and Rwanda respectively, while an improved decline of 17.2 percent, 16.6 percent and 15 percent YoY was recorded in Ethiopia, Cote d’Ivoire and DRC accordingly.…

One in five people worldwide report having paid a bribe for land, with rates even higher in sub-Saharan Africa where women say they are forced to trade sex for property rights, according to research by a top global anti-corruption watchdog. With women increasingly involved in agriculture in Africa, their livelihoods become more vulnerable to such sexual extortion, according to a report by Transparency International presented this week to the World Bank Conference on Land and Poverty. For such women, access to and control of land is critical to their incomes, food supplies and social welfare, it said. Globally, one in…

AFRICA’S economy has seen modest growth in the wake of falling commodity prices, slowing revenues and volatile currencies. The moderation in growth impacts a range of industries and sectors, including retail and consumer products that must contend with rising costs, and a fall in prices. Despite the decline in growth, the long-term outlook remains positive. The economic growth predicted for 2016 and beyond in some African countries and the growth expected in Africa’s consumer market provides major opportunities for retail and consumer companies looking to the future, says a report released early March by global accounting firm, PwC. ‘As Africa…

THE Central African Republic (CAR) will soon be able to recommence exports of diamonds following a deal between its government and producers brokered by the UAE in Dubai on March 10. The African country, rich in diamonds but bedevilled by civil strife, has been unable to export the stones since 2013 due to concerns about security. After a day long series of meetings chaired by Ahmed Bin Sulayem, chairman of the Dubai Multi-Commodities Centre, an agreement was struck between the CAR’s minister for mines, Joseph Agbo, and Viken Arslanian, an executive of Sodiam, the CAR’s main diamond miner. Bin Sulayem…

BARCLAYS Africa said there is no lack of interest from buyers seeking a stake in South Africa’s third-largest lender as Barclays prepares to reduce its 62.3 percent holding to less than 20 percent. The London-based bank’s interest would not be ‘sold in the short term and a number of players will have a say in the process,’ Barclays Africa deputy CEO David Hodnett said early March. It was too soon to speculate on how the British bank would sell its shares, he said, adding that regulators would be looking for investors who offered ‘long-term stability.’ Barclays said on March 1…

ZIMBABWE is planning to start compensating mainly white farmers who lost their land and livelihoods during state-backed farm invasions that began in 2000, which triggered a near decade-long recession, the finance ministry said in a circular distributed to legislators. Farmers may be compensated for ‘both land and improvements,’ as well as equipment acquired by the state during the often-violent seizure of property,according to the document submitted to parliament early March. If approved by the government, it would mark a major shift in policy. President Robert Mugabe previously said payments would be made only for investments in infrastructure such as dams,…

MONEYGRAM and GT Bank, one of the leading retail banks in Nigeria, have announced the launch of MoneyGram’s receive services across the GT Bank network. This service will be available through MoneyGram’s cash to account service. Customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes. These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM. MoneyGram CEO Alex Holmes and GT Bank general manager, operations division, Tayo Asupoto made the announcement during…

XOOM, a leading digital money transfer provider, is expanding its service in Africa, making it easier for people in the United States to quickly and securely send money to Nigeria. With Xoom, people get the convenience of sending money on-the-go through a mobile phone, tablet or computer. Customers also get the peace of mind of having money directly deposited into their loved one’s bank account, and access to 24/7 customer service, 365 days a year. This expansion includes an instant bank deposit service to any Nigerian Naira account, which includes First Bank Nigeria, Guaranty Trust Bank, Zenith Bank and more.…