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Nigerians are moving towards having their businesses on their phones

The mobile internet is rapidly transforming the way Nigeria is doing business. This is being made possible with the use of cheaper smartphones. Magnus Nmonwu, Regional Director, Sage West Africa told CNBC Africa that the country was also seeing the change in the nature of business due to rapid improvements in telecoms infrastructure, and the availability of affordable cloud applications. ...

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Kenya’s diaspora remittance sees an 8.4 percent surge

Remittances to Kenya rose to 1.54 billion US dollars in 2015 up from 1.43 billion US dollars in 2014. PHOTO Wikipedia

East Africa’s economic giant, Kenya, has seen an 8.4 per cent surge in diaspora remittances. Diaspora remittances to Kenya rose to 1.54 billion US dollars in 2015 up from 1.43 billion US dollars in 2014. North America accounted for 49.6 per cent of total inflows in December 2015 and recording growth of 10.1 per cent. Inflow from Europe increased by ...

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Uganda Shilling gains slightly, seen easing due to importer demand

Uganda Shilling gains slightly, seen easing due to importer demand

Uganda’s shilling gained slight ground on Monday and traders said it was seen easing in coming days due to an expectation of increased importer dollar demand after last week’s presidential election. At 0803 GMT, commercial banks quoted the shilling at 3,435/3,445 to the dollar, compared with Friday’s close of 3,443/3,453. “If there is to be a bias, then we will ...

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Investors told to target Africa’s mega-cities, including Accra

City of Accra

Investors who wish to do business in Africa have been advised to re-strategize and target big and growing cities on the continent such as Accra, Lagos, Nairobi, Kinshasa and Johannesburg. This means that instead of taking a view on the continent as a whole, or choosing one country over another, they can seize opportunities city by city. In cities such ...

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SA’s rand firms on risk appetite but gains seen limited

SA’s rand firms on risk appetite but gains seen limited

South Africa’s rand strengthened against the U.S. dollar in early trade on Monday on renewed appetite for riskier assets as Chinese investors returned to markets after the Lunar New Year holiday. At 0645 GMT, the rand traded at 15.7900 versus the dollar, 0.54 percent firmer from Friday’s New York at 15.8750. “This morning initial indications are that the markets are ...

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Nigeria in talks with oil majors to repay debt, invest in refineries

Nigeria in talks with oil majors to repay debt, invest in refineries

Nigeria is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has accumulated over years of mismanagement, the firm’s head told Reuters. Emmanuel Ibe Kachikwu, who is also the minister of state for petroleum, said he wanted to increase output to up ...

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Nairobi’s Securities Exchange Bonds market starts year on low note

The Nairobi Securities Exchange opened the year on a slower rate compared to 2015.

The secondary bonds market at the Nairobi Securities Exchange opened the year on a slower rate compared to 2015, as investors bid heavily for primary Treasury bills. Meanwhile, the Competition Authority of Kenya is conducting fresh investigation into products’ pricing by Kenyan banks. Aly-Khan Satchu, CEO of Rich Management spoke to CNBC Africa on this. Read highlights from conversation below ...

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South Africa’s Kumba iron Ore’s FY profit falls 66 PCT

South Africa’s Kumba iron Ore’s FY profit falls 66 PCT

South Africa’s Kumba Iron Ore’s reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year earlier. Headline EPS is the ...

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Nigeria’s 45% electricity tariff hike is a ‘small price to pay’-Eko Director

power station

With Nigeria labour unions protesting over a 45 per cent electricity tariff hike, the Director at the Eko Distribution Company, George Etomi, says picketing the distribution companies will only increase the suffering of the masses. According to the Nigeria Labour Congress, a 45 per cent tariff hike was implemented without due consultation with stakeholders in the sector. Speaking to CNBC ...

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Nigeria hopes to cut down on borrowing, graft due to better cash management

Muhammadu Buhari, President of the Federal Republic of Nigeria

Nigeria’s decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday. Last year, President Muhammadu Buhari ordered the merger of state accounts into one “single treasury account” at the central bank to reduce graft and a practice where the government borrowed back its own ...

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Ghana Business News