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Botswana power utility invites bids to build 100 MW solar plant

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Botswana’s state-owned power utility has invited bids to build a 100 megawatt (MW) solar power plant to boost energy security in the diamond-rich southern African country. In a document published on its website, Botswana Power Corporation (BPC) said it expects energy demand to more than double to 1,359 MW by 2035 from around 600 MW. “BPC would, therefore, like to ...

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Nigeria: Banks Lost N2.19 Billion to Fraudsters ‎through Electronic Platforms in 2016

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Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, an official has said. The Deputy Governor, Operations, Central Bank of Nigeria, CBN, Adebayo Adelabu, said this while unveiling a report on electronic frauds by the CBN on Tuesday. Speaking at the first stakeholders’ workshop on cybercrime organised by the Nigeria Electronic Fraud ...

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Tunisia: New Frontier for African Startups

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Tunisia is emerging as the next eHealth hub and may just give Kenya and South Africa a run for its mone It’s the age of the startup and the business savvy are identifying local solutions to global problems. The next big thing may be lurking in a small Kenyan back office or a Tunisian coffee shop – ready to join ...

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Kenya: HF Group profit drops 73pc as bad debts rise

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Mortgage financier HF Group recorded a 73 per cent net profit drop in the first quarter ended March in the wake of surging defaults. The lender’s net earnings in the period stood at Sh88.3 million compared to Sh327.4 million in the year before. HF’s interest income declined 19.5 per cent to Sh1.8 billion as it recorded significant defaults on its ...

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Kenya:Central bank says drop in SME loans risks jobs, growth

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The Central Bank of Kenya (CBK) has warned that the decline in lending to small enterprises since the introduction of the legal cap on loan rates threatens jobs and economic growth. Latest CBK data shows bank lending to micro, small and medium size enterprises (MSMEs) fell by 5.7 per cent between August and April, even as lending to big business ...

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Nigeria’s central bank to sell $100 mln at forward, spot forex auction

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Nigeria’s central bank said on Tuesday it will sell $100 million at a special wholesale spot and forwards auction to improve dollar liquidity in the foreign exchange market and curb pressure on the local currency. The bank, in a notice to commercial lenders, said the dollar auction would be both for spot and forward settlements and would be settled within ...

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Nigeria: ‎I Will Resign If Nigeria Continues to Import Petrol By 2019 – Kachikwu

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Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday vowed to resign if Nigeria continues to import fuel by 2019. Mr. Kachikwu stated this during an interview on BBC World Service programme, HardTalk, anchored by Stephen Sackur. In the interview, which lasted 23 minutes, Mr. Kachikwu promised to deliver on the completion of the refineries, noting that he ...

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Kenya: NSE up Sh289bn in three months on dividend chase

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Dividend-chasing investors at the Nairobi Securities Exchange (NSE) have lifted the stock market valuation by Sh289 billion in three months, signalling an end to a free fall that had seen the bourse touch an eight-year low in January. The steady growth in paper wealth for NSE investors has come on the back of elevated demand for blue chip stocks, which ...

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East Africa: Why informal financial markets are here to stay

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It is argued that African financial markets are highly fragmented, creating both formal and informal structures. While formal financial markets are largely controlled by the Capital Markets Authority (CMA), informal financial markets (IFMs) are outside the CMA’s regulatory and supervisory control. IFMs include Shylocks, merry-go- rounds (chamas), pawn brokers, credit societies, and traders. IFM lenders are also outside the radar ...

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Nigeria: NCAA Asks Ethiopian Airlines to Stop U.S.$150 Deportation Charge

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Facts have emerged of how Ethiopian Airlines compelled passengers traveling to South Africa to pay ‘unauthorized’ Deportation charges. The charge estimated at between $75 to $150 (N35,000- N70,000) is tagged, “Refundable Deportation Fee” which all South African bound passengers are compelled to pay before boarding. It was learnt that the fee was introduced by the carrier in anticipation that some ...

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