Author: citibusinessnews
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GCB outdoors ‘GCB Lite Pay’ to enhance cashless transactions
As part of measures aimed at improving cashless transactions in the country, Ghana Commercial Bank (GCB), has outdoored a new product, “GCB Lite Pay” to facilitate payment among business owners and traders. The GCB Lite Pay is a card payment solution that combines a Europay, MasterCard, and Visa (EMV) certified card reader on a smartphone…
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Kenya scraps plans for new main airport terminal
Kenya has scrapped plans for a new terminal building at Nairobi’s main airport due to financial pressures and excess capacity caused by recent upgrades to existing facilities, the Kenya Airports Authority said on Tuesday. President Uhuru Kenyatta launched the $650 million terminal project for Jomo Kenyatta International Airport (JKIA) in December 2013. China’s Anhui Construction…
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Capitec FY profit rises 26% as client numbers increase
Capitec Bank, a South African provider of unsecured loans, said profit in the year through February climbed 26 percent as loan and transaction fee income rose and the bank added more than 1 million new active clients. Net income rose to R3.2 billion ($211 million) from R2.5 billion a year earlier, the lender, based in…
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Nigeria’s Buhari will not sign budget unless parliament provides details-official
Nigeria’s President Muhammadu Buhari will not sign the 2016 budget bill passed by parliament last week unless lawmakers provide more details of the legislation, a government official said on Tuesday. Parliament had earlier sent the bill, which calls for record spending, to Buhari’s office but it had contained only highlights of the budget, no details,…
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DKM customers rejoice over Wampah’s exit
Some customers of defunct microfinance company, DKM have welcomed the early exit of the Governor of the Bank of Ghana (BoG), Dr. Henry Kofi Wampah. Dr. Wampah’s tenure at the central bank witnessed a debacle in the microfinance sector, resulting in many Ghanaians losing millions of cedis to some microfinance companies such as DKM and…
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BOC Kenya appoints second female CEO
BOC Kenya has appointed its second female chief executive in a row, retaining its status as one of the few publicly traded firms headed by a woman. The industrial gas manufacturer has appointed Millicent Onyonyi as its new CEO effective April 1, having hired her from oil marketer Oilibya where she has been serving as…
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Ghana grants Gold Fields tax and royalty concessions
GOLD Fields has secured tax and royalty concessions in Ghana, which would have netted it savings of $33m at its two mines last year, and will feed into its deliberations about the future of its Damang mine. Gold Fields bore the brunt of upward tax revisions a number of years ago, with the bulk of…
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Drought weighs heavily on SA maize output
South Africa may trim its estimate for maize production this season by 2.5% because of damage from the worst drought in more than a century, a survey showed. The Crop Estimates Committee may say that farmers will harvest 7.1 million metric tons this year, the median prediction of 10 analysts in a Bloomberg survey shows.…
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MTN South Sudan may shut down
JUBA — MTN South Sudan, a unit of Africa’s biggest cellular services company, said it is cutting jobs and cancelling expansion plans as the war-torn country battled an economic crisis. The workforce will be reduced to just more than 80 people from 170, while plans to build 40 communication towers have been shelved, according to…
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Tanzania: Oil Pipeline Task Force Floated
Tanzania has resolved to establish a high-level coordinating committee consisting of private enterprises and government representatives to promote and develop a crude oil pipeline from Uganda to Tanga. In the same development, the country has resolved to promote and develop a regional value corridor that shall link the Indian Ocean to the Atlantic Ocean. The…