Special

Cybercriminals target African countries with ransomware

JOHANNESBURG, South Africa, 21 December 2016,-/African Media Agency (AMA)/- Check Point, the largest global pure-play network cybersecurity vendor, has revealed that five African nations were among the top 10 most-attacked countries in November as cybercriminals made increasing use of ransomware attacks using the Locky and Cryptowall viruses. Botswana was the most-attacked country in Check Point’s list of 117 at-risk nations, …

Read More »

Nigeria to eliminate forex black market, says Finance Minister

Nigeria’s Finance Minister, Kemi Adeosun, has announced on Tuesday that the federal government had instructed the Central Bank to eliminate currency black market, where foreign currencies fetch more naira than the official rate. “The CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy,” Ms Adeosun told a …

Read More »

Egypt sees ‘three-year strategy’ to revive economy

AFP│ Egypt has an ambitious three-year reform plan that, with foreign help, can revive its struggling economy, the minister of international cooperation said. In an interview, Sahar Nasr said the “three-year strategy” will lead to a return of investments, boost industrial production and create jobs.  It comes as Egypt faces not only falling growth and a currency crisis following years …

Read More »

How Zimbabwe is responding to limitations of hydro power

James Shepherd, Managing Director, Aggreko Africa, on how his company is partnering with the government of Zimbabwe to solve the country’s energy crisis caused by extended drought in the region. There are parts of Zimbabwe where consistent drought is putting intolerable pressure on local communities. Indeed, many rural areas are in difficulty thanks to the impact of the extreme weather, …

Read More »

Nigeria bans importation of vehicles through land borders

The Federal Government of Nigeria has banned the importation of vehicles into Nigeria through the land borders. The ban takes effect from 1 January 2017. According to a statement by the Public Relations Officer of the Nigerian Customs, Wale Adeniyi, “The prohibition order covers all new and used vehicles.” He added, “The ban is sequel to a Presidential Directive restricting …

Read More »

Using training and technology to help women entrepreneurs in Africa grow their business

Njideka Harry, in commemoration of this year’s Women’s Entrepreneurship Day, writes on how Youth for Technology Foundation in partnership with Mastercard supports two women’s journey to self-fulfillment and financial freedom in Africa’s most populous country. Statistics show that female entrepreneurs in Africa serve as the backbone of the economy and have the power to drive incredible growth. A Global Entrepreneurship …

Read More »

Scepticism greets Zimbabwe’s new bond notes

Struggling with a shortage of cash Zimbabwe has introduced a new currency, a “bond note”, redeemable against US dollars, which has been the country’s official currency since 2009. However, many people fear the bond note will wipe out savings and trigger printing of money, which raged out of control in 2008, leading to the adoption of the dollar. The secrecy …

Read More »

Volkswagen to build car assembly plant in Algeria

Volkswagen has signed a deal with its Algerian sales partner Sovac for the construction of a vehicle assembly plant in the North African country, officials told a news conference on Sunday [26 November]. Under the deal, worth 160 million euros, the plant will produce its first car in June 2017 and is expected to increase output to more than 100 …

Read More »

German-South African Binational Commission meets in Berlin

On 15 and 16 November, the 9th session of the German-South Africa Binational Commission took place in Berlin. High ranked representatives from both countries come together every other year to debate on global challenges and establish an agenda for future joint co-operation. The Binational Commission (BNC) is an important instrument to steer intra-governmental relations between Germany and South Africa. On …

Read More »

Lagos woos German investors as Charles Huber visits Nigeria

The Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, has said that the state, Nigeria’s most populous and its economic heartbeat, remains a prime destination for foreign investors, considering its improved infrastructure and secured environment. Obasa made the assertion when a delegation of German parliamentarians paid a courtesy call on him in his office at Ikeja on Monday, 31 …

Read More »

MoneyGram offers transfers into personal bank accounts in Nigeria

MoneyGram now offers customers in France, Germany, Ireland, Italy and Spain the possibility of sending money directly into personal bank accounts in Nigeria. Users of the MoneyGram’s cash to account service in the European countries can send money to friends and family in Nigeria who have bank accounts with First Bank, UBA, Ecobank, Fidelity, GTB, Zenith Bank and other banks …

Read More »

Mauritius, Rwanda, South Africa make doing business easier, says new World Bank report

WASHINGTON, 25 October 2016 – Sub-Saharan Africa economies carried out a record number of reforms in the past year to improve the business climate for local entrepreneurs, says the World Bank Group’s annual ease of doing business report. “Doing Business 2017: Equal Opportunity for All,” released today, finds that 37 of the region’s 48 economies adopted 80 reforms in the …

Read More »

Abuja hosts inaugural Nigeria Mining Week

A series of events, including exhibitions, conferences and workshops, dedicated to the mining industry in Nigeria takes place in the capital city Abuja from 25-27 October. Minister of Mines and Steel Development, Dr Kayode Fayemi, will deliver the welcome address at the inaugural Nigeria Mining Week. Mining is being reactivated by the administration of President Muhammadu Buhari to play a …

Read More »

African leaders sign ‘historic’ maritime deal against piracy and smuggling

African leaders on Saturday [15 October] signed a deal to boost security off the continent’s economically crucial coasts, hoping to shore up development by tackling maritime crimes like piracy and smuggling. Congolese President Denis Sassou Nguesso hailed the African Union agreement as “historic”, while Kenya’s President Uhuru Kenyatta said it showed Africa’s ability to put together a continent-wide strategy. Sassou …

Read More »

Nigeria’s President Buhari seeks closer business ties with Germany in Berlin

During an official state visit to Germany, President Muhammadu Buhari called for closer economic ties. But faced with an economic downturn in Nigeria, German companies point to major hurdles to investment, reports Naomi Conrad. In the end, it took two attempts: As Chancellor Angela Merkel struggled to pronounce Muhammadu Buhari’s name at a joint press conference in Berlin, the Nigerian …

Read More »

Nigerians point way forward for their country in Hamburg

Amid the gloom of recession and a tightening of belts in the homeland, Nigerian academics, business people and other professionals met with German companies to discuss ways of forging ahead in Hamburg, reports Michael Nnaji. Nigerians living in Germany gathered in the port city of Hamburg recently to parley on what the great Nigerian writer Chinua Achebe once described as …

Read More »

Modern Railway linking Ethiopia to Djibouti opens

A $3.4 billion Chinese-built railway linking the Ethiopian capital Addis Ababa and the port city of Djibouti has opened, a boost to both African countries’ economies and an important milestone for Chinese investments in Africa. The new 750-km line, which completely replaces a long-defunct French line built in the early 20th century, will reduce travel time between the two cities …

Read More »

HomeSend, Mastercard aim to transform the $3bn remittance industry in Ethiopia

HomeSend and the Commercial Bank of Ethiopia (CBE) have announced a new remittance service that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country. Launched in 2014, HomeSend is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send …

Read More »

Africans in diaspora sent $35.2 billion home in 2015

Sub-Sahara Africans living outside their home countries sent US$35.2 billion home in 2015, according to the latest figures released by the World Bank. Nigerians alone accounted for $21bn of all remittances to the region. The Bank’s figures also show that officially recorded remittances to developing countries amounted to $431.6bn in 2015, an increase of 0.4 percent over $430bn in 2014. …

Read More »