Legal & Regulatory Environment News

Southern Africa: Top Finance Officials Discuss Possible Use of Chinese Yuan As Reserve Currency for Eastern, Southern Africa


 | Source: Forum on China-AFrica Cooperation; All Africa

The Chinese yuan comes under the spotlight Tuesday and Wednesday when 17 top central bank and government officials from 14 countries in eastern and southern Africa meet in Harare to discuss its possible use as a reserve currency for the region.

Tanzania: What Tanzania Banks On to Attract Industrial Investment


 | Source: All Africa

The government has explained how it attracts industrial investment including by ensuring peace and security in the country.

Ghana: President Nana Akufo-Addo supports central bank reforms


 | Source: FinancialAfrik

“We can not afford instability or recklessness in the banking and financial sectors. Because any loss of confidence in the banks can only produce a ripple effect on the stability of the economy as a whole."

Uganda: BOU Announces Changes in Sale of Govt Securities


 | Source: The Independent; All Africa

Players in the government securities market are set to deal with the new rules effective July 2, 2018.

Tanzania: Govt Moves to Merge Banks


 | Source: The Citizen; All Africa

The government is in the process of merging Tanzania Postal Bank (TPB) with Twiga Bancorp Limited, which has been under the control of the Bank of Tanzania (BoT) since 2016.

Nigeria: CBN Rolls Out New Anti Money Laundering Sanction Regime


 | Source: Vanguard; All Africa

The Central Bank of Nigeria (CBN) has rolled out a tougher sanctions regime for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) which stipulates fines on banks, their directors and other key officials for 48 money laundering infractions.

Ghana: Fidelity Bank plans to raise $16 million through a listing on Ghana Stock Exchange by 2020


 | Source: Ecofin Agency

Fidelity Bank Ghana plans to launch an initial public offering (IPO) for its listing on Ghana Stock Exchange by 2020.

Nigeria: Finance Companies Seek CBN's Support On Cheap Funds


 | Source: Vanguard; All Africa

Finance Houses Association of Nigeria (FHAN) has called on the Central Bank of Nigeria (CBN) to facilitate access to cheap funds for finance companies.

Kenya: CBK Could Soon Abolish 18-Month Old Law On Interest Rates Capping


 | Source: The EastAfrican; All Africa

Kenya's 18-month-old cap on commercial interest rates could be repealed in the next two months as it emerged that it may have cut last year's estimated economic growth rate by 0.4 percentage points, and starved small and medium enterprises of cash.

Rwanda: Central Bank Sets June Deadline for Forex Bureaus to Fix Gaps


 | Source: The New Times; All Africa

Local forex bureau operators have until June to ensure that their operations are within the provisions of the Central Bank or risk being out of business.

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