Africa West Africa World 

Francophone West Africa seeks ‘financial freedom’ from France

For decades Francophone nations in West Africa have had the management of their currency done in France. Their financial reserves have always been planned and controlled from France despite gaining independence many years ago. A model where these eight former colonies of France had their foreign-exchange accumulation kept at the French Treasury could soon change. Benin’s President Patrice Talon has revealed that the eight-member nations of the West African Monetary Union “unanimously agree” to end the practice. He said in an interview with Radio France Internationale that “I can’t give…

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Africa Liberia West Africa World 

Liberia: Banknotes in short supply, banks run-out of cash

Liberian commercial banks have run out of money resulting in shortage of banknotes across the country. The shortage of banknotes means customers of banks have to form long queues at cash machines. Liberia’s ministry of finance said on Tuesday that there is not sufficient money in the vaults of commercial banks. It claimed people are keeping money at home. Liberia’s economy is struggling, flattening the confidence people have in the local currency. There have been protests in recent months after the disappearance of some $104million worth of bank notes in…

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Africa World 

United Nations is ‘broke’, could run out of cash in a few weeks

The United Nations is reportedly without money to sustain its operations as it is currently running a deficit of $230 million. In a letter from the Secretary General Antonio Guterres to the 37,000 employees at the UN secretariat, he said the global body may run out of money by the end of October. CBS News reported about the said letter in which Guterres said unspecified “additional stop-gap measures” were needed to ensure salaries and entitlements are paid. Guterres wrote that “Member States have paid only 70 percent of the total…

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Africa Business World 

Digital money transfer service Azimo reaches profitability

Azimo, Europe’s leading digital money transfer service, today announced that it has reached profitability during Q2 2019. Following the successful expansion of sending to regions such as Africa and south-east Asia, the volume of transfers enabled by Azimo increased by 60% year on year. Building on the momentum of its expansion strategy, Azimo will be extending its services to allow customers to send money from Asia, the biggest money transfer region in the world, before the end of 2019. Michael Kent, the co-founder of Azimo, is also stepping down as…

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Africa Sports World 

Serena tops Forbes list of highest-paid sports women

US tennis superstar Serena Williams topped Forbes magazine’s list of the highest paid women in sports for the fourth straight year on Tuesday. The business publication calculated that the 23-time Grand Slam singles champion earned $29.2 million in the 12-month period ending June 1 — with just $4.2 million of that coming from prize money. Japan’s Naomi Osaka, who burst to international stardom with a stunning upset of Williams in the 2018 US Open final and went on to win the Australian Open in January, became just the fourth woman…

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Africa East Africa Featured World 

Kenyan man pleads guilty in over $800K internet scam

A Kenyan man is to be sentenced in October this year after pleading guilty to fraudulently receiving $749,158.37 from the University of California San Diego (UCSD). Mr Amis Hassan Raage received that money in a computer phishing scheme, which he pleaded guilty to during his trial. He will be sentenced before US District Judge Gonzalo P. Curiel on October 11, 2019. Hassan Raage will be sentenced on the charge of conspiracy to commit Wire Fraud, in violation of Title 18 United States Code, Sections 1349. The offence attracts a maximum…

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Africa Business World 

Do trade wars affect the prices of digital currencies?

It is no secret that cryptocurrency prices can be volatile. Those of us who have taken the step to sign up with the likes of Luno to acquire a bitcoin wallet and get in on the action have seen prices soar and then come back down to earth just as quick. The reasons for these rapid increase in Bitcoin’s value have not truly been identified and did catch some investors off guard. This puts into question what can actually change the market value of cryptocurrency. There is an argument that…

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African philanthropy: the new drivers of development

More money is sent to Africa through remittances from the diaspora than funding from aid agencies. Photograph: Alamy   Remittances to Africa could transform local philanthropy and put the continent on path of self development When you think of philanthropy in Africa what names come to mind? Bill Gates, Bono, Ford Foundation, Soros, Charity Water, World Bank, or Oxfam? If so, you are justified: they have occupied much of the discourse on development, charity and philanthropy in Africa. But you are wrong if you think philanthropy and development in Africa is limited only to…

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In Lagos, the 1% Takes Stock

A burgeoning wealthy class is settling into one of Africa’s fastest-growing cities, attracting designers, world-class architects and a growing creative community that seeks to preserve its culture through art and fashion. Courtesy of Janice Robinson The Land Cruisers and Range Rovers began lining up on a steamy Sunday afternoon outside Tafawa Balewa Square long before sunset. The banking tycoon Otunba Subomi Balogun was hosting his 80th birthday party and nobody wanted to be late, and there was also the matter of inching past the press of beggars living in the…

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RWANDA: AUTHORITIES CONTINUE TO EMBEZZLE PUBLIC FUNDS WITH IMPUNITY

Kigali, February 23, 2012. Over 20 billion (20,000,000,000) Frw or $40 million US dollars have been embezzled from Rwanda national treasury. One gets these numbers by putting together figures and spreadsheets that were recently made public in a report written by the Public Accounts Committee (PAC), a commission of the Rwandan legislative assembly, in charge of monitoring the utilization of public funds and assets. The report which was presented to the legislative assembly on February 15, 2012 illustrates the bad stewardship of public funds and assets during the fiscal year…

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