Africa Business Southern Africa World Zambia 

IMF approves a $1.3 billion loan program for Zambia

– – The International Monetary Fund has given approval for a $1.3 billion, 38-month loan program for Zambia. The approval given on Wednesday is a crucial step in helping the country to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new Extended Credit Facility arrangement would provide total… Read More
Africa Business Ghana West Africa World 

Ghana warns citizens against unlicensed loan firms

– – Ghana’s central bank has cautioned the public against going to loans from unlicensed entities providing of loans to consumers. According to the bank of Ghana 19 of such firms are operating in contravention of the the country’s Banks and Specialised Deposit-Taking Institutions Act, 2016. These illegal firms mostly employ the use of mobile applications and social media in… Read More
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Nigeria secures $210 mln loan from AfDB for power project

The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. The loan to Transmission Company of Nigeria (TCN) will support construction of 330KV double circuit quad transmission lines and sub-stations across the country, the bank said in a statement late on Friday. The AfDB funded project will run… Read More
Africa Business Nigeria News and Headlines West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per… Read More