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Financial News

First window of SMME debt relief financing scheme closing

By: Tasneem Bulbulia 22nd May 2020 The first window of the Department of Small Business Development's (DSBD's) Small, Medium-sized and Microenterprise (SMME) Debt Relief Financing Scheme will close soon. The scheme was initially allocated an amount of R200-million, which was later increased to R500-million, when the department... →

CFOs in Africa take steps to provide safe working environments for their employees

By: Donna Slater 21st May 2020 As governments in Africa ease lockdown restrictions and reopen local economies, CFOs are focusing on plans to provide a safe working environment for their employees and ensure that this safety can be sustained throughout the Covid-19 crisis and recovery. This deduction comes from the latest 'the... →

Photo by Creamer Media's Donna Slater
PwC Africa CEO Dion Shango

IDC CFO Dlamini resigns

By: Donna Slater 18th May 2020 Nonkululeko Dlamini has resigned as CFO of the Industrial Development Corporation (IDC). She will serve out her notice period until July. →

FNB pays out R100m worth of credit insurance claims by June

By: Marleny Arnoldi 18th May 2020 First National Bank (FNB) expects to pay out about R100-million worth of credit life insurance claims by June, for customers whose finances have been negatively impacted by Covid-19. The insurance provider division of FNB, FNB Life, previously announced relief measures for customers including... →

Kibo shareholders to vote on reorganisation of share capital as Covid-19 disrupts operations

By: Donna Slater 15th May 2020 Owing to the adverse impact of the Covid-19 pandemic on international business and the uncertainty surrounding the global economic outlook, Africa-focused energy company Kibo Energy is re-evaluating its business plans, partly involving the potential reorganisation of its share capital. The share... →

Prosperity Fund’s cities programme responds to Covid-19 crisis in South Africa

By: Tasneem Bulbulia 13th May 2020 In response to the Covid-19 outbreak, the British High Commission, through the Future Cities programme, will be delivering additional support to its partner municipalities. The Global Future Cities Programme launched in South Africa earlier this year to the value of up to R180-million, as part of... →

Absa invests in A2X

By: Tasneem Bulbulia 13th May 2020 Financial services provider Absa has become the first major South African bank to invest in start-up stock exchange A2X Markets, which began trading in October 2017. Absa, a diversified financial services group with a presence in 12 countries in Africa, participated in the capital raise launched... →

Govt avails more than R5bn in support to municipalities

By: Simone Liedtke 12th May 2020 National government has made more than R5-billion available in support to municipalities to assist them in responding to the Covid-19 pandemic in the 2019/20 municipal financial year. The support is assisting municipalities to provide additional access to basic services for vulnerable communities... →

Photo by Creamer Media's Donna Slater
Finance Minister Tito Mboweni

Covid-19 loan guarantee scheme now operational

By: Tasneem Bulbulia 12th May 2020 The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April is operational as of May 12. The initial set of participating banks − Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank − are ready to accept loan applications from distressed... →

Two companies partner to provide micro health insurance to informal traders in Kenya

By: Rebecca Campbell 12th May 2020 Kenya- and Uganda-focused fintech 4G Capital Group (4G) has announced a partnership with ‘insurtech’ company Turaco, which operates in the same two countries, to provide affordable micro health insurance to 4G’s 104 000 customers in Kenya. Most of the fintech’s clients are informal sector... →

Nedbank tables climate risk resolutions for May 22 shareholder meeting

By: Marleny Arnoldi 12th May 2020 In a first for a South African company, Nedbank’s board has tabled its own shareholder resolution on climate risk. Nedbank is also the first and only South African financial institution that has completely excluded the financing of new coal-fired power plants, says nonprofit responsible... →

Little insurance cover for Covid-19 impact on business

By: Schalk Burger 12th May 2020 Companies should seek professional advice on whether they are entitled to any insurance benefits against the consequences of the state of disaster declared in response to Covid-19, says legal firm Knowles Husain Lindsay director Nicholas Taitz. The reality is that most commercial policies issued... →

Recession expected to have severe impact on tenant payment performance

By: Simone Liedtke 11th May 2020 Financial services provider First National Bank (FNB) expects “a very significant” deterioration in residential rental tenant payment performance for this year, with a recession more severe than that of 2008/9 expected for this year. While the tenant performance deterioration in response to an... →

TERS payments reach R9.47bn

By: Donna Slater 8th May 2020 The Department of Employment and Labour reports that, as at May 8, the Unemployment Insurance Fund (UIF), had disbursed about R9.47-billion through the Covid-19 Temporary Employer/Employee Relief Scheme (TERS), benefitting 1.94-million workers. Employment and Labour Minister Thulas Nxesi says... →

Nxesi urges employers to pay staff UIF funds

By: Donna Slater 7th May 2020 Employment and Labour Minister Thulas Nxesi has urged employers to disburse Covid-19 Temporary Employer/Employee Relief Scheme (TERS) funds paid to them by the Unemployment Insurance Fund (UIF). This comes after the Minister received numerous complaints from workers who alleged that their... →

FNB, WesBank approves payment breaks on over 500 000 credit agreements

By: Simone Liedtke 6th May 2020 Finance services provider FNB and its subsidiary WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since April 1. The relief includes payment breaks and/or credit insurance assistance in excess of R4.3-billion to help... →

FNB CEO Jacques Celliers

African leaders laud AfDB president’s leadership amid Covid-19 crisis

By: Tasneem Bulbulia 6th May 2020 South African President and African Union chairperson Cyril Ramaphosa and Nobel peace laureate and former Liberian President Ellen Johnson Sirleaf have commended African Development Bank (AfDB) president Akinwumi Adesina for his “visionary leadership and bold initiatives to accelerate Africa’s... →

Africa50 aids Covid-19 fight in three phases

By: Marleny Arnoldi 5th May 2020 Infrastructure investment platform Africa50 has granted $300 000 to the Africa Centres for Disease Control and Prevention (Africa CDC) for it to buy test kits and other medical equipment, as well as to mobilise frontline responders. Africa50 also provided $500 000 to fund other targeted... →

Bridge Taxi Finance raises funds to support taxi industry, imports 650 ambulances

By: Donna Slater 4th May 2020 Minibus taxi financier Bridge Taxi Finance has raised more than R280-million as part of a R1-billion fundraising programme to enable it to continue to finance taxis for use by the South African taxi industry. Bridge Taxi Finance provides credit facilities to South African entrepreneurs in the... →

Stanlib launches Khanyisa Impact Investment Fund

By: Donna Slater 30th April 2020 Investment manager Stanlib Credit Alternatives has launched the Stanlib Khanyisa Impact Investment Fund, which will pursue investment opportunities in areas that support South Africa’s economic development. The fund was launched on April 30 using a live virtual stream headlined by two renowned... →

Momentum warns against ending life insurance, tapping into retirement savings during Covid-19 crisis

By: Donna Slater 30th April 2020 The impact on people’s lives and finances from the spread of Covid-19 is putting strain on conventional long-term savings and life insurance policies, with many having been laid off, paid only a portion of their usual salaries or temporarily being absent from work without pay. This is resulting... →

Blessing Utete

AfDB hosts successful online business opportunity seminar

By: Marleny Arnoldi 30th April 2020 The African Development Bank (AfDB) on April 28 hosted the first of its two business opportunity seminars for the year. The seminar provided information to potential partners and contractors on the bank’s strategic priorities and procurement procedures. →

Intellidex now expects 10.6% contraction in South Africa's GDP

By: Simone Liedtke 29th April 2020 Financial consultancy Intellidex has revised its gross domestic product (GDP) outlook for South Africa for this year to a contraction of 10.6%, adding that about 1.7-million jobs could be lost owing to the Covid-19 pandemic and subsequent lockdown and phasing out of restrictions. In a webinar on... →

Long-term growth thinking, planning critical now for banks and public sector

By: Marleny Arnoldi 23rd April 2020 University of Stellenbosch Business School (USB) says South Africa will not see a sharp and quick economic bounce back that many are hoping for, but will rather see a 12- to 24-month gradual recovery with the added complexity of managing a rebuild and growth plan that, in turn, spans up to eight... →

Labour dept making good progress on Covid-19 TERS payments

By: Tasneem Bulbulia 23rd April 2020 The Department of Employment and Labour has ramped up its payment of Covid-19 Temporary Employer/Employee Relief Scheme (TERS), as well as normal benefits, to ensure workers are not inconvenienced during the lockdown. On April 22, the Unemployment Insurance Fund disbursed R92-million, taking the... →

Treasury provides more clarity on additional tax relief measures

By: Simone Liedtke 23rd April 2020 In line with President Cyril Ramaphosa’s address to the nation on April 21, Finance Minister Tito Mboweni has provided more detail on the second set of tax measures aimed at assisting individuals and businesses through the pandemic. The statement from the National Treasury states that it... →

Global remittances to fall sharply owing to Covid-19

By: Tasneem Bulbulia 22nd April 2020 Global remittances are projected to decline sharply by about 20% this year owing to the economic crisis induced by the Covid-19 pandemic and shutdown, the World Bank reports. The projected fall, which will be the sharpest decline in recent history, is largely the result of a fall in the wages and... →

Photo by Bloomberg
Global remittances projected to decline sharply

AfDB’s Adesina urges African cooperation to fight Covid-19

By: Donna Slater 22nd April 2020 An accelerated global health and economic effort is needed to overcome the Covid-19 pandemic in Africa, African Development Bank (AfDB) president Akinwumi Adesina said in a webinar this week. While Covid-19 infection rates are relatively low compared with the rest of the world, there is a... →

Recent gold plummet the result of multiple factors, says Refinitiv

By: Donna Slater 21st April 2020 As stock markets crashed recently in response to widescale and unprecedented disruptions brought about as a result of the global spread of Covid-19 and increased uncertainty, the recent, brief and highly unexpected crash in gold prices was mainly driven by four factors, all of which were... →

Solidarity Fund starts delivering food parcels to distressed families

By: Tasneem Bulbulia 20th April 2020 The Solidarity Fund on April 17 confirmed it had started the roll out of food parcels to more than 250 000 families across South Africa. The fund, which receives donations from corporates, citizens and foundations, has made R120-million available for food relief for distressed families. →

AfDB refutes media reports relating to East African crude oil pipeline project

By: Donna Slater 20th April 2020 Development finance institution, the African Development Bank (AfDB) has refuted allegations reported on by a news outlet stating that the bank plans to provide financial support to the East African crude oil pipeline project. The article references a letter by a group of civil society... →

CSSA rebrands as CGISA

By: Tasneem Bulbulia 17th April 2020 Global corporate governance body, the Chartered Secretaries Southern Africa (CCSA), has rebranded to the Chartered Governance Institute of Southern Africa (CGISA). The organisation offers corporate governance curriculum for those embarking on a career as either a chartered secretary or a... →

JSE directors, CEO donate a third of salaries for three months to Solidarity Fund

By: Marleny Arnoldi 17th April 2020 The JSE has announced that its board of directors and group CEO have pledged to donate at least 30% of their salaries to the national Solidarity Fund for the next three months. This follows after the JSE donated its trading revenue for April 15 and 16 to the Solidarity fund. →

iiDENTIFii contributes to Bill and Melinda Gates Foundation, Solidarity Fund

By: Donna Slater 16th April 2020 Identity verification specialists iiDENTIFii says it will financially contribute to the Combatting Covid-19 Fund, launched by the Bill and Melinda Gates Foundation, thereby helping to ease the burden on the less fortunate. The company also donated to this foundation to help it find a medical... →

Ubank donates R2m to Solidarity Fund, assists miners' families

By: Donna Slater 16th April 2020 Financial services provider Ubank, together with the Mineworkers Investment Company (MIC), have joined forces to support government to combat the negative financial impacts of Covid-19 by contributing R2-million towards relief efforts. Of this, R1-million will comprise Ubank’s contribution... →

Health foundation calls for donations to meet R500m needed to fight Covid-19

By: Donna Slater 15th April 2020 Nonprofit public benefit organisation, the South African Medical and Education Foundation (Same) is appealing to the nation, particularly domestic business, to assist in raising R500-million. The money is urgently needed for critical medical equipment required to protect healthcare workers,... →

Economic transactions plunge as Covid-19 takes its toll

By: Simone Liedtke 15th April 2020 Economic transactions in South Africa plunged in March as Covid-19 took its toll on the economy and consumers, BankservAfrica’s Economic Transaction Index (Beti) has found. This data, the financial organisation said, suggests that the economy is shrinking rapidly as the Beti declined by 3.31% in... →

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