Finance

Transforming the African insurance sector through digital innovations

Innovation through technology has been a major driver of transformation in financial sectors across the world. In the last couple of decades, technology has been transforming the African insurance industry albeit at a slower pace compared to other industries such as banking and retail.Within the insurance industry, the transformation has been prevalent, mainly in internal process automation to drive efficiencies …

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Ghana becomes first country in Africa to implement Universal QR CODE payment system

Ghana has become the first African country to implement a universal quick response code (QR Code) payment system. The innovative technology was outdoored in Accra on Thursday when Vice President Bawumia demonstrated its practical implementation at the popular Aunti Muni Waakye in Accra. The universal QR Code payment system allows a customer to make payment for goods and services to …

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Gutsy Zambia becomes first African country to defy private creditors

The African country wants to divert resources to take care of its people during the pandemic. One of the poorest countries in the world, Zambia, has decided to temporarily suspend interest payments to private creditors as it struggles to contain the economic fallout of the coronavirus pandemic. President Edgar Lungu’s government has suspended them for six months, starting from October. …

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7 business and management courses for a more resilient future

The wave of economic disruption from COVID-19 has affected every industry; we are no longer operating under “business as usual.” Biz + Management courses Explore how you can build the business skills and acumen that help companies of all kinds navigate this new normal and build more resilient futures. Browse our lookbook highlighting seven top courses and programs that cover …

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Jeff Bezos now worth a whopping $202 billion

The billionaire isn’t alone — other tech tycoons have been getting much wealthier throughout the pandemic as demand for their companies’ goods and services continues to grow. Bezos Earlier this month, Facebook (FB) CEO Mark Zuckerberg was dubbed a “centibillionaire,” as his wealth surpassed $100 billion. Tesla (TSLA) CEO Elon Musk, with a net worth of $96 billion, is close …

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Financial Inclusion in the COVID-19 Era: Policy Responses in West Africa

According to the World Bank’s Global Findex report (2017), the share of adults in Sub-Saharan Africa (SSA) with access to accounts in financial institutions or mobile money (MM) services increased from 34 percent to 43 percent in the period, 2011 to 2017. The Financial Ecosystem. Photo courtesy Google Since 2010, a growing number of SSA countries have launched or are …

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Beware of fake Susu savings club — Karen Hobbs

Imitation is the greatest form of flattery. It’s also the greatest form of “scammery.” That’s why scammers are imitating a type of informal savings club known as a “sou sou” or “susu” to trick people into joining what amounts to an illegal pyramid scheme. Karen Hobbs in screengrab from 5 live news If you’ve never heard of the term “sou …

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Ghana central bank keeps benchmark policy rate steady at 14.5%

ACCRA (Reuters) – Ghana’s central bank on Monday maintained its policy rate at 14.5%, citing a need for macro-economic stability despite the slowdown brought on by the coronavirus pandemic. Respective denominations of the Ghanaian cedi currency Ghana’s economy, which relies heavily on natural resources like cocoa, gold and oil, is expected to grow in 2020 at its slowest rate in …

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EU blacklists Botswana, Ghana, Mauritius, Zimbabwe over money-laundering

The European Union has blacklisted four African countries over money-laundering concerns as it says their financial transactions require further scrutiny. Botswana, Ghana, Mauritius and Zimbabwe were part of 12 countries placed on the EU’s blacklist. The other countries blacklisted are Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia and Myanmar. But the blacklisting will have to be approved by the European parliament …

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