Business

Tanzania has shut down one of the country's largest banking institutions, FBME, following charges of aiding the finance of terrorism by US authorities. A statement from the central bank said it had revoked its licence. It was accused in the US of, among other things, money laundering and facilitating the payment of thousands of dollars from a financier of the Lebanese Hezbollah Islamist militants.

The Association of African Central Banks is warning the goal of attaining a single currency status in West Africa will be a mirage. It believes the only solution to the problem is by diversifying the economies of the various countries in the Wet African Monetary Zone. Various attempts by West Africa to introduce a common currency known as the ECO has suffered various setbacks with the recent one being the outbreak of Ebola in three member countries. It is currently unclear if the countries will now meet the convergence criteria for the currency to take off in 2020.

The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa SEFA has approved a US$ 965,000 grant to Oxygen Energy Private Limited to support the preparation of a bankable business case for the development of a 20MW off-grid solar PV rooftop project on buildings owned and managed by Old Mutual Property Group Zimbabwe countrywide.

South Africa's state-owned power company Eskom has threatened to cut electricity supplies to Zimbabwe next month if it fails to settle debts amounting to about $9m (£7m) because of a currency shortage, Zimbabwe's state-owned Herald newspaper reports.

The Executive Board of the International Monetary Fund (IMF) today approved a new three-year arrangement for Togo under the Extended Credit Facility (ECF) worth (US$241.5million) to support the country’s economic and financial reforms. [1] The Executive Board’s decision enables an immediate disbursement of US$34.5 million. The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.

Facebook has broadened its campaign to raise awareness about fake news, by publishing adverts in the UK press. The ads, in papers including The Times,...

Morocco's Attijariwafa Bank paid twice book value to acquire Barclays' Egyptian business and hopes the acquisition will enable it to increase its market share...

Notwithstanding the current economic and socio-political uncertainty, numerous companies in Africa are still positive about the growth potential of the continent. PwC (www.PwC.com) research...

More than 1,000 participants are taking part in the 27th World Economic Forum on Africa in Durban, South Africa which opened on Wednesday. This year’s...