Finance

South African billionaire Patrice Motsepe’s financial services group African Rainbow Capital (ARC) has launched an insurance subsidiary firm called African Rainbow Life. African Rainbow Life will focus on long-term insurance products including life cover, savings, investments, retirement annuities and funeral cover, primarily aimed at the lower...

Five Kenyan banks have launched a pilot lending service via mobile phone for the benefit of the country’s small and medium-sized business, the central bank announced on Monday. KCB Bank Kenya, Commercial Bank of Africa Limited (CBA), Cooperative Bank of Kenya, Diamond Trust Bank and NIC...

South Africa’s central bank has revealed that foreign direct investment (FDI) into the country more than doubled in 2018, boosting President Cyril Ramaphosa’s hopes of attracting US$100 billion of investment over five years. FDI inflows rose to a five-year high of R70.7 billion ($4.88 billion) in...

South Africa’s economy grew by 0.8% last year according to latest figures from Statistics South Africa, which also revealed GDP growth of 1.4% in the fourth quarter of 2018, compared to 2.6% in Q3. The latest figures from Statistics South Africa (Stats SA) portray an economy that...

Nairobi has been named East Africa’s wealthiest city and the sixth richest in Africa, according to a new study by New World Wealth and AfrAsia Bank from Mauritius. The report estimated that there is approximately KES5.4 trillion of privately held wealth in Kenya’s capital, with growth...