South African banking group Absa Bank announced it will shut down its investment vehicle Absa Money Market Fund (AMMF) in July this year. The company says many of its investors and clients have a wrong idea about the fund’s management and structuring.
“We have therefore decided to close the [fund] as of 6 July 2021 (the closure date), in the best interest of our clients, and given our findings that the majority of retail clients believe that their capital and returns are guaranteed,” the company said in a letter to investors.
Absa has given 90 days, from the date of publication of the document announcing the closure of the AMMF to customers to withdraw their funds and, if they wish, transfer them to another financial product of the Bank. As a replacement, another fund called Absa Prudential Money Market Fund is announced with the particularity of "an improved investment policy."
An official document showed that the return generated by the AMMF has gradually declined from 7.56% in April 2019 to 3.85% in February 2021.
Chamberline Moko
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Mozambican government and Huawei considering the construction of a local mobile phone factory catered to rural needs • Special features for rural...
• Djibouti adopts new digital code to accelerate digital transformation, with focus on data protection, cybersecurity, and e-commerce. • The move aligns...
• Record drought tests Zambia's dependence on hydropower, impacting its vital mining industry • Adoption of dedicated solar projects, such as the recent...
• The African Development Bank (AfDB) has approved €25.5 million in funding to boost Mauritanian SMEs and stimulate inclusive growth.• Mauritania’s...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...