The Banking Association of South Africa announced it has granted a moratorium on the repayment of up to R15 billion ($798 million) to debtors who requested so. Half the amount concerns individuals while the second half is for companies. Absa Bank says it granted nearly a third of these moratoria over three months, and South African banks warn that this is not a debt cancellation. The relief...

German investment firm GreenTec Capital announced it has made its first commitment of the year 2020 in Ghana. The firm targeted the Sumundi platform which supports, develops, and facilitates the sales activities of retailers via inventory management and accounting software. The size of the investment and details of the deal were not disclosed. GreenTec is investing in a company that works with...

Zimbabwean President Emmerson Mnangagwa (pictured) initiated a plan to revive the economy in this pandemic without foreign assistance. The plan consists of 18 billion Zimbabwean dollars (about $48.7 million), representing 9% of the country’s GDP or 28.6% of the 2020 national budget. Part of the investment ($1.3 million) is directed towards micro, small and medium businesses and the...

On Monday, May 4, the Algerian Minister of Communications, Ammar Belhimer, announced that the fall in oil prices is expected to reduce oil and gas export revenues for the year to $20.6 billion, well below the $37.4 billion announced earlier. The country also expects a drop in foreign exchange reserves to $44.2 billion by the end of 2020, and the level of foreign exchange is...

The government of Algeria announced it will reduce the 2020 State Budget by half and increase the Inter-professional Guaranteed Minimum Wage to face the challenges stemming from the coronavirus pandemic. “The Council of Ministers decided, after the presentation made by the Minister of Finance on the preliminary draft Supplementary Finance Act for the current financial year, to reduce the...

The coronavirus crisis came as the killer blow to South Africa Airways (SAA), already at the end of its rope. In a May 1 statement, SA’s public enterprise’s minister announced that the country will move forward with a new national carrier. According to the department, the future company will be structured around qualified management with skilled and competitive staff that will meet the...

The International Monetary Fund approved the disbursement of $200 million (CFA120 billion) under the rapid credit facility to help Mali meet urgent balance-of-payments and fiscal needs caused by the new pandemic.The investment will be used in urgent spending on health services as well as firms and households affected by the drastic measures used to control the propagation of the...

Germany announced a €120 million support package to help Ethiopia face the impact of the coronavirus pandemic. The information was revealed on April 30 by the Ethiopian News Agency (ENA). The program is aimed at supporting the African country’s macroeconomic stability and safeguarding jobs in the textile industry. Part of the money will also be used to purchase medical products, in...

Two years after the release of the FlashApp reseller mobile app, which revolutionized digital distribution in the Democratic Republic of the Congo, FLASH International has just released a new version 3 for end-users. As a reminder, 2018 was the year of the 1st FlashApp version launch for the Congolese population, and it was intended only for resellers. The objective was to provide resellers with...

Airtel Seychelles has made a generous donation of R1 million to the Ministry of Health towards the fight against COVID-19. The secretary of state for health, Ambassador Marie-Pierre Lloyd, accepted the donation from the managing director of Airtel Seychelles, Amadou Dina, in the presence of Benjamin Choppy, principal secretary in the department of Information Communications Technology. The...