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Temporary Relief for Rand; Low tax revenues to put pressure on Kenyan Shilling

Relief for Rand unlikely to sustain After the week’s 4.7% rally from lows against the dollar on optimism of a peak in coronavirus cases in the US and Europe, we expect renewed pressure on the Rand as the government considers extending South Africa’s lockdown. Data from the World Bank’s report showed that the nation’s economy […]

Increased Pressure on African Currencies Amidst COVID-19 Chaos

Nigeria in lockdown faces bank pressure The Naira tumbled to its weakest level in 5 years in the parallel market at 415 per dollar, widening the gap with an official rate of 386 (See: current naira to dollar exchange rate). With 14-day lockdowns announced last week for Lagos and Abuja hitting productivity, banks came under […]

Nigeria deploys trillion-Naira bazooka; SA awaits Moody’s verdict: AZA FX Week Ahead

Nigeria-deploys-trillion-Naira-bazooka-SA-awaits-Moodys-verdict-AZA-FX-Week-Ahead

Nigeria deploys trillion-Naira bazooka As we predicted here last Monday, the Naira recouped some of its losses and appreciated 1.4% against the dollar for the week. However, the pressure is mounting again with Covid-19 closing the country’s borders and driving up food prices. New data showed annual [CHK] inflation started to pick up in February […]

NIKKEI Asia: African digital payment startup looks to expand in Asia

NIKKEI Asia: African digital payment startup looks to expand in Asia

Kenya-based BitPesa, a digital payment startup using blockchain technology, plans to expand into Asia by opening an office next year. BitPesa facilitates international transactions using bitcoin, reducing risk exposure to exchange-rate fluctuations and offering competitive exchange rates without additional fees. Most transactions occur between Europe and Africa, but there’s growing activity between Africa and Asia. […]

Fast Company: Bitcoin’s Big Opportunity In Africa

Fast Company: Bitcoin’s Big Opportunity In Africa

Bitcoin is gaining traction in Africa, particularly in Kenya, where local tech startups are exploring its potential to revolutionize financial transactions. These startups, led by tech-savvy individuals like Michael Kimani and companies such as BitPesa, are leveraging bitcoin to tackle high remittance costs and financial inefficiencies. Kenya’s robust mobile money infrastructure, exemplified by M-Pesa, provides […]

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