The Allegations of Currency Manipulation South Africa’s President Cyril Ramaphosa is facing growing calls to take action against the banks that allegedly manipulated the rand and the South African economy. The scandal has shaken the confidence of investors and the public in the country’s financial system. According to the Competition Commission, a British multinational bank, Standard Chartered, admitted to engaging in currency manipulation between 2007 and 2013, and agreed to…

The banking industry has announced a major initiative to help small businesses protect themselves from online fraudsters. The $100 million upgrade will enable customers to verify the identity of the recipients before transferring money. How the new system works The new system, called confirmation of payee, will match the names of the payers and payees with their account numbers and BSBs. This will prevent scammers from diverting invoice payments by…

The Treasury of South Africa is planning to bring in new banking laws to improve the governance and regulation of the financial sector. This comes as the South African Reserve Bank (SARB) faces mounting criticism over its inaction on the rising inflation and unemployment in the country. New banking laws to enhance investor protection and financial stability According to the Treasury, the new banking laws will amend the Banking Regulation…

The Central Bank of Nigeria (CBN) has introduced new banknotes and withdrawal limits as part of its monetary policy reforms. The new notes, which came into effect on December 15, 2023, are designed to curb counterfeiting, promote a cashless economy, reduce the circulation of dirty notes, discourage hoarding, and prevent crimes and illicit financial transactions. According to the CBN, the new banknotes have enhanced security features and are more durable…

A global paytech company expands its presence in New York Payoneer, a leading provider of cross-border payment solutions for digital businesses, has announced that it will relocate its headquarters to 195 Broadway in downtown Manhattan. The company has signed a lease for 44,000 square feet of office space in the historic building, which was once the headquarters of AT&T and Western Union. Payoneer, which was founded in 2005, enables businesses…