As the African continent continues to make strides in the business world, it’s important to stay updated with the latest news and developments. In this blog post, we’ll be focusing on the top 5 Africa business news you need to know this week.
1. Nigeria’s Central Bank Bans Cryptocurrency
The Central Bank of Nigeria (CBN) recently issued a directive banning financial institutions from processing transactions involving cryptocurrency. This decision has sparked controversy among tech enthusiasts and investors alike. While some argue that it’s a setback for innovation, others believe it’s a necessary step to curb illicit activities often associated with cryptocurrency transactions.
2. South Africa’s Renewable Energy Push
South African President Cyril Ramaphosa recently announced plans to increase the country’s renewable energy output. The government aims to add 1,600 megawatts of renewable energy to the national grid per year, which is expected to create employment opportunities and reduce carbon emissions.
3. Kenya’s Telecom Giant, Safaricom, Expands Mobile Network
Safaricom, Kenya’s largest telecom company, recently announced plans to expand its mobile network coverage to over 80% of the country. This move is aimed at improving mobile connectivity in rural areas and providing reliable network service to millions of Kenyans.
4. Egypt Launches E-Visa Platform
Egypt has launched an e-visa platform aimed at simplifying the visa application process for travelers. The platform allows travelers to apply for an Egyptian visa online, eliminating the need to physically visit an embassy. This move is expected to improve tourism in the country, which has been hit hard by the COVID-19 pandemic.
5. Ghana to Launch Digital Currency
The Bank of Ghana is set to launch a digital currency in the near future. This move is aimed at improving financial inclusion and reducing the country’s reliance on cash transactions. It’s also expected to make cross-border payments easier and more efficient.
In conclusion, staying informed about Africa’s business news is crucial for anyone interested in business and investment opportunities on the continent. From Nigeria’s cryptocurrency ban to Ghana’s digital currency launch, developments in Africa’s business world continue to shape the future of the continent.
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