#finance

In 2026, Nigeria's largest commercial banks continue to maintain extensive branch networks despite the rise of mobile banking and USSD services. This strategy aims to cater to a diverse and predominantly cash-reliant population. The information is based on data compiled by Nairametrics Research from the banks' 2025 annual reports and investor presentations.

The Federal Government of Nigeria has refuted claims that it spent over ₦8 trillion outside the approved 2026 budget, challenging anyone who believes this to provide evidence. This statement comes in response to remarks made by IMF Resident Representative in Nigeria, Christian Ebeke, who indicated that approximately two percent of Nigeria’s GDP was spent outside the budget in 2025.

A Nigerian bank has announced the introduction of new charges on foreign currency transfers. However, transfers made by customers between their own accounts within the bank will be exempt from these new fees, according to Legit.ng.

Bridgement has obtained R330 million from major banks to enhance funding accessibility for South Africa's SMEs, aiming to transform traditional lending practices. The initiative is expected to facilitate quicker and easier access to financing for small and medium enterprises, with a focus on the role of AI in evolving business finance in the country.

Investing involves various initial experiences, such as purchasing shares or bonds. According to Soko Directory, the most challenging aspect of investing is not identifying the ideal asset but rather developing the personal qualities necessary to consistently build capital through different stages of life.

Kenya's foreign exchange reserves have reached a record high of $14 billion, increasing from $13.173 billion the previous week. This rise is attributed to the receipt of $750 million in funding from the World Bank, aimed at enhancing accountability and social protection, according to the central bank.

Kenya's Nairobi International Finance Centre (NIFC) has attracted Sh25.8 billion ($200 million) in new investments from 15 newly certified companies, indicating positive outcomes from the tax reforms implemented under the Finance Act 2025. This development supports Kenya's goal of establishing Nairobi as a regional financial hub and highlights the growing interest of international businesses in the area, according to TechTrends KE.

The Tanzania Revenue Authority (TRA) has exceeded its collection target for the fiscal year 2025/26, gathering Sh37.96 trillion, which is 105.24% of the intended target of Sh36.07 trillion, according to Nukta Africa.

According to Moneyweb, the increasing competition on Wall Street to leverage artificial intelligence for investment strategies is raising concerns about the potential for crowded trading. While AI technology is expected to enhance investment decisions, it may also lead to the spread of misinformation and heightened overconfidence among traders.

According to Moneyweb, the tech and finance sectors are losing approximately 28,000 jobs monthly, with companies increasingly attributing these cuts to the impact of artificial intelligence. Bankers have also expressed concerns that AI technology will lead to further job eliminations in the industry.

Tinus de Jager from Moneyweb presented the financial news segment on RSG Geldsake on July 3, 2026, discussing various economic topics and updates relevant to the audience.

As tax season begins, the South African Revenue Service (SARS) has outlined its plans for how the collected funds will be allocated by the government. This information aims to provide transparency regarding the use of taxpayer money during this period.

Uganda aims to achieve a 20% tax-to-GDP ratio by 2030, marking one of its most ambitious fiscal targets in decades. This goal is part of a new strategy developed by the Ministry of Finance, Planning and Economic Development (MOFPED) in collaboration with the Uganda Revenue Authority (URA).

The article from Nukta Africa discusses the five strongest currencies in the world, noting that even a small amount of these currencies can yield significant value in dollars. The piece highlights the economic implications of these currencies.

Charles Korgoren Kerich, a prominent finance official in Nairobi, is currently in the United States after being convicted of contempt in Kenya, where an arrest warrant has been issued for him. His departure follows allegations of shielding a solar company from taxes, involvement in credit card fraud, and threats against a German investor. His case highlights issues of impunity within the Kenyan system, according to Kenya Insights.

Tala is set to lay off 10% of its workforce in Kenya as part of a merger with Vodacom, according to Techpoint Africa. This decision comes amid changes to tax filing deadlines in Kenya under the Finance Act 2026, and is part of broader discussions regarding the business landscape in the region.

The federal government of Nigeria has issued a directive to banks in response to the identification of individuals and companies suspected of financing terrorism. This measure aims to enhance the monitoring and regulation of financial transactions related to these suspects.

Dr. Bashir Kurfi, a lecturer in International Finance at Ahmadu Bello University, stated that allegations connecting some Bureau De Change (BDC) operators to terrorism financing are not unexpected. He highlighted the global nature of terrorism and the prevalent use of foreign currencies in illegal transactions during an interview on Trust TV.

Discussions about small and medium-sized enterprises (SMEs) in Nigeria have traditionally centered on access to finance. However, according to Nairametrics, funding alone is insufficient for driving the next phase of SME growth. Entrepreneurs are confronted with challenges such as high operational costs, evolving customer preferences, rapid technological advancements, and increased competition, indicating a need for a broader approach beyond just financial support.

The South African government is reportedly implementing stricter financial measures on metropolitan municipalities, as indicated by the Treasury's recent actions. The effectiveness of these measures in addressing the financial challenges faced by these municipalities remains uncertain, raising concerns about potential negative impacts on the municipalities themselves, according to The Citizen.