Never miss a beat on Africa's legal and regulatory landscape.
The Daily Nation published a newspaper article on 21st March 2023 which has elicited much concern, especially from lenders on the issue of guarantees as security for a debt, with financiers worrying that guarantors, who are supposed to be a fallback when a loan goes bad, ..
The High Court held the in duplum rule in Section 44 of the Banking Act does not apply to non-deposit taking microfinance institutions.[i] The rule limits interest accrual to equal the principal amount outstanding when a loan becomes non-performing. We a..
The South African Reserve Bank (SARB) announced the establishment of the Corporation for Deposit Insurance (CODI) – the first bank deposit insurance body in South Africa – in its media statement dated 3 April 2023 (Media Statement).
Ghana’s insurance industry is regulated under the Insurance Act, 2021 (Act 1061). The National Insurance Commission is responsible for the effective supervision and regulation of the insurance industry in Ghana. The Insurance Act defines a foreign insurer as a person who ..
A recent High Court ruling will have lenders scratching their heads on how to best secure facilities they issue and enforce full repayment. The High Court, in a decision we expect to be challenged, held a lender who had been allowed to purchase the property securing ..
The South African Reserve Bank (SARB) has announced the launch of South Africa's real-time rapid payment platform called PayShap. PayShap aims to offer a cost-effective, convenient and instant payment service across banks, a proxy service to simplify the identification in..
By a Circular dated 7th March 2023, the Central Bank of Nigeria (CBN) released the “Operational Guidelines for Open Banking in Nigeria” (‘the Guidelines’). The Guidelines set out rules for sharing the data/information of customers between part..
On the 24th of February 2023, The Central Bank of Nigeria (CBN) issued a circular announcing changes to the tenure of executive and non-executive directors in the Nigerian banking industry.
Although regulators around the world remain sceptical about recognising virtual currencies as legal tender, cryptocurrencies are already an established phenomenon and are here to stay.
