In September 2017, Futuregrowth Asset Management (a specialist investment company within the Old Mutual Investment Group) acquired through its Development Equity Fund, a minority shareholding (39.4%) in Retail Capital after receiving approval from the Competition Commission of South Africa. Development Equity Fund has a long and successful track-record of making investments with a social and developmental focus. Having previously invested in the education and healthcare sectors among others, the fund hopes to increase their exposure to SMEs. Retail Capital was founded in 2011 and is headquartered in Cape Town with other offices in Johannesburg and Durban. Retail Capital funds... View Article
A study by the Nigerian Deposit Insurance Corporation in 2012 revealed significant literacy gaps among Nigerian adults, and a positive correlation between literacy and income. The literacy gaps are more prominent with regards to money management, and a significant portion of the population do not possess the skills to manage their finances and make use of the available financial products. Many Nigerians who do make use of financial services are victims of unethical practices by financial institutions, which can be attributed to low financial literacy. A collaboration between the Central Bank of Nigeria (“CBN”), the Nigeria Education Research and... View Article
Botswana Building Society (“BBS”), headquartered in Gaborone is the leading provider of property finance in the country. BBS is in the process of demutualising as a Society to become a Company limited by shares. The decision to demutualise received support from the majority of shareholders (99.97%) at the Special General Meeting held on 24 August 2017 in Gaborone. BBS expects to acquire the Conversion Certificate from the Registrar of Building Societies and the Certificate of Incorporation from the Registrar of Companies by November 2017. BBS will apply for a banking licence in January 2018 and expects to become a... View Article
The continued drop in oil and gas prices since the summer of 2014 led to a survival mindset in the industry, highlighting the importance of cost reduction and efficiency...