money

On June 27, a statement was released on the Bank of Ghana's (BoG) website, garnering attention from publications like The High Street Journal. The Bank identified ten unlicensed money transfer firms that allegedly are conducting foreign exchange and remittance activities in clear violation of Ghanaian financial laws. Have you ever wondered how many people unknowingly rely on services that operate outside legal frameworks? The BoG stressed that these entities lack the necessary licenses and authorization to…

The Recent Update to the EU Financial Blacklist: Implications for Africa The European Union (EU) has recently revised its financial blacklist, introducing five African nations—Algeria, Angola, Côte d’Ivoire, Kenya, and Namibia—into a category that raises serious concerns about deficiencies in their anti-money laundering and counter-terrorism financing systems. This update signifies that these countries are now classified as high-risk jurisdictions. As a result, EU financial institutions must exercise enhanced due…

Ghana’s digital payments realm is a fascinating mosaic of resilience and evolution, continually adapting to the ever-changing landscape of financial technology. Despite the intermittent shuffle of regulations, this sector remains unyielding in its growth trajectory. A recent surge in the numbers paints a vivid picture of this steadfast expansion. Picture yourself in January 2025. A new year, fresh beginnings, yet the drive of the digital world roars on. Mobile money transactions scaled an impressive GH₵333…

Gerard Hutch, commonly referred to as 'the Monk', has been taken into custody amid accusations related to money laundering activities. The 61-year-old was among nine individuals presented to a magistrate by Spanish law enforcement in Lanzarote. While two individuals were denied bail and detained, the remaining seven were granted bail, albeit with conditions. In this group were individuals connected to Hutch, including a close family member and various legal and business associates. According to a statement from Spanish…

This evening, in a Spanish courtroom, Gerard Hutch, infamously dubbed 'the Monk,' found himself embroiled in serious legal troubles connected to suspected money laundering activities. At a bustling judicial facility in Lanzarote, the 61-year-old Hutch was one of nine individuals summoned before a judge by Spanish law enforcement officials. Among this group, two individuals have been denied bail and will remain behind bars, while the remaining seven have been granted provisional release under stringent conditions.…

  Somali and Turkish officials have inked a bilateral pact to bolster cooperation in the realm of financial intelligence. Captured at the signing event in Ankara, we have Amina Mohamed Ali, at the helm of Somalia’s Financial Reporting Center (center), alongside Hassan Keymak, who steers Turkey’s Financial Intelligence Unit (MASAK) (right).  Mogadishu (AX) — Somalia and Turkey have cemented an accord to elevate collaboration on financial intelligence sharing. This landmark agreement, signed in Ankara, unites Somalia's…

Several African video game studios have joined forces in PAGG, Pan Africa Gaming Group, to develop and harmonize the continent's sector. And one of the problems to be solved for these studios is games to generate money, knowing that the US online stores, Apple…

New research assesses effects of mobile money service on small and medium-sized businesses in Somalia To disseminate the newly discovered knowledge among researchers and the public, the Research and Development Center of SIMAD University organized a forum for disseminating research results at the Primo Palace. Ustad Abdinor Ali Mohamed, Principal Researcher and Lecturer at the Faculty of…

In Senegal, the mobile payment operator Wave announced on Saturday, June 5, that it had arrested the regulator to measure sales of Orange telephone credit through their platform, which has now become impossible. An announcement that falls a few days after the drastic 80% drop in Orange Money prices, in the country where the trade war is fierce between these two electronic money services.…

The case dates again to the summer time of 2020. The Survie Cameroon fundraising platform, launched by political opponent Maurice Kamto to assist struggle Covid-19 in Cameroon, reveals almost 1.1 million folks. However there is barely about 800,000 euros in Survie's checking account. Or a distinction of 330,000 euros. For a number of months and regardless of the reasons given by the donors to Maurice…