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Thandi Mkhabela’s money used to slip through her fingers. Now the 34-year-old mother of four earns interest on monthly savings, has paid off debts and is planning to extend her house in a township just outside Johannesburg, without ever dealing with a bank. Mkhabela’s improved financial footing came after she formed a savings club in June last year with 16 other women. Each of them contribute 100 to 500 rand (US$6.68 to US$33.42) a month, and the club, known as a stokvel, offers three-month loans to members at rate of 10 percent per month. At the end of the year they split

To view all features and options, click here. A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee. A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership. At the same time, a monthly index by the South African Chamber of Commerce and Industry rose to 97 in May from 94.7. That’s the highest level since March 2018, a month after Cyril Ramaphosa became president of the country and pledged to revive the economy and fight corruption. The increase was driven by a resurg...

(Bloomberg) -- Absa Group Ltd. is casting its net wider with plans to expand in the U.S., China, Europe and the Middle East, as the bank looks to grow its client base of companies investing in Africa.

By Ray Ndlovu The busiest border crossing in southern Africa will experience six weeks of significant delays as an upgrade begins. The Beitbridge crossing straddles South Africa and Zimbabwe and is an important access point for the Democratic Republic of Congo. The border point has been closed to non-commercial traffic since January to stop the spread of the coronavirus. There will be “significant congestion and delays” for the next six weeks due to construction work, the Zimbabwe Revenue Authority said Sunday in a statement. North-bound traffic will be most affected. On average about 25,...

South Africa's big four banks could yet receive an earnings boost this year as they reverse some of the 75.4 billion rand — roughly $5.27 billion — in impairments they took in 2020. Yet their return on equity will likely remain lackluster due to the country's prolonged economic malaise. Nonperforming loans at the major banks — Standard Bank Group Ltd., FirstRand Ltd., Absa Group Ltd. and Nedbank Group Ltd. — have steadily increased over the past half-decade, during which unemployment hit a record high and electricity blackouts became commonplace. Standard Bank's NPL ratio was 6.21% in...