How the ultra wealthy travel in Dubai

Why Dollar Stores Are Struggling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-820x590.jpg" alt="" class="wp-image-550088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-1536x1105.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A branch of South African mobile communications provider Vodacom in Cape Town is shown in this picture taken November 10, 2015. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Nov 11 (Reuters) &#8211; South Africa&#8217;s biggest telecoms operator Vodacom said on Monday it will not look into other M&amp;A deals after its proposed merger with fibre group Maziv was blocked by regulators last month.



The decision by the country&#8217;s Competition Tribunal was a blow to Vodacom&#8217;s ambitions of expanding its fibre footprint nationwide.



It followed an extensive 26-day hearing where the merger parties, the Competition Commission, government and rivals of Vodacom and Maziv argued for or against the deal which was initially proposed in 2021.



Vodacom Chief Executive Shameel Joosub said that looking at other M&amp;A deals is off the table.&nbsp;&#8220;We don&#8217;t want to be stuck in the competition authorities for another three years,&#8221; he told a media call on Monday after the group reported a 19.4% drop in half-year earnings, hurt by start-up losses at its Ethiopian operations and foreign currency depreciation.



Vodacom shares were down 4.53% at 1122 GMT.



The group, which is majority owned by Britain&#8217;s Vodafone, is still awaiting the Tribunal&#8217;s detailed reasons for blocking the Maziv merger. &#8220;It&#8217;s a travesty for South Africa that we&#8217;ve lost the opportunity for such a material investment, which would have been between 14 and 17 billion (rand) investment, plus an additional 25 billion in capex,&#8221; Joosub said.



The Tribunal can take up to two months to detail the grounds for its ruling but Joosub said that he hopes to receive it more quickly to help the group prepare for a potential appeal.



Vodacom also cut its interim dividend by 6.6% from a year earlier after its results on Monday.



It launched Safaricom Ethiopia last year with a consortium led by Kenya&#8217;s Safaricom, which is part-owned by the South African company and Vodafone, betting that the new unit would break even in year four &#8211; but this has been pushed back.



&#8220;As a result of the currency impact in Ethiopia Safaricom (we) revised the EBITDA break-even target for Ethiopia to FY 2027 from FY 2026,&#8221; Joosub said.



Group service revenue declined 1.2% in the six months ended Sept. 30 to 58.6 billion rand ($3.33 billion) due to currency headwinds. However, on a normalised basis it grew 9.9%.



($1 = 17.6023 rand)



(Reporting by Sfundo Parakozov; Editing by Kim Coghill, Eileen Soreng and Susan Fenton)

FILE PHOTO: A branch of South African mobile communications provider Vodacom in Cape Town

Vodacom not looking for other M&A deals after blocked Maziv merger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg" alt="" class="wp-image-552870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prime Minister of Mauritius Pravind Kumar Jugnauth addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 22, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



PORT LOUIS, Nov 11 (Reuters) &#8211; Mauritius&#8217; incumbent Prime Minister Pravind Jugnauth said on Monday his political alliance was headed for a major defeat to a rival coalition led by a three-time former premier following Sunday&#8217;s parliamentary election.



Jugnauth said the Alliance du Changement headed by 77-year-old veteran politician Navin Ramgoolam was poised to win the vote on the Indian Ocean archipelago of about 1.3 million people.



With a cost of living crisis uppermost in voters&#8217; minds, Rangoolam&#8217;s alliance had said it planned to increase pensions as well as introduce free transport and internet services, and reduce fuel prices.



Jugnauth had promised to raise minimum wages, increase pensions and reduce value-added tax on some goods. He also negotiated an October agreement for Britain to cede the Chagos Islands while retaining the U.S.-UK Diego Garcia air base.



But his successes and promises did not appear to have swayed voters, with some wanting a new direction.



&#8220;L&#8217;Alliance Lepep is heading towards a huge defeat. I have tried to do what I can for the country and the population. The population has decided to choose another team. I wish good luck to the country,&#8221; Jugnauth told reporters.



<h2 class="wp-block-heading" id="h-final-results-due-soon">FINAL RESULTS DUE SOON</h2>



Earlier this month, his government blocked social media platforms until a day after the election, citing national security concerns after conversations between public figures were leaked. It lifted the ban a day later after opposition parties criticized the move.



Voters went to the polls to elect lawmakers for the 62 seats in parliament for the next five years, from a list of 68 parties and five political alliances.



Whichever party or coalition gets more than half the seats in parliament also wins the prime minister&#8217;s post.



Voter turnout stood at 79.3% of just over 1 million registered voters, election commission data showed.



It was due to announce the final results later on Monday.



Jugnauth became prime minister in 2017, when his father stepped down from the post, and won the election five years ago despite opposition complaints that it had been obtained through bribery and undue influence.



Ramgoolam, son of the man who led Mauritius to independence in 1968, was prime minister from 1995 to 2000 and won office again in 2005 and 2010. He first practiced as a doctor and lawyer before turning to politics full time.



(Reporting by Villen Anganan; Writing by George Obulutsa; Editing by Hereward Holland, Bate Felix, and Ammu Kannampilly)

78th UNGA General Debate at UN HQ in New York

Mauritius’ PM says his alliance heading for huge election defeat

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_CIDD5VLOYFI5TPX6WPF3O56PXY.avif" alt="" class="wp-image-552864"/><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



GABORONE, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s Vice President Ndaba Gaolathe will double as finance minister, new President Duma Boko said on Monday, announcing the first ministerial positions in his cabinet.



In a shock election result earlier this month, Boko&#8217;s Umbrella for Democratic Change coalition ousted the party that had ruled the southern African country for nearly six decades.



Analysts say mounting economic grievances, particularly among young people, contributed to Boko&#8217;s landslide victory.



High on Gaolathe&#8217;s to-do list will be lifting economic growth, which the International Monetary Fund projects will slow to 1% this year mainly due to lower diamond production.



&#8220;We are in a dire economic and financial situation. He has a huge job in his hands. He has to steer us through these choppy and turbulent waters,&#8221; Boko said during a&nbsp;press&nbsp;conference, referring to Gaolathe.



Boko also named an opposition lawmaker as deputy heath minister and an independent lawmaker as deputy agriculture minister.



He has not yet revealed the new mining minister, a job that is especially closely watched as Botswana is the world&#8217;s top diamond producer by value.



Boko told reporters that more cabinet appointments would be announced in the coming days.



(Reporting by Brian Benza; Additional reporting by Nellie Peyton; Writing by Tannur Anders; Editing by Alexander Winning and Angus MacSwan)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_CIDD5VLOYFI5TPX6WPF3O56PXY

Botswana vice president will double as finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, Nov 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Hong Kong stocks led declines in Asia on Monday after Beijing&#8217;s latest stimulus fell short of investor expectations, overshadowing Wall Street&#8217;s record highs from Friday and futures pointing to further strength at the reopen.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China&#8217;s stimulus plan disappointed investors seeking fuel demand growth in the world&#8217;s No. 2 oil consumer.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand fell on Friday as a turbulent trading week, dominated by Donald Trump&#8217;s victory in the U.S. presidential election, drew to a close.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling was unchanged against the dollar on Friday, but could weaken towards the end of the year as foreign currency demand increases across all sectors, one trader said.



<h2 class="wp-block-heading" id="h-mauritius-election">MAURITIUS ELECTION</h2>



Mauritius held a parliamentary election on Sunday in which Prime Minister Pravind Kumar Jugnauth and his main rivals all promised to tackle a cost of living crisis in the Indian Ocean archipelago.



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



Australian gold miner Resolute Mining confirmed on Sunday that the company&#8217;s CEO Terence Holohan and two other employees have been temporarily detained by government officials in Mali.



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



Ghana, the world&#8217;s number two cocoa producer, has raised the fixed farmgate price paid to cocoa farmers for the second time this 2024/25 season to help boost farmers&#8217; incomes, President Nana Akufo-Addo said.



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



Mozambique&#8217;s largest hospital said on Friday that at least three people were killed and 66 injured during clashes between police and protesters the previous day over a disputed election.



<h2 class="wp-block-heading" id="h-malawi-central-bank-rate">MALAWI CENTRAL BANK RATE</h2>



Malawi&#8217;s central bank said on Friday that its Monetary Policy Committee (MPC) had decided to keep its policy rate unchanged at 26.0%.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 11

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Monday, with local unemployment figures a highlight among this week&#8217;s economic data releases.



At 0707 GMT, the rand traded at 17.5850 against the dollar, within touching distance of Friday&#8217;s closing level of 17.5875.



The rand was highly volatile last week as global financial markets digested Donald Trump&#8217;s U.S. election victory and the Federal Reserve&#8217;s latest monetary policy decision.



This week, local factors may be back in the driving seat, analysts say.



Statistics South Africa will publish third-quarter unemployment numbers on Tuesday, with September manufacturing output also due on Tuesday and September mining production on Thursday.



The benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1 basis point to 9.18%.



(Reporting by Tannur Anders; Editing by Alexander Winning)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand stable; local jobs data in focus this week

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 11 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Monday, as inflows from the agriculture and tourism sectors matched demand from general goods importers and oil marketing companies, traders said.



At 0701 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg" alt="" class="wp-image-427280" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 11 (Reuters) &#8211; South African retailer Pick n Pay gave a price range of 42 rand to 54 rand ($2.39 to $3.07) per share for the initial public offering (IPO) of up to 40% of its discount grocery chain Boxer.



The IPO is part of Pick n Pay&#8217;s two-step recapitalisation plan to lower its debt and fix its loss-making core Pick n Pay supermarkets business.



Boxer, with 489 stores, is South Africa&#8217;s fastest-growing discount grocery chain.



Pick n Pay said in a statement that the offer would open at 9 a.m. (0700 GMT) on Monday and close at noon (1000 GMT) on Friday, Nov. 22.



The offer is for up to 202,380,953 shares, or 40.3%, of the issued share capital of Boxer. The shares are expected to be listed on the Johannesburg Stock Exchange on Nov. 28.



($1 = 17.6034 rand)



(Reporting by Alexander Winning; Editing by Christopher Cushing and Kim Coghill)

FILE PHOTO: Pick n Pay sales grow but warns on extra costs from power cuts

Pick n Pay gives price range for IPO of up to 40% of Boxer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg" alt="" class="wp-image-552808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, addresses supporters during a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s main opposition leader John Dramani Mahama looks set to win December&#8217;s presidential election, an opinion poll showed on Monday, placing him ahead of his main challenger, ruling party candidate Muhamudu Bawumia.



Former president Mahama, 65, and current Vice President Bawumia, 60, are the two main contenders for the Dec. 7 election to replace President Nana Akufo-Addo, who is stepping down in January after two terms as head of the gold- and cocoa-producing nation. Eleven other candidates are also running.



Global InfoAnalytics, an Accra-based research group, released poll results on Monday that saw Mahama winning 52%, followed by 41.3% for Bawumia. The poll has a 1.9% error margin.



It found that voters were mainly concerned about the economy, jobs, education and infrastructure.



Mahama invested heavily in infrastructure during his 2012-17 presidency, when he faced criticism for power shortages and economic instability. His government was also embroiled in corruption allegations, although Mahama was never directly accused.



He is running again as the candidate of the main opposition National Democratic Congress (NDC).



Bawumia, an economist and&nbsp;former&nbsp;central banker, is running for the ruling New Patriotic Party (NPP), which grappled with Ghana&#8217;s worst economic crisis in a generation.



Both candidates have presented plans to boost the economy and improve livelihoods.



Ghana, the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



The Economist Intelligence Unit predicted an NDC win in October due to the NPP&#8217;s economic record. Fitch Solutions published a similar forecast that month.



Both Mahama and Bawumia are from northern Ghana, a historic NDC stronghold where the NPP has been making inroads.



Political analyst Alidu Seidu of the University of Ghana said the election would probably be a very close contest between the two.



Results were difficult to predict and a run-off vote was likely, he said.



No party has ever won more than two consecutive terms in Ghana&#8217;s democratic history.



(Editing by Sofia Christensen and Giles Elgood)

Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Main Ghana opposition leader tipped to win presidential vote, poll shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-820x499.jpg" alt="" class="wp-image-551743" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-1536x935.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Orange-Middle-East-and-Africa-and-Mastercard-partner-to-digitize-payments-for-millions-across-Africa-by-2025-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



A partnership between Orange Middle East and Africa (OMEA) and Mastercard will empower millions of Orange Money wallets with digital payments by 2025, boosting financial inclusion in seven countries.



Orange Middle East and Africa (OMEA) and Mastercard have announced a strategic partnership to expand access to mobile financial services across Sub-Saharan Africa.



The partnership will be rolled out in seven countries including Cameroon, Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal and Sierra Leone.



With only 48% of the adult population in Africa banked, according to the <a href="https://urldefense.com/v3/__https:/www.weforum.org/agenda/2023/11/africa-digital-mobile-banking-financial-inclusion/*:*:text=Today*2C*2048*25*20of*20Africa's*20population,at*20pace*20across*20the*20continent.__;I34lJSUlJSUlJSUl!!NDdRaFrjhKsg!u8970P0_niqZFWKSxuLE987rTFTZam8Qo9a0WwR190rbowakCVqxHhbcB94_hpC-ZMQZL1tBCI02V55eBs5KQxE$">African Digital Banking Transformation Report,</a> the collaboration between Orange and Mastercard is designed to accelerate financial access, contributing to the financial empowerment of underserved communities.



Orange Money customers will be able to instantly obtain a virtual or physical debit card, linked directly to their Orange Money wallets. These cards will allow seamless payments both locally and internationally, enabling transactions with local merchants and on any website or mobile app that accepts Mastercard. Customers can easily request their virtual debit card via Max it—Orange’s Super App—and collect a physical card at a designated Orange Money Mastercard point of sale.



Speaking on the partnership, Aminata Kane, CEO Orange Money Group, Middle East and Africa, says, “This collaboration is an opportunity to bring top notch innovation to our customers, allow to pay with the Mastercard card linked to their Orange Money wallet when they travel internationally, and give them access to online shopping all over the world, in a simple and secure way. By offering our users the ability to pay effortlessly with Mastercard virtual card, we open the door to a world of new possibilities and promote their financial independence.”



“At Mastercard, we are committed to advancing financial inclusion by leveraging cutting-edge technology to create meaningful, scalable impact. Our collaboration with Orange Money represents a significant step in unlocking the full potential of digital financial services across Africa, enabling millions to participate in the global economy. This collaboration is a testament to our vision to building an inclusive digital ecosystem that leaves no one behind,” adds Amnah Ajmal, Executive Vice President Market Development, Mastercard EEMEA.



Orange’s extensive reach—more than 160 million customers and 37 million active Orange Money accounts in 17 countries in Africa and the Middle East—has already proven to be a crucial enabler of financial inclusion.



By offering simple and secure transfers, payments tools, and other financial services via mobile phones, Orange Money has brought affordable, reliable, and accessible financial solutions to individuals who were previously excluded from the formal financial system.



The collaboration further strengthens Mastercard’s position as a trusted technology partner for telecommunications companies in Africa. The company’s extensive expertise in securing payment gateways, local market know-how, and tailored solutions for small and medium sized enterprises (SMEs) supports growth, innovation, and financial inclusion across the continent.



This partnership also supports Orange’s broader strategy to offer more efficient and seamless payment solutions to its customers, further boosting financial inclusion and supporting Africa’s digital transformation.&nbsp;

Orange Middle East and Africa and Mastercard partner to digitize payments for millions across Africa by 2025

The Drive To Digitize Payments For Millions Across Africa By 2025

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-820x461.jpeg" alt="" class="wp-image-552774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Jakub Porzycki | Nurphoto | Getty Images</figcaption></figure>



Bitcoin reached a fresh all-time high near $81,000 and futures premiums soared, in a clear sign that investors believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office.



Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market.



“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,”&nbsp;Vetle Lunde,&nbsp;head of research at K33 Research, told CNBC.



A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period of time. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.



The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively. Ahead of the election, Velde says these premiums sat at 7%, and had spent a majority of the past half year hovering slightly below 10%.



“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.



“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.



The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.



But liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade, so moves thus tend to overreact and substantially retrace once these markets open again, according to Velde.



President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the U.S. government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.



The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.



On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed bitcoin’s rise, up 30% in the last seven days, and solana’s market cap topped $100 billion on Sunday.



The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.



Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot.



Coinbase shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.



Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offenses.



“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”



Robinhood, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.



Robinhood’s general manager for its crypto unit told CNBC that the goal at Robinhood is to be able to work within the administration.



“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of&nbsp;Robinhood&nbsp;Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”

108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr

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What A U.S. Economy Under Trump Will Look Like

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home

How the ultra wealthy travel in Dubai

Why Dollar Stores Are Struggling

Vodacom not looking for other M&A deals after blocked Maziv merger

Mauritius’ PM says his alliance heading for huge election defeat

Botswana vice president will double as finance minister

African Markets – Factors to watch on Nov 11

South African rand stable; local jobs data in focus this week

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand

Pick n Pay gives price range for IPO of up to 40% of Boxer

Main Ghana opposition leader tipped to win presidential vote, poll shows

The Drive To Digitize Payments For Millions Across Africa By 2025

Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high

Why American Cars Are So Expensive

Local impact: The multimillion-dollar payoff to hosting an F1 Grand Prix

What A U.S. Economy Under Trump Will Look Like

The impact of a Formula OneGrand Prix on its hosts

TKO Group COO Mark Shapiro On UFC Media Rights, Vince McMahon And Gambling

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