Revolut has appointed banking veteran Gaby Magomola and applied for a South African banking licence, signalling a shift from payments to regulated digital banking.
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Nigeria’s push for a $1tn economy hinges on expanding fair, transparent digital financing—mobilising its youthful population into productive, credit-enabled growth.
The development comes a few weeks after the mid-sized bank slipped out of the ₦1trn market-capitalisation club.
DealMakers Africa noted that Africa’s most industrialised economy recorded 273 deals worth R1.62trn ($89.5bn) between January and September — a 239.6% surge from the same period in 2024.
The new representative office in Cairo underscores Standard Bank’s long-term view of Egypt as a key node for intra-African commerce and Gulf–Africa connectivity.
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The decline marks a rare relief in South Africa’s prolonged unemployment crisis, which has persisted above 30% since the COVID-19 pandemic in 2020.
Business activity across major African economies showed mixed performance in October, with Nigeria recording the strongest expansion while South Africa and Egypt slipped deeper into contraction, according to S&P Global Purchasing Managers’ Index (PMI) data.
African stock markets regained momentum in the third quarter of 2025, with Nigeria, Kenya, and Morocco among the strongest performers.
Kenya’s private sector activity rose to a six-month high in October 2025, driven by new product launches and increased use of discounts and promotional pricing as firms sought to stimulate demand in a gradually recovering economy.
