Hello there,
Q2 started with a bang. Nigeria has a new withholding tax system that might actually work. Revolut’s South African ambitions would face tough scrutiny in South Africa. A seasoned Asset manager is done with the tired fintech-vs-traditional framing. And Trump’s America is now charging African countries for “overtaxing” U.S. businesses—because fair trade must look unfair to work. Tha
Also, JP Morgan, one of the world’s largest banks, is planning to expand its Lagos operations.
Nigeria’s new withholding tax rules just made compliance less painful—sort of
You no longer need a credit note from FIRS to claim your withholding tax deductions. That’s huge. Nigeria’s new WHT regime also exempts small businesses earning less than ₦25 million/year (~$16,000), and will auto-issue credit notes monthly via TaxPro Max. The fine print? Taxpayers still need to track payments accurately—or risk disputes.
Full story: Finance in Africa
“Forget fintech vs traditional”— this Asset manager says survival is about adaptability
Oluwagbenga Magbagbeola doesn’t care if you’re a traditional player or a startup. His argument? In Nigeria’s credit-starved environment, the only winners are those building innovative asset products.
Full story: Finance in Africa
Revolut’s South African expansion stalls on statutory friction
The UK-based neobank hasn’t launched fully in South Africa—because things are not so straightforward. South Africa’s tight exchange controls, capital flow rules, and forex licensing complexities would give Revolut a hard time in Africa’s most industrialised economy. We dug deep to find out how Revolut can find a product-policy fit in South Africa.
Full story: Finance in Africa
Trump’s new tariffs: 10 African countries called out, but the data tells a different story
From Lesotho to Tunisia, Trump says these countries are “overtaxing” U.S. goods. But the data tells a different story. African nations’ average tariff rates are often below global norms. Still, the sanctions are real—and could reshape trade dynamics just months before AGOA renewal talks.
- For a quick roundup: 10 African countries hit by Trump’s tariffs
- For the data and how the Trump team arrived at their figures: Trump’s tariff play and what the data actually says
JP Morgan isn’t just advising Nigeria anymore—it’s setting up shop
After decades of issuing Eurobonds and underwriting deals from a distance, JP Morgan wants to turn its Lagos rep office into a full merchant bank branch. With plans to offer corporate loans, treasury services, and capital markets support, the Wall Street giant is betting that Nigeria’s long-term upside beats short-term FX drama and regulatory friction.
Full story: Finance in Africa
And others (because not everything can make the top five)
- South Africa’s manufacturing inches up—but don’t call it a comeback. Read more
- Kenya’s inflation edges up despite a stronger shilling. Read more
- Despite promises of fiscal discipline, South Africa’s latest budget hasn’t calmed investors. Read more
- Kenya’s trade deficit hits $1.1bn in January. Tea, flowers, and coffee held up—but it’s not enough. Read more
- Ghana’s inflation cools to 22.4%. The Bank of Ghana has limited room to cut rates, so don’t expect much relief soon. Read more
What to watch this week
- Will African governments challenge the Trump tariffs or just wait them out like a phase?
- With JP Morgan scaling up, are we about to see a new wave of West Africa-focused funds?
- We will definitely revisit Africa’s banking sector as more banks release profits for 2024.
