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Mama Money and AFC Commercial Bank partner for money … – The New Dawn Liberia

The partnership allows for affordable money transfers from South Africa to Zimbabwe with guaranteed US dollar collection

Matthieu Coquillon and Raphael Grojnowski, Co-founders, Mama Money

CAPE TOWN, South Africa, 24 January 2023 -/African Media Agency(AMA)/- Mama Money, a rapidly growing fintech that offers cross-border money transfer and banking services has partnered with AFC Commercial Bank, a market leader in Zimbabwe with a reliable and robust payout network. 

This partnership allows Mama Money customers to easily send money to any AFC Commercial Bank branch for cash collection at 45 locations across Zimbabwe.  

It’s estimated that the monthly remittance flows from South Africa to Zimbabwe range between $30 to $60 million US dollars through both formal and informal channels and accounts for over 10% of the country’s GDP according to the World Bank. 

But the cost of sending money to Zimbabwe can significantly reduce the impact that remittances have as these funds are predominantly used for critical needs such as school fees, healthcare, and housing. 

In 2015 the average cost of sending money from South Africa was 14%. This is the same year that Mama Money launched with a fee of just 5%. Today, the average cost of sending money from South Africa is 7%, which is much closer to the worldwide average of 6%. 

Mama Money played a leading role in reducing the cost of money transfers from South Africa as the company’s founders, Raphael Grojnowski and Matthieu Coquillon, started the business to make a positive impact on the lives of underserved migrant communities in South Africa. 

Mama Money facilitates money transfers to over 50 countries across Africa, Asia and Europe. The fintech’s key markets for money transfers include Zimbabwe, Malawi, Mozambique, Ghana, Uganda, Nigeria, India, Bangladesh, and Pakistan. It also offers banking services and money transfers to South Africa from Europe and other regions.

Nicolas Vonthron, CEO at Mama Money said that, “We have made a lot of progress in bringing down the cost of money transfers, but there is still more we can do to support the Zimbabwean community in South Africa. We want to reduce the cost even further and offer a super reliable service. Our partnership with AFC Commercial Bank will help us achieve this and we’re extremely excited to see the impact this will have for people who need an easier way to send money to Zimbabwe.” 

Our goal when the company started was to bring down the cost of money transfers, we feel that we have achieved this, and now want to reduce the cost even more as we expand and launch our services in more countries around the world.” 

“We feel we have a lot of progress in bringing the price down, there’s a lot more we want to do to support the Zimbabwe community in South Africa.

Ken Chitando, Managing Director at AFC Commercial bank added that, “With our extensive network in Zimbabwe, it is very easy and convenient for recipients to collect their cash no matter where they are in the country, and we are continuously expanding our network.” We are confident that this relationship will add convenience to all our customers as we expand our financial services countrywide. 

Together, Mama Money and AFC Commercial bank are improving access to critical financial services in underserved communities in both South Africa and Zimbabwe by making it easier, faster, and more affordable to send and receive money. 

Distributed by African Media Agency (AMA) on behalf of Mama Money.

About Mama Money

Mama Money is a fintech company that offers international money transfers and banking services through a free mobile application that can be downloaded from the Google Play or Apple App Store in South Africa. 

Mama Money is one of the fastest-growing money transfer operators with over 720,000 users and offers low fees and great exchange rates. The Mama Money app is currently the highest-rated money transfer app on the Google Play Store in South Africa. 

Download the Mama Money app to register in minutes with your passport or identity document.

For more information, visit www.mamamoney.co.za  

About AFC Commercial Bank

AFC Commercial Bank is a registered commercial bank operating with more than 45 branches in Zimbabwe. The bank is a part of a diversified financial services group (AFC Holdings) which has interests in Banking, Insurance and the Leasing business. The Bank is a loan-granting and deposit-taking commercial bank, subject to the supervision of the Reserve Bank of Zimbabwe and provides a number of services including but not limited to the provision of Retail banking services, Treasury services, Discounting bills and Bridging finance as well as Industry related loans for all sectors of the economy cutting across Small businesses and well-developed Corporates, this is supported by robust digital banking platforms under the umbrella name AFCLink. 

For more information, visit: www.afcholdings.co.zw

The post Mama Money and AFC Commercial Bank partner for money transfers to Zimbabwe appeared first on African Media Agency.

Source : African Media Agency (AMA)

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How do you win in binary options trading? – Bulawayo24 News

Binary options have entered the stock market and taken beginners by storm. For those who have always been wary and just a little afraid of traditional stock markets like Forex, this new instrument allows you the flexibility and ease that you have always wanted.

With time and plenty of advancement in the latest technology, binary investments are now available anytime, anywhere, and have become pretty popular among stock market enthusiasts. If you are a beginner in the stock market industry and want to try something easy to get into, then this article will let you in on all the details as to how you can win big returns in binary options trading.

Great Returns
When compared to more conventional trading markets, the biggest benefit of this instrument is the high returns it can generate. You can earn up to 95% returns in just one investment. That is not all, because binary options trading information reveals that you can invest every 60 seconds. The payouts are also fast and almost instantaneous.

Before the market closes, you will be able to determine how much return you might get. Trading binary options is a great way to invest because you can easily predict your profits without the help of a third party.

Make sure you check how volatile your assets are beforehand. Also, take a look at where the general demand stands when it comes to the asset.

Less Risk
With binary options trading, you can invest as little as $5 and still get returns. Moreover, you will not lose more than the amount you invest, which is a distinct possibility for traditional investment opportunities.

When you know the risk you have to take, it is always easier, especially for beginners who do not want to lose out on too much money right at the very start of their journey. With binary options, you can learn and earn money without going bankrupt.

Trade on Your Own Terms
You can employ different trading strategies when it comes to binary options. No special skills are required. You have to simply select the asset and decide how much you are willing to invest.

Research the kinds of strategies available and learn the bare minimum about them. Start with the basics. Maintain personal goals and a trading timeline for your binary options trading. This will help you keep track of your finances and your returns (including the profits). Follow financial papers and blogs to stay up to date on market trends.

The best strategies include the Rainbow, RSI Indicator, Candlestick, Money Flow Index and Bollinger Band.

Rainbow Strategy: Here, the investment is in multiple assets over a long period of time.

RSI Indicator Strategy: The Relative Strength Index (RSI) Strategy helps determine which assets are stable and oversaturated in the market.

Candlestick Strategy: This strategy is used to figure out which stock market trends are still going on and which ones have stopped.

Money Flow Index Strategy: This one helps in looking at the amount of money that is entering and leaving a market.
Bollinger Band Strategy: This technique enables you to predict market situations and trends.

Free Accounts
You can practice trading strategies and use a variety of tools by setting up a demo account or a free account on a number of different trading platforms before you actually start making investments. By using these accounts, you will be able to practice trading with virtual funds before you commit to using actual cash.

You Can Leave When You Want
You do not have to see a binary options investment through to the end. If you get the feeling that your prediction is not going to get you any returns, then you can back out anytime you want to. Just cancel the trade and leave. There will be no fines imposed on you.

Invest as Much as You Want

Binary options trading supports very small investments as well. This means that you do not have to have a huge bank account to start investing. You can begin your investment journey with binary options for just $5-10.

Beginner traders who do not want to lose all of their money at once will find this to be an excellent choice. Learn to trade and get some easy money without being penalized or going bankrupt.

Conclusion
Get the basics of binary options trading strategies at the tips of your fingers and opt for this instrument with just the amount of money you want to invest. Learn and grow along with your investments, and get acquainted with the world of the stock market, which will neither terrify you nor end with your becoming bankrupt.

Binary options trading enables fast payouts, higher returns, 24×7 investment options, and keeps all the cards in your hands. What more can investors even want?

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Bank of England raises rates, signals end to hikes – Yahoo News UK

LONDON (Reuters) – The Bank of England raised interest rates for the 10th time in a row on Thursday, but dropped a pledge to keep increasing them “forcefully” if needed and said inflation had probably peaked, sending the pound to session lows in volatile trade.

Softening their forecasts of recession this year, the BoE’s nine interest rate-setters voted 7-2 to increase Bank Rate to 4.0% – its highest since 2008 – from 3.5%.

MARKET REACTION:

STOCKS: The FTSE 100 dipped initially before bouncing back, and was last up 0.6% on the day, compared with a gain of 0.5% before the decision. The mid-cap index jumped 2.1%.

FOREX: Sterling briefly turned positive, but surrendered those gains and was last down 0.6% at $1.2298 and down 0.7% against the euro at 89.43 pence.

BONDS: The yield on Britain’s 10-year government bond initially spiked but then fell below levels seen before the decision. It was last down 15 basis points to 3.156%.

COMMENTS:

DANIELE ANTONUCCI, CHIEF ECONOMIST, QUINTET PRIVATE BANK, LONDON:

“There’s still some risk that the Bank could go for further interest rate rises if inflation news were unfavourable. After all, the Committee still sees risks to the inflation outlook as skewed to the upside.

That said, today’s decision raises the possibility that the Bank rate may have already peaked or be close to peaking, undershooting the 4.5% level priced in by financial markets prior to this announcement.”

WES MCCOY, SENIOR INVESTMENT DIRECTOR AT STANDARD LIFE INVESTMENTS, ABRDN:

“When you read the commentary around it (rate hike) the Bank of England seemed more hawkish and still more concerned about inflation. The language around it was a 50 bps rise but also around that they still need to stay on the pressure against inflation. Whereas, the interpretation from the U.S overnight was there are reasons to step away from that pressure.”

DEAN TURNER, CHIEF EUROZONE AND UK ECONOMIST, UBS GLOBAL WEALTH MANAGEMENT, LONDON:

‘As expected, today’s 50 basis-point hike was a split decision. It looks as though the appetite for further outsized hikes is fading but given the BoE’s revised outlook for growth and inflation, this hiking cycle is unlikely to be over just yet. We look for one further increase of 25 basis points in March which should mark the top of the cycle. Furthermore, we believe the door remains open for rate cuts before the year is out.

PIOTR MATYS, SENIOR FX ANALYST, INTOUCH CAPITAL MARKETS, LONDON;

“There seems to be a preference to sell sterling especially against the euro and investors adopted such a preference back in December when the BOE delivered a dovish 50 bps bike and on the same say President Lagarde sounded significantly more hawkish, and we may witness similar situation today.

The outlook for the UK economy is still quite challenging compared to the euro zone and U.S., that is why GBP, after a knee-jerk reaction, resumed its decline.”

“The biggest risk to EURGBP today is if President Lagarde suddenly changes her tome and sounds far less hawkish following a widely expected 50 bps hike.”

BEN LAIDLER, GLOBAL MARKETS STRATEGIST, ETORO, LONDON:

“This is clearly the last big hike from the Bank of England, we’re on track for this rate cycle to finish in March or May.”

“They’re very much following the Fed’s lead in getting rates to a high enough level where they’re comfortable waiting to see what happens.”

“They’ve got some quite aggressive assumptions though, and there’s uncertainty around them… They’re looking for a very sharp fall in inflation to 4% by the end of the year, from 10.5% now… so that remains to be seen. The initial spike (in the pound) is always the machines rather than the humans.”

MICHAEL BROWN, MARKETS STRATEGY, TRADERX, LONDON:

“The move in the pound was the vote split. I think market participants were expecting at least one to go for a more modest 25 basis points and that may have been one of the reasons why we saw cable come off.”

“They dropped the ‘forcefully’ out of the language. That pretty much nails on the fact that March is probably going to be the last rate hike and, of course, the longer-run inflation forecasts have come quite sharply lower as well.”

“So it’s a bit more surprising in terms of votes – a bit more hawkish than we’d expected – but everything else is pretty much in line and mostly implying that the ‘Old Lady’ is very, very close to the end in terms of raising rates.”

SIMON HARVEY, HEAD OF FX ANALYSIS, MONEX EUROPE, LONDON:

“This is as straight down the line as you can get in terms of matching expectations from ahead of the meeting. They pretty much matched the market implied forecasts for rate increases, removed language saying they “will respond forcefully, as necessary” to signs of further inflation pressure and there was no increase in dovish dissenters.” (Two members of the rate-setting committee voted to keep rates on hold as expected)”

“We think they will step down to 25 basis points in March, but the question is what tone of the press conference will be like, that’s where markets are really trying to suss out the underlying feel of how they are thinking about monetary policy.”

JEREMY BATSTONE-CARR, EUROPEAN STRATEGIST AT RAYMOND JAMES INVESTMENT SERVICES, LONDON:

“More noteworthy is the corresponding Monetary Policy Report, which has revealed that the Bank now expects a shorter and shallower recession – a far cry from the rather dire predictions of only a few weeks ago.

“Yet for the Bank of England and the MPC, this good news is a wolf in sheep’s clothing. The economy’s unexpected resilience is keeping the inflationary fuel flowing, putting more pressure on the Bank to raise rates in its attempts to stem the flow. With the Bank’s upward revisions, the MPC may have to do the work they had hoped a lacklustre economy would achieve on its own.”

MIKE COOP, CHIEF INVESTMENT OFFICER UK, MORNINGSTAR INVESTMENT MANAGEMENT, LONDON:

“While the highest point of inflation is likely behind us, today’s rate rise shows that the year ahead will be a difficult one with the unusual cocktail of high inflation, rising rates and recession. Inflation outlook can change quickly and investors need to prepare portfolios for a range of inflation scenarios. The good news is that at current yields bonds are less sensitive to further rate rises, recession is cooling demand led inflationary pressures and gas prices have fallen sharply.”

(Reporting by Susan Mathew, Harry Robertson, Alun John, Joice Alves and Amanda Cooper and Shashwat Chauhan; Editing by Dhara Ranasinghe)

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Global stocks rise after Fed sees inflation improving – The Zimbabwe Mail




BEIJING (AP) — Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.

London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose.

Wall Street’s benchmark S&P 500 index rose after the Fed increased its key lending rate by 0.25 percentage points, smaller than previous hikes. Chair Jerome Powell said the “disinflationary process has started” but “ongoing increases” in rates will be needed.

Traders hope central banks that raised rates repeatedly over the past year will scale back plans for more hikes as inflation eases. Some expect a U.S. cut before 2024, though Powell said he anticipates none this year.

Markets put a “dovish interpretation” on Powell’s comments despite his warning that it was too early to declare victory, said Venkateswaran Lavanya of Mizuho Bank in a report.

The gap between market pricing and Fed plans “appears to have widened,” Lavanya wrote. “This leaves room for a rude shock down the road.”

In early trading, the FTSE 100 in London rose 0.6% to 7,808.83. The DAX in Frankfurt gained 1.4% to 15,396.36 and the CAC 40 in Paris was up 1% at 7,148.88.

On Wall Street, the S&P 500 future was up 0.4%. That for the Dow Jones Industrial Average was off 0.1%.

On Wednesday, the S&P 500 gained 1% after Powell’s news conference for its highest close in two months.

“We can now say, I think for the first time, that the disinflationary process has started,” Powell said. He said his “base case” is that the Fed’s inflation target of 2% can be achieved “without a really significant downturn or really big increase in unemployment.”

That appeared to encourage investors who worry central banks might be willing to push the global economy into recession to cool inflation that is near multi-decade highs.


The Dow recovered from a loss to gain less than 0.1%. The Nasdaq composite jumped 2%.

On Thursday, the Shanghai Composite Index gained less than 0.1% to 3,285.67 and the Nikkei 225 in Tokyo added 0.2% to 27,402.05. The Hang Seng in Hong Kong shed 0.5% to 21,958.36.

The Kospi in Seoul was up 0.8% at 2,466.03 and Sydney’s S&P-ASX 200 added 0.1% to 7,511.60.

India’s Sensex shed less than 0.1% to 59,664.17. New Zealand and Jakarta advanced while Singapore, Bangkok and Kuala Lumpur declined.

Wednesday’s announcement raised the Fed’s overnight lending rate to a 16-year high of 4.5% to 4.75%, up from close to zero early last year.

Data on Wednesday gave a mixed picture of the U.S. job market, a factor in inflation expectations.

Hiring is resilient despite repeated rate hikes. While that helps workers, it adds to worries that wage gains could add to upward pressure on prices.

Private payrolls rose by 106,000 in January, according to ADP, a payroll processor. That was a smaller gain than the previous month and below forecasts.

A separate U.S. government report indicated more strength. It said the number of job openings increased to 11 million in December, better than expected.

In energy markets, benchmark U.S. crude rose 42 cents to $76.83 cents to $77.07 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.46 on Wednesday to $76.41. Brent crude, the price basis for international oil trading, added 39 cents to $83.23 per barrel in London. It lost $2.62 the previous session to $82.84 a barrel.

The dollar was unchanged at 128.57 yen. The euro rose to $1.1001 from $1.0979.


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