Business News You Can't Miss in Africa

President William Ruto holds the final say on Kenya's proposed payslip tax cuts. Millions of workers could see increased net pay, while 1.5 million low-earners may face zero PAYE tax.

Elon Musk’s net worth hits $638 billion as SpaceX hits $800 billion valuation, putting him on track to become the world’s first trillionaire — amid growing concerns over wealth inequality and corporate power.

Booming Games has joined forces with Betway Africa to roll out its most popular slot games on the Jackpot City platform, aiming squarely at South Africa's fast-evolving online casino market. This move bolsters Betway’s content lineup and pushes Booming Games deeper into Africa, following launches in Ghana, Uganda, and Kenya.

Access Bank and Deloitte have joined forces to launch a nationwide SME Business Clinic, providing expert guidance and tools for Nigerian small and medium-sized enterprises. Over 50 Deloitte professionals are offering one-on-one advice on financial management, compliance, and growth strategies in cities across Nigeria.

The recent Powerball draw on March 10, 2025, ended without a jackpot winner, pushing the prize to $353.3 million. The numbers drawn were 17, 40, 47, 50, 55, with 6 as the Powerball. Even though no ticket matched all the numbers, players in Maryland and Texas won lower-tier prizes. The next drawing promises a higher jackpot excitement.

Former National Treasury Director-General Dondo Mogajane steps away from his corporate roles amidst unspecified claims. Mogajane disputes the allegations, attributed to a convicted felon, and highlights their procedural importance. Previously linked to the VBS Mutual Bank controversy, he firmly refutes any wrongdoing. His resignation impacts positions at the Government Employees Pension Fund and Moti Group.

National Customer Service Week is a special occasion celebrated during the first full week of October to honor the hard work and dedication of customer service professionals. It emphasizes the crucial role they play in driving business success through exceptional service. The week fosters team camaraderie, strengthens customer relationships, and offers opportunities for professional growth through training and skill enhancement activities.

Kylian Mbappé has become a shareholder in Loewe Technology through Coalition Capital. This strategic partnership aims to expand the luxury electronics brand's global presence, especially in North America and Asia, while driving innovation in home entertainment systems. With a focus on reaching younger, tech-savvy consumers, Mbappé's involvement is expected to bring fresh perspectives and significant market growth.

State corporations and agencies in Kenya have seen a threefold increase in unremitted deductions to the National Social Security Fund (NSSF) and National Health Insurance Fund (NHIF), now totaling Sh716 million. The rise in defaults highlights the financial struggles of these entities amid economic hardships, operational cost increases, and reduced revenue.

Aliko Dangote announces his $20 billion oil refinery in Lagos will reach 85% capacity by year's end. Facing challenges with local crude supplies, the refinery has had to import oil. Despite issues, Dangote is confident in meeting production targets and improving gasoil quality.

Standard Bank has reassured customers there has been no security breach, attributing suspicions of unauthorized account activity to phishing scams. Customers are encouraged to remain vigilant, regularly check their accounts, and report any irregularities. The South African Banking Risk Information Centre (SABRIC) also warns of rising phishing scams.

In an era where brand values significantly influence purchasing decisions, 2D barcodes on product packaging offer a smart solution for brands to engage consumers about their sustainability and ethical efforts. With a high percentage of consumers willing to pay more for brands that align with their values, integrating QR and Data Matrix codes can enhance transparency and trust.