In Uganda, formal banking has not been a popular or traditional option for investing money. But that may change as the challenges of doing business have more Ugandans seeking out low-risk alternatives.
Members of savings groups in Zimbabwe eagerly anticipate receiving the money they’ve saved incrementally over the previous year. But as the bond note continues to drop in value, some members are in for a rude awakening.
DRC has never been one of Africa’s gambling hot spots, but high unemployment has made gambling a popular way to make quick money. Now, football fans with few employment opportunities are spending hours playing the odds – at any cost.
Microloans have been praised worldwide for their ability to help women start businesses and rise out of poverty. But in Sri Lanka, microloans with exploitative interest rates are having the opposite effect.
In Zimbabwe, legal tender can take the form of U.S. dollars, bond notes, EcoCash, mobile wallets and a pseudo-currency called RTGS. As their values rise and fall throughout each day, there’s real money to be made from trading money.
More than 7 million Rwandans do their banking through their cellphones, but many of the agents who facilitate the banking transactions never declared their income to the country’s tax authority. Now the tax authority has started taking a 15-percent withholding tax from these agents’ incomes with the cellphone provider, plunging some of these agents into financial turmoil.
Workers from around the world came to Argentina for jobs that would let them send meaningful remittances to family members in their home countries. But Argentina’s peso is rapidly depreciating, and inflation is rising, and now many of these migrant workers are wondering what to do about the plunging values of their remittances and their bank accounts.
Zambia’s government and its banks insist the country’s new taxpayer identification numbers aren’t used to collect additional taxes. But the public’s suspicions about this ID requirement have driven many locals to favor digital transactions, now a booming business.