Author Archives: shekusumaila

The effects of money laundering on African economies

Money Laundering has over years helped drug barons stay in business with assistance of certain financial institutions simply because some of these institutions are in one way or other benefiting from the illegal trade. Money frome drug transactions is put in to the formal f inancial system for future  dealings thus  enhancing continuity at the detriment of society and economies. Some banks in Africa are seen to be having returns  that are not commensurate to their legal investment which sometime makes people to wonder how  these bank are operating. In Africa,efforts are being  made by goverments to put a stop to financial organisations aiding drug cartels to continue in business. Drug abuse  in Africa is  not helping the situation in any way. Most of the youth who  are supposed  to be  contributing to the economies are either in drug or are influenced by drug barons to be  either marketers or retailers thereby  diverting their attention from normal schooling

In my opinion, that if finance should work for Africa, the activities of the banks must  be closely monitored.

Sheku Sumaila

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consumer protection

Africa is a continent where the consumer is left to suffer at hands of dishonest business  and financial institutions simply because  people in governance have over years failed  to put in place or enforce regulations that would seeek the interest of the ordinary man in their various countries.

Price increase and even interest rates are not  normally communicated to the consumer before hand so that he or she would  have got prior knowledge before entering  in to any transactions most times causing confusion and  lack of confidence therefore making finance work for Africa very difficult.

Sheku Sumaila