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South Africa Announces Major Visa Changes

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Minister of Home Affairs Leon Schreiber on Wednesday announced important changes to South Africa’s visa system.

The new Remote Work Visitor Visa and a Points-Based System for Work Visas are designed to simplify processes and attract foreign workers and investors.

The new visa reforms aim to remove bureaucratic obstacles that have made it hard to enter the country.

By simplifying the visa process, these changes are expected to create jobs and increase investment and tourism, helping to grow the economy. 

Business Tech reports that the Remote Work Visitor Visa allows high-earning workers from abroad to spend their foreign income in South Africa. This is intended to strengthen the local economy as these visitors pay Value-Added Tax and buy food, goods, and services from local businesses.

Schreiber noted the importance of these changes, stating, “The gazetting of all required elements for the Remote Work Visitor Visa and the new Points-Based System for Work Visas amounts to the single most progressive and pro-jobs regulatory reform South Africa has seen in decades.” 

Reports indicate that the new Points-Based System for Work Visas is designed to reduce corruption and improve efficiency in visa processing.

It provides a clear way to assess applications, making the process easier. To qualify for a Critical Skills or General Work Visa, applicants need to earn 100 points.

‘For General Work Visa applicants outside the Trusted Employer Scheme, the minimum threshold for gross annual income has been set at R650,796,’ South Africa’s Home Affairs reports.

This amount is double the median income in the formal sector, which is intended to protect lower-end jobs while attracting skilled professionals.

Criteria For Eligibility

The Department of Home Affairs has outlined specific criteria for applicants. To qualify for a Critical Skills Work Visa, an applicant must:

Meet all prescribed requirements for the visa.

Reach the 100-point threshold through an occupation on the critical skills list.

If the applicant accumulates points through other means, they may still qualify for a General Work Visa, provided all other requirements are met.

Schreiber pointed out that these changes will facilitate the hiring process for South African companies and multinational corporations. “This reform aligns with President Cyril Ramaphosa’s call to overhaul the visa regime to attract skills and investment,” he noted.

Further reports provide that independent research commissioned by the Reserve Bank and the International Food Policy Research Institute indicates that increasing the proportion of high-end skills in South Africa by just 0.02% could enhance annual economic growth by 1.2%.

The study suggests that an enhanced visa regime could generate seven new jobs for each skilled worker added to the economy.

Schreiber added that by using market-based reforms to reduce red tape and improve transparency, Home Affairs is tackling corruption in South Africa’s immigration system while working to grow the economy and create thousands of new jobs.

Minister Leon Schreiber’s reforms mark a big change in South Africa’s immigration and labour policies. By making the visa application process easier and introducing a points-based system, the government hopes to attract skilled workers and drive economic growth.

These changes could make South Africa a more appealing place for talent and investment, supporting the country’s economic development goals.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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