[Egypt] Afreximbank announces new strategic plan targeting $90b disbursement for African trade over five years
The African Export-Import Bank (Afreximbank) has announced the inception of new five-year strategic plan that will see the African continental trade finance institution disburse no less than $90 billion in support of African trade between 2017 and 2021.
IFC, The MasterCard Foundation and FINCA Support Expansion of Financial Inclusion in The Democratic Republic of Congo
IFC, a member of the World Bank Group, together with The MasterCard Foundation, today announced a cooperation agreement valued at $1 million with microfinance institution FINCA in the Democratic Republic of Congo.
Digital money transfer service WorldRemit and UK Charity, Ghana Union, today announce a partnership that will support the Ghanaian community in the UK throughout the entire year of 2017 via a wide variety of events and community activities.
The African Export-Import Bank (Afreximbank) and the Government of the Republic of Congo yesterday in Cairo signed a facility agreement under which the Bank will provide $250 million in future flow pre-financing to meet the Government’s strategic plan for its oil fields.
Ingenico Group partners Interswitch to deliver best-in-class multichannel payment solutions to the Nigeria
Ingenico Group, leader in seamless payment, announced that a strategic partnership has been signed with Interswitch Nigeria Limited, the leading transaction switching and electronic payment processing company in Nigeria.
The number of foreign direct investments (FDI) projects into Africa increased by 6% in 2015, according to the FDI report 2016. Africa also recorded 156 more FDI projects than the Middle East in 2015, a figure that has widened by 98% compared with 2014.
The value of transactions through point of sales (PoS) channels across the country increased significantly by 65 per cent to N651.37 billion between Janaury and November 2016, compared with the N395.05 billion recorded in the corresponding period of 2015.
Swiss FinTech leader NetGuardians has been selected by Nigeria’s Keystone Bank Limited for real-time protection against eBanking fraud.
The Fidelity Commercial Bank Ltd board of directors has approved a deal to sell the lender to Mauritian financial services group SBM Holdings.
The Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter of this year.
Research and market analysis firm Nomura is predicting a relatively quiet first half of the year for South Africa, but expects things to shake up in the second half of the year as the ANC’s elective conference comes into view.
Africa has caught the world’s attention with its advancements in the financial technology (fintech) space and usage of mobile money. The Nigerian fintech landscape, specifically, has the ability to become one of the most significant leaders in Africa’s innovation.
South African asset prices should perform "ok", but mainly because there are more negative peers to compare to - especially Turkey - emerging markets economist Peter Attard Montalto of Nomura said on Thursday.
The Federal Government has began payment of N5,000 monthly stipends to poor Nigerians in nine states. The Programme is part of the Conditional Cash Transfer (CCT) of the President Muhammadu Buhari’s administration’s Social Investment Programmes (SIP) for which N500 billion was appropriated in the 2016 Budget.
The fiscal roadmap presented by the Finance Minister at the Lagos Business School Annual Dinner for 2016 is a broad spectrum of implicit ideas targeted at improving the status quo.
The African Export-Import Bank has announced the appointment of Rene Awambeng, formerly of Ecobank Transnational Inc., as Director, Client Relations (Headquarters and Branches).
DreamOval Limited has introduced a new version of the Slydepay mobile App – a disruptive mobile money app that enables smooth money transfer, merchant and person to person payments into the Ghanaian market.
The African Development Bank has appointed MCB Investment Management, a subsidiary of MCB Capital Markets, as Fund Manager for its first multi-jurisdictional Fixed Income Exchange Traded Fund in Africa.
The President, His Excellency Roch Marc Christian Kaboré, and the government of Burkina Faso, managed to mobilise almost 28 billion euros (18,500 billion CFA francs) within the framework of the conference of partners for the financing of the National Economic and Social Development Plan.
"Active participation in intra-African trade has made it possible for a number of African countries to maintain resilient trade figures in the midst of falling commodity prices that have led to an overall sluggish economic growth story on the continent."
The International Monetary Fund (IMF) has approved that Malawi government authorities be granted more time to achieve the Extended Credit Facility (ECF) programme objectives for which it borrowed $146.7 million.
The World Bank Group and Ithmar Capital, a Moroccan Sovereign Investment Fund, have entered into a Memorandum of Understanding relating to the establishment of a Green Growth Infrastructure Facility for Africa (GGIF Africa), the first pan-African fund dedicated to green investment in the continent.
Africa Finance Corporation (AFC), a pan-African multilateral development finance institution and project developer, has this week signed a MoU with Moroccan bank Banque Centrale Populaire (BCP) to increase collaboration on financing vital infrastructure projects in North and Sub-Saharan Africa.
Visa, has entered into partnership with Ecobank, to roll out “mVisa,” an innovative mobile payment service in 33 African markets by year-end.
A global online payment service provider “PayU” has been introduced in Nigeria with innovations that will continue to make the market more competitive.
SimbaPay – a London based digital money transfer provider – today announced the launch of its money transfer service to Ghana and Uganda. Using the SimbaPay app or website, Ghanaians and Ugandans living in Europe can now send money to mobile phones in Ghana or Uganda instantly.
Economies around the world continue to make progress in simplifying and reducing the burden of tax compliance on business, according to the latest edition of Paying Taxes 2017, a report by the World Bank Group and PwC.
[Kenya] Monetary Policy Committee review Outcome of Previous Policy Decisions, Recent Economic Developments
The Monetary Policy Committee (MPC) of the Central Bank of Kenya met on November 28, 2016, to review the outcome of its previous policy decisions and the recent economic developments. The meeting was held against the backdrop of increased uncertainties in the domestic and global economies.
Small & Medium Businesses in East Africa should be looking at ways to maximise their efficiency and improve debt management to navigate the risks that high interest rates pose for their businesses.
Governments should create enabling environments for factoring in Africa in order to improve the competitiveness of African businesses, Dr. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), said today in Port Louis.
French multinational banking and financial services company Societe Generale has signed a merchant acquiring partnership with American Express in eight countries in Sub-Saharan Africa where the bank operates.
African bankers should counter challenges of withdrawal of international banks with structured trade finance - Afreximbank
With international banks once again withdrawing from African trade finance and with the continent’s trade finance gap estimated at more than $120 billion, African banks have an opportunity to step in through structured trade finance.
Corporate finance advisory firm Burbidge Capital has changed name to I&M Burbidge Capital after I&M Holdings Limited acquired 65 per cent shareholding in August this year.
Egypt has won International Monetary Fund approval for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor.
Namibia and Belarus have entered into an agreement to share information of financial, technological, training, educational and scientific capabilities.
Research by Effective Measure has found that most South African consumers use their smartphones for social networking, searching for information, shopping for products and instant messaging.
A total of 238.889 million payments valued at about N18.156 trillion were conducted through the electronic channels in the third quarter of this year, says the National Bureau of Statistics.
With an overall ranking of 71 out 190 economies, Botswana maintained previous position on the ease of doing business index, according to Doing Business 2017: Equal Opportunity for All, released on the 25th of October.
The African Export-Import Bank (Afreximbank) expects to attract up to $1 billion in financing and investments to support trade activities and infrastructure development, including industrial parks and logistics facilities, in Togo.
Nigeria is one of the most connected countries in the world when it comes to receiving and sending money, according to The Western Union Company, a global leader in global payment services.
Remittance service WorldRemit is set to accelerate adoption of digital money transfers to Cameroon, after completing a series of strategic deals with local partners.
Global business advisory firm FTI Consulting today announced the appointment of Joel Kibazo as Managing Director. Joel will be based in the firm’s London office.
Zimbabwe reserve bank(RBZ) will today embark on a nationwide campaign as bond notes are rolled out. RBZ boss John Mangudya said the token notes will be introduced any time from now.
The total value of all transactions made on the mobile money networks has topped GH¢37.07 billion as at July this year, representing more than 118 percent growth in value since July 2015.
[Interview] Dakin Parker introduces Kinfundi, a new way to provide for education costs in South Africa
Dakin Parker returns to South Africa, after ten years in the United States, to change the way education is financed in South Africa. His interview with Africa Business Communities:
Ghanaian financial technology company, expressPay, has announced the launch of an industry-first instant money transfer service in collaboration with Visa and local commercial banks.
Despite a tough economic environment, 92% of small businesses in South Africa actively plan to increase their customer base and generate more sales over the next 12 months.
PayU and Computop have announced a partnership that will provide South African retailers with payment solutions for high growth international markets.
The Board of Directors of the African Development Bank Group (AfDB) has approved a Senior Loan of ZAR 570 million to South Africa’s Housing Investment Partners Trust 2 -HIP2), also known as Vulumnyango Trust, to help finance affordable housing programmes in the country.
Rwanda will host the 20th African Securities Exchange Association (ASEA) in November, Rwanda Stock Exchange (RSE) officials have said.
In March 2016, IBM opened its first Cloud Data Centre in South Africa, providing cloud services to enterprise clients. Just a month later, SAP announced that it was partnering with South Africa's Dimension Data to launch SAP HANA Enterprise Cloud.
Egypt has received a $2 billion deposit from Saudi Arabia, an Egyptian Central Bank official said, moving closer to securing several billions of dollars needed to seal a prospective $12 billion loan.
Absa has partnered with walletdoc, a South African fintech startup, offering users a smart, secure and convenient way to pay their bills such as monthly subscriptions and utilities - without the tedious filing and administration normally associated with payments.
The Board of the African Development Bank (AfDB) has approved the institution’s proposal to launch an ‘Africa Investment Forum (AIF)’ - a meeting place for investors interested in Africa.
Bridgett Majola, a Senior Associate the Banking and Finance Practice at Baker & Mckenzie in South Africa, has just been elected as the National President of youth-led organisation Junior Chamber International South Africa (JCI).
Africa Business Communities interviews with Ousmane Bello CEO, CEO of OK Group, Paris.
Peach Payments is now processing more than R1-billion in transactions per year and expanding into Kenya and Nigeria with plans for other African countries.
Community-based financial solidarity and fundraising are an integral part of the African culture and traditions. Across Africa, communities are accustomed to pooling funds to support various charity-focused, social and economic local projects.
Mukuru has partnered with EcoCash, a Zimbabwean mobile money provider, to offer a quick and easy way of sending money to Zimbabwe. The partnership was facilitated and structured by Cassava, a wholly-owned financial technology (FinTech) subsidiary of the Econet Group.
Two South African co-founders have launched Alpha Exchange, a next generation institutional research and knowledge sharing platform and announced over 30 institutional partnerships this week in NYC and will next week take part in Africa Tech Summit London.
Zimbabwe is uniquely positioned to host a conference on such magnitude as Government has, since 2011, adopted RBF and significantly improved health care outcomes in the country.
The government of Uganda has announced it is providing $890,000 to 500 Savings and Credit Cooperative Societies, SACCOs, as it seeks to deepen financial inclusion in rural areas. Through the Microfinance Support Centre, the government says it will give loans with a repayment interest rate of 9 per cent over seven years
On September 25, 2016, David Barnard will take on the Grand to Grand Ultra in support of the END Fund and the fight against neglected tropical diseases (NTDs) in Africa.
TheAfrican Export-Import Bank (Afreximbank) has closed its first-ever China/Taiwan specific syndicated loan with a $300-million facility guaranteed by the Export-Import Bank of China (China Exim Bank).
The GSMA today announced that all three mobile money providers in Madagascar – Airtel Money, mVola and Orange Money – are rolling out interoperable mobile money services across the entire country.
WorldRemit, a British firm operating in the new technologies sector, has announced the signing with Banque Atlantique group, a partnership to enable its clients to instantly transfer money to Cameroon.
The President of Djibouti, Ismaïl Omar Guelleh, has announced the country’s accession to the African Export-Import Bank (Afreximbank) Establishment Agreement, making it a participating state of the continental trade finance institution.
A pan African advocacy group is setting up a $200 million fund that will enable women access to finance while creating investment opportunities with a view to roping in more women into employment.
Africa Works!, the largest event in The Netherlands that focuses on doing business in Africa, will take place in November under the theme ‘Innovation in finance.’
Seedstars World, the global seed-stage startup competition for emerging markets and fast-growing startup scenes, is returning to TANZANIA on September 24, 2016
Two entrepreneurs are set to unveil Nigeria’s first online lender in New York on Thursday. Marketed as a digital bank that will have no branches, Lidya will be based in Lagos, Nigeria’s commercial capital, and offer small and medium-sized businesses unsecured loans of between $500 and $15,000.
With the recent receipt of Electronic Money Establishment licenses (EME) in four countries (Senegal, Mali, Côte d’Ivoire and Guinea), Orange has further strengthened its position in the mobile financial services segment in Africa.
[Egypt] New Avenue Real Estate enters into cooperation protocol with financial firm to expedite expansion
Real estate consultancy firm New Avenue Real Estate has entered into a cooperation arrangement with financing firm Premier Financial Advisors in a bid to accelerate the consultancy firm’s expansion in the shortest time possible.
The Minister of Information and Culture, Alhaji Lai Mohammed, has said Nigeria will partner with the Republic of Sudan on Creative Cultural Business and Digital Economy.
The African Export-Import Bank (Afreximbank) has announced the appointment of Constantin von Moltke, formerly of the African Development Bank, to the position of Head of Syndicated Loans.
South Africa-based payment services provider Net1 UEPS Technologies said that it will invest $40 million (Rs 268 crore) in mobile payments start-up MobiKwik.
Cypriot pharmaceutical company Remedica has been purchased by South African Ascendis Health, an international company listed on the Johannesburg Stock Exchange in a deal worth a reported €260m.
Theresa May was sworn in as Prime Minister of the UK and her opening speech resounded loudly, the British Pound recovered against the SA Rand and most currencies. But was this just a blip.
The Federal Executive Council met on Wednesday and approved the Medium Term Expenditure Framework for the 2017-2019 fiscal years signalling the begining of the 2017 budget process.
The CashlessAfrica Awards are given to organizations that have made a significant contribution to the digital financial services industry which is measured by their efforts to make financial services more accessible and impacting developments in Africa.
Converging technologies, expanding connectivity and telecom mergers and acquisitions (M&A) are predicted to be the main drivers of investment and deal activity in Sub Saharan Africa in 2016 and 2017, according to global news and events company, TMT Finance.
Developing countries like South Africa need FDI (foreign direct investment). They are investments in a business by an investor from another country for which the foreign investor has control over the company purchased.
President, National Association of Microfinance Banks (NAMB) Mr Valentine Whensu, has announced that customers of MFBs in the country would soon be issued the Bank Verification Number (BVN) before the end of 2016.
DiaspoCare is led by American and Diaspora African professionals including Indian technology innovators in collaboration with VCASH in Nigeria.
Social media in Nigeria has gotten a boost with the launch of ChatPay, which targets 100 billion social media users in the next few years.
The African Development Bank has approved a USD 9 million equity investment (approximately 12% of the fund’s capitalisation) in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agricultural SMEs.
Djibouti has become the newest member of Africa Finance Corporation (AFC), an international investment grade multilateral finance institution investing in key infrastructure projects across Africa.
Kenyans living abroad have now sent one million money transfers with WorldRemit. With the WorldRemit app or website, the diaspora can send safe, instant transfers to Kenya at the touch of a button.
First Authentication Services Limited (FASL) has partnered with Entersekt, an innovator in mobile-enabled digital banking security, to make Transakt available in Nigeria.
The Africa Export-Import Bank, AfreximBank, has earmarked about $1 billion for the development of agriculture and industrial processing parks.
Kenya’s financial sector regulator the Capital Markets Authority has unveiled a portal that allows whistleblowers to unanimously report malpractices by publicly listed firms, a move meant to stem corporate fraud.
Africa Finance Corporation (‘AFC’), a pan-African multilateral development finance institution and project developer, has issued its debut senior unsecured Swiss Franc (CHF) denominated bond, raising CHF 100 million with a tenor of 3 years and 150 days.
The Chairman of Skye Bank Plc., Mr. M.K. Ahmad, has clarified that the reconstitution of the board of the bank by the Central Bank of Nigeria (CBN) was not a takeover of the bank but an intervention to correct observed corporate governance issues under the old board.
Kenya’s low cost carrier Jambo Jet has appointed Karanja Ndegwa as its chief financial officer. The position is new and is part of the airline’s expansion plan as it seeks to grow revenue and ward of growing competition in the region
In a not-so-distant past, people tracked their personal finances by saving every single receipt and painstakingly balancing a checkbook. Technology has evolved over the decades, and now financial help is literally at our fingertips. Here are five apps I recommend to get your financial life in order:
Africa Finance Corporation (AFC) is pleased to announce its acceptance of a US$150 million 15 year loan facility from KfW [Development Bank] (KfW).
A group of vanguard entrepreneurs in Tanzania are cashing in on the financial institutions appetite to supply them with tailor made financial products that are offering them the much needed relief as seed capital still remain the entrepreneurs’ biggest hurdle to take off.
A Regional Director with Skye Bank Plc., Ronke Bolu has assured Retail and Commercial business owners in the Apapa and Mainland axis of Lagos of the Bank’s financial and advisory support in advancing and optimizing their business for greater profitability.
Financial firm, Stellar.org has launched its platform into the Nigerian financial space, with a strong promise to remove all obstacles that could hinder access to smooth financial transactions within and outside the country.
Thousands of Kenyans desperate for credit facilities have ended up poorer with the promise of quick loans from informal lenders commonly known as shylocks and loan sharks charging untenable interest rates