Increased earnings from certain commodity exports have helped Uganda to record a surplus on its balance of payments of $222 million (Shs790b) during the quarter ended February 2017.
The African Export-Import Bank (Afreximbank) has announced the appointment of Samallie Kiyingi as Director of Legal Services.
Africa50, the pan-African infrastructure investment platform capitalized by the African Development Bank, 23 African countries, and two African Central Banks, is pleased to announce the appointment of Carole Wamuyu Wainaina as Chief Operating Officer.
As part of activities to mark its 100th anniversary this year, Nigerian financial institution, Union Bank, has announced a partnership with Co-Creation Hub (CCHub) to launch its Centenary Innovation Challenge.
A seasoned banker and lawyer, Mr Anselm Raymond Sowah, has been appointed by the Board of Directors of GCB Bank Limited (GCB) as Managing Director of the bank.
The African Export-Import Bank (Afreximbank) has selected Nigeria as the preferred country to host the first of its Centres of Excellence for Healthcare Services in Africa.
Economic growth in Sub-Saharan Africa is rebounding in 2017 after registering the worst decline in more than two decades in 2016, according to the new Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank.
Access Bank Plc has announced the appointment of Mr. Roosevelt Michael Ogbonna, as Group Deputy Managing Director to replace Mr. Obinna Nwosu who recently resigned his appointment to pursue other personal endeavours.
The African Development Bank Group (AfDB) Director-General for the West African Region, Janvier Litse visited the Republic of Benin from 10 to 12 April 2017 as part of a dialogue mission with the country's authorities.
The Central Bank of Nigeria (CBN) yesterday carried out wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to meet the 7 to 15-day forwards requests of customers.
TPB Bank has posted a profit increase by slightly over 30 per cent to cement its bid to list at Dar es Salaam Stock Exchange (DSE) main market.
When Vodacom introduced the mobile money transfer service, M-Pesa, in 2008 financial inclusion in the country was below 16 per cent.
Ghana’s Leading Telecommunications Giant , MTN Ghana has relinquished power to its cherished mobile money customers to unsubscribe interest on their deposits.
The Kenya Commercial Bank Group is the most attractive bank in Kenya according to a banking sector report from Cytonn Investments.
The World Bank’s Board has approved a $150 million credit to enhance the contribution of the mining sector to the Nigerian economy.
AfDB approves $18.15m to support South Sudan’s membership in the African Trade Insurance Agency and Trade & Development Bank
The African Development Bank Group has approved a US $18.15 million facility to the Government of South Sudan (GRSS), to assist the country with the required resources for its African Trade Insurance and Trade & Development Bank membership application.
Zimbabwe is hoping to enlist cows, goats and sheep in an attempt to revive its credit-starved economy after President Robert Mugabe’s ruling party proposed a law to make livestock eligible for backing bank loans.
AfDB provides $10.61m supplementary loan to rehabilitate and expand electricity distribution networks in Juba, South Sudan
The Board of Directors of the African Development Bank Group (AfDB) approved an African Development Fund (ADF) supplementary loan of US $14.57 million to rehabilitate and expand the distribution networks in Juba, South Sudan.
Nigeria's central bank has increased the limit on banks' foreign currency borrowings to 125 percent of shareholders' fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.
A total of 28,667,139 users of deposit money bank (DBM) accounts in the Nigerian banking system now have their Bank Verification Numbers (BVN) issued by the system.
Leading Financial Service Provider, Bank Windhoek, has embraced mobile technology to launch the first mobile fuel payment system in Namibia.
The African Development Bank Group announced today the departure of Dr. Frannie A. Léautier, its Senior Vice-President. Dr. Léautier’s decision to move on was for personal family reasons.
SunTrust Bank Nigeria Limited has released its financial performance for the year ended December 31, 2016 with the results pointing to impressive growth one year after it was licensed to operate as a commercial bank.
Fidelity Bank Plc grossed N152.0bn in earnings for the financial year ended December 31, 2016 and is proposing to pay a dividend of 14kobo per share to shareholders.
South African fintech company, Entersekt has won Best Mobile Security Technology in the 2017 Banker Africa Southern Africa Banking Awards.
Egyptian billionaire businessman and the Chairman of Orascom Telecom, Media and Technology, Naguib Sawiris, has launched a new bank that operates in several European countries.
The shareholders of the pan-African financial institution, the United Bank for Africa applauded the Board, Management and Staff at the 55th Annual General Meeting of the Bank, held in Lagos on Friday April, 7, 2017.
Following the success of the campaign to reward its customers last year, Zenith Bank Plc has returned with another *966# Eazybanking airtime giveaway for the Easter season.
The World Bank’s Vice President for the Africa Region, Mr. Makhtar Diop, will visit Benin from April 6 to 8, 2017. This will be Mr. Diop’s first visit to Benin since his appointment.
United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members.
Halotel has partnered with NMB to allow five Million Halotel and NMB customers enjoy cash deposit and withdraw services from HaloPesa.
Two million customers have signed up for PesaLink less than two months after the digital bank-to-bank payments platform was launched by the Kenya Bankers Association.
Money transfer firm WorldRemit says that it will set up an office in Kenya this year as it seeks to diversify its business to intra-African remittances.
Sterling Bank has launched a new five-year strategic plan that will enable the bank optimise its potential and generate better returns for stakeholders.
The African Export-Import Bank has successfully signed a JPY11 billion equivalent Samurai Syndicated Term Loan Facility comprising two tranches of JPY4 billion and USD70 million.
The European Investment Bank has signed two new credit lines for East-Africa for a total of approximately $100 million to be made available through Equity Bank and HFC Limited to support smaller local projects in Kenya, Tanzania, DRC and Uganda.
Intelsat S.A, operator of the world’s first Globalized Network, powered by its leading satellite backbone, announced today that eProcess International SA, an affiliate of pan-African banking conglomerate Ecobank Group, has signed an agreement to use the Intelsat Epic
The International Monetary Fund (IMF) welcomed the Plan for Restructuring and Recapitalization of the Angolan Savings and Credit Bank (BPC), which must be based on solid bases, to contribute to the country's development.
Financial services group Sanlam is set to announce further investment in Zimbabwe’s Masawara Insurance, increasing its stake in the company beyond the 40 percent it holds.
Africa Finance Corporation announces that Dr Sarah Alade, its Chairman, representing the Central Bank of Nigeria, from which she officially retired on 22 March, 2017, has also stepped down from her position as Chairman of the AFC Board of Directors with effect from today.
South Sudan, Africa’s youngest country, has become the latest country to join theAfrican Export-Import Bank (Afreximbank) as a participating state.
Barclays has received a firm offer for one of the African operations it intends to sell.
To mark the 10th anniversary of mobile money service M-PESA, WorldRemit has released new data showing that the Kenyan diaspora is the biggest sender of digital remittances to mobile accounts.
First Bank of Nigeria Limited is joining the rest of the world in celebrating the 2017 Global Money Week to engage children and youths on the rudiments of financial literacy.
QNB ALAHLI and global payments technology company Visa are launching mVisa, a seamless and secure mobile solution for instant cashless payments, in Egypt. mVisa, which brings the benefits for easy and secure digital commerce to financial institutions
South Sudan has initiated moves to become a member of the African Export-Import Bank (Afreximbank), the Cairo-based continental multilateral financial institution established to promote and finance African trade.
United Bank for Africa (UBA) Plc, the pan-African financial services group operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits.
Imara Holdings Limited has announced that its subsidiary, Imara Trust, has acquired 100 per cent of the issued share capital of Fiducie Forte Management Services Limited (“Forte”), a Mauritius management company.
[Tanzania] National Microfinance bank launches interbank money transfer service to improve customer convenience
The National Microfinance bank (NMB) has launched a new service dubbed Mobile Tanzania Interbank Mobile System (TISS) that allows customers to transfer up to $1300 from one bank to another.
Mid-tier Diamond Trust Bank plans to acquire small-sized Habib Bank subject to regulatory approvals underlining rising consolidation in the industry.
Joint Admission and Matriculation Board (JAMB), has accredited Skye Bank as one of the selling banks for this year’s Unified Tertiary Matriculation Examination (UTME) E-Pins.
The World Bank’s Board today approved a $200 million credit to support the Government of Nigeria’s response to the acute humanitarian and forced-displacement crisis triggered by the Boko Haram conflict in North East Nigeria. T
The number of commercial banks approved by the Central Bank of Kenya to operate interbank mobile money transfer platform, PesaLink, has doubled to 24 from 12.
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd.
Commercial Bank of Africa has announced the launch of a new digital banking solution based on a mobile app named Loop, making it the first of its kind in Kenya and in the region.
Digital payment solutions provider, Mastercard has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo The event is organised by Mobile Money Africa and is scheduled for 22 to 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria.
General Motors EA has inked an asset finance partnership with tier two lender Cooperative Bank which paves way for the bank’s MSME clients getting a 95 per cent financing on Isuzu vehicles.
Kenya’s lender Sidian Bank turned to IBM Cloud and Cognitive solutions to fuel its digital transformation. This helps the bank provide its growing customer base of small and medium-sized businesses with faster access to existing services like debit and credit card processing, bank account opening, teller services and wealth management.
The Central Bank of Kenya (CBK) has announced its intention to finalize the processing of license applications for two institutions that had already been granted an “approval in principle”, as a first step to lifting the moratorium on licensing of new commercial banks.
Despite the intervention of the Nigerian Communication Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce as the banks are set to take over the telecoms firm.
Africa has recently caught the attention of international forex brokers all setting offices in South Africa. South Africa is the largest economy on the continent, home to the most sophisticated, vibrant, constantly developing financial market.
With rapid smartphone penetration in South Africa boosting research and development, it is no surprise that local fintech players are turning their attention towards mobile payment innovation.
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges.
President Adesina announces gender innovation contest to promote gender equality in AfDB’s operations
The African Development Bank (AfDB) has announced on International Women’s Day the launch of a major gender competition in order to promote gender equality in its operations.
Ecobank Nigeria Ltd, an affiliate of Ecobank Transnational Incorporated (ETI) has entered into partnership with Accion Microfinance Bank of Nigeria, to introduce Western Union Money Transfer Remittance services at some locations of the microfinance bank.
The new GH¢5 note which was outdoored by the Bank of Ghana last Friday as a commemorative note of its anniversary will be in circulation today, Tuesday March 7, 2017.
As Kenya’s telecommunication company Safaricom marks 10 years since M-PESA’s launch on 6th March, 2007, a new ‘True Earnings’ Report by KPMG, using KPMG’s ‘True Value’ methodology finds that customers have, by far, been the largest financial beneficiaries of the platform.
The Housing Bank, one of the most respected banks in the Middle East, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys have announced the selection of the Finacle suite of solutions to power the bank's operations in Algeria.
The South African fintech startup that slashed the costs for Zimbabweans living in SA to send money home when it launched two years ago has expanded its money transfer service into Nigeria, Ghana and Tanzania.
The African Development Bank Group has announced the appointment of Henry Paul Batchi Baldeh as the Director for Power Systems Development with effect from May 1, 2017.
For the South African market to reach the critical mass that will drive the mainstream adoption of mobile payments, consumers need a system they can trust.
Kenyans moved a record 33 billion U.S. dollars on mobile money in 2016, up from 27.8 billion dollars from the previous year, the latest data from Central Bank of Kenya showed Monday.
QNB Al-Ahli Bank has announced plans to roll out mVISA service in cooperation with the global payments technology company Visa becoming the first bank in Egypt to introduce the service.
The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa (SEFA) approved a US $995,000-grant to the Republic of The Gambia to implement a program to facilitate private investments in Green Mini-Grids.
Senior Education Specialist of World Bank, Dr Olatunde Adekola says the bank has offered to give Nigeria a $500 million loan under its 'Better Education For All (BEDA) Project.
[Egypt] Afreximbank and Arab Academy for Science, Technology and Maritime Transport discuss collaboration
A delegation from the Arab Academy for Science, Technology and Maritime Transport today in Cairo visited Dr. Benedict Oramah, President of the African Export-Import Bank, for discussions on potential collaboration between the academy and the continental trade finance institution.
Benin, Guinea and Niger will benefit significantly from the development support provided by the African Development Bank Group (AfDB) following the Board’s approval to open offices in the three countries in order to strengthen its operational presence.
The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.
The African Development Bank and the Government of Zimbabwe officially launched three projects worth US $26 million that were recently approved by the Bank’s Board of Directors.
The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country.
Nigeria’s exchange rate policy has been a blessing to some and a burden to many. Nigerians that earn in foreign currencies have had more than a 200% increase in their purchasing power in the last 2 years.
IFC, a member of the World Bank Group, together with The MasterCard Foundation today announced it signed an agreement to a value of $1 million with payments service provider Zoona to strengthen the reach and depth of its mobile banking services for low-income people, small-scale entrepreneurs and rural populations in Zambia.
Latest entrant into the financial sector, Commerz Savings and Loans, is embracing technology to reach and attract the unbanked population into the banking sector.
Tier 1 lender Kenya Commercial Bank has announced that is set to lay off a section of employees in what it attributes to technological changes and a dynamic regulatory regime.
The Central Bank of Nigeria (CBN) continues its efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions.
Equity Bank Tanzania, a scion of Kenyan lender Equity Group has unveiled its new Zanzibar branch bringing the number of branches under Equity Tanzania to 14.
TerraPay has announced that it has partnered with MoneyTrans, as well as Paga, Nigeria’s pioneering payments and financial services company, to launch cross-border remittances from Spain to mobile wallets in Nigeria.
Digital money transfer service WorldRemit is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad.
I&M Holdings has announced the successful completion of merger of Giro Commercial Bank Limited (GCBL) into I&M Bank Limited (IMBL), which is IMHL’s banking flagship subsidiary.
MoneyGram and Capital Bank, announced today the launch of MoneyGram’s services across Capital’s Bank network in Ghana.
The Board of Directors of foremost African financial institution; Guaranty Trust Bank plc, has announced the appointment of Mobolaji Lawal as an Executive Director of the Bank. Prior to his appointment, he was the Divisional Head, Digital Banking Division.
Kenya’s tier 2 lender National Bank of Kenya is looking at growing non-interest income avenues occasioned by the capping of interest rates last year which has so far slashed interest earnings on loans.
Kenya Bankers Association has unveiled a new inter-bank application that will enable the transfer of funds from one bank account to another in real-time.
The Africa Finance Corporation (AFC) has formally launched its Corporate Social Responsibility (CSR) Program: AFC Clean Water Campaign.
Access Bank may receive up to N1.14 billion in onetime gains in the first quarter of 2017, from the sale of its investment in Stanbic IBTC Pension Managers (SIPML).
[Egypt] National Postal Authority and Commercial International Bank sign MOU on regulation of financial services
The National Postal Authority (NPA) and the Commercial International Bank-Egypt (CIB), have signed a Memorandum of Understanding (MoU) for the regulation of financial services and the establishment of a financial inclusion base.
The launch of a new mobile banking application in Kenya by Pan Africa group Ecobank Transnational is its latest attempt at courting technology to grow its customer base from the current 10 million to 100 million in 2020.
[Nigeria] Access Bank’s Centralised Operations Group Constructs Hostel for Visually Impaired Persons
Access Bank’s CSR has identified The Federal Nigerian Society for the blind (a Non-Governmental Organization) as the beneficiary of her volunteering effort.
The South African Reserve Bank (Sarb) is open to issuing a national digital currency, which would likely be based on Blockchain or Distributed Ledger Technology (DLT).
A delegation from Abia State of Nigeria, led by Governor Okezie Ikpeazu, yesterday in Cairo conducted a one-day visit to the Headquarters of the African Export-Import Bank, holding discussions with Bank representatives on how the continental trade finance bank could support the state’s effort at industrialization.