FSDH Merchant Bank, a financial services group in Nigeria, has revealed that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the Bank.
Membership of the African Export-Import Bank has moved closer to full coverage of the African continent with the decision by the island of Comoros to join the continental multilateral trade finance institution as a participating state.
The African Export-Import Bank has initiated its first–ever intervention in Tunisia with a 50-million Euro Global Trade Facility in favor of Loukil Group of Tunisia.
The Wide World Fund for Nature and the African Development Bank have joined forces to advance the work of the Africa Nationally Determined Contributions Hub in addressing the impacts of climate change on the continent.
The African Development Bank Group (AfDB) on September 19, 2017, announced the debarment of Entreprise de Construction Urbaine et Rurale (ECUR) for a minimum period of three years.
The African Export-Import Bank has appointed Kwabena Ayirebi, as Director, Banking Operations.
Finance Indaba Africa is the biggest annual expo and conference for finance professionals.
Africa is a place of real business opportunity that the world should be alive to. I know, having built businesses that now operate in 20 African countries and through creating a program over 10 years that is funding and mentoring 10,000 African entrepreneurs.
Over 25 banks in the country will have to race against time to meet the new capital requirement announced by the Bank of Ghana (BoG) as their current capital is less than 50 percent of the 400 million cedis quoted by the central bank.
World Bank commits $700 million to advance equitable access to basic services for millions of Ethiopians
The World Bank has approved the International Development Association (IDA) additional financing of $700 million in support of Ethiopia’s continued efforts to improve equitable access to basic services and reinforce accountability systems at the decentralized level.
As more financial service providers adopt machine-to-machine (M2M) solutions, it is becoming ever more apparent that these solutions are vital to economic inclusivity and innovation on the African continent.
Branch, a Facebook-linked mobile phone lending app, has raised Sh200 million by issuing a commercial paper. The Silicon Valley startup will use the funds to grow its loan book.
The Central Bank of Nigeria (CBN) has reviewed daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders.
YUP is a mobile money solution for accessing a full range of transactional and financial services even without a bank account.
Humaniq, the Blockchain for Good startup bringing banking to all, has announced the next phase in its roadmap as it launches the Ghana Use Case with a goal to onboard two thousand users and join the Humaniq community.
FirstBank has developed an array of products and solutions targeted at enabling schools acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school.
The world’s six largest multilateral developments banks (MDBs) continued to make a strong contribution to the global climate challenge in 2016,
Pan African financial service provider has picked cyber security and applications delivery solutions company Radware® to protect its infrastructure from cyber-attacks with Radware’s Hybrid Attack Mitigation Solution,
Two of South Africa’s first financial technology companies have announced a strategic business relationship that is set to change the fintech payment space.
RedCloud Technologies, the world’s first open banking platform, has announced a partnership with Nigeria’s KongaPay.
Cargill and over 10,000 Ghanaian cocoa farmers are celebrating as the company made its first ever sustainable premium payment by electronic transfer through its Licensed Buying Company (LBC).
The Central Bank of Nigeria (CBN) has unveiled to members of the public an exposure draft on the regulatory framework for banking platform.
Kenya tops the world in financial inclusion, with latest reports giving the country a rating of up to 86 per cent above global heavy weights like Brazil.
AfDB appoints Racine Kane as Deputy Director General for the Central Africa Regional Development and Business Delivery Office
The African Development Bank Group has appointed Racine Kane as Deputy Director General for the Central Africa Regional Development and Business Delivery Office with effect from 15 September 2017.
The African Export-Import Bank (Afreximbank) has presented its equity offering to Kenyan investors aimed at raising between $100 million and $300 million through the issuance of Depositary Receipts backed by its Class “D” shares.
Stanbic IBTC, a member of Standard Bank Group, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
TerraPay secures regulatory approval from South African Reserve Bank to launch cross border money transfers
TerraPay, the world's first mobile payments switch, announced today that it has successfully obtained regulatory approval from South African Reserve Bank to launch cross-border money transfer services in South Africa.
The Trade and Development Bank has recorded a net profit of 101 million dollars, a 7% increase over the $94.7 million achieved in 2015.
South African stocks are on track to close the month at a new all-time high, after trading in a sideways range for over two years.
Standard Chartered has announced a pre-tax profit of KShs 4.98 billion for the first half of 2017. The Bank said the 33 per cent drop, year-on-year, reflects the effects of the Banking (Amendment) Act, 2016.
The Management of First Bank of Nigeria has unveiled new career employment models to accelerate career growth and development for staff members.
Following the announcement that it will float a N50 billion rights issue in 2017, Union Bank has now received the required approvals from the Securities and Exchange Commission (SEC) to move forward on raising the Tier 1 capital.
The Central Bank of Egypt (CBE) said that it has no intention of passing a law or issuing legislation to allow the trade of cryptocurrencies in Egypt.
TerraPay and Instant Cash have partnered to enable real-time cross border money transfers to mobile wallets, making possible cross-border money transfer to all major mobile wallets in Tanzania, Uganda and all mobile numbers in Nigeria.
The African Export-Import Bank’s (Afreximbank) in today Lagos met with leading Nigerian investors to push for strong participation in the Bank’s $300 million equity offering, for which it is using depositary receipts backed by its Class “D” shares.
United Bank for Africa Zambia (UBA) has launched the first Mastercard debit card in Zambia to financially empower its citizens.
International investment institutions expected Egypt to witness a significant economic improvement starting next year in terms of foreign investment inflows, especially in the oil and gas, real estate and consumer product sectors.
Absa Bank has successfully refinanced and upsized Harmony Gold Limited’s existing USD 250,000,000 Term Debt to a 3 year USD 350,000,000 facility.
[South Africa] Prodigy Finance set to grow Cape Town presence after R3.19 billion fintech funding round
Prodigy Finance, an international fintech platform that has developed the world’s first borderless credit model, today announces a R3.19 billion fundraise.
Absa Bank has successfully refinanced and upsized Harmony Gold Limited’s existing $250 million Term Debt to a 3 year $350 million facility.
Tuluntulu partners with Rhodes Business School and Nedbank to launch economic empowerment TV channel
Tuluntulu, an African mobile content platform, has teamed up with Rhodes Business School and Nedbank to launch a new 24/7 economic empowerment TV channel on the Tuluntulu app.
Absa Bank Limited, a subsidiary of the Barclays Africa Group, has successfully concluded a five year $100 million Special Facility Agreement with the China Development Bank (CDB).
Barclays Africa Group to collaborate with nine fintech companies to test potential for scaling tech based solutions
Barclays Africa Group, one of Africa’s largest financial services group with close to 12 million customers, will collaborate with nine financial technology companies to rapidly explore promising new technology-based solutions.
Direct Pay Online Group (DPO) has announced the acquisition of Virtual Card Services (VCS) South Africa.
MTN Ghana has made payments of over GH₵ 25 million in interest to about 7.8 million Mobile Money customers for the first half of 2017.
The 12 banks involved in the $1.2 billion 9Mobile loan are setting aside a large part of the debt from their books ahead of the December 31 end-date for the fiscal year.
Guaranty Trust Bank plc. has released its audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges.
Skye Bank, one of Nigeria's largest retail banks, over the weekend unveiled a new digital banking solution called Skyexperience.
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has disclosed to Citi Business News it has advanced processes of meeting the November deadline for mobile money interoperability.
Digital money transfer service WorldRemit and the National Bank of Kenya have launched a major partnership to enable Kenyans living abroad to make instant transfers home.
WDB Investment Holdings has increased its stake in Seed Engine (incorporating Seed Academy and the WDB Seed Fund) from 35% to 51%, officially confirming Seed Engine as a proudly 51% black women owned company.
The African Export-Import Bank, an investment grade rated multilateral financial institution, is opening its shareholding to the investing public through the issuance of Depositary Receipts.
The Central Bank of Nigeria has extended the deadline for registration into the Bank Verification Number project for Other Financial Institutions (OFIs) to December 31, 2017.
Global rating agency, Standard and Poors has affirmed its AfDB’s 'AAA/A-1+' Ratings with Outlook Stable. This is similar to Fitch’s recent affirmation of the Bank’s Triple 'A' rating with Stable Outlook as well.
[Column] Lischa Gerstle: Foreign lenders should be aware of credit and loan requirements in South Africa
When a foreign lender advances a loan to a South African borrower (or its group members), the South African Exchange Control Regulations, the National Credit Act and the financial assistance section of the Companies Act are of key relevance.
Stanbic Bank Ghana has been adjudged the Best Investment Bank in Ghana by Global Finance Awards at the 2017 Global Finance Awards in the UK.
Innovation in sophisticated South African fintech payments landscape - Dominique Collett, head of AlphaCode
In 2016 $5.5bn of venture capital investment went into payments startups. This represented 22% of global fintech investment activity. In South Africa, payments still dominate the fintech landscape.
Fitch Ratings has affirmed the African Development Bank's (AfDB) Long-Term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short Term IDR at 'F1+'.
Standard Bank Namibia, one of the southern African country's oldest banking institutions, says its relationship with Chinese companies and business people has grown from strength to strength.
Equity Bank has started closing some of its automated teller machines (ATMs) as the lender shifts customers to alternative channels such as agency and mobile banking in a fresh cost-cutting strategy.
Banking solutions provider, I&M Bank has secured a crucial deal to provide strategic services to German private sector companies who have established their operations in the East Africa region or plan to penetrate into this market.
Mobile-based lender Branch has disbursed a cumulative Sh3.63 billion ($35 million) loans in Kenya where virtual lending is growing in popularity.
Belfrics Global, a Malaysia based bitcoin technology provider has launched its Bitcoin Exchange in Kenya to allow traders and Bitcoin users to trade at a much lower cost.
The Directorate of Technical Cooperation in Africa of Nigeria’s Ministry of Foreign Affairs and the African Development Bank celebrated the completion of the first life cycle of the Nigeria Technical Co-operation Fund in a ceremony in Abuja on 1 August.
Ethiopia’s largest financial service provider, Commercial Bank of Ethiopia is expanding its ATM network with the addition of 200 new NCR SelfServ ATMs
Diamond Trust Bank Kenya Limited has acquired a 100 percent stake in Habib Bank Limited Kenya (HBLK), effective August 1, 2017.
Antonius (Tony) Verheijen assumed office today as the new Word Bank Country Manager for Tunisia. Mr. Verheijen comes to Tunisia following four years as the World Bank Country Manager for Serbia, based in Belgrade.
African financial institution, Guaranty Trust Bank plc, marks its tenth anniversary listing on the London Stock Exchange having been the first Nigerian bank to list on the London Stock Exchange.
Comtech Telecommunications Corp targets African banks with new network platform to boost transaction volumes
Comtech Telecommunications Corp has announced that its industry-leading Heights Networking Platform has been chosen to expand services for two leading international banking organizations throughout the African continent.
Milost Global Inc, an American Private Equity firm headquartered in New York has announced that it is forming a subsidiary company in Africa, Milost Bank Africa Limited
First Bank of Nigeria has expanded its Financial Literacy program to the Eastern part of the country with the launch of its Financial Literacy program for Secondary Schools in Ebonyi State, under the auspices of the FirstBank FutureFirst Program.
The President of the African Development Bank (AfDB), Akinwumi Adesina, will visit Ghana from 1-4 August 2017 as part of efforts to strengthen cooperation.
The Egyptian construction conglomerate, The Arab Contractors (Osman Ahmed Osman & Company) Limited, yesterday entered into an agreement with the African Export-Import Bank to receive a $200-million multi-currency guarantee facility.
Union Bank unveiled a plethora of digital banking solutions at an interactive media event on Wednesday 26th July, 2017 at the Heritage Place, Ikoyi, Lagos.
Egypt-based investment bank EFG-Hermes has been licensed to operate a stockbroker unit in Kenya with an eye on an investment bank permit, targeting institutional and high net-worth investors from the Middle East.
Nigeria's benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors.
The asset management division of EFG Hermes, a financial services corporation in the Middle East and North Africa, has been awarded mandates from Ahli United Bank -Egypt to manage two funds.
The Minister of Trade and Industry, Dr. Rob Davies together with First National Bank (FNB) Chief Executive Officer (CEO) for Public Sector Banking, Mr Kgosi Ledimo have signed a pledge that will improve access to finance for Black Industrialists
Centenary Bank and Mastercard have announced their multipronged approach to digitizing Uganda’s economy in support of the National Financial Inclusion Strategy.
While some sceptics may have misgivings about the technology, fuelled by isolated incidents involving alleged underhanded dealings, the fact is that cryptocurrency and blockchain has disrupted financial services and will be around for a lot longer.
[South Africa] Entersekt appoints Pattison Mutambiranwa senior Vice President for Middle East and Africa
Stellenbosch-headquartered fintech company Entersekt has appointed ICT industry veteran Pattison Mutambiranwa as senior vice president Middle East and Africa.
Egypt stocks are expected to extend gains this week after the government secured the second tranche of IMF loan, with foreign investors likely to inject fresh cash in the country’s cheap shares.
Prudential plc, one of the oldest and most strongly capitalized life insurance companies in the world, has acquired a majority stake in Zenith Life of Nigeria and formed exclusive bancassurance partnerships with Zenith Bank in Nigeria and Ghana.
The Board of Directors of the African Development Bank Group has approved a historic framework agreement known as the Pillar Assessed Grant or Delegation Agreement (PAGODA) between the Bank group and the European Commission.
Sub-Saharan Africa accounts for more than half of all mobile money deployments worldwide and is pioneering a range of new mobile money use cases, according to new GSMA data.
The African Export-Import Bank (Afreximbank) has announced the appointment of Ibrahim Sagna as Director of its Advisory and Capital Markets (ACMA) Department.
Guaranty Trust Bank has transformed the old Herbert Macaulay Library, Yaba, into a state of the art learning and recreation facility.
Today, the World Bank and the Food and Agriculture Organization (FAO) signed the $6 million agreement to support the Government of Mozambique in its efforts to strengthen the sustainable management of its forest sector
Telecoms operator Safaricom’s mobile money agents will soon start using photos to identify those withdrawing or depositing money on the popular M-Pesa platform in a new push to curb fraud.
The Ethiopian parliament on Friday unanimously passed a 320.8 billion birr ($13.9 billion) budget for the financial year of 2017/18
The Board of Directors of the African Development Bank Group (AfDB) has approved a US$ 1 million Emergency Humanitarian Assistance to people affected by drought and famine in Kenya.
The African Export-Import Bank has provided a total of $200 million in financing to date to support the Gabonese economy.
The Citibank has granted a N500 million loan to Accion Microfinance Bank as part of efforts to promote the development of the microfinance sector in Nigeria.
Kenya Commercial Bank Kenya is poised to weather an increasingly challenging environment, riding an established domestic market position and sound liquidity position Global Credit Rating Co. (GCR) has said.
The Government of Japan and the African Development Bank have signed a Letter of Intent to launch the Japan-Africa Energy Initiative (JAEI) to provide significant support to the New Deal on Energy for Africa.
As Kenya prepares for its General Elections in August, the government has outlined its fiscal strategy with further growth expected in the economy and several changes to tax laws established to support budgetary considerations.
International Finance Corporation, a member of the World Bank Group, has announced a loan of up to $200 million to FirstRand.
The African Export-Import Bank has in Kigali signed agreements to provide financing facilities totaling $1.11 billion to support African entities engaged in intra-African trade.
An African record has been set for the The Financial Intelligence Centre Amendment (FICA) process which used to take anywhere from two days to two weeks.
The capacity of the Port of Dar es Salaam will be increased to 25 million tons over the next seven years following the World Bank Board of Executive Directors’ approval of a $345 million credit.