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.
Guaranty Trust Bank plc, has transformed the old Herbert Macaulay Library, Yaba into a state of the art learning and recreation facility.
Standard Chartered will increase funding to the Small and Medium Enterprise sector by 3 per cent this year.
The Capital Markets Authority (CMA) has lauded Government efforts to deepen Islamic Finance in Kenya, following the Presidential assent of the Finance Act 2017 confirming Kenya’s commitment to positioning itself as a regional Islamic Finance hub.
The African Development Bank has called on financial markets to increase affordable loans and provide more diverse and innovative financing instruments to Africa’s MSMEs.
With focus on building a stronger financial payment sector and ensuring all citizens are financially included, Guaranty Trust Bank Uganda has launched the GTBank Debit Mastercard.
Nigeria’s economy may be in a difficult period, but with digitalisation at the core of the national banking strategy, financial inclusion has been given room to grow.
Kenya is the latest country to become a member of the Africa Finance Corporation, a leading pan-African multilateral development finance institution and project developer.
United Bank for Africa's Foundation’s initiative, Read Africa, is visiting schools in African countries to encourage young children embrace the culture of reading.
ACI Worldwide and Alipay have announced that they are launching Alipay in South Africa, via leading regional payment service provider Peach Payments.
African Development Bank approves 2016 African Water Facility annual report and 2017 work plan and budget
The Board of Directors of the African Development Bank Group (AfDB) has approved the 2016 Annual report and 2017 Work plan and budget of the African Water Facility.
Madagascar has become the latest country to join the African Export-Import Bank (Afreximbank) as a participating state, according to information released by the continental trade finance institution.
South African Investment Bankers have lauded the Lagos Business School for hosting the International Executive Development Programme (IEDP) for the Banking Sector and Training Authority (BANKSETA).
The African Export-Import Bank (Afreximbank) has successfully closed a $750 million note under its Euro Medium Term Note programme.
Afreximbank approves $200 million facility to help Banque Misr support Egypt’s SMEs and industrialization
The African Export-Import Bank has approved a $200 million industrialization liquidity facility for Egypt’s Banque Misr for the financing of small and medium-sized enterprises (SMEs)
Dutch fintech FACTS, providing much needed working capital to established small and medium sized enterprises (SMEs) in East Africa, is scaling up its activities, more than tripling the number of clients served.
The World Bank’s Board of Executive Directors has approved a $40 million equivalent IDA credit* to the Republic of Uganda for the Strengthening Social Risk Management and Gender-Based Violence (GBV) Prevention and Response Project.
Fintech startup Direct Debit recently launched E-Mandate, a valid electronic agreement that allows customers to sign and authorise debit orders and recurring payment transactions online from any web-enabled device.
The African Development Bank is pleased to announce the appointment of Vanessa Moungar as Director of Gender, Women and Civil Society with effect from 1st July 2017.
BEIGE Capital Savings and Loans, the subsidiary of financial services provider BEIGE has has secured final approval to operate as a Universal Bank.
First National Bank (FNB) has partnered with National Aviation Services (NAS) to operate a new departure lounge at the Maputo International Airport for the next five years.
Union Bank has announced the launch of UnionAccelerate, a high-interest savings account with zero bank charges for medium-sized businesses.
[South Africa] DBSA secures $200m loan from Standard Chartered for key infrastructure projects in Africa
Standard Chartered Bank has signed a $200 million term loan to the Development Bank of Southern Africa, DBSA.
Guaranty Trust Bank plc, has launched GTPATRIOT, a unique Salary Account Package which offers Nigeria’s servicemen and servicewomen subsidized banking products and dedicated value added services.
Kenya Bankers Association (KBA) and the Kenya Institute of Management (KIM) have signed an agreement to train Micro, Small and Medium Sized Enterprises (MSMEs) in Kenya.
The President of the African Development Bank Group, Akinwumi Adesina, was honored with the 2017 Gene White Lifetime Achievement Award by the Global Child Nutrition Foundation in Washington D.C., on Tuesday, 13 June 2017.
In support of Uganda’s National Vision 2040, Mastercard has signed a strategic partnership agreement with the Uganda Banker’s Association (UBA) to develop a framework that will strengthen the local financial services sector.
The African Development Bank (AfDB) has signed agreements for a corporate loan to finance the expansion of Afe Babalola University (ABUAD) in Ado Ekiti, Nigeria.
WorldRemit, the digital money transfer service has added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to send money internationally and reach millions using mobile money accounts.
Safaricom Ltd may expand its popular mobile-banking service M-Pesa into countries such as Nigeria and Angola, as East Africa’s biggest company grapples with regulatory scrutiny in its home market of Kenya.
Nigerian banks' ability to access foreign currency has improved considerably since the Central Bank of Nigeria introduced a foreign exchange "window" at end-April aimed at investors and exporters, Fitch Ratings says.
AfroZons is the first ever Afrobeat show on a major radio FM network in USA. It is a weekly showcase of the latest culture trends, topical conversations and music from Africa.
[Column] Brett Parker: How homegrown innovation is solving many of Africa's most pressing challenges
By now, I am convinced that you have heard of M-Pesa, the popular and often-cited mobile banking system that has become Africa's innovation calling card.
Rand Merchant Investment Holdings through AlphaCode and Nedbank Private Equity through its private equity investment vehicle, BoE Private Equity Investments, have each acquired minority shareholdings in Entersekt.
The Islamic Corporation for the Development of the Private Sector, the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia.
[Egypt] Societe Generale launches the initial public offering of ALD on the regulated market of Euronext Paris
Societe Generale has announced the launch of the initial public offering of ALD (the “IPO”), its full service leasing and fleet management subsidiary, on the regulated market of Euronext Paris.
Guaranty Trust Bank plc, has joined the league of banks spearheading the future of digital banking with the launch of GTWorld, a mobile banking app that is designed to cater to all that's important to customers easily and seamlessly.
Kenya Power’s commercial customers will now be able to better manage and settle their post-paid power bills anywhere and anytime thanks to an online payment solution developed by Stanbic Bank.
Heritage Bank has thrown its weight behind Globus Resources, a subsidiary of theTriton Group, to flag off the second phase of afforestation program in Oyo state.
The African Export-Import Bank (Afreximbank) has successfully closed a record $632.9 million and Euro 499.6 million dual-tenor dual-currency syndicated term loan facility.
Barclays PLC has announced its intention to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22% of Barclays Africa’s issued share capital.
The National Microfinance Bank Plc (NMB) has launched the first ever business account for micro and small businesses named NMB FANIKIWA Account.
The board of UniBank in Ghana has appointed Dr. Kwabena Duffour as the bank’s new Managing Director with the appointment taking effect from June 1 2017.
A strategic meeting on banking innovation taking place from 29-30 June at the Kempinski Hotel in Nairobi, Kenya.
[Nigeria] FirstBank Re-elected to the Board of Advisors of PCI SSC: Remains the only African Bank on the Board
First Bank of Nigeria Limited has been re-elected into the Board of Advisors of the Payment Card Industry Security Standards Council (PCI SSC) for the third consecutive time.
Cooperation among Africa’s development financial institutions (DFIs) is crucial for the achievement of the industrialisation of the continent, the African Export-Import Bank has said.
Xpress Money, a global money transfer brand, has seen a 14 per cent increase in remittances from the UAE that culminate onto mobile wallets in Kenya in the last two years.
Total customers can now make cash withdrawals in select Total Service Stations without an Automated Teller Machine (ATM).
Standard Chartered Bank has announced its intent to join Thomson Reuters Org ID regional managed service solution for Know Your Customer (KYC) due diligence in South Africa.
Vice President, Dr. Mahamudu Bawumia, has disclosed that Government is working to meet its November 2017 timeline for the implementation of mobile money interoperability.
Through frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017.
United Bank for Africa (UBA) has announced the roll out of the Debit MasterCard card in Cameroon in support of financially empowering all citizens.
Leading banks in Nigeria have reported a significant rise in income from fees they charge customers for use of their various electronic banking services.
The International Islamic Trade Finance Corporation (ITFC) has signed two Murabaha agreements between the Republic of Tunisia and the Tunisian Company of the Refining Industries.
Standard Chartered Bank has unveiled Video and Chat Banking service in Kenya following the successful roll-out of the service in Asia. The service allows clients to connect with banking agents via a secure video connection – or through chat or audio channels. Following the launch, the service is now available to more than five million clients across Africa, Asia and the Middle East.
The World Bank has unveiled a $350 million program to support wide-ranging reforms of financial intermediation in Morocco. The operation supports new sources of financing for small and medium enterprises (SMEs) while improving the regulatory oversight of the banking sector.
The Islamic Corporation for the Development of the Private Sector, ICDC, the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a joint strategic collaboration to establish an Islamic window in Guinea.
The African Export-Import Bank (Afreximbank) will provide financial support to assist Guinea in the implementation of its national development plan and related investment programme, Dr. Benedict Oramah, President of the Bank, has said in Conakry.
FBME Bank has been placed under further sanctions from international courts as part of a long list of problems caused by money laundering.
The Board of Directors of SBM Holdings Ltd (SBM Group) has announced the official takeover of Fidelity Commercial Bank in Kenya through its subsidiary SBM Africa Holdings Ltd.
African Development Bank approves $226.5m loan to boost economic governance and competitiveness in Namibia
The Board of Directors of the African Development Bank has approved a loan of US$ 226.5 million (ZAR 3 billion) to finance the Namibia Economic Governance and Competitiveness Support Program.
Britam Asset Managers has lowered its money market fund investment amount to Ksh 1,000 in a bid to encourage Kenyans to save more. The Britam Money Market Fund will allow investors to invest from as low as Kshs 1,000 with subsequent top ups of Ksh 1,000.
Terrapay, an international payment company has launched an international money transfer service in Tanzania. The company received approval from the Bank of Tanzania (BoT) to send cross-border remittances to mobile wallets in Tanzania.
Ghana, in collaboration with Switzerland, on Friday launched a Remittance Grant Facility (RGF) of $2.6 million to provide financial assistance to companies to develop innovative remittance products and services at a relatively low cost.
The Government of Rwanda and Mastercard have reaffirmed their shared commitment to the development of strong digital platforms to meet the needs of the country's citizens and work towards Rwanda's goal of promoting a cashless society.
African financial institution, United Bank for Africa, has introduced a full-fledged banking platform, tagged UBA Magic Banking and enabled by dialling *919# within Nigeria.
National Microfinance Bank Plc. (“NMB”) has posted a 4 per cent increase in net profit. The bank’s profit after tax (PAT) for the three months ending March 31, 2017 grew to TZS 40.9 billion from TZS 39.3 billion recorded for the same period in 2016.
The Kenyan Government has provided a vote of confidence in the implementation of the Huduma Card in the country, and its role in driving financial inclusion.
In order to try and achieve their shared goal of a Nigeria which offers financial inclusion for all, Paga and the Nigerian Postal Service (NIPOST) recently announced a partnership which is aimed at doing just that.
Islamic Corporation for the Development of the Private Sector and SunTrust Bank Nigeria to establish a new non-interest banking window
The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and Suntrust Bank Nigeria Limited (SBN), signed an agreement to establish a new non-interest banking window in SBN in Nigeria.
TerraPay, a mobile-first international payment network has announced that it has successfully obtained regulatory approval from the Bank of Tanzania to launch International Money transfer services to mobile wallets in Tanzania.
Stakeholders in the mobile money ecosystem have called for a review of the prevailing mobile money regulatory framework, so that the country can achieve the target growth rate in the system.
HFC Bank Ghana, a subsidiary of Republic Financial Holdings Limited, has appointed Mr. Charles William Zwennes as the new Chairman of the bank’s Board. This follows the resignation of Professor Joshua Alabi from the position.
The African Development Bank is pleased to announce the appointment of Mr. Charles O. Boamah as Senior Vice-President of the African Development Bank Group, effective immediately.
The African Export-Import Bank (Afreximbank) has granted a $300-million financing facility to the National Bank of Egypt (NBE) to support Egypt’s industrialisation efforts.
Stanbic Bank has launched a training and mentoring programme for small and medium enterprises (SMEs) in partnership with Strathmore Business School.
Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian and London Stock Exchanges.
Large scale datacentre investment opportunities are increasing in Sub-Saharan Africa as key commercial hubs benefit from the critical combination of high quality international backbone infrastructure (subsea cable) connectivity and mushrooming local demand for data, say investment leaders.
The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.