Africa Banking & Finance

Union Bank of Nigeria to support startups through UnionX Innovation Challenge

02-26-2021 | 14:01:00
Union Bank, one of Nigeria’s foremost financial institutions, has unveiled the 2021 UnionX Innovation Challenge, as part of efforts to support young startups and boost innovation in the startup ecosystem.

Deutsche Bank, SACE partner to support infrastructure projects in Ghana

02-25-2021 | 11:58:00
Deutsche Bank announced the closing of two lending facilities with the Republic of Ghana. The €150 million financing agreements, guaranteed by the Italian Export Credit Agency SACE, will fund the construction and equipment of two infrastructure projects.

[Kenya] UK insurance firm Linkham Group acquires stake in Resolution Insurance

02-25-2021 | 06:37:01
UK-based global insurance solutions firm, Linkham Group will acquire a stake in Resolution Insurance after purchase of 100% of the equity holding of private equity firm, Leapfrog Investment.

Rwanda and Belgium strengthen ties through new financial partnership

02-25-2021 | 06:30:21
Rwanda Finance Limited (RFL) and the Belgian Finance Center (BFC) have announced the signing of an extended partnership to strengthen ties between their financial sectors.

[Kenya] Nairobi Securities Exchange integrates its bond system with Refinitiv’s FICO

02-25-2021 | 06:21:00
The Nairobi Securities Exchange announced the successful integration of its bond system with Refinitiv’s Fixed Income Call Outs application (FICO), an automated workflow that facilitates negotiations and agreements of fixed Income bonds trading terms.

South African TymeBank secures $110m investment from Apis Growth Fund II

02-25-2021 | 06:12:00
South African digital bank TymeBank, secured an investment amounting to $110 million from Apis Growth Fund II, attracting new investors from the UK and Philippines.

Standard Bank Group unveils Africa's first Hedera network node to enable digitization of cross-border trade processes

02-24-2021 | 11:52:53
Standard Bank Group, the largest African bank by assets, has partnered with Hedera Hashgraph, an enterprise-grade distributed public ledger, and joined the Hedera Governing Council.

Leading South African bank expands portfolio supported by Sapiens IDITSuite for Property & Casualty

02-23-2021 | 14:04:42
Sapiens International Corporation, the global provider of software solutions for the insurance industry, announced that a Tier 1 South African bank has enhanced its offerings with five additional components of Sapiens IDITSuite for Property & Casualty

World Bank approves $250m to support electricity access in Angola

02-23-2021 | 08:20:00
The World Bank approved $250 million to improve the operational performance of the electricity sector utilities and increase electricity access in selected cities of Angola.

AfDB provides support for climate finance measures in West Africa

02-22-2021 | 06:57:32
The African Development Bank has extended financial support to a project that will strengthen the efforts of West African countries to meet their Nationally Determined Contributions (NDCs) targets.

[Kenya] NSE joins 30% club to promote gender equality within the capital markets

02-19-2021 | 13:09:00
The Nairobi Securities Exchange (NSE) has joined the 30% club, a global campaign to take action to increase gender diversity in boards and senior management within the workplace.

OPEC Fund extends $50m for poverty reduction in Tanzania

02-19-2021 | 07:10:00
The OPEC Fund for International Development (the OPEC Fund) signed a $50 million loan with Tanzania to finance the Fourth Tanzania Poverty Reduction Project.

OPEC Fund signs $20m loan with Kenya to enhance regional connectivity

02-18-2021 | 12:28:00
The OPEC Fund for International Development (the OPEC Fund) signed a $20 million public sector loan agreement with Kenya to increase regional connectivity, enhance trade and improve the socio-economic welfare.

EBRD provides €300m loan to Tunisia’s utility company STEG

02-18-2021 | 11:45:00
The European Bank for Reconstruction and Development (EBRD) is providing a €300 million financing package to Société Tunisienne de l’Electricité et du Gaz (STEG) to support the stability of Tunisia’s energy sector.

Afreximbank, AAAM partner to drive automotive investment in Africa

02-18-2021 | 11:27:00
The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) entered into a Memorandum of Understanding (MoU) for the financing and promotion of the automotive industry in Africa.

[Column] Ghana Msibi: Vehicle finance in South Africa at the cusp of a complete revolution

02-19-2021 | 13:48:00
With younger age groups starting to actively participate in the acquisition of assets, expectations on financial institutions and their offerings are changing rapidly.

[Column] Allan Wood: Impact Investment and the growing shift toward meaningful finance in Africa

01-22-2021 | 06:08:48
The current global trend towards more meaningful, purpose-led investment – otherwise known as Impact Investing – has shown there are real opportunities for a stable, growing investment portfolio that also reflects your beliefs.

[Interview] Sunil Kaushal, CEO, Standard Chartered, AME

01-06-2021 | 14:04:26
Sunil Kaushal is the CEO Africa & Middle East at Standard Chartered PLC. Sunil has nearly 30 years of banking experience in diverse markets.

Africa calls for international taxation systems reforms as it forges a common position on digital taxation

12-09-2020 | 12:58:00
In Africa, the renewed focus to raise additional financing for development and narrow the resource gap by accelerating Domestic Resource Mobilisation (DRM), has been at the center of the development strategy in recent years.

[Column] Nikolai Stankau: Financial services brands foster a community spirit to drive innovation

12-02-2020 | 12:19:00
Like most large enterprises today, banks and other financial services companies are striving to become technology businesses.

[Column] Woelinam Dogbe: Why Ghana needs a new financial sector regulation architecture

11-25-2020 | 12:52:00
Ghana’s financial sector is in crisis. A crisis occasioned by the collapse of over 300 financial institutions; and which has affected every division of the financial sector.

Remittance flows to shrink 14% by 2021, report

11-03-2020 | 07:02:00
As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre COVID-19 levels in 2019.

Africa loses more money to theft every year than it receives in development assistance, report

10-15-2020 | 09:29:00
The latest UNCTAD report indicates that Africa loses about $89 billion a year as a result of illicit financial flows and theft which represents 3.7% of its GDP.

A majority of consumers expect Kenya to go cashless in future, report

10-06-2020 | 07:27:00
COVID-19 has seen consumers across the world ditch cash and in-person shopping in favour of online spending, according to Standard Chartered’s latest global survey.

Tax abuse, money laundering and corruption plague global finance

10-02-2020 | 12:07:44
Governments must do more to tackle tax abuse and corruption in global finance, says a panel of former heads of state and government, past central bank governors, business and civil society leaders and prominent academics.

Africa could gain $89 billion annually by curbing illicit financial flows, report

09-30-2020 | 10:51:00
Every year, an estimated $88.6 billion, equivalent to 3.7% of Africa’s GDP, leaves the continent as illicit capital flight, according to UNCTAD’s Economic Development in Africa Report 2020.

65% of Kenya's workforce already earning less and more than half expecting the pandemic to further affect their income and/or employment, report

09-21-2020 | 07:57:00
A Standard Chartered survey finds that COVID-19 is significantly impacting personal finances globally, with one-third (65% in Kenya) already earning less and more than half expecting the pandemic to further affect their income and/or employment.

African banks must embrace mobile payments to unlock new business prospects, report

09-08-2020 | 13:18:00
Banks in Africa must provide mobile payments and other digital services to remain competitive as well as to unlock new business opportunities across sectors such as energy, health care, education and transportation, according to a new report by BCG.

African banks under pressure to accelerate digital transformation

09-03-2020 | 12:30:00
The spread of the COVID-19 pandemic across Africa has seen a surge in digital payments and e-commerce transactions as financial institutions scramble to offer businesses and consumers contact-less ways of spending.

Declining global trade to weigh on EMEA trade-finance banks, Fitch Ratings

09-03-2020 | 08:36:00
The coronavirus pandemic has increased downside risks to EMEA trade-finance banks' (ETFBs) financial profiles, Fitch Ratings says in a new special report.