The EBRD, together with the European Union (EU), is stepping up efforts to support small and medium-sized enterprises managed and owned by businesswomen in Morocco, in the face of the coronavirus pandemic.
The World Bank approved $14.25 million International Development Association (IDA) credit in immediate funding to support Rwanda’s response to the global COVID-19 pandemic
The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya PLC (Absa Kenya), following Absa Kenya’s failure to provide information about some specific foreign exchange trades that it conducted in March 2020.
The African Development Bank Group has appointed Nourredine Lafhel as Acting Chief Risk Officer and Mrs. Nafissatou N’diaye Diouf Acting Director for Communications and External Relations.
The Standard Bank Insurance is implementing a 25% cash back relief on its car insurance premiums.
Standard Bank Group, the largest African bank by assets, has announced two new technology start-ups who have been selected and accepted into the Founders Factory Africa (FFA) Venture Scale programme.
AfDB approves Gender Equality Trust Fund, Risk-Sharing Mechanism to improve women’s economic empowerment in Africa
The African Development Bank (AfDB) approved a new Gender Equality Trust Fund (GETF) aimed at pushing forward gender equality and women’s empowerment across the continent.
The World Bank Group approved $47 million in financing from the International Development Association (IDA) to fund the emergency response to the COVID-19 epidemic in the Democratic Republic of Congo (DRC).
The World Bank approved a $20 million credit from the International Development Association (IDA) to support Senegal in its response to the threat of the global COVID-19 pandemic.
The World Bank approved a $7.5 million International Development Association (IDA) grant to help Sierra Leone respond to the threat posed by the coronavirus outbreak.
The Government of Mozambique and the African Development Bank have signed a protocol agreement for a $34 million grant for the paving of the 35-km Nambungali-Roma road.
Standard Bank is an official partner of the South African Future Trust (SAFT) for SMMEs and has agreed to waive fees related to administering this fund during this period of national disaster, to maximise the funds available to recipients.
The Arab Bank for Economic Development in Africa (BADEA) has allocated $100 million to support Sub Saharan African countries’ efforts to prevent and limit the spread of COVID-19.
As South Africa and the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Group is rolling out an extensive relief programme for eligible customers impacted by COVID-19.
The Afreximbank has announced a $3-billion facility, named Pandemic Trade Impact Mitigation Facility to help African countries deal with the economic and health impacts of the COVID-19 pandemic.
The African Development Bank has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.
The Standard Bank has announced a second wave of relief to help its customer base navigate financial commitments as Covid-19 continues to impact the livelihood of many individuals across the country.
The Emerging Africa Infrastructure Fund (EAIF) became the 34th development finance institution to join IFC’s Master Cooperation Agreement to collaborate on expanding private sector investments in African and Middle East infrastructure.
Credit Agricole Egypt has extended its digital user experience and launched the third digital channel “desktop channel”.
As South Africa prepares for a national lockdown tonight due to the COVID-19 pandemic, the Government has identified the JSE as an essential service required to enable smooth functioning of the markets during the 21-day lockdown period.
As economies take a hit from the impacts of the Coronavirus pandemic, the crisis is birthing opportunities and continues to create crucial lessons on resilience and adaptation especially in Africa.
Standard Bank South Africa has announced that it will remain fully operational through the national lockdown and that all banking services will remain available.
Arrears on loans owed by Somalia to the African Development Bank Group have been cleared following the payment in full of $122.55 million by the governments of the United Kingdom and the European Union.
The Executive Board of the International Monetary Fund (IMF) approved a thirty-nine-month Extended Credit Facility arrangement for The Gambia in the amount of SDR35 million.
African Finance Ministers call for coordinated COVID-19 response, mitigate adverse impact on economies and society
African Finance Ministers met on a virtual conference to exchange ideas on the efforts of their respective governments in dealing with the social and economic impacts of COVID-19.
The Standard Bank has announced interim debt repayment measures to help segments of its customer base to navigate their financial commitments as COVID-19 cases continue to increase across the country.
African Development Bank renews risk participation agreement for trade finance with Sumitomo subsidiary
The Board of Directors of the African Development Bank approved a $200 million Trade Finance Risk participation agreement (RPA) between Sumitomo Mitsui Banking Corporation Europe (SMBCE) and the African Development Bank.
As South Africans continue to face challenges around precautionary measures to minimise the risk of spread of the COVID-19 virus, Standard Bank is encouraging customers to consider digital banking as a preferred option.
The African Development Bank announced health and safety measures to help prevent the spread of the coronavirus in countries where it has a presence, including its headquarters in Abidjan.
Following a meeting with commercial banks, the CBK has announced a set of measures that commercial banks will undertake in order to alleviate the adverse economic effects their customers may face from the COVID-19.
Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, has announced two new appointments and changes on its Board of Directors.
Absa Group Limited's subsidiaries outside of South Africa have selected and deployed KAI, Africa's first Conversational AI powered virtual banking assistant.
Bank of Mauritius introduces support programme, accompanies local economic operators in COVID-19 context
The Bank of Mauritius has been closely monitoring the outbreak of COVID-19 and its plausible economic impact on the banking sector and the Mauritian economy.
[Kenya] CBK sets emergency measures to facilitate mobile money transactions, reduce COVID-19 transmission
The Central Bank of Kenya (CBK), following a consultation with Payment Service Providers (PSPs), has announced a set of measures that will facilitate increased use of mobile money transactions instead of cash.
The Development Bank of Southern Africa (DBSA) has signed a development loan facility of R480 million with the University of Limpopo (UL).
COMESA Monetary Institute has developed a User’s Guide on the Basic Dynamic Stochastic General Equilibrium (DSGE) Modelling and Forecasting for Monetary Policy Formulation.
The impending launch of a universal QR Code will accelerate the pace of making Ghana a cash-lite society in the near future, the Vice President of the Republic, Dr Mahamudu Bawumia has predicted.
[kenya] Receivables finance can help close Africa’s $90 billion SME ginancing gap, Central Bank Governor
Receivables finance is an important tool that can help to close the $90 billion funding gap faced by small and medium-sized enterprises in Africa, Dr. Patrick Njoroge, Governor of Central Bank of Kenya said.
The Central Bank of Kenya has been advised by both Co-operative Bank of Kenya Limited (Co-op) and Jamii Bora Bank Limited (JBB) of Co-op’s interest in acquiring JBB.
Fiorano Software has announced that Crédit Agricole, Egypt has implemented the Fiorano Hybrid Integration Platform (HIP) to reduce time and cost required for integrating applications.
IFC, the Egyptian Exchange, UN Women, and the Egyptian Institute of Directors partnered during the annual Ring the Bell for Gender Equality event to encourage the private sector expand economic opportunities for women in Egypt.
The European Investment Bank has published the new edition of the “Banking in Africa” series: “Financing Transformation amid Uncertainty”.
The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined for a fourth consecutive month to reach 44.3 in February 2020.
The Federal Government of Somalia has cleared its arrears to the International Development Association (IDA), completing the process of normalizing its financial relationship with the World Bank Group.
Standard Bank Group’s results for the 2019 financial year are underpinned by the growth and resilience of its core operations, the constrained macroeconomic environment and ICBCS losses impacted the group’s results.
IFC, a member of the World Bank Group, is launching its MENA Women Banking Champions program in Maghreb to help expand access to finance and boost financial inclusion for women entrepreneurs in Morocco, Tunisia, and Algeria.
Standard Bank South Africa is moving its core SAP Cloud Platform services to Microsoft Azure to significantly improve the experience customers have with the bank.
AfDB and the Association for the Development of Education in Africa have called on partners to equip young people with the skills they need to boost technological advancement, trade and growth in Africa.
IFC has invested $200 million in The Standard Bank of South Africa's green bond placed on the London Stock Exchange.
IFC announced a $25 million local-currency investment in a risk-sharing facility to expand Union Bank’s lending to small and medium enterprises (SMEs) in Nigeria.
IFC announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.
The President of the African Development Bank Group, Dr. Akinwumi Adesina is pleased to announce the appointment of Ms. Bajabulile “Swazi” Tshabalala as Acting Senior Vice President of the Bank.
An online business networking platform aimed at connecting 50 million women entrepreneurs across Africa has been launched.
IFC and the National Bank of Ethiopia hosted Ethiopia’s first National Leasing Forum to strengthen Ethiopia’s leasing industry and help it reach its estimated $1 billion potential for supporting thousands of smaller businesses.
Stanbic Bank Uganda’s Chief Executive, Patrick Mweheire, has been appointed as the new Regional Chief Executive, effective 1st March 2020.
[Kenya] Over 80% of bank customers satisfied with industry service standards, technology, KBA report
According to this year's edition of the Kenya Bankers Association (KBA) Customer Service Satisfaction Survey, bank clients rated their satisfaction level at 83 percent based on banks' responsiveness and service quality.
The World Bank Group Board of Executive Directors has moved toward normalizing its relations with the Federal Government of Somalia (FGS) after thirty years.
The Afreximbank in collaboration with FCI will hold a two-day conference in Nairobi to promote the use of factoring to enhance access to financing for SMEs in East Africa.
Libyan Assaray Trade and Investment Bank (ATIB) has selected Temenos Infinity and Temenos Transact to power its digital transformation.
Ireland moved a step closer to becoming a member of the African Development Bank Group after a government delegation on Monday deposited ratification instruments during an official visit to the Bank’s Abidjan headquarters.
As altcoins continue to perform well this year, South Africa’s largest cryptocurrency exchange has added the ability for its customers to trade Ripple (XRP) on its platform.
The EBRD is continuing to support the automotive industry in Morocco through a €15 million loan to Varroc Lighting Systems Morocco that will provide training and employment opportunities for young people in the country.
Last year, 2019, the European Investment Bank (EIB) provided €3 billion of new financing that will support €10.7 billion of transformational investment across Africa.
The first Public Private Partnership (PPP) project to generate renewable energy from shared resources in Africa came closer to reality following signature of a key agreement to enable preparatory works to commence.
Carbon, the Pan-African digital financial services company, has introduced a USSD service to its platform, making it even easier for individuals that have little or no access to smartphones or the internet to access the financial services.
Ecobank Group, the pan-African banking group, has opened invitations to African fintech entrepreneurs to enter the 3rd edition of the Ecobank Fintech Challenge.
Standard Bank South Africa has launched DigiMe to improve security on its mobile banking app.
The Nigerian Stock Exchange (NSE) has published the maiden edition of StockTown, a comic book aimed at promoting financial literacy in Nigeria.
Standard Chartered has announced new business targets for supporting its clients as they transition to a low carbon economy as part of its Sustainability Aspirations.
[South Africa] Financial fraud solutions must beat the best criminal minds and match the rate of digital change
The escalation of financial crime is not far behind the double-digit growth of digital payments.
Standard Chartered Bank Kenya has become the first commercial bank in Kenya to launch bond traded exclusively through mobile phone.
Jaiz Bank, Nigerian non-interest Sharia-compliant financial institution, has declared a profit after tax of N1.79 billion in its 2019 unaudited financial results as submitted to the Nigerian Stock Exchange.
The Government of Tanzania Ministry of Finance has signed a facility agreement with Standard Chartered Tanzania for a $ 1.46 billion term loan financing to fund the construction of the Standard Gauge Railway.
Pan-African bank, Ecobank, has signed a cross-border remittance agreement with Alipay, the world's payment and lifestyle platform that aims to bring more inclusive financial services.
Small and medium-sized enterprises (SMEs) in Morocco will benefit from an EBRD credit line of up to €20 million to Crédit du Maroc dedicated to green investment and the development of value chains.
Lonestar Cell MTN has collaborated with United Bank for Africa Liberia to offer the Push and Pull mobile money service.
The EIB has signed a financing agreement of EUR 120 million with the Arab Republic of Egypt to support the expansion and upgrade of the Alexandria West Waste Water Treatment Plant (WWTP).
The EIB and the Egyptian Ministry of International Cooperation have signed an agreement to provide up to EUR 1.5 million for a Feasibility Study for the Tanta-El Mansoura-Damietta Rail project.
IFC and the government of the Netherlands launched a pioneering multi-sector program in Jordan and the Middle East and North Africa to help create a stronger private sector, unlock new markets, support entrepreneurship, and create jobs.
African leaders are putting women front and center of efforts to drive the continent’s economic growth through a game-changing fund that invests in women fund managers and also provides technical assistance.
Absa Group Limited’s Barclays-branded subsidiaries in seven African countries - Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia were renamed ‘Absa’, completing the name change across the continent.
The U.S Agency for International Development (USAID) through the Prosper Africa initiative is partnering with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa.
The COMESA Business Council (CBC) has implored MSMES to embrace digital finance in their day to day running of business transactions as this will ease trade facilitation.
The EBRD is boosting small businesses and green investments in Egypt with a US$ 82 million financial package to QNB Alahli, one of the country’s largest commercial banks, for on-lending to local enterprises.
Faulu Bank has launched a Sh20 million system that has fully automated all bancassurance processes, to improve operational efficiencies and deliver convenience.
The President and Chairman of the EXIM Bank met with the U.S. Ambassador to Kenya to discuss how EXIM can help American businesses export their “Made in the U.S.A.” goods and services to Kenya.
United Bank for Africa (UBA) Mali has launched Sama by UBA, a money transfer and mobile payment service.
Banque Misr signed a cooperation protocol with the Social Housing Fund, Real Estate Finance and Misr Express for Development and Trade (Zaher), to fund for housing units for low-Income earners in Egypt.
Commercial International Bank (CIB), Egypt’s leading private sector bank, has been included in the 2020 Bloomberg Gender Equality Index (GEI).
Progressus Corporation has announced that it has been appointed by the World Bank, following a competitive process, to head up phase two of The African Regulatory Watch Initiative (RWI).
Luno has introduced faster and automated withdrawals to its Nigerian customers, which means users are no longer restricted to daily withdrawal schedules.
UAE Exchange, a leading financial services brand in Tanzania and a Finablr company, has announced the rebranding of its operation as “Unimoni”.
Carbon, Nigerian digital financial services company, has unveiled an iOS app, making it the first digital lender in Africa to be able to initiate and complete an entire loan cycle via an iOS app.
Interswitch, a leading technology-driven company with a focus on the digitisation of payments in Nigeria and other African countries has listed N23 billion Bond on the Nigerian Stock Exchange.
United Bank for Africa (UBA) Liberia, in partnership with Orange, launched the Mobile Money Push and Pull Service for their customers.
United Bank for Africa (UBA) Mali launched Sama by UBA, a money transfer and mobile payment solution that was birthed through a partnership between Sama Money SA, Bamako and UBA.
60% of the adult population in Africa is unbanked and the financial sector is considerably underdeveloped. Fintech has been a welcomed revolution that is seen to be boosting Africa’s financial infrastructure.
The African Development Bank ((AfDB) approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company, Corplease, expand its operations in the North African country.
Following a statement issued by the SAA Business Rescue Practitioners, the DBSA confirms that the Bank has approved an Equity Bridge Facility of R3.5billion to South African Airways (SAA).
Union Bank of Nigeria has announced that it has entered a share sale and purchase agreement to divest its 100 per cent equity stake in Union Bank UK.