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.
[Africa Tech Review] Duncan Mochama: Fintech is driving and reshaping the financial sector in Africa
As a key driver of growth in the region, fintech has become a viable alternative to traditional banking in both urban and rural areas.
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.
Faulu Microfinance Bank plans to lend up to Ksh.3 billion to local micro, small and medium enterprises (SMEs) to help them recover and grow following the Covid-19 economic turmoil.
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
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.
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
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.
With younger age groups starting to actively participate in the acquisition of assets, expectations on financial institutions and their offerings are changing rapidly.
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.
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.
HPS and the Mauritius Commercial Bank (MCB) signed a definitive acquisition agreement whereby HPS will acquire all outstanding shares from MCB.
The Japan International Cooperation Agency (JICA) and the African Development Fund (ADF), the concessional arm of the African Development Bank Group, have signed a loan agreement of 73.6 billion Japanese yen, approximately $668.1 million, to support the 15th replenishment of the African Development Fund.
Al Barid bank, the financial branch of the Moroccan post office, has launched the first dematerialized, fully-digital bank card in Morocco.
The African Development Bank announced a 36-month debarment of Global Interjapan, a civil engineering company registered in Kenya, with effect from 24 August 2020.
Equity Group appointed Yves Cuypers as the first Equity Group Holdings Regional Director in charge of the Central and Southern Africa.
The African Development Bank (AfDB), appointed Ifedayo Orimoloye as the Group Chief Risk Officer, effective 1 April 2021.
The coronavirus pandemic had a remarkable effect on Morocco’s economy, as with most countries around the world, so how is their economy now?
The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program has agreed a partnership with the African Guarantee Fund (AGF) to unlock $1.3 to 2 billion in loans to women-owned SMEs in Africa.
Absa Bank Kenya Plc.has announced plans to invest over Sh. 1.6 billion, approximately $16 million, in technology to enhance service delivery as it celebrates one year in the Kenyan market.
AfDB, Mozambique LNG Area 1 Project win Multilateral Deal of the Year Award for $24 billion global syndicated finance
The Mozambique Liquefied Natural Gas (LNG) Area 1 Project and the African Development Bank have jointly received the prestigious Global Multilateral Deal of the Year 2020 award by the print and online publication Project Finance International.
Ecobank Nigeria, a wholly owned subsidiary of pan-African banking giant, Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that it has successfully priced its $300 million bond issuance maturing in February 2026.
Toyota Kenya and Rafiki Microfinance Bank have entered an asset financing deal targeting the growing biker community.
UNITLIFE and the Ecobank Group’s Foundation announced the launch of the “Make the Connection” campaign, which aims to raise awareness and funds to prevent chronic malnutrition in Africa.
Windward, the Predictive Intelligence company applying AI to transform global maritime trade, and Mauritius Commercial Bank Ltd have announced a long-term, multi-year partnership to enhance MCB’s due diligence and monitoring processes linked to its commodity trade finance business.
The European Bank for Reconstruction and Development (EBRD) is supporting the construction of a dry port and logistics centre in 10th of Ramadan City, Egypt, with a €1 million contribution to project preparation and procurement.
African Development Bank assists West African countries to deliver carbon emission reductions and meet their Paris Agreement commitments
BPC Banking Technologies announced it has extended its membership with Visa’s Fintech Fast Track Program to Asia - Pacific (APAC), and Europe, the Middle East and Africa (EMEA) regions.
Global investors welcomed the West African Development Bank’s first bond issue with sustainable development objectives (Sustainability Bonds).
[Cameroon] Microfinance institution "La Régionale" launches IPO procedures to get listed on the BVMAC
In a press release issued on February 3rd, 2021, Charles Rollin Ombang Ekath, Chief Executive Officer of "La Régionale", announced that his institutions started procedures to get listed on the Central African Stock Exchange (Bvmac) based in Douala.
AfDB, FAO and South Sudan government ink protocols for $14 million grant to boost agricultural markets
The African Development Bank has signed protocols to disburse a $14 million grant to the Government of South Sudan to boost agricultural markets in a project to be implemented by the UN's Food and Agriculture Organization.
The Development Bank of Southern Africa (DBSA), announced the launch of its first €200 million green bond.
In support of the Central Bank of Egypt’s accelerated drive towards a cashless economy, the Arab African International Bank (AAIB), announced it will offer Egyptian merchants the state-of-the-art N-Genius™ acceptance platform.
Sparkle, a mobile-first digital ecosystem providing financial, lifestyle and business support services to Nigerians across the globe, has partnered with Network International to power its recently launched payment card offering.
The implementation of the Support Project for Internal Resource Mobilization and the Improvement of Economic and Financial Governance, supported by the African Development Bank, has contributed to strengthening Niger's economic resilience.
Ratings agency S&P Global has affirmed its “AAA/A-1+” foreign currency issuer credit rating of the African Development Bank with a stable outlook.
The European Bank for Reconstruction and Development (EBRD) is strengthening access to finance for Tunisian micro, small and medium-sized enterprises (MSMEs).
Seplat Petroleum, a Nigerian independent energy company announced its Incorporated Joint Venture, the ANOH Gas Processing Company, has successfully raised $260m in debt to fund completion of its ANOH Gas Processing Plant.
The Universal Merchant Bank (UMB) Ghana appointed Nana Dwemoh Benneh as the bank’s new Chief Executive Officer, following the approval of the Central Bank.
Through the bank’s partnership with Network International, Faisal Islamic Bank will issue Mastercard-branded debit, credit and prepaid payment cards in Sudan for use online, in-store and at ATMs.
African Export-Import Bank (Afreximbank), has been ranked as Africa's number 1 mandated lead arranger in sub-Saharan Africa, according to Bloomberg's 2020 full-year "Capital Markets League Tables".
South Africa's fintech startup Ukheshe has entered into a new Bank Identification Number (BIN) deal with Kenya-based lender KCB Bank Kenya.
[Column] Rajnish Aubeelucka: Mauritius oil spill: Our oceans need more than protection, they need investment
Usually bustling with sunburnt tourists, beaches on the island of Mauritius are empty this year. COVID-19 forced Mauritius to close its borders to tourists in March 2020, then another disaster struck.
African Export-Import Bank (Afreximbank) has disbursed $250 million of the $1.1 billion that supported the acquisition by Trans Niger Oil and Gas Limited (TNOG) of a 45% stake in OML 17 onshore oilfield.
The European Investment Bank has confirmed EUR 38.5 million of new financial and technical support to transform renewable power generation in Burkina Faso and better protect its capital city from future flooding.
The World Bank approved a $50 million grant from the International Development Association (IDA) to improve access to electricity in Sierra Leone and enhance institutional capacity and commercial management of the sector.
Mediterrania Capital Partners announced the sale of its remaining stake in Cash Plus, the largest independent money transfer company in Morocco.
In a positive move for the South African fintech landscape, Spot Money has launched the country’s first Open Banking offering.
African Bank announced the resignation of Ms. Basani Maluleke as the Group’s Chief Executive Officer and as an executive director of African Bank and African Bank Holdings Limited (ABHL) Boards of Directors.
A loan from IFC, a member of the World Bank Group, and the Dutch Entrepreneurial Development Bank FMO, announced a loan to support growth, exports, and jobs in South Africa's blueberry industry.
Every five years the World Bank takes stock of Mozambique’s development progress and challenges via a Systematic Country Diagnostic (SCD) which informs the institution’s five-year lending and advisory program called Country Partnership Framework.
AfDB launches programme to mobilize $25 billion for climate change adaptation initiatives across Africa
African Development Bank President Akinwumi A. Adesina has announced the launch of the Africa Adaptation Acceleration Program (AAAP) to mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.
The Board of GCB Bank announced the appointment of Emmanuel Odartey Lamptey as the new Deputy Managing Director.
Software Group, a global software company with its regional head office in Nairobi, has won a new contract for its latest Agency Banking platform with BRAC Uganda Bank Ltd, a prominent financial institution in Uganda.
The Islamic Republic of Mauritania has signed the Agreement for the Establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of the Afreximbank.
Bank Audi and First Abu Dhabi Bank (FAB) announced the signing of a definitive agreement for the acquisition by FAB of 100% of the share capital of Bank Audi sae, Bank Audi’s subsidiary in Egypt.
Standard Chartered Bank has been named the best overall bank 2020 in Kenya by the recently released Kenya Bankers Association 2020 Customer Service Survey.
Kenyan-based Software Group teams up with BRAC Uganda Bank to rollout Agency Banking digital platform
Software Group, a global software company with its regional head office in Nairobi, has won a new contract for its latest Agency Banking platform with BRAC Uganda Bank.
Codebase Technologies and BankBI partner to help banks leverage real-time financial performance data
Codebase Technologies and BankBI have entered into a partnership to augment CBT’s digital banking suite with enhanced performance management and superior data-driven insights.
Access Bank Zambia announced the completion of the acquisition of Cavmont Bank, following conclusion of the key conditions precedent including regulatory approvals.
AfDB, European Investment Bank sign joint partnership action plan to fast-track development in Africa
The African Development Bank, AfDB, and the European Investment Bank (EIB) have signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa.
Through a new initiative, IFC will work with financial institutions in four countries to mobilize private sector financing for climate mitigation and adaptation projects and help align financial-sector strategies with the targets of the Paris Climate Agreement.
TransUnion partners with South Africa's fintech startup Fincheck to improve access to finance for consumers
Global information and insights company, TransUnion, has partnered with South Africa’s financial marketplace, Fincheck, to make credit application process easier and less frustrating for consumers.
CDC Group, the UK’s development finance institution and impact investor, announced a $100 million debt commitment to the Eastern and Southern African Trade and Development Bank (TDB).
The African Development Bank announced the addition of Mauritius and Morocco to its Bloomberg African Bond Indices (ABABI), marking a steady progress in the Bank’s efforts to deepen the continent’s local currency bond market.
[Malawi] NBS Bank launches e-commerce platform and online payment gateway with Network International
NBS Bank, a commercial bank in Malawi, launched its state of the art e-commerce platform, powered by Network International, an enabler of digital commerce across Africa and the Middle East.
Mastercard, Unilever and KCB Bank have built on their partnership to support micro-merchants in Kenya by expanding their current Jaza Duka program to provide an extensive COVID-19 relief package to retailers.
The African Development Bank (AfDB) appointed Paula Santos Da Costa as Acting Director, Office of Integrity and Anticorruption, effective 14 January 2021.
Integrated Payment Services Limited (IPSL), the subsidiary of Kenya Bankers Association (KBA) that operates the banking industry's instant payment service PesaLink, has announced the appointment of Gituku Kirika as Chief Executive Officer.
The role of the chief financial officer (CFO) has expanded beyond the traditional gatekeeper to financial resources, chief accounting officer and head recordkeeper.
Reconstruction of road and rail links in the Madagascan capital Antananarivo will be accelerated following the disbursement of €16.4 million by the European Investment Bank.
The U.S.Trade and Development Agency (USTDA) signed a Memorandum of Understanding with The Eastern and Southern African Trade and Development Bank (TDB) to bring high-quality infrastructure solutions to sub-Saharan Africa.
The African Development Bank (AfDB) approved a grant of $11.26 million to the Government of Chad to finance the Girls' Education and Women's Literacy Project - the first Bank grant exclusively targeting women and girls.
African investment company Arise has acquired a 34.9% shareholding previously owned by Rabobank in NMB Bank Plc listed on Dar es salaam Stock Exchange (DSE) in Tanzania.
Temenos, the banking software company announced that Arab Investment Bank has selected Temenos to power its digital customer experience.
AfDB, Afreximbank & FCI launch grant to support capacity building of emerging factoring firms in Africa
The Afreximbank together with the African Development Bank (AfDB) and FCI announced the creation of a special purpose Grant authorized and funded by the AfDB’s Trust Fund to support the capacity building of emerging factoring firms in Africa.
The African Development Bank Group, AfDB, has announced the appointment of Directors General for the East, Central and Southern Africa regions
Sunil Kaushal is the CEO Africa & Middle East at Standard Chartered PLC. Sunil has nearly 30 years of banking experience in diverse markets.
Nigeria’s Fidelity Bank has announced new Board appointments in place of some of its outgoing Directors, who recently successfully completed their tenure on the Board in accordance with the Bank’s internal governance policies.
The European Bank for Reconstruction and Development (EBRD) is breaking fresh ground with a $12 million loan to Al Dau Al Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency hotel in Egypt.
The European Investment Bank (EIB) is providing Banque Misr with a €425 million credit line to support Egyptian private small and medium-sized enterprises.
Equity Group Holdings (EGH) received regulatory approval to merge Equity Bank Congo (EBC) and Banque Commerciale Du Congo (BCDC) to form a new bank - Equity Banque Commercial du Congo (EquityBCDC).
The European Investment Bank (EIB) and the Arab Republic of Egypt signed a €1.128 billion agreement to support investments in the rehabilitation and expansion of metro and tram systems in Alexandria and Cairo.
Afreximbank and Credit Suisse complete a $1 billion 3-year syndicated term loan for Nigeria’s Bank of Industry
African Export-Import Bank (Afreximbank) has announced the closing of a $1 billion facility for the Bank of Industry, Nigeria's state-owned development bank.
Equity becomes first Eastern and Central African bank to cross the one trillion shilling balance sheet mark
The milestone was achieved upon successful migration of BCDC to Equity’s Finacle core banking platform.
IFC and Nedbank have partnered to increase financing for renewable energy projects in South Africa, helping the country transition to cleaner forms of power, reduce greenhouse gas emissions, and create jobs in the renewables sector.
An economist and development expert, Aissa Touré a Senegalese national, brings to the Bank over 25 years of experience, working in three continents and 12 countries for 5 international organizations.
The digital revolution has officially engaged a higher gear, raising a great deal of curiosity and speculation on technological innovation, adoption, AI and the future of the digital economy.
The 2021 Borrowing Program of the African Development Bank has been approved by the Board of Directors for up to $10.4 billion to be raised from capital markets.
The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF), is promoting the competitiveness of small businesses and investments in the green economy in Morocco.
The Nairobi Securities Exchange (NSE) launched the Unquoted Securities Platform (USP), a market infrastructure to facilitate the trading, clearing and settlement of securities of unquoted companies, following approval granted by the Capital Markets Authority.
The African Development Bank (AfDB) approved a loan of $42.9 million to finance the second phase of a major power transmission and interconnection project in Madagascar.
The World Bank approved $150 million in IDA financing for a program of policy and institutional reforms intended to accelerate human capital development for inclusive economic growth in Rwanda.
The European Bank for Reconstruction and Development (EBRD) is strengthening small businesses in Tunisia with a €5 million loan to Arab Tunisian Lease to increase access to finance for micro, small and medium-sized enterprises.
Standard Bank Namibia has appointed its Head of Personal and Business Banking, Mercia Geises, as its new Chief Executive Officer, effective 1 May 2021.
FDH Bank signed a partnership agreement with health insurance provider Medical Aid Society of Malawi (MASM) to simplify digital payment processes.
The African Development Bank (AfDB) announced $90 million in new donor commitments for the Sustainable Energy Fund for Africa (SEFA).
The African Development Bank (AfDB) approved financing for $14.96 million project to help women in Sudan access finance and grow their businesses.
Co-operative Bank of Kenya has partnered with Thunes, a cross-border payment provider, to launch an alternative global money transfer solution: Co-opRemit©.
The African Development Bank Group has appointed Gauthier Boulard as Director and Special Advisor in the Office of the President, effective 1 January 2021.