Following approval of the proposal by the Boards of Directors of the African Development Bank Group to clear about $413 million in arrears on loans owed by Sudan, the Bank Group has completed the arrears clearance process.
[Column] Vinod Madhavan : After a cautious start, Africa’s policymakers should accelerate adoption of AfCFTA
If successful, AfCFTA is expected to boost intra-African trade from the low levels of c. 17% seen today, which in turn will promote industrialisation and economic growth.
National Bank of Malawi (NBM) plc has entered into a partnership with International Money Transfer Institution to ease money transfer transactions for its customers and non-customers.
African Development Bank invites business enablers to apply for funding to support women entrepreneurs
The African Development Bank is launching a call for proposals for projects enhancing the viability and sustainability of women entrepreneurship enablers.
Vista Bank Group (Vista) has selected its paytech provider Radar Payments to drive its global payment processing activities in West Africa.
U.S. International Development Finance Corporation, the U.S. Government’s development bank is seeking to partner with more local businesses in Rwanda to support economic growth.
[Rwanda] Access Bank partners with Exuus to financially empower collective saving schemes through SAVE
Access Bank (Rwanda) Plc in partnership with EXUUS LTD have introduced “SAVE 2.0” a digital solution that aims at encouraging people to save collectively as a group or even friends.
IFC, a member of the World Bank Group, will provide Absa Bank with a loan of up to $150 million to support the bank's strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets.
The Central Bank of Egypt (CBE) has revealed that local currency deposits with banks working in the Egyptian market increased by EGP 104.191bn during March 2021.
Under this financing solution, Kenyans will be able to borrow funds against a vehicle that they already own provided the vehicle is not under any financing.
Standard Bank Group and the Massachusetts Institute of Technology's (MIT’s) Center for Bits have partnered on an innovative social upliftment project in Namibia that uses fungal material from mushrooms to develop housing and food products.
Fitch Ratings has affirmed Morocco's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.
In a sign of robust global investor interest in the continent, Africa Finance Corporation (AFC), a multilateral development financial institution dedicated to infrastructure financing in Africa, successfully issued a Eurobond at its lowest yield to date.
The Development Bank of Southern Africa (DBSA), launched the second edition of the DBSA Youth Challenge, a competition aimed at harnessing innovative solutions from young people in South Africa to help address infrastructure challenges.
I&M Holdings PLC and Orient Bank Limited signed an agreement in July 2020 for I&M Holdings PLC to acquire 90 percent shareholding of the Ugandan entity.
The South African Reserve Bank, as part of the modernisation of the national payment system (NPS), embarked on the Authenticated Collections (AC)/DebiCheck project.
The World Bank discussed the new Country Partnership Framework (CPF) for Malawi, which supports the creation of more jobs, the strengthening of human capital, and supporting foundations for economic growth and accountability.
The Bank of Ghana has said total banking sector assets as of end-February 2021 increased by 18.5 per cent year-on-year to GH¢152.0 billion, marginally higher than the annual growth of 17.8 per cent as of end-February 2020.
Angola will receive $50million from the European Investment Bank to purchase Covid-19 vaccines, the country’s President João Lourenço said on Friday.
Nigeria’s central bank on Thursday sacked the entire board of First Bank of Nigeria and appointed new directors, the regulator said in a statement.
[Kenya] Standard Chartered Bank launches initiative to increase access to financial services for Women
Standard Chartered Bank has launched the Women in Tech Access to Capital initiative aimed at increasing women’s participation in business.
The Food and Agriculture Organization of the United Nations (FAO) and the Arab Bank for Economic Development in Africa (BADEA) have formalized their partnership through a Memorandum of Understanding (MoU).
The cooperation stems from the mutual strategic focus towards the expansion of electronic payments, as well as supporting the Egyptian government’s financial inclusion and digital transformation policies.
To help expand banking services to low-income populations in sub-Saharan Africa, the International Finance Corporation (IFC), has partnered with Nigeria's Lift Above Poverty Organization (LAPO), to expand its microfinance business.
The European Investment Bank (EIB), has unveiled a €15 million of new long-term financing for entrepreneurs and businesses across Zimbabwe in cooperation with local bank CABS.
SunTrust Bank has launched the Small and Medium Enterprises product loan for women in the logistics business tagged Women on Wheels (WOW).
Polaris Bank released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9 billion.
It digitizes trade finance processes, using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning to reduce the risk and cost of trade finance operations.
The South African Reserve Bank says it will implement the AC/DebiCheck payment system from 1 May as part of its modernisation efforts.
An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Maxicare Company (Nigeria) Limited engaged in collusive and fraudulent practices during a tender for the construction of weigh stations.
Team Europe backs new Guinea-Mali power line with €330m financing to provide clean, affordable energy in West Africa
Team Europe is backing the new Guinea-Mali 225 kV power line with €330 million financing to provide clean and affordable energy to millions in West Africa.
IFC and Djibouti-based East Africa Bank (EAB) signed a partnership to help EAB better mitigate financial risks which have been amplified by the COVID-19 pandemic and improve its sustainability.
The World Bank approved $380 million in financing to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure.
Temenos, the banking software company, announced Barko Financial Services (BFS), a microfinance institution in South Africa, has gone live on Temenos Software-as-a-Service to make it faster and easier for South Africans to access finance remotely.
The bank has announced the adoption of an energy policy designed to redirect investment funds towards cleaner energy alternatives
Banque Misr has signed an 8and a half-year Modaraba Islamic financing with Inertia Egypt to grant the company EGP 1.1 bn, which will be used to finance the fourth phase of the company’s Coast project; Jefaira.
The MoU will leverage on programs run by the two organizations. These include the E4Impact Accelerator Program, the Afro-Asia Fintech Festival and the Annual Hackathon hosted by CBK and the Monetary Authority of Singapore (MAS).
The World Bank approved an additional financing of $54.6 million for the Health System Support Project (KIRA), in Burundi.
Cameroon will be better able to address the COVID-19 pandemic with a $100 million Development Policy Operation (DPO) approved to support the government of Cameroon to advance reforms for fiscal consolidation and competitiveness.
Microfinance Banks in Nigeria recorded an 82% boost in lending rising from N300.2 billion in 2019 to N546.6 billion in 2020.
The Boards of Directors of the African Development Bank Group on Friday approved a proposal for the clearance of about $413 million in arrears on loans owed by Sudan to the institution.
[Nigeria] FBNQuest recommends commercial papers and bonds to SMEs and corporates seeking stable funding sources
Nigeria’s capital market has recorded a flurry of corporate commercial papers and bond issues since a sharp decline in interest rates in the third quarter of 2020.
NCBA Bank Kenya PLC has announced a new partnership with the Kenya Association of Manufacturers (KAM), to enhance the development of Manufacturing SMEs in the country.
The technology reinforces the bank endeavors to digitalize corporate business online operations and build lasting customer relationships to win in the Digital Economy.
The Powership will soon shift from the use of heavy fuel oil to gas. This fuel switch-over will generate material reduction in Senegal’s fuel bill with positive spill-over effect on electricity costs in line with the Plan Sénégal Emergent.
NQR Code is an indigenous Payment Platform designed by the Nigeria Interbank Settlement Scheme (NIBSS), to provide a reliable and enhanced payment experience with the aim of lowering transaction costs for customers.
Nigeria’s NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st 2020, recording impressive growth across its major financial lines.
Kenya’s President Uhuru Kenyatta unveiled the new brand of EquityBCDC, a subsidiary of Kenya’s Equity Group Holdings in the Democratic Republic of Congo, located on the 18th floor of Equity Centre building in Kinshasa.
African trade finance sees $5b in portfolio outflows in Q1 2020 due to Covid-19 but opportunities exist, report
Constrained global financial conditions caused by Covid-19 have led to massive portfolio outflows from Africa, exceeding $5 billion in the first quarter of 2020, a new continent-wide survey on trade finance has shown.
The EBRD, the OPEC Fund, the African Development Bank, the Green Climate Fund and Arab Bank signed a $114 million financing package with ACWA Power for the construction of the largest private solar plant in Egypt.
Sanni, the group’s Regional Chief Executive for West Africa, takes over from Sola David-Borha, who is retiring after 31 years of distinguished service to the group.
The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.
Airtel Africa, a provider of telecommunications and mobile money services has announced the successful signing of a new $500 million loan facility with a group of relationship banks.
The World Bank announced it has reached $2 billion in approved financing for the purchase and distribution of COVID-19 vaccines for 17 developing countries.
[Column] Emmanuel Osanga: Data and data science strategies will unlock Africa’s future competitiveness
How can we not pay attention to data, considering this value it provides? Ultimately, it will position organisations to either win or lose in their industries.
A first in South Africa, the solution will enable merchants to send an invoice requesting a payment from any customer seamlessly through WhatsApp.
Nigerian fintech platform and Open Finance (API Economy) pioneers, Okra, have secured a $3.5m Seed raise.
MIGA issues guarantees of $37.1m to AIIF3 for clean off-grid solar energy in Central and East Africa
MIGA issued guarantees of up to $37.1 million to a fund (AIIF3), to cover the fund's equity and quasi-equity/shareholder loan investments in Bboxx subsidiaries in Rwanda, Kenya, and DRC for up to 10 years.
Nigeria's Access Bank, Atlas Mara and ABC Holdings (ABCH), have entered into a definitive agreement regarding a proposed acquisition of 78.15% of the issued share capital of African Banking Corporation of Botswana, by Access Bank.
Global financial conditions, COVID-19 have undermined capacity of banks to finance African trade, report
The report is the first of its kind, surveying 185 banks from across Africa, representing more than 58% of total assets held by African banks.
The Central Bank of Egypt (CBE) has announced signing a cooperation agreement with the National Telecommunication Regularity Authority (NTRA) to help pensioners obtain their financial dues and proceed ahead with any banking transaction swiftly and easily.
The South African Reserve Bank (SARB), imposed administrative sanctions on Discovery Life and directed the life insurer to take remedial actions.
Zemen Bank and Mastercard launch Ethiopia’s first contactless Platinum Mastercard Prepaid Travel Card
Zemen Mastercard prepaid travel cards will enable cardholders to use cards with either of the two major currencies, namely U.S. Dollars and Euros, based on their travel destination.
The Board of Directors of the African Bank Group announced the appointment of Kennedy Bungane as the new CEO and as an Executive Director of the Bank and its holding company, African Bank Holdings (ABH), effective 14 April 2021.
IFC launched partnerships with health technology company Philips and the Co-operative Bank of Kenya to help smaller businesses in Africa's health sector purchase essential medical equipment.
In line with its investor protection mandate, as affirmed by the Supreme Court, the Capital Markets Authority (CMA) commenced its enforcement proceedings against former board members of Imperial Bank.
Through an initiative dubbed ‘Pay for Results’, the bank targets to provide financing across dairy, horticulture, livestock and energy for agriculture value chains.
IFAD, Islamic Development Bank invest $500 million to address impacts of climate change among rural communities
Using their own resources, IFAD and IsDB will jointly finance priority projects in some of their 57 common member countries over the next five years with a cofinancing target of $500 million.
The Islamic Development Bank (IsDB) and the Islamic Corporation for the Development of the Private Sector (ICD), have joined hands with the government of Burkina Faso to implement the BRAVE Women Project in the country.
Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) region, has announced that it will be waiving all fees for new businesses wishing to benefit from its services in Egypt.
Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has today announced the close of its $10mn Series A round.
The South African Reserve Bank (SARB), imposed administrative sanctions on Deutsche Bank AG - Johannesburg Branch (Deutsche Bank) and directed the bank to take remedial actions.
The VBS Mutual Bank (VBS) liquidator, Anoosh Rooplal, announced that qualifying retail depositors, who had up to R100 000 in their VBS accounts, to redeem their funds at any Nedbank branch up until 8 July 2021.
Ecobank Transnational Incorporated appoints Akin Dada as Group Executive, Corporate & Investment Banking
Akin has over 30 years of banking experience in client coverage, strategic transaction initiation and advisory dialogues across various client segments, including public sector, telecoms, FMCG and oil and gas.
Absa Group has launched a cloud incubator initiative in collaboration with Amazon Web Services Inc. (AWS), a leading cloud services provider, to enhance its cloud computing skills across its operations in Africa.
Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has today announced the close of its $10mn Series A round.
The New Development Bank (NDB) approved a $1 billion COVID-19 Emergency Program Loan to the Government of the Republic of South Africa for supporting South Africa’s economic recovery from COVID-19.
To ensure that the banking industry was able to provide its services and meet customer needs, Nedbank had to find a way for employees to work safely and productively from home.
BS/2 company, a software security company in cooperation with its partner, Diebold Nixdorf, has begun installing its ATMeye.iQ solution in financial institutions in Mali.
Ecobank Transnational Incorporated appoints Tomisin Fashina as Group Executive, Operations & Technology
Tomisin has over 30 years of experience, predominantly in technology management and financial services. Before joining the Ecobank Group, Tomisin was the Chairman of the Board of Directors of Steward Bank Harare Zimbabwe.
[Africa Tech Review] Duncan Mochama: Africans are increasingly using eCommerce in response to COVID-19 restrictions
Ten countries are responsible for 94% of all online business in Africa. South Africa, Egypt, Nigeria, Algeria, and Kenya together account for 78% of total marketplace traffic.
Huawei Mobile Kenya has announced that local banking apps are now available on App Gallery. Huawei AppGallery is the official Huawei app store that you can use to download hundreds of Android apps.
The World Bank approved a $500 million International Development Association (IDA) credit to support Ethiopia’s goal of achieving universal electricity access by 2025.
The World Bank approved a $80 million from the International Development Association (IDA), with 50% grant and 50% credit, will support Mali’s education system.
The African Development Bank (AfDB), approved a loan of €145 million to finance reliability and performance upgrades to the country’s rail system under the Egypt National Railways Modernization Project (ENRMP).
CBK has announced the resumption of charges for transactions above Ksh.100 effected through bank-specific mobile money wallets that are closely linked to the Savings and Credit Societies (SACCO) sector.
Zeronomics, a study into the financing of a net zero world, surveyed the senior leadership of 250 large companies and 100 investment specialists around the world between September and October 2020.
The eco.business Fund has provided its first investment in Kenya in the amount of $10 million to Co-operative Bank of Kenya ,Co-op Bank, one of the commercial banks in the country.
YouthX has several components. The first is six prominent changemakers, who are all young people below the age of 35, who have seen success in their respective industries.
The Board of the Fund for Export-Development in Africa (FEDA), an equity, development impact-oriented subsidiary of African Export-Import Bank (Afreximbank), has appointed Emmanuel Assiak as Acting CEO, effective March 11, 2021.
World Bank funds $300m to consolidate social safety nets for children and poor households in Tunisia
The World Bank approved $300 million in financing for the COVID-19 Social Protection Emergency Response Project in Tunisia.
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for businesses in Morocco, with a €6 million loan to Lamatem, a Moroccan producer of high-end medical garments.
Nigeria’s Access Bank has announced that it has received the approvals of the South African and Nigerian regulatory authorities to its proposed acquisition of the South African-based Grobank Limited.
United Capital Bank, UCB, is planning to launch more Visa products for a growing customer base; Sudanese banks attracted about $500 million dollars following the recent decision on the exchange rate.
Pan-African fintech company, Accelerex Ghana has been granted an enhanced Payment Service Provider (PSP) licence from the Bank of Ghana.
The Republic of Sudan has cleared its arrears to the International Development Association (IDA), enabling its full re-engagement with the World Bank, paving the way for the country to access nearly $2 billion in IDA grants.
The African Development Bank Group is pleased to announce the appointment of Mr. Achraf TARSIM as Country Manager designated for Morocco.
The Moroccan central bank, Bank al-Maghrib, forecasted that the country’s economy would grow by 5.3% in 2021 before consolidating to 3.3% in 2022.
With the funding Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs).
Standard Chartered is launching sustainable trade finance solutions across Asia, Africa and the Middle East, Europe and the Americas.