The World Bank approved a $400 million program to support Morocco’ social protection system, as part of the kingdom’s sweeping reforms to strengthen its social safety nets.
IFC announced a loan to I&M Bank Rwanda, to help the bank increase lending to potentially thousands of Small and Medium Sized enterprises in Rwanda, many of which are facing COVID-19-related liquidity challenges.
Afreximbank signs deal with African Energy Investment Corporation to support hydrocarbon and energy sectors
A framework agreement has been signed between the African Export-Import Bank (Afreximbank), the pan-African multilateral EXIM bank, and the African Energy Investment Corporation (AEICorp), an affiliated entity of the African Petroleum Producers’ Organization (APPO) that was established to support the development of Africa’s hydrocarbon and energy sectors.
Codebase Technologies, the digital banking solutions provider, announced the launch of its Digital Banking as a Service platform, Digibanc SaaS, to create access for more banks and customers to move into the digital age of banking.
Like most large enterprises today, banks and other financial services companies are striving to become technology businesses.
AfDB grants additional $3.5m to Central African Republic for electricity interconnection project with DRC
The African Development Bank (AfDB), granted an additional donation of $3.52 million to the Central African Republic to help the country to complete the first phase of an electricity interconnection project with the Democratic Republic of the Congo (DRC).
Lagos State Health Management, First Bank partner to promote access to affordable healthcare in Nigeria
The Lagos State Health Management Agency (LASHMA) has partnered with First Bank of Nigeria to utilise its over 13,000 Firstmonie Agents as payment channels for the Lagos State Health Scheme (LSHS).
Afreximbank officially launched the operations of ‘MANSA’, a pan-African customer due diligence repository for financial institutions, corporate entities and SMEs, developed to address the perceived risk of doing business in Africa and with Africans.
The African Development Bank approved $5 million investment in the SPARK+ Africa Fund to deliver clean cooking solutions to over two million households across Africa.
The African Development Bank is achieving satisfactory results in Madagascar, according to the mid-term report of the Country Strategy Paper (CSP) for the period 2017-2021 and the performance review of the 2019 country portfolio.
The African Development Bank approved a $120 million loan to fund the construction of a 50 MW hydropower plant in Western Tanzania.
Africa Energy Investment Corporation and Afreximbank reach agreement on deal to boost Africa's oil investments
Egypt Petroleum and Mineral Resources Minister Tarek el Mulla has said that the Africa Energy Investment Corporation (AEICORP) and the African Export-Import Bank (Afreximbank) have reached a preliminary framework agreement that is set to be signed in Cairo.
The Ecobank Group launches ‘Ellevate’, a programme for women-owned and women-focused businesses across 33 markets.
KCB Group (KCB) and Atlas Mara (ATMA) have signed a definitive agreement for KCB to acquire 62.06% stake in Banque Populaire du Rwanda and 100% stake in African Banking Corporation Tanzania from ATMA.
AfricInvest, Pan-African mid-cap-focused private equity firm, announced the acquisition of a minority stake in Fidelity Bank Ghana.
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.
African Export-Import Bank (Afreximbank) and the Republic of Rwanda signed key documents related to the establishment of the Fund for Export-Development in Africa (FEDA), a development-oriented subsidiary of Afreximbank.
The Kenya Bankers Association (KBA) and the Kenya Climate Innovation Centre (KCIC) signed a Memorandum of Understanding aimed at advancing the green finance agenda in Kenya.
AfDB's investments are transforming the continent, unlocking economic potential and spurring development, report
From agro-processing initiatives to energy, transportation and water and sanitation services, transformative investments by the African Development Bank (AfDB) are paving the way to unlock Africa’s economic potential, according to the 2020 ADER.
Bamboo Capital Partners has been appointed by the Government of Madagascar and the World Bank as the international fund manager for the Off-Grid Market Development Fund, a $40 million renewable energy access fund.
Bboxx, a next generation utility, has secured a $4 million loan from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF), a debt fund managed by Lion’s Head Global Partners (LHGP), to accelerate Bboxx’s operations in the DRC.
Nigeria's Guaranty Trust Bank (GTBank) released its unaudited financial results for the period ended September 30, 2020 to the Nigerian and London Stock Exchanges, reporting Profit before Tax of ₦167.4 billion.
IFC and the Agricultural bank of Egypt (ABE) announced a partnership to help of Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity.
Société Générale and the European Investment Bank (EIB) confirmed agreement of a new joint initiative to support economic development across Cameroon.
The World Bank approved an education program supported by a $61.5 million grant from the Global Partnership for Education (GPE) for the Sudan Basic Education Support Project.
Accelerex Holdings Mauritius has signed an investment agreement with regional private equity firm, Africa Capital Alliance,ACA, for the Capital Alliance Private Equity IV fund to invest $20 million in Accelerex.
Access Bank has appointed Seyi Kumapayi and Omosalewa Fajobi as Executive Director and Non-Executive Director respectively following approval of the Central Bank of Nigeria.
Housing Finance Bank Uganda and Agence Française de Développement signed two financing agreements of €10.5 million to support the development of a housing finance offer adapted to the needs of the populations all over Uganda.
The International Islamic Trade Finance Corporation (ITFC), has approved a Grant Agreement for the Senegalese Groundnut Oil Processing Company, SONACOS, to acquire new laboratory analysis equipment.
The African Export-Import Bank (Afreximbank) released its unaudited financial statements for the nine months ended 30 September 2020, recording a net income of $217.06 million.
The Green Climate Fund (GCF) Board has given a major boost to climate finance for developing countries with the approval of over $1 billion of funding for low-emission, climate-resilient development.
IFC, a member of the World Bank Group, has signed its first formal agreements with the Federal Government of Somalia to support the country's goal to strengthen its private sector, attract investment, improve public services, and create jobs.
South Africa's Sasfin Bank has benefited from the COVID-19 emergency facility set in place by the EU and FMO’s NASIRA fund.
DPI, CDC partner to create $750m biopharmaceutical platform to broaden access of vital specialty generic drugs across Africa
Development Partners International (DPI) through its ADP III fund, CDC Group, and the European Bank for Reconstruction and Development have joined forces in a ground-breaking deal to create a major new player in the pan-African pharmaceuticals industry.
Moody’s Investor Service has affirmed the African Development Bank’s AAA credit rating, with a stable outlook.
The Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP) launched a plan to help public and private actors identify and prioritise investments contributing to the SDGs.
Kenya Commercial Bank, KCB, has been accredited by the United Nations Green Climate Fund as the first financial intermediary for the implementation of green financing in East Africa.
Standard Bank Group, Africa’s largest financial services organisation by assets, is championing efforts to increase contactless payment across Africa.
Standard Bank, UN Women equip women farmers in South Africa and Malawi with financial literacy skills
Standard Bank and the United Nations Women (UN Women) are currently providing financial literacy training to thousands of women farmers in African key markets including Malawi and South Africa.
AfDB and Uganda government have signed a $500,000 grant agreement for financing MSMEs to boost business linkages on the East African Crude Oil Pipeline Technical Assistance project.
The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are boosting green finance on the Egyptian economy and the development of value chains for the private sector.
The Board of Ghana Commercial Bank (GCB) has appointment John Kofi Adomakoh as the new Managing Director (MD) of the Bank effective 9 November 2020.
Kenyan private bank Prime Bank, has partnered with London-based fintech SimbaPay, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.
The Capital Markets Authority has granted consent to ABSA Asset Management Limited for the registration of Absa Unit Trust Funds.
[Nigeria] FBNQuest Merchant Bank partners with Kairos Investments Africa on financing of prepaid smart electricity meters
FBNQuest Merchant Bank and Kairos Investments Africa have announced plans for a national meter asset finance and management SPV that would attract long term financing for the mass roll-out of prepaid smart meters.
CDC Group, UK’s development finance institution and impact investor, announced a $100 million additional commitment to its existing trade risk sharing facility with SMBC Bank International.
CDC Group, UK’s development finance institution and impact investor, announced a $75 million debt commitment to Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and member of the Standard Bank Group.
The African Development Bank has signed a grant agreement with the Ministry of ICT and Innovation in Rwanda to support the Rwanda Coding Academy, set up to develop top technology talent to drive a booming, innovation-driven digital economy.
The Global Core Banking Software Market size is expected to reach $15.7 billion by 2026, rising at a market growth of 10.3 per cent compounded annual growth rate.
The Absa Purchasing Managers’ Index (PMI) rose to a solid 60.9 index points in October, up from a revised 58.5 index points in September.
Crown Agents Bank announced it is expanding its partnership with Paga to increase its payments reach in Nigeria, Africa’s largest economy, as part of its continued growth trajectory.
The African Export-Import Bank (Afreximbank) has partnered with International Islamic Trade Finance Corporation (ITFC), and the Arab Bank For Economic Development in Africa (BADEA), to launch $1.5 billion facility to support African economies.
The World Bank approved $150 million in additional financing for Morocco’s Urban Transport Program, which started in 2015, to strengthen the country’s capacity to offer quality service in public transport.
Credence ID, a worldwide player in mobile biometrics and credential reading technology, has announced their selection as the winner of a competitive healthcare project being deployed throughout the West African nation of Senegal.
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.
World Bank supports establishment of Development Bank Ghana to boost access to finance, job creation
The World Bank approved $250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG) to increase access to long term finance and boost job creation.
German Development Minister Gerd Müller has announced the launch of ALF, a new initiative of the ministry with Incofin IM and German bank KfW.
Diamond Trust Bank and Jumia have announced a partnership aimed at enhancing cashless payment on the e-commerce platform when purchasing during this year’s Black Friday campaign.
The African Development Bank (AfDB) has appointed Lamin Barrow as Acting Senior Director, Nigeria Country Office, effective 1 November 2020.
Twiga and IFC’s Global SME Finance Facility are set to be part of an investment of up to $30 million through unfunded risk sharing facilities with Kenya Commercial Bank.
The OPEC Fund and the West African Development Bank (BOAD) have signed a Framework Agreement to further strengthen their development cooperation in the the member countries of the Western African Economic and Monetary Union (WAEMU).
The World Bank announced the 18-month sanctions of China National Electric Engineering Company and its wholly owned subsidiary, China Electric Design and Research Institute Company, in connection with fraudulent practices in Zambia.
The statistics that hover uncertainty around Africa are not ones that should make the continent proud. The World Bank has estimated that Africa could potentially hold 90% of the global poor population by 2030.
Ghana has recorded total investments of US$869.47 million, with total FDI value amounting to US$785.62 million between January to June 2020 as FDI inflow showed strength in the final moments of the second quarter of the year.
The Central Bank of Kenya (CBK) opened the CBK Kisii Centre to serve the seven counties in the region, a population of over 7 million people contributing about 12 percent of Kenya’s GDP.
Fintech company Cellulant appointed Faith Nkatha Gitonga as Country Manager, Kenya.
The United Nations Development Programme (UNDP) and the European Investment Fund (EIF) are joining forces to develop joint initiatives for sustainable finance and the implementation of the Sustainable Development Goals.
The European Bank for Reconstruction and Development (EBRD) is stepping up its efforts to support the Tunisian economy by increasing an existing trade finance limit for Banque de Tunisie from $20 million to $50 million.
Newgen Software, a global provider of low code digital automation platform, has announced that TAJBank has selected Newgen as a digital transformation partner to automate its enterprise-wide customer-facing processes.
The OPEC Fund and the West African Development Bank have signed a Framework Agreement to further strengthen their development cooperation in the member countries of the Western African Economic and Monetary Union.
The National Bank of Angola (BNA) has granted a Payment Service Provider license to Unitel Serviços Financeiros Móveis (SU), SA, at the request of this operator.
Standard Bank, Mastercard and Google have announced a collaboration to help SMEs move their businesses online, accept digital payments and attract more customers.
TymeBank, a digital bank in South Africa, looks to empower small and micro businesses to accept card payments, powered by Network International, an enabler of digital commerce across Africa and the Middle East.
Amid coronavirus-driven lockdowns and social distancing, proliferating mobile apps and online channels have proven vital lifelines. US mobile banking grew 50% in the first half of 2020.
Bank technologies for African agricultural transformation training in Ghana raising farmer agricultural ambition
When Isaac Papanko started farming maize on eight hectares of farmland, he couldn’t have imagined that within just a few years, his agribusiness would grow to be 425 hectares.
[Column] Wambui Gichuri: Why COVID-19-impacted World Food Day 2020 is the time to prioritize investments in food systems
World Food Day 2020 marked the 75th anniversary of the founding of the Food and Agriculture Organization, but celebrations this 16 October are muted due to the coronavirus.
4G Capital Group Limited, Citi, U.S. International Development Finance Corporation (DFC) and the Ford Foundation have partnered to expand financial inclusion in Kenya.
KCB Bank Kenya has received an approval for U$150 million, from the International Finance Corporation (IFC) as lead syndicator, to support the growth of the Bank’s sustainable climate finance portfolio and scale-up lending to micro, small and medium enterprises.
Equity Bank inks $2billion deal with Kenya National Chamber of Commerce and Industry targeting businesses
The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity have signed an MOU that has seen Equity set aside Ksh 200 billion, approximately $2 billion, for KNCCI members.
The Central Bank of Egypt has announced setting up EgyCash company for technological solutions of monetary dealing.
First Bank of Nigeria has announced the appointment of Mrs. Oluwande Muoyo as a Non-Executive Director.
IFC, a member of the World Bank Group, has announced a finance guarantee facility to Union Bank to boost access to finance for local business, enable increased international trade for Nigeria and help protect the country’s economy.
The World Bank announced a twenty-eight month debarment of Techno Brain Kenya, an IT-services company, and a ten-month debarment of its parent company, Techno Brain UAE, in connection with collusive and fraudulent practices.
Sunline and Huawei have jointly released the Digital Loan One Box Solution, a global contactless solution for financial services.
Consortium of global multilateral development banks calls for measures to support trade continuity in Sub-Saharan Africa
The Pulse check report issued by a consortium of multilateral development banks and trade research institutions, recounts the views of sub-Saharan banks on multi-lateral development banks’ responses to uphold a well-functioning trade finance market.
The Kenya Revenue Authority (KRA) has appointed Rispah Simiyu as the new Commissioner for Domestic Taxes, effective 22nd October 2020.
Growing adoption of digitization across the global banking sector is significantly boosting the use of advanced technologies including artificial intelligence according to the latest report by Research and Markets.
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.
Temenos, the banking software company, announced Saudi Arabian digital wallet, STCPay, has selected cloud-native, cloud-agnostic Temenos Payments and Temenos Transact running on a private cloud to achieve exponential growth.
Finastra revealed Fusion Payments To Go, its payments solution aimed at small and medium-sized banks looking to implement domestic and cross-border payment services in Europe, the US and South Africa.
Standard Chartered Bank announced the launch of co-branded SCB and Liverpool FC debit cards.
Equity Group announced its new partnership with Proparco, a French Development Finance Institution, which will allow the Kenyan bank to grow and continue its support to the private sector and its deep commitment to MSMEs.
The European Investment Bank (EIB) signed a commitment of $22 million with LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt.
The European Bank for Reconstruction and Development (EBRD) is boosting the resilience of the financial sector in Egypt and supporting equity financing to small and medium-sized businesses by investing up to $50 million in LCP Fund II.
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are supporting green investments by the private sector to strengthen Morocco’s economic recovery.
The African Development Bank, the government of Nigeria and Microsoft have launched the Digital Nigeria eLearning Platform, to provide marketable digital skills to the country’s youth.
The Capital Markets Authority (CMA) announced the admission of FourFront Management to the Regulatory Sandbox, bringing the total number of firms admitted to the live-testing environment for capital markets innovations to seven.
Nigerian mobility startup MAX.ng partners with DLM Capital to transform transportation finance in Africa
Metro Africa Xpress, a mobility platform in Nigeria and West Africa, announced the successful issuance of a ₦400m 1-year fixed-rate notes under its newly structured ₦10bn/$22m Private Company Bond program.
The European Investment Bank and other multilateral agencies have signed an agreement with Development Partners International LLP (DPI) to become the first 2X Flagship Fund.
Crown Agents Bank has collaborated with VODACASH SA in the innovating project of enabling international mobile payments in the Democratic Republic of Congo (DRC) through the M-Pesa brand.