Kenyan banks are now working with Safaricom's M-PESA mobile payments service to offer saving and loan products, a credit positive, Moody's Investors Service says in a recently released report.
The KCB Group has made an offer to acquire 100% of the ordinary shares of National Bank of Kenya (NBK).
NIC Group has announced that during the Annual General Meeting held on Wednesday, 17th April 2019, its shareholders overwhelmingly approved the merger with Commercial Bank of Africa (CBA).
Absa says it has now made CashSend and payments via Western Union available on its app, a banking first for South Africa.
Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges.
Vimetco names Afreximbank financial adviser for $130-million Sierra Leone bauxite mine expansion project
The African Export-Import Bank has been selected to serve as the exclusive financial adviser and mandated lead arranger for the $130-million bauxite mine expansion project by Sierra Mineral Holdings Limited.
The African Export-Import Bank (Afreximbank) is working, with the support of African Union (AU), to create a digital ecosystem that will eliminate the major bottlenecks to trade finance flows within Africa.
IFC, a member of the World Bank Group, has launched the Finance2Equal Tanzania Initiative aimed at increasing women’s participation across businesses by reducing gender gaps.
Pan-African e-commerce platform Jumia has picked BNY Mellon for its American Depositary Receipt (ADR) program.
FCMB Group has released its financial results for the year ended December 31, 2018, reporting a gross revenue of N177.4 billion, an increase of 4.3%.
Nigerian financial technology company, Global Accelerex, has launched its Agency Network Platform, a web-based business solution specially developed for agency banking business.
AXA Life Insurance Egypt and the Ahli United Bank of Egypt (AUB) have signed a new bancassurance agreement.
The Board of the African Development Bank has approved a $15-million investment package to Infrastructure Credit Guarantee Company to support infrastructure financing in Nigeria.
The World Bank has unveiled a new plan to help African countries strengthen their human capital.
A group comprising of academic scholars and representatives of Central Banks of Member States from ECOWAS have reviewed the TOR to recruit a consultant towards the development of the design of the ECOWAS single currency.
In line with its mandate of mobilizing resources for infrastructure and sustainable development projects, the New Development Bank (NDB) is ramping up operations in South Africa and strengthening its project pipeline in the country.
[South Africa] New Development Bank outlines ambitious plans to boost loans, increase investment impact
The New Development Bank plans to almost double its loan book to USD 16 billion this year and increase its impact, as it seeks to broaden its global development partnerships.
The Board of the African Development Bank has approved an institutional support grant of $4.8 million to the African Union (AU) to accelerate the momentum of the African Continental Free Trade Area Agreement.
[South Africa] Standard Bank appoints Chief Technology Officer as bank focuses on digitization strategy
Standard Bank Group has appointed Mr. Tau Mashigo as its new Chief Technology Officer (CTO), reporting to the Chief Information Officer (CIO).
IFC has entered into partnerships with Al Mansour, owner of prominent food retail chains in Egypt, to increase economic opportunities for women.
Visa, the global payments technology company and Branch, have announced a partnership that will see virtual Visa prepaid debit cards offered to over 2 million consumers in Sub-Saharan Africa.
Standard Chartered Bank today announced the official opening of its Africa eXellerator lab, an innovation hub that will serve as a platform to collaborate with fintechs in Kenya and the broader African region.
Kenya’s real gross domestic product is projected to grow by 5.7% in 2019, a slight decrease from the estimated 5.8% growth experienced in 2018, according to the new World Bank Kenya Economic Update.
Leading digital money transfer service WorldRemit continues its rapid expansion in Africa, launching low-cost bank transfers to all banks in Congo-Brazzaville.
Paylater, the Nigerian fintech company specializing in consumer lending, has confirmed its name change in light of its growing banking services.
The Central Bank of Kenya and Kenya Deposit Insurance Corporation have announced the Imperial Bank’s acceptance of the Final Offer from KCB, to enhance recovery for depositors.
IFC has launched a program to support the development of Egypt’s fintech space that will help startups extend crucial financial services.
Growth in Sub-Saharan Africa remains below three percent three years after crisis, World Bank report
Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse.
Economic growth in East Africa is soaring ahead of other regions on the continent at close to 7 percent while the overall outlook for the rest of Africa is cautious, but positive.
One hundred and sixty young women have begun a month-long coding class on two Nigerian campuses under a new programme to give African youth digital skills for the work force.
The World Bank has approved an $82 million grant to increase access to electricity in five of the poorest provinces of Mozambique.
South African electricity public utility Eskom has secured a $180 million loan, which will be used to expand the country’s renewable energy efforts.
European Investment Bank invests $15 million in Africa Industrialization Fund to support growth capital investments
The European Investment Bank has signed a commitment of $15 million with the SPE Africa Industrialization I Fund, targeting growth capital investments in SMEs and mid-market companies.
[South Africa] SARB imposes sanctions on three Authorised Dealers in foreign exchange with limited authority
The South African Reserve Bank (SARB) has imposed administrative sanctions on three Authorised Dealers in foreign exchange with limited authority (ADLAs).
The Development Bank of Southern Africa (DBSA) and New Development Bank (NDB) have signed a loan agreement for Greenhouse Gas Emissions Reduction and Energy Sector Development Project.
Chairperson and Managing Director of Suez Canal Bank, Hussein Refaei, inaugurated two new branches of the bank, bringing its branch network to 43.
The Shell Petroleum Development Company of Nigeria Limited has upped its contractor support fund with $200 million in a latest effort to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry.
AfDB approves $20 million investment in Uhuru Growth Fund, building regional champions across West Africa
The African Development Bank, AfDB, has approved a $20 million equity investment in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners Limited.
Amazon Web Services, an Amazon.com company, has announced that Standard Bank Group has selected AWS as its preferred cloud provider with the intention of migrating its production workloads.
The Monetary Policy Committee retained the Central Bank Rate at 9.00 percent as at March 27, 2019.
IFC has announced that it has signed an agreement with Africa RE, to help thousands of small holder Nigerian farmers more easily access insurance to protect their crops and livelihoods.
Digital money transfer company WorldRemit has joined forces with Gulf African Bank (GAB), Kenya’s premier shari’ah compliant bank, to facilitate diaspora remittances.
The European Investment Bank, the long-term lending institution of the European Union, and Bank of Kigali have agreed their largest ever cooperation to support new business investment across Rwanda.
Amplified Payments, a fintech company that builds and facilitates payment solutions and digital financial transactions in Nigeria, has been acquired One Finance.
The Adaptation Benefits Mechanism (ABM) is an innovative mechanism for mobilising new and additional public and private sector finance.
Nigeria’s Access Bank Plc has issued the first certified corporate green bond in Africa, raising Nira 15 billion (US$ 41 million).
Bank of Zambia, FSD Africa and FSD Zambia partner for second phase of Credit Market Monitoring Programme
The Bank of Zambia partnered with FSD Africa and FSD Zambia to implement the second phase of its Credit Market Monitoring Programme (CMMP).
Farmers, youth, women and small businesses in the Democratic Republic of the Congo will gain better access to financial services following the launch of a new project between FSD Africa and Equity Bank Congo.
[Kenya] Cytonn and SBM Bank sign $ 6.5 million loan facility towards completion of a residential mixed use development
Cytonn Investments,has signed a $ 6.5 million loan facility with State Bank of Mauritius, SBM Bank Kenya, as it seeks to bring in long-term debt to complement its private markets funding.
The African Development Bank and the governments of Mozambique and Portugal have signed a Mozambique-specific Memorandum of Understanding for the implementation of the Lusophone Compact.
Debub Global Bank (DGB) has teamed up with leading digital money transfer service WorldRemit for digital money transfers to Ethiopia.
The Prudential Authority has imposed administrative sanctions on Bidvest Bank for non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act).
Standard Bank is realigning its retail and business banking delivery model to the changing needs of customers amid rapid adoption of digital banking products and services.
The African Export-Import Bank (Afreximbank) has made the case for factoring as a viable and sustainable solution to address the challenge of access to financing.
Access Bank and Diamond Bank say the Central Bank of Nigeria and the Securities and Exchange Commission have given them the final approval to merge.
The National Savings Bank (NatSave) and Mastercard have signed an agreement which will see the bank rollout Mastercard Chip and PIN prepaid and debit cards.
[South Africa] Capitec Bank set to expand its payments business with ACI Worldwide’s retail payments solution
ACI Worldwide, a global provider of real-time electronic payment and banking solutions, has announced an extension of its long-standing relationship with Capitec Bank, South Africa’s second largest retail bank.
Access Bank Plc has announced the approval of its proposed merger with Diamond Bank Plc by shareholders of the Bank.
The African Development Bank will double its climate finance commitments for the period 2020-2025, the Bank’s President announced at the One Planet Summit taking place in Nairobi.
NIC Bank has launched a one-of-a-kind financing scheme that will allow Toyota Kenya customers access financing to purchase new Toyota vehicles.
Global payment technology company Visa, is set to unveil a mobile app in Tanzania that will allow free of charge and cross border transactions.
The Financial Inclusion Initiative at Omidyar Network has announced the launch Flourish, a new venture firm focused on backing fintech entrepreneurs in emerging markets.
FSS, Financial Software and Systems, a global payments technology company, has announced a strategic investment in Ecentric Payment Systems.
Standard Chartered Bank unveiled SC Mobile Digital Bank for its retail customers with enhanced features at a cost of KES 83.4 million.
[South Africa] The dti partners with World Bank to drive private sector competitiveness and investment
South Africa’s dti and the World Bank announced an advisory services partnership aimed at improving the business environment for domestic entrepreneurs.
African challenger bank Vista Bank selects Temenos to power its digital transformation and growth across Africa
Vista Group has partnered with Temenos, the banking software company, to power its digital transformation journey.
OneFi has secured a $5M debt facility for its consumer facing platform, Paylater. The facility comes from New York and Nairobi-based Lendable, a technology-enabled funding provider to African consumer and SME lenders.
The Kingdom of Eswatini has deposited the instrument of its accession to the 1993 Agreement for the Establishment of the African Export-Import Bank.
As part of its merger benefits to customers, Diamond Bank, Nigeria's leading retail Bank has introduced PayDay Loan to ease the financial burden of customers.
South Sudan has achieved its highest ever receipt of $14.2 million in non-oil tax revenues for the first time in the nation’s history.
In celebration of International Women’s Day, Visa (NYSE: V) today reinforced its dedication to women empowerment with the launch of the first Visa Everywhere Initiative: Women’s Global Edition.
South Africa stands a big opportunity to expand small businesses and create jobs, IFC, World Bank study
South Africa’s financial institutions and policymakers have a big opportunity to create jobs by expanding financial services in a stronger business environment for smaller businesses, according to a new study by IFC and the World Bank.
Stanbic Holdings posted KSh6.3 billion profit after tax last year, a 46 percent growth from the previous year’s KSh4.3 billion, driven by growth in customer loans and deposits.
In another major step forward in supporting growth in SMEs, South Africa’s bank Sasfin has announced that it has acquired a strategic stake in fast-growing fintech lender Payabill.
[Kenya] Banking industry enhances payments efficiency with automated direct debits and foreign currency clearing
The banking industry through the Kenya Bankers Association has completed three key projects to increase efficiency of the Automated Clearing House.
Leading digital money transfer service WorldRemit has partnered with Diamond Trust Bank for digital money transfers to Uganda.
Bank of Abyssinia has joined forces with leading digital money transfer service WorldRemit for digital money transfers to Ethiopia.
The African Export-Import Bank has upgraded its compliance function to a full department, naming long-serving banker Maureen Mba as Director.
Barclays Bank of Kenya’s mobile loan app, Timiza smashed its download target within five months, pointing to increased appetite for banking apps by the Kenyan consumers.
The African Export-Import Bank has appointed Humphrey Nwugo as Regional Chief Operating Officer for its Harare-based Southern Africa Regional Office.
Standard Chartered has completed a simultaneous multi-market launch of its digitally-led retail banks in Tanzania and Ghana, with Kenya’s roll out scheduled to occur shortly.
South Africa’s First National Bank. FNB has said that it has detected abnormally high volumes and disputes of suspicious debit orders with descriptors Procall and Mzansi in December 2018 and January 2019.
The African Development Bank has kicked off a feasibility study to explore the potential of electricity cooperative business models in Nigeria and Ethiopia.
IFC signed an agreement with Banque de l’Habitat to launch a pioneering project that will help the bank boost financial inclusion for women in Tunisia and launch a digital offering for its customers.
The World Bank Group has announced a new strategy of support for Libya focused on restoring key services to citizens and promoting economic recovery as a critical contribution to the ongoing peace process.
Kathryn Main is an advocate of financial literacy and believes it is a cornerstone of prosperity and security for any community. The author of 'Raising Money Savvy Kids', she runs her company in Johannesburg, South Africa, delivering financial education in a number of ways.
Azuri and First Bank of Nigeria Limited have announced a unique partnership that will help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians.
SBM has launched the World Elite Mastercard credit card, providing its high net worth cardholders with a range of priceless benefits and privileges that can be accessed at home and abroad.
The United Bank for Africa (UBA) has partnered with Google and ISP partner to unveil Google Station in 11 UBA branches in Lagos State as part of plans to roll out 200 stations in the country.
Enat Bank has partnered with leading digital money transfer service, WorldRemit for digital money transfers to Ethiopia.
Entersekt announced the appointments of Pieter de Swardt as Country Manager and Stuart Gray as VP Engineering Services, to drive on company’s service delivery in South Africa.
Visa has announced the expansion of its fast-track programme to support fintechs in the Central and Eastern Europe, Middle East and Africa.
The president of the Board of Directors of the Savings and Credit Bank (BPC), Alcides Safeca, has announced the granting of credits to potential entrepreneurs that guarantee a lower risk of default later this year.
Millennium Bank has signed a protocol to open a financing line with Commerzbank, Germany, for a total of 30 million euros.
FNB has launched its new Easy Smart Option bank account making it the first bank to combine medical, financial and legal advice as additional value to consumers who earn between R1 000 to R7 000 per month.
[South Africa] Eskom concludes $1 billion loan facility agreement with local and international banks
South Africa's power utility company Eskom has concluded a R15 billion loan facility, approximately $1.1 billion, with a consortium of local and international banks.
The African Export-Import Bank is to implement a Tunisia-Africa Trade and Investment Promotion Programme with an initial $500 million to promote trade between Tunisia and the rest of Africa.
[Togo] Ecobank and Terre des Hommes launch Safe Savings Project to empower street children escape poverty
Pan African bank Ecobank, is partnering with leading international children rights NGO Terre des Hommes to offer digital financial services to Togo children living in the streets.
ECOWAS) and AfDB have signed the $22.7 Million grant retrocession agreement for the 6-lane Abidjan-Lagos Corridor Development Project in Abuja, Nigeria.
The operationalization of the newly-created Fund for Export Development in Africa (FEDA) has moved into high gear with the holding of the pre-incorporation meeting of the Board of Directors in Cairo.