Pan-African banking group Ecobank has appointed Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI).
The Board of Directors of the Bank of Central African States (BEAC) has allowed the opening of foreign currency escrow accounts by petroleum and mining operators.
The Chartered Institute of Bankers of Nigeria (CIBN) has commenced plans to adopt Remote Online Proctoring for the conduct of its professional banking and certification examinations.
IFC issued a new US dollar global benchmark bond, raising $2 billion to support private sector enterprises in developing countries in the face of the global COVID-19 health and economic crisis.
MIGA, a member of the World Bank Group, has issued a guarantee of EUR 359 million for up to ten years for a loan provided to the Eastern and Southern African Trade and Development Bank.
World Bank approves $425m financing to support infrastructure development in Eastern and Southern Africa
The World Bank approved $425 million in International Development Association financing to support infrastructure development in Eastern and Southern Africa through the Trade and Development Bank and COMESA Secretariat.
FCMB Group notified the Nigerian Stock Exchange that its pensions arm, FCMB Pensions, has entered into an agreement to acquire 96% of AIICO Pensions.
Nedbank has unveiled its new tap-on-phone functionality that allows all merchants and business owners to convert their mobile phones into payment acceptance devices.
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco.
Pan-African financial services group United Bank for Africa (UBA) has appointed Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively.
The World Bank Board of Directors has approved $425 million financing to support the provision of infrastructure finance in Eastern and Southern Africa.
Tanzania Vodacom customers to transfer and receive funds from across more than 200 countries worldwide
Tanzania’s leading mobile money service provider Vodacom M-Pesa announced the expansion of its International Money Transfer service portfolio and Vodacom customers will now transfer and receive funds from across more than 200 countries.
IFC announced a loan of up to $100 million to Commercial International Bank (CIB), Egypt’s largest private bank, to help the bank increase support to clients and companies whose cash flows have been disrupted by the COVID-19 pandemic.
Ecobank Group has announced its commitment to support ending malaria, launching the first-of-its-kind Zero Malaria Business Leadership Initiative in partnership.
The African Development Bank Group has concluded the investment of R2 billion ($116 million) in Sustainable Development Goals-linked bonds (SDG bonds) issued by Nedbank South Africa.
The African Development Bank has joined the World Trade Organisation (WTO)and other multilateral development banks (MDBs) to reduce trade finance gaps that emerge as a result of the COVID-19 pandemic.
With funding from the African Development Bank the project provided irrigation kits, constructed boreholes, small dams and water troughs that boost farmers’ yields.
Five years into the African Development Bank’s ambitious New Deal on Energy for Africa, the Bank’s investments are set to provide electricity access to around 13 million people.
Barclays has been granted a Financial Advisory and Intermediary Services (FAIS) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
IFC announced a $185 million loan to The Standard Bank of South Africa to help it expand its COVID-19 lending program to small and medium-sized enterprises and corporates affected by the pandemic.
The African Development Bank (AfDB) announces the appointment of Mr. Souley Amadou as Acting General Counsel and Director of the Legal Service Department, effective 1 July 2020.
The World Bank approved a total amount of $425 million in International Development Association (IDA) financing to support the provision of infrastructure finance in Eastern and Southern Africa.
The European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organisation (UNWTO) are joining forces to boost the recovery of the tourism sector across the 38 economies where the Bank invests.
Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year.
AfreximBank receives $200 million financing from ITFC to boost agriculture sector in Sub Saharan Africa
The International Islamic Trade Finance Corporation, has signed a $200 million syndicated Murabaha financing agreement with Afreximbank to support the agriculture sector in Sub Saharan Africa.
Three leading international financial institutions, the African Development Bank, the World Bank, and the International Monetary Fund (IMF), pledged multi-pronged support to Sudan.
IFC is boosting its response to the COVID-19 pandemic by offering new incentives for financial institutions to provide loans to SMEs in the poorest countries and to women entrepreneurs across all emerging markets.
Newgen Software has announced that Eastern and Southern African Trade and Development Bank (TDB), is going live with its electronic document and records management system.
Publish What You Fund has ranked the African Development Bank fourth out of 47 global development institutions on its Aid Transparency Index.
The Ghana Cocoa Board officially launched the $600 million syndicated loan facility which it signed with some Development Finance Institutions to provide funding for various investment projects within Ghana’s cocoa industry.
Following the March announcement by the Central Bank of Kenya (CBK) of measures to facilitate increased use of mobile money transactions instead of cash, in the context of the COVID-19 pandemic, CBK has reviewed its implementation.
Junior Achievement (JA) Africa and Ecobank Group have announced their new partnership- “Banking on Africa’s Youth.”
Absa Capital Markets Nigeria, acting as joint lead issuing house, successfully completed Dangote Cement debut Series 1 bond offering, allocating NGN 100 billion in 5-year fixed-rate senior unsecured bonds.
Financial services holding company Cititrust has launched its culture transformation journey aimed at delivering excellent service and world-class customer experience in Nigeria.
The World Bank Board of Directors has approved a $55 million International Development Assistance (IDA) grant to support Somalia’s economic recovery.
KCB Group disbursed KSh. 2.12 billion in dividend earnings to the Government of Kenya for the year ending December 2019, signifying a sustained return to shareholders amid a tough operating environment.
Ratings agency S&P Global affirmed its 'AAA/A-1+' long- and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook.
The European Bank for Reconstruction and Development (EBRD) is reinforcing its support for the Egyptian economy with $100 million loan to Commercial International Bank (CIB), a longstanding partner bank of the EBRD.
The European Bank for Reconstruction and Development (EBRD) is supporting the Egyptian Economy with $200 million financing package to National Bank of Egypt (NBE) for trade and for on-lending to local companies.
The Board of Directors of the African Development Bank has approved a 225 million euros loan to finance Egypt's Electricity and Green Growth Support Program
QNB Group has become the first bank in Sudan to have successfully performed an international payment card transaction in partnership with Mastercard,
Nasdaq has announced the inclusion of the African Development Bank, one of the world's largest issuers of social bonds, in the Nasdaq Sustainable Bond Network.
Kyriba has partnered with Midis Group , a technology organization, comprising some 170 companies across 70 countries in the EMEA region
[Kenya] Equity Group Foundation, Mastercard Foundation commit $1.93 million to support learning amid Covid-19
Equity Group Foundation and the Mastercard Foundation have partnered to support over 14,600 students in the Wings to Fly and Elimu scholarship programs.
In a bid to strengthen the capacity of players in the Nigerian healthcare sector, Access Bank, under the auspices of the Central Bank of Nigeria, will be issuing loans, worth up to N100bn.
KCB Group has announced a KSh.11.1 billion total dividend payout to shareholders for the 2019 financial year, signifying a sustained return to shareholders amid a tough operating environment.
The Development Bank of Southern Africa and the Council for Scientific and Industrial Research are set to work together to develop technologies and infrastructure to support socio-economic development in South Africa.
The European Bank for Reconstruction and Development (EBRD) has partnered with the National Office for Electricity and Drinking Water (ONEE) in Morocco to speed up the construction of a water treatment plant.
Access Bank, under the auspices of the Central Bank of Nigeria, will be issuing loans, worth up to N100 billion, approximately $260 million.
AfDB's Board of Directors has approved a $1.2 million grant to Ethiopia's government to finance a feasibility study for construction of a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan.
Financial advisory firm Financial Access and IT company Incentro launch ‘LendXS’, a new fintech platform especially developed for the African market.
Absa Group, one of Africa’s largest financial services providers, is celebrating substantial completion of its separation programme from Barclays PLC, three years after the start.
Absa and the Premier Soccer League (PSL) will be ending their sponsorship relationship of the Absa Premiership when the sponsorship contract expires at the end of the current season.
Standard Chartered has appointed Subhradeep Mohanty as Chief Financial Officer (CFO) of the Africa and Middle East (AME) region.
The European Bank for Reconstruction and Development (EBRD) is providing loans for up to US$ 100 million to National Bank of Kuwait Egypt (NBKE) for on-lending to private businesses in Egypt.
Central Bank of Nigeria introduces the Healthcare Sector Research and Development Intervention Scheme
The Central Bank of Nigeria (CBN) has introduces the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to help strengthen the public healthcare system.
African Bank Limited has invested in Arctic Intelligence’s software, AML Accelerate, to enable seamless completion of Anti-Money Laundering and Counter Terrorism Financing enterprise risk assessments.
For the past five decades, the African Development Bank Group has been at the forefront of driving Africa’s economic transformation, leveraging its diverse resources and unique know-how as an indigenous development finance institution.
Remittance flows to Sub Saharan African countries will drop by 23.1% from $48 billion in 2019 to $37 billion in 2020 in the wake of the Covid-19 economic crisis, according to the World Bank.
Sparkle, a digital ecosystem providing financial, lifestyle and business support services to Nigerians across the globe has been launched.
First City Monument Bank (FCMB), has continued to blaze the trail with innovative and value-added offerings to boost the productivity and overall performance of businesses.
The Rand Merchant Bank (RMB) confirmed that a liquefied natural gas (LNG) project in Mozambique is expected to receive $15 billion (R267bn) of financing commitments at a signing scheduled for June 2020.
Guaranty Trust Bank Plc has announced the launch of Beta Health, a low-cost health financing product that offers instant access to health insurance for every Nigerian.
Global Finance has named Ecobank as the most innovative bank in Africa.
The Chartered Institute for Securities & Investment (CISI) and the Tanzania Institute of Bankers (TIOB) have signed an MoU with the aim of advancing professional standards in the Tanzanian banking sector.
The President of the Republic of Ghana launched the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme.
Pan African Financial group, UBA, has invested in cutting edge technology in a bid to boost its overall service offering to customers a development that has shown its unalloyed commitment to establishing its dominance across Africa.
Standard Bank Insurance announced it will continue its 25% cashback relief on car insurance premiums for a second month to the end of May 2020, with clients so far having received cash back amounting to more than R15 million.
Ecobank Group, the pan-African Bank, in collaboration with Google is helping to equip African SMEs with the necessary digital skills to navigate the rapidly evolving business world.
Carbon in an effort to improve the experience of its customers, has launched Carbon Express - A keyboard extension that allows customers to access Carbon services from within whatever app they are using.
[Kenya] Bankers survey projects pandemic-led business slowdown, highlights commitment to support economy
The Kenyan banking industry anticipates a business decline this year as the Coronavirus Disease (COVID-19) continues to affect economic activity across sectors.
The World Bank has approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap, while supporting reforms that help advance the government’s inclusive growth agenda.
HPS, a leading multinational provider of payment solutions announces it has completed the modernisation of Absa’s African Operations outside of South Africa (ARO) acquiring payments infrastructure journey.
All the funds totalling R250 million assigned to Standard Bank by the South African Future Trust (SAFT) have been allocated to the employees of qualifying SMMEs, after six weeks of administering the fund.
The OPEC Fund for International Development has increased its trade finance program from $50 to $100 million to enable international financial services firm Natixis to enhance support for trade and development in Africa.
The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million.
Standard Bank has launched a digitized Escrow solution, an online service that has been designed to protect individuals from risks associated with buying or selling goods or services from unknown individuals.
Moody's Investors Service, has changed the outlook of KCB Bank Kenya Limited, Equity Bank and Co-operative Bank of Kenya Limited long-term deposit ratings to negative from stable.
The African Development Bank (AfDB) has imposed a 13-month debarment on Entreprise de Travaux et d’Etudes de Projets (ETEP) SA, a civil engineering company registered in Tunisia, for engaging in sanctionable practices in Mali and Guinea.
Carlos Felipe Jaramillo, an economist and development expert with almost two decades of experience at the World Bank Group, has been appointed Vice President for the Latin America and the Caribbean Region.
The European Investment Bank (EIB) has signed a financing agreement of $100 million with Banque du Caire (BDC) to finance the investments of Egyptian small and medium enterprises (SMEs) in the manufacturing and services sectors.
South African banks are now ready to accept loan applications from COVID-19 distressed businesses, as revealed by the National Treasury, the South African Reserve Bank and the Banking Association of South Africa.
President Muhammadu Buhari has approved the immediate dissolution of the Interim Management Team and the appointment of an Acting Managing Director for the Bank of Agriculture in the person of Mr Alwan Ali Hassan.
The European Bank for Reconstruction and Development (EBRD) is rolling out a programme in response to the economic impact of the coronavirus pandemic in Egypt, with a financial package for QNB ALAHLI.
In an effort to aid online learning, Standard Bank is now providing students with a Student Loan facility which allows access to funding for equipment such as laptops/tablets and software.
Somalia’s internal revenue mobilization galvanised by UA 5.5 million grant from African Development Bank
The Federal Republic of Somalia (FGS) revenue mobilization strategy received a boost with a UA 5.5 million grant from the African Development Bank.
AfDB has welcomed a decision by CTF to extend a $10 million concessional senior loan for development of the 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia.
Temenos announces that Enda Tamweel (Enda) has gone live with cloud-native, cloud-agnostic Temenos Transact, the next generation core banking product.
Ecobank Group is leveraging its distribution and partner networks to raise awareness of literacy apps in the Google Play Store to support the education of children who are at home due to the COVID-19 pandemic.
The World Bank announced 20-month debarment of China-based Liaoning-EFACEC Electrical Equipment Company in connection with fraudulent practices as part of the Lusaka Transmission and Distribution Rehabilitation Project in Zambia.
Economic conditions, regulation and corporate actions have defined the state and size of Botswana financial services sector over the years according to a report by Research and Markets.
The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina.
Banks in the Middle East and Africa (MEA) are the strongest believers in a cashless society, according to a global retail banking survey released by Temenos , the banking software company.
Stanbic IBTC Holdings, a member of Standard Bank Group, has reaffirmed its exemplary role in promoting the tenets of gender balance in the country.
Temenos, Microsoft partner to offer fast access to AI-driven Temenos Financial Crime Mitigation SaaS Solution
Temenos, announced a joint effort with Microsoft to enable access to its AI-powered, Financial Crime Mitigation SaaS solution to allow banks protect both their customers and organization from financial crime increase during the pandemic.
The business activity index of the Absa PMI survey crashed to an all-time low of a mere 5.1 index points in the month of April.
The African Development Bank Group announced the debarment of Sinotec Company Limited, an energy solutions company registered in China, for fraudulent practices in East Africa.
Oxfam International, together with over 100 NGOs, activists, and academics, raised an alarm regarding the plummeting Somali remittances amid the COVID-19 crisis.
The Board of Directors of the African Development Bank has approved a $40 million financial package to support Angola’s Banco Millennium Atlântico.
The Standard Bank has welcomed the R200bn Covid-19 Term Loan Scheme for Small and Medium Enterprises (SMEs), which brings much needed relief to businesses that have been adversely affected by the COVID-19 in South Africa.