The Board of Polaris Bank and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, has appointed Innocent C. Ike as the Acting Managing Director and CEO of Polaris Bank effective 1 September 2020.
Global Credit Rating, GCR, has affirmed The African Export-Import Bank, Afreximbank, international scale long-term and short-term issuer ratings of A- and A2, respectively, with a stable outlook.
Equity Bank Kenya Board has appointed Ambassador Erastus Mwencha, as the Chairman, taking over from Professor Isaac Macharia who was recently appointed Equity Group Holdings Board Chairman.
Dr. Akinwumi A. Adesina has been re-elected to serve a second fiveyear term as President of the African Development Bank Group by the Board of Governors of the Bank.
The Central Bank of Nigeria has directed all banks in the country to submit the names, addresses and Bank Verification Numbers of exporters that have defaulted in repatriating their exports proceeds, for further action.
Afreximbank provides $400 milllion to the Export Trading Group to drive agricultural productivity and resilience
The African Export-Import Bank (Afreximbank) has approved a $400-million revolving global credit facility agreement for the Export Trading Group, one of the fastest-growing integrated agricultural conglomerates in Africa.
MoneyGram International announced a partnership with Thunes, which will enable MoneyGram's customers to seamlessly send money directly to mobile wallets and bank accounts globally through the MoneyGram platform.
The Bank of Mauritius, acting under section 17 of the Banking Act 2004, revoked the Islamic Banking Licence of Century Banking Corporation (CBC) with immediate effect.
Banque Misr has signed a cooperation protocol with the Egyptian Company for Metro Management and Operation to deploy ATM machines at all subway stations.
The African Development Bank (AfDB) announced a 24-month debarment of Sangtech International Services, Sangar & Associates (Nigeria), Mashad Integrated and Investment Co. and Medniza Global Merchants.
IFC issues 10-year US dollar global bond, raises $1 billion to support private sector in developing countries
IFC, a member of the World Bank Group, issued a new 10-year US dollar global benchmark bond, raising $1 billion to assist emerging economies recover from the COVID-19 health and economic crisis.
Ecobank Group announced the winners of its Ecobank Fintech Challenge, with Nokwary Technologies edging out the rest of the finalists to emerge winner of the competition.
DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbH has provided a long-term loan amounting to $30 million to First National Bank Ghana.
The Eastern and Southern African Trade and Development Bank (TDB) and Agence Française de Développement (AFD) signed a $150 million credit line agreement aimed at financing climate infrastructure projects in Africa.
[Column] Charles Lufumpa: Rebuilding Africa and strengthening its resilience against future economic shocks
After demonstrating its resilience during the Ebola outbreak and the global financial crisis, Africa is once again facing a severe test of its strength and agility because of the coronavirus pandemic.
Equity has rolled out a universal number for all outbound communication to its customers and other external stakeholders. Moving forward, customers will be contacted by one outgoing number from Equity, 0763 000 000.
Mastercard has announced the expansion of its Accelerate fintech portfolio, adding dynamic entrepreneurs to its award-winning startup engagement program Start Path and more technology partners to its Engage network.
Through an extended partnership with Mastercard and Nedbank, Ukheshe Technologies the payments platform specialist, has launched its Third-Party Processing Services (TPP) in South Africa.
Banque Populaire de Mauritanie (BPM), one of the leading banks in Mauritania launched a state-of-the-art mobile banking service - Bankily, which has received a positive response from consumers.
The COVID-19 pandemic and its health and economic impacts has forced a global rethink of the current multilateral framework and what it means for the future.
The Women Entrepreneurs Finance Initiative (We-Fi) announced its third funding allocation comprising $49.3 million, expected to benefit over 15,000 women-led businesses.
Finastra announced that CIH Bank, a Moroccan-based commercial bank, has gone live with Fusion Corporate Channels and Fusion Trade Innovation, to digitize its end-to-end corporate banking services.
Agence Française de Développement and AfreximBank sign a €150 million climate financing agreement for Africa
Agence Française de Développement (AFD) and the African Export-Import Bank, AfreximBank, have announced a new facility agreement for a €150 Million financing programme.
Equity Group Holdings (EGH) announced its half year results, reflecting a 24% decline in profitability from Kshs.12.0 billion to Kshs.9.1 billion for the corresponding period the previous year.
The Green Cluster of SMEs in Côte d'Ivoire has awarded the African Development Bank a prize for the best technical and financial partner committed to promoting the green economy.
The EBRD is supporting small businesses in Morocco to withstand the coronavirus pandemic with an approximately 430 million dirham (equivalent to circa €40 million) loan to CaixaBank’s Morocco branch.
South African banks’ 1H20 results will confirm a slump in operating profits due to a surge in credit losses caused by the coronavirus pandemic, Fitch Ratings says.
The National Bank of Kenya (NBK) has posted Kshs.186 million in profit before tax for the first half of the year ending June, representing a 62% increase from a similar period last year.
The future leaders in auto and equipment finance will be those who make strategic investments in digital transformation, platform modernisation and capability development to attract a new kind of customer.
The U.S. International Development Finance Corporation (DFC) has committed a $5 million loan to BIX Capital for SMEs debt financing in Sub Saharan Africa.
Temenos announced that Sombank has selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia.
TDB SME Programme announced the signing of an initial 4-year senior/ mezzanine debt facility of $1 million to be managed by Grassroots Business Fund to finance agribusiness SMEs in Kenya, Tanzania and Uganda.
Ghana’s Agricultural Development Bank shows impressive half year performance amid COVID -19 setbacks
Ghana's Agricultural Development Bank has posted impressive financial growth in its half-year results, even in the face of the Coronavirus pandemic that has wreaked havoc on all sectors of the economy, including the financial sector.
Standard Chartered Bank and Airtel Africa have announced a strategic collaboration to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.
CDC Group, the UK’s impact investor and development finance institution has established its permanent presence in Egypt with the appointment of Sherine Shohdy as its new Coverage Director.
The EBRD is supporting the real economy in Egypt with a $200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses.
Renowned African banker Rene Awambeng has joined the African Energy Chamber’s Advisory Board for 2020 and 2021, to be advising and supporting the work of the Chamber within its Investment Committee.
IFC announced a $50 million loan to Diamond Trust Bank Kenya (DTB) to support its borrowers, especially small and medium enterprises (SMEs), who have been affected by the economic challenges of COVID-19.
[Kenya] Equity Group Holdings completes acquisition of majority stake in Banque Commerciale Du Congo
Equity Group Holdings PLC has announced the completion of its acquisition of 66.53 per cent stake in the Banque Commerciale Du Congo (BCDC) at a cost of $95 Million.
The European Bank for Reconstruction and Development (EBRD) is strengthening private small businesses and trade in Morocco with a €40 million financing package to Crédit Immobilier et Hôtelier, SA (CIH).
AUDA-NEPAD, the African Union Development Agency, has announced the launch of the MSME Academy, in partnership with Ecobank Group.
MIGA, a member of the World Bank Group, has issued guarantees of up to $235 million to a wholly-owned subsidiary of South Africa’s FirstRand Group, for a period of up to 15 years.
The Central Bank of Kenya (CBK) announced the acquisition of 90 percent of the shareholding of Jamii Bora Bank (JBB) by Co-operative Bank of Kenya (Co-op Bank) effective August 21, 2020.
As AI and IoT become a part of our lives e-banking is gaining traction and with that comes an influx of different offerings some good and some bad.
The Kenya Bankers Association has partnered with the Financial Sector Deepening Trust (FSD Kenya), non-profit inABLE in a programme to promote access to financial services for Persons With Disabilities
IFC and the Uganda Bankers Association announced a partnership to train financial institutions SMEs in Uganda to help them build financial strength and resiliency to better meet the challenges of the COVID-19 crisis.
Access Bank Zambia and Cavmont Capital Holdings Zambia have signed a definitive agreement regarding a proposed merger of Access Bank Zambia and Cavmont Bank, a subsidiary of CCHZ.
Legacy Money Market Fund, a mutual fund managed by FCMB Asset Management (FCMBAM), has received a rating upgrade from A-(f) to A(f) by Agusto & Co, a foremost pan-African rating agency.
Absa Regional Operations, ARO, has migrated to a platform offered by Fiserv Inc., to support credit card management and processing in nine African nations.
Republic Bank (Ghana) Limited, a subsidiary of Republic Financial Holdings Limited has advocated for issuance of a Green Bond in Ghana to raise long term financing for Green Building construction by developers.
ACI Worldwide announced that Altech Card Solutions is utilizing ACI’s UP Retail Payments to better serve its large multi-national retail customers in South Africa and across the African continent.
The Nigerian Communications Commission (NCC) in furtherance of its mandate to protect the interests of consumers and support a robust telecommunications sector, has revised its Determination on USSD pricing.
The Nigerian Communications Commission (NCC) said that commercial banks in the country are owing telecommunications companies over N17 billion following the regulator’s suspension of its Determination on USSD pricing last year.
The African Export-Import Bank (Afreximbank) is supporting the advancement of Mozambique’s energy industry and economy by committing up to $400 million in guarantees and direct lending to the Area 1 LNG project.
Ecobank Group has announced the finalists from the 2020 Ecobank Fintech Challenge. The challenge, in its third edition, is designed to deepen collaboration between Ecobank and Fintechs with Africa focused products.
[Ethiopia] Bank of Abyssinia and visa launch e commerce acquiring business using cybersource payment technology
Bank of Abyssinia, BoA, has become the First Bank in Ethiopia to implement Visa CyberSource payment gateway to drive e-commerce acquiring business.
Climate financing by seven of the world’s largest multilateral development banks (MDBs) totaled $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies.
With the COVID-19 pandemic continuing to devastate economies around the world, Africa is set to experience its first recession since the 1990s, threatening to undo two decades of growth and development.
The European Investment Bank (EIB) and the Afreximbank are directing €300m of financing to support the resilience and recovery of African nations in response to the COVID-19 pandemic.
The Absa Purchasing Managers’ Index (PMI) for July declined slightly compared to the previous month, but continued to signal a further month-on-month improvement for conditions in the manufacturing sector.
GOIL, in partnership with the Ghana Interbank Payment and Settlement Systems (GhIPSS), have launched the use of the gh-link card on GOIL’s Point of Sale (POS) devices across the country.
The OPEC Fund approved $75 million to support socio economic development and COVID 19 recovery efforts in several developing countries.
CDC Group, the UK’s development finance institution and impact investor announced an additional $75 million commitment to its existing trade finance facility with Absa Bank.
Polaris Bank has partnered with Facebook to provide free digital marketing training to SMEs in Nigeria.
Clydestone Ghana, a leading payments system and fintech solutions provider has partnered with Thales, a global leader in digital identities and security to provide TheOne authentication as a service platform.
Marieme Esther Dassanou is the Coordinator of Affirmative Finance Action for Women in Africa (AFAWA) the African Development Bank’s flagship pan-African initiative
Lumos has received new funding from Dutch entrepreneurial development bank, FMO, to expand its existing market for reliable, accessible and clean solar power in Côte d’Ivoire.
The Bank of Mauritius has become a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), with request for membership being unanimously approved by all NGFS members.
The European Bank for Reconstruction and Development (EBRD) and Visa have announced a strategic partnership that aims to jointly support small and medium sized enterprises (SMEs) in the economies where the EBRD operates.
Sterling Bank Plc, Nigeria in collaboration with Clickatell have announced a personalized banking experience for existing customers and prospective account holders through WhatsApp.
The South African Reserve Bank (SARB) has imposed administrative sanctions on three life insurers and directed them to take remedial actions.
The EBRD is responding to the impact of the coronavirus pandemic on the Tunisian economy with a €5 million loan to Compagnie Internationale de Leasing (CIL) for on-lending to local private businesses.
Marking a seminal moment in the history of the organization, the Global Business School Network (GBSN) has announced thatTogo-based Ecobank Academy has become its first corporate member.
As a major integrated LNG project in Mozambique advances toward fruition, the EXIM has reaffirmed its continuing support for the development by initiating the process of providing $4.7 billion in financing.
Nedbank recently announced the launch of an innovative Sustainable Development (SDG)-linked, tier 2 capital instrument. This instrument is listed on the Green Bonds segment of the JSE.
South African banking group Standard Bank has invested $485 million in the Mozambique LNG project, joining 20 international banks that have invested close to $15 billion in the project.
United Bank for Africa Plc has announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as CEOs of six of its 20 subsidiaries across Africa.
The First Bank of Nigeria announced that thousands of students have been signing up to access the e-learning solutions for free which is provided in partnership with Roducate and Lagos State Government.
The Federation of National Association of Women in Business, Zimbabwe Chapter has launched a micro-finance institution to support women economic empowerment.
Temenos, the banking software company, announced that Orange Bank Africa has gone live with cloud-native Temenos Transact delivered as SaaS.
The EBRD is responding to the impact of the coronavirus pandemic on the Moroccan economy with a $100 million loan to Banque Centrale Populaire (BCP) for on-lending to local private businesses.
Orange, a major telecoms provider in Africa and the Middle East, and NSIA, a player in bancassurance, have launched Orange Bank Africa in Abidjan and Côte d'Ivoire.
IFC announced a $50 million loan to Equity Bank Kenya to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients.
Nigeria’s Access Bank successfully completed the acquisition of Transnational Bank of Kenya with 99.98% shareholding, following regulatory approval granted by the Central Bank of Kenya.
IFC committed $5.6 billion to private sector development in the Middle East and sub-Saharan Africa in fiscal year 2020, supporting businesses across the two regions.
Fitch Ratings, the global credit rating agency, has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’, with stable outlook.
The European Bank for Reconstruction and Development (EBRD) is supporting Egypt’s New Urban Communities Authority in its plans to diversify funding sources by tapping the debt capital market with an investment of €86.5 million.
IFC, a member of the World Bank Group, is providing a loan of up to $50 million to Access Bank to help the bank increase liquidity to thousands of small and medium-sized enterprises (SMEs) in Nigeria.
The Japan Bank for International Cooperation (JBIC) signed a loan agreement in Mozambique LNG project financing amounting up to $3 billion.
Afreximbank disburses $3.55bn to cushion impact of COVID-19, $300m to stimulate intra-African trade in Egypt
The African Export-Import Bank (Afreximbank) has disbursed a total of $3.55 billion to the Egyptian Banking sector under its Pandemic Trade Impact Mitigation Facility (PATIMFA).
French oil major Total has secured $15.8 billion in funding from South African lender FirstRand’s local unit, First National Bank Mozambique, for the development of the $20 billion LNG Golfinho-Atum gas field in northern Mozambique.
IFC is joining forces with the National Bank of Egypt and MSMEDA to strengthen the clean technology entrepreneurship sector and boost Egyptian farmers’ access to finance for solar irrigation.
Pan-African banking group, Ecobank has won Africa’s Best Bank for Corporate Responsibility in the Euromoney Awards for Excellence 2020.
The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved an application by Algeria to become a member of the multilateral financial institution.
Rabobank has signed a new partnership agreement FAO with the intention of helping targeted rural communities benefit from more inclusive, sustainable food systems.
IFC announced a €25 million, one-year senior loan to NSIA Banque Côte d’Ivoire (NSIA), allowing the bank to extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the Covid-19 pandemic.
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.