The Board of Access Bank announced it has signed a Memorandum of Agreement with Diamond Bank regarding a potential merger of the two banks that will create Nigeria and Africa’s largest retail bank by customers.
OFID, the OPEC Fund for International Development has signed a US$12 million public sector loan agreement with Malawi for a project aimed at improving health and living standards for circa 125,000 people.
ECA’s African Trade Policy Centre Programme Management Officer has urged African leaders to honour their commitment to allocate 10% of their budgets to agriculture to improve continent's food security, reduce poverty and spur economic growth.
Temenos, the banking software company, announced that Banque de l’Habitat (BH) has signed for T24 Core Banking, Payments, Channels, Analytics, Financial Crime Mitigation and Enterprise Risk Management.
The African Development Bank has approved its first private sector investment in Sudan in a multi-currency loan equivalent to $75 million to DAL Group.
The African Export-Import Bank (Afreximbank) has signed an agreement with the Nigerian Export Promotion Council and, launching a $1-billion Nigeria-Africa Trade and Investment Promotion Programme.
Global money transfer company, WorldRemit has partnered with Atlas Mara Limited-owned Zimbabwe financial institution BancABC to provide a digital money transfer service.
Afreximbank, has signed financing facilities totaling $600 million with the Heirs Holdings Group.
Pan-African bank Ecobank has appointed MFS Africa as digital payment partner enabling cross-platform payment services for Ecobank account holders.
The African Development Bank, as part of its Initiative to Support Access to Women in Africa (AFAWA), in partnership with Entreprenarium, has launched training sessions for 200 women entrepreneurs.
Fitch Ratings has downgraded Diamond Bank Plc's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-' and Short-Term IDR to 'C' from 'B'.
The Director of Public Prosecution Noordin Haji has called on all stakeholders in financial institutions and banking sector to work together to strengthen the fight against mobile money fraud and cybercrime.
The Central Bank of Kenya (CBK) has announced the appointment of Governor Dr. Patrick Njoroge by the United Nations Secretary-General, to the Task Force on Digital Financing of the Sustainable Development Goals (SDGs).
The Minister for Trade and Industry, Dr Rob Davies has welcomed the Supreme Court of Appeal’s decision to dismiss Micro Finance South Africa (MFSA) application challenging the regulations reducing the interest rate on the short-term loans.
The World Bank and Egypt have signed an agreement for a US$1 billion program to support the next phase of the country’s reform program.
Zenith Bank has launched the Unstructured Supplementary Service Data payments on Point of Sales (USSD on POS).
During a trip to Dakar, Societe Generale group confirmed the solid growth of its African operations, in line with its “Transform to Grow” strategic plan.
Diamond Bank has introduced a premium lifestyle subscription service for its affluent banking customers called XclusivePlus.
Even with mounting fears that rapid automation could reduce the number of jobs in the Kenya’s manufacturing sector, a new report posits that digital technologies can, in fact, boost job creation.
IFC, a member of the World Bank Group, has signed a two-year $500,000 advisory project with I&M Bank (Rwanda) Plc. to expand access to finance for small and medium enterprises.
South African Airways, Nedbank launch world’s first Voyager Cheque Card allowing travelers earn air miles
South African Airways has partnered with Nedbank to launch a SAA Voyager Cheque Card
The World Bank has announced a new US$1 billion program to support the second generation of Egypt’s reform program.
Nedbank’s new mobile account, MobiMoney, has seen more than 50 000 people sign up less than eight weeks after the bank rolled out a pilot project for the service.
The Government of Nigeria and private sector investors are set to receive support that will help boost key industries such as the banking sector.
Central African Republic has formalized its membership of the African Export-Import Bank, Afreximbank.
Working with Big Win Philanthropy and Aliko Dangote Foundation, the African Development Bank has unveiled a new Multi-Sectoral Nutrition Action Plan.
Mastercard has partnered with Housing Finance Bank, to launch Mastercard Debit and Prepaid Card options to the bank’s customers in Uganda to deliver a quick, convenient and secure alternative to cash.
BK Group PLC has cross-listed on the Nairobi Securities Exchange (NSE) becoming the first Rwandan company to tap into the Kenyan Capital Market.
Effective 1 February 2019, Peggy-Sue Khumalo will assume the position of Chief Executive, Wealth, South Africa for Standard Bank.
The Togolese Republic has become the 20th Member State of Africa Finance Corporation (AFC), an African infrastructure development finance institution.
A draft report by the United Nations Economic Commission for Africa (ECA) titled, “Attracting Institutional Investors in Africa’s Infrastructure,” has undergone a thorough review by experts from wide-ranging sectors.
AfDB and Africa Growing Together Fund to provide $200 Million support for Nigeria Electrification Project
The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project.
Central Bank of Nigeria Governor Mr Godwin Emefiele has reassured foreign investors that Nigeria is open for business, and their investments in the country will be protected.
The African Development Bank rated has successfully priced a dual-tranche $500 million 3-year and $100 million 2-year SOFR-linked Green bond, becoming the first issuer to bring to the market a SOFR-linked Green Bond transaction.
[Kenya] HF Group PLC reports loss as it banks on a diversification strategy to mitigate future risks
HF Group has reported a pre-tax loss of Ksh325m for the period ending 30 September 2018, occasioned by low demand that has led to a slowdown in the real estate credit growth.
Kenya has this week successfully hosted the first global conference on blue economy that brought together over 16,000 delegates.
Digital payments platform BitPesa raises $5m from Sompo Holdings to revolutionize cross-border payments
Kenya’s BitPesa has raised $5m from Japanese insurance group Sompo Holdings in a move expected to revolutionize cross-border payments and insurance services globally.
The African Development Bank (AfDB) has approved a €17.96 million loan to the Republic of Cameroon to finance the construction of a Ring-Road Project in the North-West Province of the country.
Kenya’s Family Bank Limited has partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China.
Family Bank has announced that it has surpassed the Ksh500 million mark in loans disbursed, to both its customers and non-customers, within a three-month period through its mobile application PesaPap.
In 2016 and 2017, the African Development Bank granted two budget support to Gabon , to support the country's reforms.
Equity Bank has unveiled an innovative online forex trading platform in a move that seeks to harness the potential of the financial markets in Kenya.
The European Investment Bank has signed a new loan with the Ethiopian Ministry of Finance and Economic Cooperation boost women empowerment across the country.
The African Development Bank (AfDB), as part of its African Women's Access to Finance Initiative (AFAWA), is partnering with Entreprenarium to build the capacity of 1,000 women entrepreneurs on the continent.
In a further move to cement its position as an integrated financial services organisation offering exceptional value, Standard Bank is entering the airtime and data market.
The Chief of Industrialization and Infrastructure at ECA has urged the African countries to sign the Luxembourg Protocol because railways are the key to open and free trade across Africa.
Zimbabwe’s Transport and Infrastructural Development and Transport Minister has urged the Africa continent to focus on infrastructure development, to ensure it was competitive enough to make a difference.
According to the latest African Development Bank (AfDB) Country Result Brief, Mozambique has made significant strides despite an economic slump over the past two years.
The European Investment Bank has announced its strong support for the construction of a 420-MW hydropower project in Cameroon.
The Boards of Directors of the African Development Bank Group have approved S$322.35 million loans and grant to Burundi and Tanzania.
The European Investment Bank has signed a new fifteen year EUR 200 million loan agreement with the African Export-Import Bank (Afreximbank), aimed at supporting trade-related productive investments.
Under the coordination of UNDP and collaboration with NEPAD’s Planning and Coordinating Agency, African countries are developing the First African South-South Cooperation Report.
As the African Development Bank (AfDB) joined the international community to observe World Toilet Day, it is putting considerable financial muscle into the global effort to improve toilets and sanitation.
Sapiens International Corporation has announced that a tier 1 South Africa bank has chosen to expand its use of the Sapiens policy administration suite for life insurance.
The Board of Directors of the African Development Fund (ADF), the concessional window of AfDB, has approved resources to Ethiopia’s Basic Services Transformation Programme.
TAB Finance, a new microfinance bank licensed by the Central Bank of the Republic of Guinea, has joined Oradian’s global community of financial institutions.
NASCU and Mastercard today announced a landmark agreement to drive financial inclusion by extending formal financial products and services to undeserved members of cooperatives.
Sureswipe has acquired a 50.1% majority stake in the Point of Sale software company Humble Till, a move which will enhance Sureswipe’s offering to small and medium-sized businesses using card payment solutions in-store.
Moroccans can now use their mobile phones to send or receive money and pay for services.
Rwanda and World Bank have signed a $ 125 million Development Policy Operation credit agreement to support a fiscally sustainable expansion of electricity services.
AfricaCom is Africa’s largest tech, media and telcos annual festival where digital Africa interacts, learns, debates and ultimately make deals.
OFID – the OPEC Fund for International Development – has signed a $50 million unfunded risk sharing agreement with Natixis., part of Groupe BPCE, France’s second-largest banking group.
Standard Bank Group ordinary shares, Standard Bank Group second preference shares and South African fast-moving consumer goods group AVI shares begin trading on A2X today.
The African Export-Import Bank (Afreximbank) has launched a project preparation facility aimed at increasing the availability of viable well-prepared projects in Africa.
Digital technology will have a critical part to play in boosting Djibouti’s socio-economic development.
The African Development Bank has unveiled the Africa Energy Portal, AEP, a platform that will consolidate, validate, and disseminate energy data and insights across Africa’s energy value chain.
A joint study launched by the Government of Rwanda and the World Bank Group has identified four essential and interdependent drivers of future growth – innovation, integration, agglomeration, and competition.
Projects from Egypt’s private sector showed strongly at the just concluded Africa Investment Forum during which transactions close to US$50 billion were promoted by sponsors in three days of Boardroom sessions.
The African Development Bank launched the Africa Energy Portal (AEP) at the Africa Investment Forum in Johannesburg last Friday.
The Central Bank of Kenya (CBK) announced that it has transferred to the Government Consolidated Fund Ksh.800 million from CBK’s General Reserve Fund (GRF) as at end FY2017/18.
The president of the AfDB and the president of the European Bank for Reconstruction and Development met during the Africa Investment Forum and discussed new avenues for cooperation between the two institutions.
The African Export-Import Bank has signed an agreement granting an EUR 30 million revolving trade financing facility to CDC Gabon to support operations of the tenants of the Gabon Special Economic Zone.
The Arab Bank for Economic Development in Africa (BADEA) has acquired an equity stake in the Eastern and Southern African Trade and Development Bank, formerly known as PTA.
The African Export-Import Bank and CDC Group have, in Casablanca Morocco, signed a $100-million master risk participation agreement to support Afreximbank’s Trade Facilitation Programme.
The Board of Directors of the African Development Bank Group has approved a $ 50 million Risk Participation Agreement (RPA) for Natixis.
In the recent years, South Africa has continued to prove that it is one of the most diverse and promising emerging markets in Africa. The country has become a key global hub for investment, innovation and research.
The Eastern and Southern African Trade and Development Bank (TDB) and USAID’s Power Africa initiative have signed a memorandum of understanding that will finance power projects in 22 African countries.
Statistics released by the Nigeria Interbank settlement System showed that despite the concerns over slow growth of the electronic payment system, mobile money is gaining traction in Nigeria.
Standard Bank Group Ordinary Shares and Standard Bank Group Second Preference Shares have been approved for a secondary listing on A2X Markets and will be available for trade from Thursday, 15 November 2018.
Temenos, the banking software company has announced the launch of its South African "Bank of the Future" Think-Tank.
The Government of Rwanda and the World Bank Group have signed a $20 million credit agreement to improve budget reliability and control of funds for service delivery, enhance budget transparency.
The African Development Bank alongside Islamic Corporation for the Insurance of Investment and Export Credit, African Trade Insurance Agency and GuarantCo, on Wednesday entered into a Memorandum of Understanding for a Co-Guarantee Platform.
The Minister of Trade and Industry, Dr Rob Davies, says foreign investment if targeted and nurtured can drive economic growth and in turn contribute to much needed job creation and economic inclusion for all.
Finserve, an independent arm of Equity Group has announced that mKey, Africa’s first keyboard app that combines both financial social and lifestyle services has recorded close to 100,000 downloads since its official launch in early September.
14 Fintech startups have been selected to join the CATAPULT: Inclusion Africa program scheduled to take place between the 5th and 9th of November at the LHoFT.
The Board of Directors of the African Development Bank Group has approved a €117 million loan to finance a Project to Ensure the Sustainability and Security of Access to Drinking Water in Morocco.
The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program has signed a financial procedures agreement with the World Bank-led Women Entrepreneurs Finance Initiative (We-Fi).
The African Development Bank (AfDB) has approved a sovereign loan of US$229.5 million to the Republic of Uganda to finance phase one of the Kampala-Jinja Expressway project.
The World Bank has approved a $35 million International Development Association credit for the Ghana Public Sector Reform for Results Project to improve efficiency and accountability in the delivery of public services.
The tech startup fever has been spreading across the globe like bush-fire and Africa has not been left out in this bandwagon. More and more people are entering into the tech space because technology never gets old and new inventions keep evolving.
Equity Bank’s Head of Derivatives, Sales & Structuring, Brian Onyino emerged the winner of the 2018 Refinitiv Awards, formerly known as the Thomas Reuters Africa Awards, under the category of Innovation and Technology.
The Capital Markets Authority (CMA) has granted approval for the cross-listing by introduction of Bank of Kigali Group Plc (BK), a holding company of Bank of Kigali Plc, BK Insurance, BK Capital and BKTecHouse, on the Nairobi Securities Exchange (NSE).
Standard Bank, with a brand value of $4.79 billion, is South Africa's No.1 brand in the first BrandZ™ Top 30 Most Valuable South African Brands ranking.
First Bank of Nigeria, in partnership with Clickatell’s Transact division, has commercially launched their Chat Banking channel on WhatsApp.
Greater economic integration through increased investment flows into Africa
UK-based fintech company, Fiskl, has announced a partnership with South African based fintech player, Ocean on 76.
The Trade Finance Division of the African Development Bank and the International Islamic Trade Finance Corporation, have teamed up with the International Chamber of Commerce to launch a Joint AfDB-ITFC Trade Finance E-Learning Program for African Financial Institutions.
The transformation of trade in Africa is a task that all African financial institutions must collectively pursue as major stakeholders in the African Export-Import Bank in its quest to facilitate African trade.
The African Development Bank Group has approved a US$15 million grant from the African Development Fund for a water supply and sanitation project in Malawi, expected to provide jobs and boost the livelihoods of nearly 300,000 people.
Blockchain technology came into being in the early 2009. This invention was faced with a lot of backlash as most people lacked prior information about it and were therefore not ready to risk investing in it.