FNB becomes first South African bank to launch consumer and merchant QR code payments on its banking app
FNB is expanding its digital payments ecosystem by enabling consumers and sole proprietor businesses to perform and accept QR code payments using the FNB Banking App.
Jetways Airlines, Silverstone Air and Skyward Express will from now on use Pesapal’s integrated payment system to process Mpesa, Visa, mVisa, MasterCard and American Express payments on their respective websites
The Board of Directors of the African Development Bank Group has approved an equity investment of up to $ 25 million in ARCH Africa Renewable Power Fund.
QNB Group, the largest financial institution in the Middle East and Africa (MEA), has been recognized as the most valuable banking brand in the MEA with a brand value worth US $5.04 billion.
Digital money transfer service WorldRemit has joined forces with NIC Bank for digital money transfers to Kenya.
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has appointed Ms. Arunma Oteh to its Board of Directors as a Non-Executive Director.
Bank customers in Kenya have not yet warmed up to the idea of robots and artificial intelligence and would rather have humans handle their customer service needs.
Export-Import Bank of India, Exim Bank, has, on behalf of the Government of India, extended a Line of Credit, LOC, of $95 million for procurement of railway rolling stock.
The number of mobile money subscribers rose by 4.7 per cent during the third quarter of last year as telecommunication operators intensified their competition amid changing market sentiments.
Victoria Commercial Bank (VCB), Kenya has gone live with an Appzillon-based omni-channel corporate banking solution to cater to the ever dynamic needs of their tech savvy corporate clients.
Cross network mobile money transfers were done about 2.2 million times between May and December last year.
The African Development Bank (AfDB) has signed financing agreements worth €115 million with the Government of Rwanda to support the Rwanda Sustainable Water Supply and Sanitation Programme.
The African Export-Import Bank (Afreximbank) has signed a facility agreement lending $170 million to Egypt-based conglomerate Orascom Investment Holding.
Diamond and Access Banks are set to have the largest alternative channels on the continent even as customers of both financial institutions can now use their ATMs without paying the usual N65 charge.
Financial services, renewable energy fastest growing sectors in Africa, London Stock Exchange Group report
London Stock Exchange Group has launched the second edition of its 'Companies to Inspire Africa' report, identifying and celebrating some of Africa's most dynamic growth businesses.
Leading digital money transfer service WorldRemit has launched its low-cost digital money transfer service from South Africa to over 145 destinations worldwide.
Commercial Bank of Ethiopia, WorldRemit launch first international mobile money transfer service in the country
Commercial Bank of Ethiopia (CBE), has partnered with global digital money transfer service, WorldRemit, to launch its first ever international mobile money transfer service to Ethiopia.
The Government of Seychelles has launched a 5-year Policy and Strategy on Human Resources Development (HRD) to support its Sustainable Development Strategy.
[Kenya] Lendable closes second round of asset-backed pass-through notes with institutional investors to expand access to credit across sub-Saharan Africa
Lendable, Inc. has announced the closing of an innovative secured dual tranche 36-month note program, called Multi-Originator Segregated Portfolio 2, or “MOP2”.
The Governor of the Bank of Mozambique received a delegation from the Monetary Authority of Macau, Banco Nacional Ultramarino and Bank of China, with the aim to deepen relations between the banks.
The Ghana Stock Exchange (GSE) has announced that Aluworks Limited (ALW) and Cocoa Processing Company Limited (CPC) have been taken off the GSE’s “Watch List”.
The European Commission and the African Development Bank have signed two co-financing agreements for the Cameroon-Chad electricity interconnection project and the trans-Saharan fiber optic scheme.
US has reiterating its commitment to strong partnerships with key countries in Africa, specifically naming Kenya as a target for future US aid and investment.
The progress of Africa’s economy over the last decade has been remarkable. In 2018, six African nations – Ethiopia, Ghana, Tanzania, Senegal, Ivory Coast and Djibouti – feature in the fastest-growing economies in the world.
Standing inside his wholesale shop in Blantyre, Malawi, Asuman Mbalaga is busy checking his stock.
The sectors are revving up to keep up momentum as the 2019 opens new doors for Nigeria’s stride toward economic balance.
Kenyan private sector businesses enjoyed a solid improvement in operating conditions during the month of December, 2018.
[Tunisia] AfDB, European Bank for Reconstruction and Development invest €150 million to improve sanitation in small municipalities
The African Development Bank and EBRD have signed a loan agreement to finance the sanitation programme for small Tunisian municipalities with fewer than 10,000 inhabitants.
Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says there are policy alternatives that can protect borrowers from excessive interest rates instead of introducing interest rate caps.
The African Development Bank Group, through its Trade Finance operations, has approved a US$14.12 million facility to support the Federal Republic of Nigeria’s membership in the African Trade Insurance Agency.
Ghana’s financial space will now have only 23 banks, down from the 34 that were operating in the country as of January 2017.
Egypt's foreign currency reserves dropped by 4.4 percent to 42.5 billion U.S. dollars in December 2018, compared with 44.5 billion dollars in November.
[South Africa] The Global Business Services incentive will create employment opportunities for the youth, Trade Minister
The Minister for Trade and Industry, Dr Rob Davies said the Global Business Services (GBS) incentive which became effective from 01 January 2019 will create employment opportunities for youth in South Africa.
The African Development Bank has invested €40 million to modernize the Owendo International Port.
Africa Finance Corporation, has announced that in its role as Sole Mandated Lead Arranger it has successfully closed a €577 million debt financing for Société Ivoirienne de Raffinage of Côte d'Ivoire.
FCMB Group has announced a change of name in the pension management arm of its business. Formerly known as Legacy Pension Managers, the financial services holding company’s fund managers firm will now be known as FCMB Pensions.
CoralPay Technology, a payment switching and transaction processing company, has deployed the first interoperable Unstructured Supplementary Service Data (USSD) and mobile payment platform to Nigerians.
Reports from the Nigerian Interbank Settlement System have indicated that Nigeria’s e-payment services, recorded transactions worth N56.85 trillion from January to September last year.
Ethiopian Airlines and Hibret Bank have launched the first Co-branded debit card tailored to provide Ethiopian Sheba Miles members with bonus miles for their spending using the debit card.
Boutique investment banking firm Banco Prestígio has announced that it will start granting investment credit this year.
The African Development Bank’s Board has approved the institution’s 2019 borrowing program to the tune of US$7.24 billion from capital markets.
The Nigerian Stock Exchange, NSE, has announced the review of the NSE-30, and the eight sectoral indices of the Exchange
Scenes of traders, travelers, fishermen and women crossing the Zambezi river on floating planks, ferries, rickshaw boats, and canoes will soon come to an end.
The African Guarantee Fund for Small and Medium-Sized Enterprises (AGF) has received a capital increase amounting to EUR 25 million from the KfW Development Bank.
EFG Hermes Leasing and HSBC Bank Egypt have signed a collaborative agreement that will help small and medium-sized enterprises (SMEs) get access to EGP400 million in leasing.
ZOLA Electric, FMO and Symbiotics have announced a $32.5 million facility to finance the growth of ZOLA’s Tanzania operations over the next 5 years.
The South African Reserve Bank (SARB) has announced the resignation of Deputy Governor Francois Groepe effective 31 January 2019.
The African Development Bank is keeping higher education, science and technology at the top of its development agenda as it backs a proposed African Education Fund.
The World Bank Board of Executive Directors has approved a $40 million grant to support financial inclusion and stability in Mozambique.
The African Development Bank will boost the private sector in the DRC by providing a $ 15 million credit line to Rawbank.
IFC, a member of the World Bank Group, has partnered with the National Bank of Ethiopia, the country’s central bank, to expand trade and local currency financing.
Efforts to improve agriculture productivity in Southern Africa got a boost following the World Bank Board approval of a $50 million project to increase the availability of agricultural technologies in Angola and Lesotho.
Petroleum and natural gas company Sonangol has announced the signing of a US $ 1 billion financing agreement, fully subscribed by the African Export-Import Bank.
Afreximbank has signed a financing agreement with Securiport SUARL, Senegal, to provide Securiport with a $15-million term loan to upgrade Juba International Airport in South Sudan.
Afreximbank has signed an agreement with the African Guarantee Fund (AGF) for a $30 million re-guarantee facility to support African SMEs.
The Board of Directors of the African Development Bank has approved a $7.5 million equity investment in Africa Tech Ventures (ATV) to boost operations of highly scalable companies.
Deals valued at $32.6 billion dollars were recorded at the inaugural Intra-African Trade Fair.
IFC CEO has signed accords with the National Bank of Ethiopia (NBE) to expand trade and local currency financing as part of broad effort to support private sector in Ethiopia.
The government of Rwanda and the World Bank Group have signed a $150 million International Development Association credit agreement to expand access to housing finance.
The Capital Markets Authority (CMA) has announced the grant of Kenya’s first Money Manager license to Standard Investment Bank (SIB) Limited to operate in the online foreign exchange trading space.
South Africa’s banking sector is increasingly moving towards a ‘marketplace without boundaries’, shaped by the fast-approaching entry of new digital players.
The World Bank's Board of Directors have approved a $ 50 million project to increase the availability of agricultural technologies in Angola and Lesotho.
Western Union has announced a new partnership with TerraPay to enable mobile wallet and bank account payout options across Africa.
The World Bank Board of Directors has approved a $180 million International Development Association (IDA) credit to support Senegal’s efforts to enhance the policy and institutional framework.
The European Investment Bank has formally agreed a total of EUR 495 million of new financing for three projects to support sustainable transport, clean energy and internet.
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.