The World Bank approved a $400 million program to support Morocco’ social protection system, as part of the kingdom’s sweeping reforms to strengthen its social safety nets.
IFC announced a loan to I&M Bank Rwanda, to help the bank increase lending to potentially thousands of Small and Medium Sized enterprises in Rwanda, many of which are facing COVID-19-related liquidity challenges.
Telkom South Africa launched Telkom Pay, a digital wallet service that runs through WhatsApp, and customers of any mobile networks can use Telkom Pay without having to subscribe to Telkom.
Savannah Energy PLC, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, has announced that it has appointed finnCap Ltd and Panmure Gordon (UK) Ltd to act as its joint corporate brokers.
Climate Fund Managers partners with SWS to support development of solar powered desalination plants in Kenya
Climate Fund Managers (CFM) has agreed to co-finance and co-develop a portfolio of solar-powered desalination installations in Kenya, turning brackish groundwater into drinking water.
The Nigerian Stock Exchange (NSE) announced the migration of Chellarams , Living Trust Mortgage , McNichols , and The Initiates from the Alternative Securities Market (ASeM) to the Growth Board.
SouthBridge Group, the official financial advisor of the Togolese government, has announced two transactions with Olam International Limited and its subsidiary Arise Special Economic Zone.
Codebase Technologies, the digital banking solutions provider, announced the launch of its Digital Banking as a Service platform, Digibanc SaaS, to create access for more banks and customers to move into the digital age of banking.
The U.S. Agency for International Development (USAID), the Swiss Agency for Development and Cooperation, and the IKEA Foundation announced a joint $30 million commitment to Aceli Africa.
Like most large enterprises today, banks and other financial services companies are striving to become technology businesses.
Nestlé partners with Nomanini and Standard Bank to empower informal retail traders across the Eastern and Southern Africa
Informal retail Micro, Small and Medium-Sized Enterprises (MSMEs) across the Eastern and Southern Africa Region (ESAR) are set to receive a technological and operational boost for their businesses, thanks to Nestlé, Nomanini and Standard Bank.
LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, and Sasol, a global integrated chemicals and energy company, announced the closing of their Louisiana-based Integrated Polyethylene JV transaction.
AfDB grants additional $3.5m to Central African Republic for electricity interconnection project with DRC
The African Development Bank (AfDB), granted an additional donation of $3.52 million to the Central African Republic to help the country to complete the first phase of an electricity interconnection project with the Democratic Republic of the Congo (DRC).
Lagos State Health Management, First Bank partner to promote access to affordable healthcare in Nigeria
The Lagos State Health Management Agency (LASHMA) has partnered with First Bank of Nigeria to utilise its over 13,000 Firstmonie Agents as payment channels for the Lagos State Health Scheme (LSHS).
Mastercard and its partners, TSYS, a Global Payments company and Extend, introduced a mobile virtual card solution that enables virtual corporate cards to be easily loaded into a mobile wallet for fast and secure contactless payments.
Afreximbank officially launched the operations of ‘MANSA’, a pan-African customer due diligence repository for financial institutions, corporate entities and SMEs, developed to address the perceived risk of doing business in Africa and with Africans.
The African Development Bank approved $5 million investment in the SPARK+ Africa Fund to deliver clean cooking solutions to over two million households across Africa.
Digital solutions provider Comviva, has won the 2020 Glotel Awards, 2020 Telecoms World Awards, 2020 CX Asia Excellence Award and The RemTECH Awards 2020 for its mobiquity® – COVID-19 Response solution.
The African Development Bank is achieving satisfactory results in Madagascar, according to the mid-term report of the Country Strategy Paper (CSP) for the period 2017-2021 and the performance review of the 2019 country portfolio.
AFD, CIRAD partner to develop sustainable management management tools for zoonotic diseases in Zimbabwe
The French Development Agency (AFD) and the French Agricultural Research Centre for International Development (CIRAD) signed an agreement to develop the Zimbabwean agricultural sector’s capacity in biotechnology.
Sarwa Capital, Egypt’s consumer and structured financial services provider, has successfully closed its inaugural Sukuk issuance by Sarwa Sukuk Company; a subsidiary of Sarwa Capital, of $159.8 million.
The African Development Bank approved a $120 million loan to fund the construction of a 50 MW hydropower plant in Western Tanzania.
Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic.
The Ecobank Group launches ‘Ellevate’, a programme for women-owned and women-focused businesses across 33 markets.
Development Partners International announced the partnership between Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP), and Comptoir Agricole de Souss (CAS) to create a new player in the Moroccan and African agricultural industry.
KCB Group (KCB) and Atlas Mara (ATMA) have signed a definitive agreement for KCB to acquire 62.06% stake in Banque Populaire du Rwanda and 100% stake in African Banking Corporation Tanzania from ATMA.
The Emerging Africa Infrastructure Fund (EAIF) is lending $31 million over 10 years to Access LNG B.V. to support the construction of a new Liquid Natural Gas (LNG) storage and regasification facility at Tema port in Ghana.
Global broking business Brokerslink has launched its dedicated iinternational insurance programme management platform to drive the continued growth and digitalisation of its international portfolio.
AfricInvest, Pan-African mid-cap-focused private equity firm, announced the acquisition of a minority stake in Fidelity Bank Ghana.
Ghana’s financial sector is in crisis. A crisis occasioned by the collapse of over 300 financial institutions; and which has affected every division of the financial sector.
African Export-Import Bank (Afreximbank) and the Republic of Rwanda signed key documents related to the establishment of the Fund for Export-Development in Africa (FEDA), a development-oriented subsidiary of Afreximbank.
The Kenya Bankers Association (KBA) and the Kenya Climate Innovation Centre (KCIC) signed a Memorandum of Understanding aimed at advancing the green finance agenda in Kenya.
Entersekt, a company involved in device identity and omnichannel authentication, has announced a partnership with Cellulant, Africa’s financial technology company.
As part of its Young Africa Works program in Senegal, the Mastercard Foundation has partnered with Pan-African fintech InTouch to support the 10 000 Jambaars project, which will deploy a network of 10,000 agents to provide digital services.
Western Union, a global leader in cross-border, cross-currency money movement and payments, has expanded real-time digital payout capabilities into 100 countries reaching billions of bank accounts.
African fintech startup Chipper Cash has secured a $30 Million Series B funding round led by Ribbit Capital with participation of Bezos Expeditions — the personal venture capital fund of Amazon CEO Jeff Bezos.
AfDB's investments are transforming the continent, unlocking economic potential and spurring development, report
From agro-processing initiatives to energy, transportation and water and sanitation services, transformative investments by the African Development Bank (AfDB) are paving the way to unlock Africa’s economic potential, according to the 2020 ADER.
South African fintech startup Ukheshe today announced it has entered into an agreement to acquire Oltio, a startup that developed Mastercard’s QR payment service in South Africa
Visa has announced two new components of its fintech Fast Track programme.
JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, is celebrating having extended more than $2.5 billion in credit in their six markets in Africa and Asia.
Bamboo Capital Partners has been appointed by the Government of Madagascar and the World Bank as the international fund manager for the Off-Grid Market Development Fund, a $40 million renewable energy access fund.
Bboxx, a next generation utility, has secured a $4 million loan from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF), a debt fund managed by Lion’s Head Global Partners (LHGP), to accelerate Bboxx’s operations in the DRC.
Nigeria's Guaranty Trust Bank (GTBank) released its unaudited financial results for the period ended September 30, 2020 to the Nigerian and London Stock Exchanges, reporting Profit before Tax of ₦167.4 billion.
GCR Ratings (GCR) has affirmed UAP Insurance (UAP Kenya) national scale financial strength rating of A+(KE), with the rating placed on Negative Rating Watch as property risks bring down group credit profile.
IFC and the Agricultural bank of Egypt (ABE) announced a partnership to help of Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity.
O-CITY, the automated fare collection provider by BPC, announced its initiative to drive contactless payments across bus services in Nairobi, Kenya.
CMA approves grant of non-dealing online foreign exchange broker license to Exinity Capital East Africa
The Capital Markets Authority (CMA) has approved the grant of a license to Exinity Capital East Africa to operate as a non - dealing online foreign exchange broker.
The Capital Markets Authority (CMA) has approved the grant of a Real Estate Investment Trust (REIT) Manager license to Acorn Investment Management.
Société Générale and the European Investment Bank (EIB) confirmed agreement of a new joint initiative to support economic development across Cameroon.
The World Bank approved an education program supported by a $61.5 million grant from the Global Partnership for Education (GPE) for the Sudan Basic Education Support Project.
Accelerex Holdings Mauritius has signed an investment agreement with regional private equity firm, Africa Capital Alliance,ACA, for the Capital Alliance Private Equity IV fund to invest $20 million in Accelerex.
Old Mutual Alternative Investments (OMAI), one of Africa’s largest private alternative investment managers, has announced the first investment of its Education Investment Impact Fund of South Africa (EduFund), with the Sifiso Learning Group.
While the International Monetary Fund acknowledges the damaging recession effects of Covid-19 in Africa the economic outlook for the continent remains optimistic, as the introduction of technologies brings with it accessibility.
African Infrastructure Investment Managers (AIIM), Africa’s infrastructure-focused private equity fund managers, has acquired a minority equity stake in MetroFibre Networx, a South African open access fibre network operator.
Access Bank has appointed Seyi Kumapayi and Omosalewa Fajobi as Executive Director and Non-Executive Director respectively following approval of the Central Bank of Nigeria.
Housing Finance Bank Uganda and Agence Française de Développement signed two financing agreements of €10.5 million to support the development of a housing finance offer adapted to the needs of the populations all over Uganda.
The International Islamic Trade Finance Corporation (ITFC), has approved a Grant Agreement for the Senegalese Groundnut Oil Processing Company, SONACOS, to acquire new laboratory analysis equipment.
The Kenya Association of Manufacturers (KAM), Veri-Credit and Association of Kenya Suppliers (AKS) have partnered to promote the proactive mitigation of credit risk management by businesses.
The African Export-Import Bank (Afreximbank) released its unaudited financial statements for the nine months ended 30 September 2020, recording a net income of $217.06 million.
The Green Climate Fund (GCF) Board has given a major boost to climate finance for developing countries with the approval of over $1 billion of funding for low-emission, climate-resilient development.
IFC, a member of the World Bank Group, has signed its first formal agreements with the Federal Government of Somalia to support the country's goal to strengthen its private sector, attract investment, improve public services, and create jobs.
European DFIs announce new initiatives on climate action and inclusive finance for African private sector
With joint ambitions to phase out fossil-fuels financing and the launch of a coalition to support MSMEs in Africa, the European Development Finance Institutions (EDFI) have taken important steps to support a sustainable and inclusive recovery.
South Africa's Sasfin Bank has benefited from the COVID-19 emergency facility set in place by the EU and FMO’s NASIRA fund.
DPI, CDC partner to create $750m biopharmaceutical platform to broaden access of vital specialty generic drugs across Africa
Development Partners International (DPI) through its ADP III fund, CDC Group, and the European Bank for Reconstruction and Development have joined forces in a ground-breaking deal to create a major new player in the pan-African pharmaceuticals industry.
South Africa's Fintech firm, e4 has announced the appointment of Ian Bayne as Managing Executive of the Proptech division.
Moody’s Investor Service has affirmed the African Development Bank’s AAA credit rating, with a stable outlook.
The Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP) launched a plan to help public and private actors identify and prioritise investments contributing to the SDGs.
Kenya Commercial Bank, KCB, has been accredited by the United Nations Green Climate Fund as the first financial intermediary for the implementation of green financing in East Africa.
Standard Bank Group, Africa’s largest financial services organisation by assets, is championing efforts to increase contactless payment across Africa.
Only 1.7 per cent of climate finance , a fraction of what is needed, goes to small-scale farmers in developing countries despite their disproportionate vulnerability to the impacts of climate change.
French development agency, Agence Française de Développement (AFD), signed a €300 million loan to UN’s International Fund for Agricultural Development (IFAD) to help small-scale farmers in high-risk countries.
Standard Bank, UN Women equip women farmers in South Africa and Malawi with financial literacy skills
Standard Bank and the United Nations Women (UN Women) are currently providing financial literacy training to thousands of women farmers in African key markets including Malawi and South Africa.
The Nigerian Stock Exchange (NSE) announced that a market-wide circuit breaker kicked in on Thursday, November 12, 2020, at 12:55 p.m. when the NSE All-Share Index rose beyond the set threshold of 5%, triggering a 30-minute trading halt of all stocks.
[South Africa] Mastercard partners with Payment 24 to help fleet management companies streamline payments
Mastercard has partnered with Payment24, an international fuel payment fintech based in South Africa, to offer a payment solution that will help fleet management companies streamline payments.
Crown Paints and Aspira, a product-financing credit facility have signed a partnership that will enable customers to purchase paint and pay in easy installments of up to 12 months.
The U.S. Agency for International Development (USAID) announced additional development assistance resources of $136.5 million to continue supporting the people of the Federal Republic of Nigeria.
The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are boosting green finance on the Egyptian economy and the development of value chains for the private sector.
The OPEC Fund for International Development (the OPEC Fund) is providing two loans totaling $45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo.
The OPEC Fund for International Development (the OPEC Fund) has signed a $20 million public sector loan agreement with Senegal to co-finance a project that will boost food security.
The Board of Ghana Commercial Bank (GCB) has appointment John Kofi Adomakoh as the new Managing Director (MD) of the Bank effective 9 November 2020.
The European Union has approved an additional €17.2 million through the EU Emergency Trust Fund for Africa (EUTF) to support coronavirus preparedness in Somalia, Sudan and South Sudan.
Kenyan private bank Prime Bank, has partnered with London-based fintech SimbaPay, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.
[Kenya] Fintech company Kwara launches Customer Success Traineeship Program for university graduates
Kwara, a digital banking platform in Kenya today announced the launch of a Customer Success Traineeship Program targeting university graduates in Kenya.
[South Africa] JSE enters a transaction with UK fintech company Globacap to establish private markets
JSE Limited, the operator of the Johannesburg Stock Exchange, has entered into a transaction with UK fintech company Globacap to progress a digital private placements platform and registry services.
The Capital Markets Authority has granted consent to ABSA Asset Management Limited for the registration of Absa Unit Trust Funds.
[Nigeria] FBNQuest Merchant Bank partners with Kairos Investments Africa on financing of prepaid smart electricity meters
FBNQuest Merchant Bank and Kairos Investments Africa have announced plans for a national meter asset finance and management SPV that would attract long term financing for the mass roll-out of prepaid smart meters.
CDC Group, UK’s development finance institution and impact investor, announced a $100 million additional commitment to its existing trade risk sharing facility with SMBC Bank International.
CDC Group, UK’s development finance institution and impact investor, announced a $75 million debt commitment to Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and member of the Standard Bank Group.
The African Development Bank has signed a grant agreement with the Ministry of ICT and Innovation in Rwanda to support the Rwanda Coding Academy, set up to develop top technology talent to drive a booming, innovation-driven digital economy.
The Global Core Banking Software Market size is expected to reach $15.7 billion by 2026, rising at a market growth of 10.3 per cent compounded annual growth rate.
Nutanix, a company involved in enterprise cloud computing, has announced that South African financial services company, Stanlib, is working with the company to secure additional nodes that enable the organisation to provide virtual desktops to employees.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of ZEP-RE (PTA Reinsurance Company) (ZEP-RE) (Kenya).
The Absa Purchasing Managers’ Index (PMI) rose to a solid 60.9 index points in October, up from a revised 58.5 index points in September.
Crown Agents Bank announced it is expanding its partnership with Paga to increase its payments reach in Nigeria, Africa’s largest economy, as part of its continued growth trajectory.
The African Export-Import Bank (Afreximbank) has partnered with International Islamic Trade Finance Corporation (ITFC), and the Arab Bank For Economic Development in Africa (BADEA), to launch $1.5 billion facility to support African economies.
Digital Payments empower the small to medium enterprises (SMEs), giving them greater scope for inclusion and access to customers and markets.
Paxful, the global crypto marketplace powered by people announced adding Uhuru Wallet as a payment method to their platform to ease money transfers for users in South Africa.
The World Bank approved $150 million in additional financing for Morocco’s Urban Transport Program, which started in 2015, to strengthen the country’s capacity to offer quality service in public transport.
Ingressive Capital, a $10 million VC fund targeting early-stage startups across Sub-Saharan Africa, announced its investment in Nigerian rental financing startup Kwaba.
As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre COVID-19 levels in 2019.