Increasing intra-African trade is essential for the growth and development of the continent, and so the recent signing of the African Continental Free Trade Area set to be the first continent-wide African trade agreement, is good news.
Pan-African banking group Ecobank, is inviting African fintech entrepreneurs to enter its Ecobank Fintech Challenge.Now in its second year, the initiative gives African start-ups the chance to promote their fintech solutions.
With the saturation of the mobile phone market in Nigeria and the advent of Financial Technology startups (FINTECH) in the financial services industry, the Nigerian polity has witnessed higher financial inclusion amongst the underbanked and unbanked.
Bank of Agriculture (BOA) and SunTrust Bank have sealed an e-banking agreement described by the Minister of Agriculture Audu Ogbe as ‘landmark’ and instrumental to the development of agricultural sector in Nigeria.
Anglophone West African countries weather odds to project bright economic prospects, Ecobank research
The economic forecast for Anglophone West Africa is looking brighter according to analysis by Ecobank’s research team in the newly published Anglophone West Africa section of its flagship financial website.
The European Investment Bank (EIB), the EU Bank, and the International Monetary Fund (IMF) have signed a Letter of Understanding to pool their expertise and experience to promote sustainable economic development, financial stability and inclusive growth in Africa.
Much of the 20th Century has been characterized by the agitation for the promotion of equality and equity for women who for a long time have played at the periphery of society.
African Development Bank and Asian Infrastructure Investment Bank sign agreement to promote cooperation
African Development Bank and Asian Infrastructure Investment Bank have signed a memorandum of understanding to enhance collaboration on sustainable economic development.
Emerging Africa Infrastructure Fund raises $385 million in new debt financing to drive five year business plan
The Emerging Africa Infrastructure Fund, EAIF, managed by Investec Asset Management has successfully completed its latest fundraising round, raising $385million in new long-term debt capital to invest in Africa.
The European Investment Bank and the African Development Bank have agreed to support the creation of the new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country.
Nigeria’s technology space is set to witness experiential platform with the unveiling of TechFest by Diamond Bank Plc in partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch and Beat FM.
AGCO partners with BHBW Zambia and Zambia National Commercial Bank to provide financial solutions in purchase of farm machinery
AGCO, a global manufacturer and distributor of agricultural equipment, has established a retail Finance Partnership to support Zambian farmers in the purchase of farm equipment.
A fully automated clearing house will offer a reduction in the time required to clear a cheque to two days and eventually to a single day. The beneficiaries of cheques will, therefore, receive their funds more rapidly according to Bank of Uganda.
Cytonn Investments has released its 2017 Banking Sector Report, which ranks KCB Group as the most attractive bank in Kenya, a position it has retained since 2015, supported by a strong franchise value and intrinsic value score.
[Tunisia] Islamic Development Bank approves $184 million for energy, healthcare and social integration projects
Islamic Development Bank’s Board of Executive Directors meeting has approved mega financing for different projects in Tunisia.
First Bank of Nigeria Limited continues to count on Automated Teller Machines, ATM, to improve customers’ experience and currently accounts for 37 percent of bills payment services on ATMs in Nigeria’s banking industry.
In 2017, Nigeria’s Gross Domestic Product (GDP) growth was 0.83% (compared to a decline of 1.58% in 2016). In the second quarter of 2017, the country officially emerged from arecession which had lasted about a year.
Lagos State, Nigeria’s largest healthcare market, lacks an adequate supply of quality secondary and tertiary healthcare facilities with only about 700 to 1,000 quality beds for a population of over 21 million people.
Access Bank Ghana has committed to issuing a sustainability report following the world-acclaimed Global Reporting Initiative, GRI, Sustainability Reporting Standards.
Overseas Private Investment Corporation, AfDB and ALCB Fund sign loan agreement to support capital markets and high impact sectors in Africa
Overseas Private Investment Corporation (OPIC), the African Development Bank (AfDB) and ALCB Fund Board Members have signed a loan agreement to support high impact sectors in Africa focusing on housing, agriculture and SMEs.
The African Export-Import Bank and the Indonesia Eximbank have entered into an agreement to commit up to $100 million to support businesses and trade activities between Indonesia and African countries.
Trade Finance Operation inks $100 million soft commodity finance facility agreement with the Export Trading Group
The African Development Bank has signed a loan agreement for a soft commodity finance facility with the Export Trading Group.
Tigo Tanzania’s mobile financial services business, Tigo Pesa, has received the GSMA Mobile Money Certification, recognizing Tigo’s ability to deliver safe, transparent, reliable and more resilient services that promote consumer rights and prevent malicious transactions.
Global digital money transfer service WorldRemit has joined forces with Diamond Trust Bank Kenya Limited (DTB) to further expand money transfer in the region.
Global digital money transfer service WorldRemit has joined forces with Diamond Trust Bank Kenya Limited (DTB) to further expand money transfer in the region.
AfDB’s Trade Finance Operation signs $100m soft commodity finance facility agreement with the Export Trading Group
The African Development Bank has signed a loan agreement for a soft commodity finance facility (SCFF) with the Export Trading Group (ETC).
Zoto, a product of Hedonmark Management Services Limited and Nigeria’s growing payment solution, today announces that its transacting user base and order volume grew by 56% and 200% respectively.
Nigerian financial institution, Zenith Bank, is enhancing the ability of its customers to perform international transactions with the introduction of the Zenith Bank British Pounds and Euro Visa Debit Cards.
Fidor, a provider of digital banking services, has signed a Memorandum of Understanding with the IFC (International Finance Corporation) to identify opportunities to expand digital banking services in Africa and Latin America to boost financial inclusion.
The African Export-Import Bank (Afreximbank) and the Indonesia Eximbank yesterday in Bali, Indonesia, entered into an agreement to commit up to $100 million to support businesses and trade activities between Indonesia and African countries.
The African Development Bank assembled top representatives from African airlines and development partners to discuss the future of aviation in Africa.
Fund for African Private Sector Assistance approves three projects to spur SME development in Africa
Donors to the Fund for African Private Sector Assistance, consisting of the African Development Bank, the Government of Japan and the Government of Austria, have approved three catalytic projects to stimulate the growth of Africa’s small and medium enterprises.
Telecommunication company MTN has announced its collaboration with Ecobank to offer more value to their respective customers by expanding the scope of their partnership, enabling both companies to leverage each other’s assets.
Lebara and WorldRemit, two leading brands serving international residents, have entered into a strategic partnership making WorldRemit the exclusive global money transfer partner of Lebara.
“There are three elements driving interest in regulatory technology (regtech) in South Africa and abroad, explains Dominique Collett, senior investment executive at Rand Merchant Investment Holdings and head of AlphaCode, a club for fintech entrepreneurs.
The Ecobank Mobile App, a single, unified financial services application across 33 African countries, has processed 9 million transactions worth over $1 billion since launch less than 18 months ago.
Zoto, a product of Hedonmark Management Services Limited and Nigeria’s growing payment solution, today announces that its transacting user base and order volume grew by 56% and 200% respectively in the last financial year.
The Attijariwafa Bank group signed a Memorandum of Understanding (MoU) with the Egyptian Exporters Association (Expolink) to cooperate in boosting Egypt’s exports to Africa.
Celebrated Kenyan banker, group managing director and chief executive of Equity Group Holdings Dr. James Mwangi has transformed the financial institution from a loss making building society in the early 1990s to a regional behemoth.
EFG Hermes, a financial services corporation serving MENA and frontier emerging markets, says that its subsidiary, EFG Hermes Factoring, has received a license to offer factoring services in the Egyptian market.
African Development Bank provides $11.23 million to Madagascar for energy, agriculture and pest control
The Government of Madagascar and the African Development Bank Group (AfDB) have signed five project financing agreements in Antananarivo, for an approximately $11.23 million.
Financial institutions should embrace housing microfinance to address Sub Saharan Africa needs, study
A new study from Habitat for Humanity says that housing microfinance can and should become a mainstream offering for financial institutions in Sub-Saharan Africa as they respond to growing housing needs.
The upgraded version of Ecobank’s mobile app has attracted 3 million new customers in six months, taking the total number of users to four million.
Global bank Citi has launched its Volunteer Africa programme 2018, returning to Uganda to help a new group of local SME’s and entrepreneurs grow their businesses.
Access Bank Ghana has entered into a partnership with its long standing financial partner, FMO, the Dutch Development Bank, for a $25 million facility to boost its lending capacity.
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has reduced the Monetary Policy Rate (MPR) by 200 basis points to 18.0 per cent, citing plummeting inflation and stability of the cedi.
Afreximbank targets $700m financing support for Trade, Infrastructure and Agro-Processing Development in Mali
The African Export-Import Bank (Afreximbank) will arrange $700 million multi-sourced finance to support trade and related infrastructure projects in Mali, focusing mainly on transport logistics, tourism, agro-processing and the financial sector.
United Bank for Africa has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market share from its pan-African subsidiaries.
The African Export-Import Bank will arrange between $1 billion and $1.5 billion of funded and guarantee facilities to support businesses interested in investing in Zimbabwe, Dr. Benedict Oramah, President of the Bank, has announced.
[South Africa] Absa lists NewFunds Low Volatility and Value Equity ETFs on the Johannesburg Stock Exchange
The Absa NewFunds Low Volatility and Value Equity ETFs have listed on the Main Board of the JSE. These listings bring to nine the total number of new ETFs to list on the JSE this year.
With the rapid and sustained growth of the fintech sector in East Africa, particularly in Kenya, there has been a sharp rise in demand for skilled leaders to fill positions, and companies are looking globally - and to South Africa specifically - in their talent search.
[Nigeria] Islamic Corporation for the Development of Private sector signs financing agreements with SunTrust and Wema Banks
The Islamic Corporation for the Development of the Private sector (ICD) and Jaiz Bank, SunTrust Bank and Wema Bank have signed a Line of financing agreements for a $20 million, $10 million and $20 million respectively.
To help Africa find the path to its long-deserved economic fortune, the African Development Bank is championing the region’s premier investment market.
IFC, a member of the World Bank Group, and Attijariwafa bank (AWB), a pan-African banking group, have signed an agreement to support businesses and stimulate investment and cross-border trade in Africa.
[Column] Vahid Monadjem: Mobile money partnerships present an opportunity for banks in emerging markets
Over the past decade, mobile money adoption has skyrocketed - a phenomenon that has primarily been driven by growth in sub-Saharan Africa.
Kenya National Chamber of Commerce and Gulf African Bank ink deal to boost women, youth and persons with disabilities owned SMEs
Kenya National Chamber of Commerce and Industry and Gulf African Bank (GAB) have signed a Memorandum of Understanding with aimed at boosting economic inclusion, empowerment of women, youth and persons with disabilities owned SME’s.
European Investment Bank and d.light announce $25 million financing to strengthen Africa access to clean energy with solar kits
The Vice-President of the European Investment Bank Ambroise Fayolle has announced the signing of $25m in financing with d.light design to strengthen access to energy in Africa via solar kits.
[Kenya] Sidian Bank’s shareholders approve raising $15 million in additional share capital to fund growth
Sidian Bank’s shareholders have approved the raising of additional share capital of, $15 million, Ksh. 1.5 billion via a rights issue.
The African Continental Free Trade Area (AfCFTA) will lead to Africa’s economic development and bring about a better future for the continent, Dr. Benedict Oramah, President of the African Export-Import Bank, has said.
NIC Group PLC is ready for its next phase of pace-setting growth and market leadership positioning after successfully concluding its three-year strategic plan.
The African Export-Import Bank, Afreximbank, will disburse about $25 billion dollars in support of intra-African trade during the five years ending in 2021 under an Intra-African Trade Strategy it launched in 2016.
With developing technology that has promoted reliable and stable internet connectivity among east African countries, students from the region can now take their courses in the comfort of their homes.
[Rwanda] African Development Bank, partners fund construction of 208 kilometre regional road project set to benefit over one million people
The African Development Bank and other development partners have joined the Government of Rwanda to launch the rehabilitation of the Kagitumba-Kayonza-Rusumo road works in the Eastern province of Rwanda.
The Pan-African Private Sector Trade and Investment Committee will enhance African private sector participation in trade and investment policy formulation and support the implementation of the African Continental Free Trade Area
Flywire, a provider of global payment and receivables solutions for education, healthcare, and business has partnered with Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa.
FINCA Malawi, the microfinance operations of FINCA Impact Finance in Malawi, and KfW, the German state-owned development bank, signed a $3.4 million long-term subordinated debt facility with a loan tenor of 8 years.
The Founder/Chairman, Zenith Bank, Mr. Jim Ovia, has re-affirmed his support to the Lagos State Security Trust Fund by pledging an additional 150 percent of previous donations to the Trust Fund.
The Board of the African Development Bank Group has approved a loan of US $30 million to support the establishment of Rwanda Innovation Fund (RIF).
The Bank of Ghana on Friday released its latest data on Annual Percentage Rates of interest charged on loans and credit advances and the Average Interest paid on deposits by banks.
Standard Chartered Bank has announced the official launch of its digital bank in Côte d’Ivoire. This marks the Bank’s first digital bank in Africa and the first-of-its-kind to open in Côte d’Ivoire.
Corporate finance advisory firm I&M Burbidge Capital has advised DFCU Bank in the sale of its majority stake in Crane Bank Rwanda.
Afreximbank, ECIC sign MOU, pledge $1bn to expand trade between South Africa and other African nations
The African Export-Import Bank and the Export Credit Insurance Corporation of South Africa have entered into an MOU to launch a $1 billion financing program to promote and expand trade and investments between South Africa and the rest of Africa.
FBN Holdings has announced the appointment of Mr Olawale Ariyibi as Chairman of the Board, FBNQuest Capital, and Mr Tijanni Borodo as Chairman of the Board, FBNQuest Trustees.
Guaranty Trust Bank has released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges.
Global omni channel solutions provider NCR Corporation has launched NCR SelfServ™ 80 Series, a new family of ATM solutions that will help financial institutions redefine the banking experience.
The Board of Directors of the African Development Bank has granted a $15 million loan to Congolese bank Rawbank, the country's largest commercial bank with 24 per cent market share and 300,000 customers.
Energy Commercial Bank says it plans to float and list shares on the Ghana Stock Exchange to allow Ghanaian investor participation in the future direction of the bank.
Zenith Bank has confirmed that it is in a strategic partnership with Facebook and Twitter to launch a Masterpass QR bot for Facebook messenger, that will enable Nigerian businesses set up digital accounts and accept QR payments.
NIC Bank Kenya has partnered with NCR Corporation a global provider of omni-channel solutions, to launch NCR Interactive Teller, an innovative ATM-based technology.
BeepTool Communications, a Nigerian fintech and VoIP company has been positioning itself to change the landscape of mobile communication and connectivity inclusion in Sub-Saharan Africa by offering low cost ICT solutions.
Afreximbank, Development Bank of Central African States in pact to promote trade and regional integration
The African Export-Import Bank, Afreximbank, and the Development Bank of Central African States have entered into a memorandum of understanding to harmonize their efforts in the promotion of trade and regional integration.
The African Development Bank has expanded its flagship publication, the African Economic Outlook, with five regional reports.
African Development Bank signs deal with International Solar Alliance to propel solar development in Africa
In a major boost for its Light up and power Africa initiative, the African Development Bank has entered into partnership with the International Solar Alliance (ISA) to scale up solar energy in Africa.
The Board of Directors of the African Development Bank has approved a US $100-million Trade Finance Line of Credit to Angola’s Investment Bank,Banco Angolano de Investimentos, BAI.
The Russian Export Centre Group will collaborate with the African Export-Import Bank to explore opportunities to develop Africa’s aviation industry and to support other sectors like mining, agro-processing, railways and the metals industry.
Barclays Africa Group Limited, one of the largest banking groups in Africa, has outlined a new business strategy to deliver on ambitious goals following the successful sell-down by Barclays PLC of its majority stake.
Stanbic Holdings Plc weathered a tough operating environment last year to post a 43 million, Sh4.3 billion, profit after tax according to the recently released 2017 full year financial results.
In the rapidly evolving digital world, Clayfin has positioned itself as a frontrunner in the provision of digital banking experience solutions key in helping banks craft digital experiences that enrich customer life journeys.
The African Export-Import Bank will support the Ghana Export-Import Bank to achieve its objective of playing significant role in driving Ghana’s industrialisation agenda.
The African Development Bank and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment.
Temenos, the software specialist for banking and finance has announced that Banque du Caire has selected Temenos T24 Core Banking as part of its vision in becoming the region’s leading bank.
East African Development Bank inks $15 million credit deal with The Arab Bank for Economic Development in Africa
The East African Development Bank (EADB) has signed a credit line deal worth $15million with The Arab Bank for Economic Development in Africa, BADEA which will be used to help achieve EADB’s goals of developing East Africa.
Mastercard has completed its acquisition of mobile payments technology company Oltio from Standard Bank Group.
Given the political and economic uncertainty in South Africa, foreign lenders are becoming increasingly focused on the type of security available in South Africa to secure their loan.
Madagascar receives $45 million from World Bank to promote financial inclusion of Individuals and small enterprises
The World Bank has approved a $45 million International Development Association credit to promote the financial inclusion of individuals and micro, small and medium-sized enterprises in Madagascar.
With the goal of growing in terms of presence and market share in Africa, Xpress Money , one of the most reliable money transfer brands in the world, has launched large expansion plans in the African market.
The African Export-Import Bank (Afreximbank) can support Egyptian business women in expanding their trading activities into other African countries.
African Development Bank and Mozambique sign $29 million grant agreements to finance agriculture and skills acquisition projects
African Development Bank and the Government of Mozambique have signed grant agreements for two operations totaling $ 29 million.
The African Export-Import Bank (Afreximbank) has signed a three-year $300 million revolving global credit facility agreement to provide financing to Export Trading Company (ETC) in a bid to support and promote intra-African trade.
1bank4all is a social fintech startup that seeks to promote the social welfare of poor individuals and communities through innovative low cost banking model.