FCMB Group and its commercial and retail banking subsidiary, First City Monument Bank Limited, have promoted 537 staff. The promotion is part of the Group’s tradition of rewarding and motivating employees for higher productivity.
Innovative financial solutions like factoring and credit insurance offer keys to the growth of small and medium-sized enterprises (SMEs) in Africa and can enhance regional integration.
The African Export-Import Bank has successfully completed its first ever Samurai Syndicated Term Loan Facility, raising the equivalent of US$150 million, comprised of two tranches of JPY 6.2 billion and US$100 million.
[Madagascar] World Bank Granted $45m to enhance public finance sustainability and the investment climate
The World Bank has approved a $45 million grant for the second Public Finance Sustainability and Investment Development Policy Financing operation.
The Central Bank of Egypt approved increasing caps on cash withdrawals and depositing under mobile-phone cash transfer services, head of marketing department at Vodafone Egypt Karim Shehata announced Sunday.
Stanbic Bank Kenya has launched a new business unit called Wealth dedicated to offering a complete range of financial services including Life and General insurance, investments.
[South Africa] Veridium and Wala in pilot digital banking project that authenticates users with biometrics
Veridium, a leader in strong authentication using biometrics has partnered with Wala, a South African-based, blockchain-powered financial services platform for the unbanked, to bring universal financial services to emerging countries in Africa.
Union Bank recently launched its N10 billion agricultural funding scheme on the platform of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, an all-inclusive lending program established to de-risk lending to the Nigerian agricultural sector.
Fifteen out of the 19 COMESA Member States as now fully in the regional Free Trade Area with only four countries remaining.
The Board of the African Development Bank Group has approved a loan of €71.56 million to support the implementation of ‘Digital Tunisia 2020’ National Strategic Plan.
[South Africa] Nedbank receives $172 million from Africa Development Bank to finance continental businesses
The Board of Directors of the African Development Bank Group (AfDB) has approved a US$ 172 million financial package to Nedbank Group Limited of South Africa, to finance local and continental businesses.
Diamond Bank has handed in its Q3 2017 financial scorecard on the floor of the Nigerian Stock Exchange, displaying moderate growth in key financial parameters despite the lull trailing economic activity after the country exited recession.
Zimbabwe continues to witness a growth in mobile financial services with the latest figures from the Reserve Bank of Zimbabwe (RBZ) showing that transactions worth US$11 billion were processed during the nine months to 30 September 2017.
AfDB approves €98m loans and €17m partial risk guarantee for Air Côte d’Ivoire program to boost regional aviation industry
The AfDB Group's Board of Directors has approved a total AfDB loan of €98.06 million to finance a program of the regional airline, Air Côte d’Ivoire (ACI) to modernize and expand its operations.
Bravura Solutions Limited has signed a long-term contract with Discovery Limited for the implementation of its Sonata platform.
[Tunisia] European Investment Bank, Banque de l'Habitat sign $140 million credit facility to boost business financing
The European Investment Bank and Banque de l'Habitat have signed a new line of credit to strengthen access to bank financing for Tunisian companies, supporting more than 250 SMEs and over 1,600 jobs in Tunisia.
Standard Bank was named the best private bank in Kenya in the 2017 Global Private Banking Awards held in Singapore last week, in recognition of its wealth investment and management arms.
The Committee of the Governors of Central Banks of ECOWAS Member States led by its chairman, Mr. Godwin Emiefele of the Central Bank of Nigeria (CBN), have called for greater synergy between the West African Monetary Agency (WAMA) and ECOWAS in the bid to attain a single currency in the region.
Online shopping firm, Jumia Uganda has partnered with Barclays to introduce the card-on-delivery payment option for customers in Kampala.
The Board of Directors of the African Development Bank Group has approved a loan of $141 million to Tunisia, intended to finance the second phase of the Regional Development Support Program.
The African Export-Import Bank (Afreximbank) has launched a new guarantee programme aimed at unlocking capital and leveraging much-needed financing into Africa.
[Column] Vahid Monadjem: Broadening financial inclusion through informal sector innovation in sub-Sahara Africa
In developing markets around the world, it is the informal economies that serve as the quietly humming engines of growth. By way of example, the informal economy accounts for over 70% of total employment in sub-Saharan Africa.
Comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises.
The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.
The African Export-Import Bank is implementing initiatives that seek to integrate African businesses into regional and global value chains, Kanayo Awani, Managing Director of the Banks’s Intra-African Trade Initiative, has said.
In its monthly bulletin on the performance of the banking sector, the Central Bank of Egypt stated that the total balances of credit facilities granted by banks rose to EGP 1.413tn until the end of July 2017.
Following its half year audited financial results, Nigerian bank, Fidelity Bank has posted another financial performance for the 9-month period ended September 30, 2017.
The World Bank has announced a $350 million program to support wide-ranging reforms of financial intermediation in Morocco.
Fidelity Bank priced a highly successful US$400m 5-year Eurobond with a 10.50% coupon in what is the largest combined new issue & liability management offering ever by a Nigerian issuer.
South Africa has just got its own version of Venmo, one of the US’s most successful payment platforms owned by PayPal that processes $25 billion in person to person payments annually.
African Development Fund approves €48m grant finance for Guinea-Sierra Leone border road reconstruction
The Boards of the African Development Bank Group have approved funding of €48 million from the African Development Fund for the reconstruction of the border road from Guinea to Sierra Leone.
Africa50, the infrastructure fund for Africa, Scatec Solar and Norfund have signed the long-term financing documentation for the 400 MWDC utility scale photovoltaic power plants in Egypt.
The NatMobile app allows customers to make payments such as school fees, National Hospital Insurance Fund contributions, utility bills and gives them access to credit card statements.
The Board of Directors of the African Development Bank has approved a line of credit of US$ 3 million (synthetic local currency equivalent) to Union Trust Bank Sierra Leone to help finance projects and enterprises in transformational sectors.
The Board of Directors of the African Development Bank today approved a US$ 100 million Line of Credit to Kenya Commercial Bank Limited.
The Government of Zimbabwe and the Zimbabwe Reconstruction Fund (ZIMREF) have launched the Public Expenditure and Financial Accountability (PEFA) (2017/2018) assessment and evaluation method.
Zambia has become the first Southern African member country of Africa Finance Corporation (AFC), a leading development finance institution for infrastructure in Africa.
Old Mutual Alternative Investments (OMAI), Africa’s largest private alternative investment manager, is launching its third International Private Equity Fund of Funds (International FoF III) with a target size of US$300 million.
Skye Business School has been awarded full accreditation status as a full-fledged banking/finance, business and continuous human capital training academy by the Chartered Institute of Bankers of Nigeria.
Coronation Merchant Bank has appointed Onome Komolafe as Executive Director following the approval of the Central Bank of Nigeria (CBN).
The African Development Bank, through the African Water Facility and the NEPAD Infrastructure Project Financing Facility, approved the disbursement of 2,098,593 euros for the benefit of the Economic Community of Central African States.
Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2017, to the Nigerian and London Stock Exchanges.
Central Bank of Nigeria has released a regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, in the quest to develop and enhance security of electronic payment systems in the country.
British Chancellor Philip Hammond has called on UK regulators and law enforcement to review concerns raised by Lord Peter Hain that HSBC and Standard Chartered banks may “have been conduits for the corrupt proceeds of money".
Access Bank Plc, the majority shareholder of Access Bank Ghana has announced its intention to inject additional capital into the Bank’s operations in Ghana before end of Q1 in 2018.
According to the 2014–2016 Tanzania National Financial Inclusion Framework the level of formal financial access in the rural areas of Tanzania is 8.5% compared to 23% in the urban areas.
The Board of Directors of the African Development Bank Group (AfDB) has approved Sudan’s Country Brief 2017-2019, designed to help the country build resilience and address core issues of fragility.
Africa Finance Corporation signs master cooperation agreement with International Finance Corporation
Africa Finance Corporation (AFC) has this month become the 30th member of the Master Cooperation Agreement (MCA) at the World Bank's Annual Meetings in Washington DC.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$ 45 million Murabaha Financing Agreement with the government of The Gambia.
Exim Bank Tanzania has proved its commitment to strengthening financial inclusion in Tanzania by launching a new branch in the Dodoma region of Tanzania.
Mobile payments in August posted the largest month-on-month drop this year, coming after intensive political campaigns in July.
In 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria.
The European Investment Bank (EIB) will support private equity investment across Ethiopia though support for the new $100m Cepheus Growth Capital Fund.
International Islamic Trade Finance Corporation and National Company of Transports and Logistics in bid to bridge Morocco, Sub Sahara Africa gap
Ovamba Solutions, Inc. and Microsoft have partnered to develop the first African language driven “chat-bot” designed to serve the millions of African SMEs who face exclusion from Financial Services due to the challenges of business literacy.
African Development Fund approves US$ 141 million credit risk participations under Private Sector Credit Enhancement Facility
The Board of Directors of the African Development Fund (ADF) have approved a credit risk participations in eight loans cumulatively valued at US$ 141 by the Private Sector Credit Enhancement Facility (PSF).
The African Development Bank and its partners have launched a specialized training program for entrepreneurs and startups in the textile, apparel and accessories sector in Africa.
FBN Holdings Plc has announced the appointment of Oluseye Kosoko as Company Secretary subject to regulatory approval.
The Islamic Development Bank and the Association for the Development of Education in Africa (ADEA) have signed a Memorandum of Understanding related to the cooperation in the education sector in Africa.
The African Development Bank (AfDB) has issued the first “Light Up and Power Africa” Bond for $90million sold to the Dai-ichi Life Insurance Company, Limited, the sole investor in the transaction.
Depositary Receipts of the African Export-Import Bank started trading on the Stock Exchange of Mauritius yesterday, with the Bank topping the list of issuers in terms of capital raised prior to a listing.
FirstBank of Nigeria has said that it has emerged the first financial institution in Nigeria and West-Africa to issue 10 million cards to customers across the sub-region.
Following an official request for support from the Government of Guinea-Bissau, the African Legal Support Facility has provided creditor litigation support and advisory services during outstanding debt negotiations with the Export-Import Bank of China.
Temenos, the software specialist for banking and finance, says that Cooperative Bank of Oromia (CBO) has gone live with its UniversalSuite.
More than half the money sent through mobile phones between April and June this year went to paying for goods and services, fresh official data have shown.
Commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS).
The African Export-Import Bank is off to a successful listing of its depositary receipts (DRs) on the official market of the Stock Exchange of Mauritius.
Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers.
The number of credit cards of banks operating in the Egyptian market increased to about 5.858 million cards by the end of June 2017 compared to 3.859 million cards in December 2016.
The African Export-Import Bank will provide financial and advisory support to Burundi to facilitate the development of the energy, mining, tourism and agriculture sectors to contribute to the country’s economic recovery.
World Bank Board approves over $20m for Seychelles’ Sustainable Fisheries and Marine Resources Conservation
The World Bank has approved a package of over $20 million for the Republic of the Seychelles to improve the conservation of its marine resources and expand seafood value chains.
The African Export-Import Bank (Afreximbank) is to arrange at least $500 million in multi-sourced financing to support projects in agro-processing, energy, manufacturing, tourism and logistics sectors
The African Development Bank (ADB) Group President, Akinwumi Adesina, has concluded his two-day official visit to Niger with a visit to the Kalmaharo Technical High School in Niamey, is supported by the Bank
The African Development Bank (AfDB) has sold its first “Industrialize Africa” theme Bond to Fukoku Mutual Life Insurance Company, the sole investor in the transaction, for $40 million.
The Central Bank of Nigeria (CBN) has left the country's benchmark interest rate unchanged at 14 per cent, alongside all the other monetary policy rates for the seventh consecutive time over fears of consequent inflation.
The President of the African Development Bank (AfDB), Akinwumi Adesina, arrived in Niamey on Tuesday, September 26, 2017 for a two-day official visit to Niger, which began with a meeting with the Head of State, Mahamadou Issoufou.
The Bank of Agriculture and Nigeria Postal Service are collaborating to provide financial services to five million farmers across the country over the next two years.
Egypt is one of the largest beneficiaries of lending activities by the African Export-Import Bank (Afreximbank), with current total exposure standing at about $5.2 billion, the President of the Bank, Dr. Benedict Oramah, has said.
First Atlantic Bank (FAB) has finalized an agreement with Advanced Finance and Investment Group, AFIG Funds, for an investment in the Bank.
A report by Bank of Uganda found that the annual amount of money transferred through mobile money totalled Shs 43.83tn in 2016, up from Shs 32.7tn in 2015. This accounts for a 34 per cent jump in value.
TheAfrican Export-Import Bank has embarked on a concept to transform its buildings into iconic business complexes with integrated one-stop trade services shop, the President, Dr. Benedict Oramah, has announced in Harare.
Ecobank said it is striving to address the needs of the unbanked (and the general populace) by transforming a mobile phone into an all-in-one bank account and payment/cash withdrawal tool.
Union Bank has the announced subscription period for its N50 billion Rights Issue which commenced on Wednesday, September 20 and will close on October 30, 2017.
The African Development Bank Group approves €15m equity investment in the Mediterrania Capital Fund III
The AfDB has approved a EUR 15 million equity investment in the Mediterrania Capital Fund III under the management of an experienced team of Mediterrania Capital Partners with strong transactional and operational experience in private equity.
FSDH Merchant Bank has announced that AFIG Funds, a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the Bank.
The African Development Bank has joined partners from the African Union Commission, African governments, key United Nations agencies and development finance institutions to renew support for African countries’ industrialization.
TheAfrican Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MOU) to provide a $600-million line of credit to the Reserve Bank of Zimbabwe (RBZ).
FSDH Merchant Bank, a financial services group in Nigeria, has revealed that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the Bank.
Membership of the African Export-Import Bank has moved closer to full coverage of the African continent with the decision by the island of Comoros to join the continental multilateral trade finance institution as a participating state.
The African Export-Import Bank has initiated its first–ever intervention in Tunisia with a 50-million Euro Global Trade Facility in favor of Loukil Group of Tunisia.
The Wide World Fund for Nature and the African Development Bank have joined forces to advance the work of the Africa Nationally Determined Contributions Hub in addressing the impacts of climate change on the continent.
The African Development Bank Group (AfDB) on September 19, 2017, announced the debarment of Entreprise de Construction Urbaine et Rurale (ECUR) for a minimum period of three years.
The African Export-Import Bank has appointed Kwabena Ayirebi, as Director, Banking Operations.
Finance Indaba Africa is the biggest annual expo and conference for finance professionals.
Africa is a place of real business opportunity that the world should be alive to. I know, having built businesses that now operate in 20 African countries and through creating a program over 10 years that is funding and mentoring 10,000 African entrepreneurs.
Over 25 banks in the country will have to race against time to meet the new capital requirement announced by the Bank of Ghana (BoG) as their current capital is less than 50 percent of the 400 million cedis quoted by the central bank.
World Bank commits $700 million to advance equitable access to basic services for millions of Ethiopians
The World Bank has approved the International Development Association (IDA) additional financing of $700 million in support of Ethiopia’s continued efforts to improve equitable access to basic services and reinforce accountability systems at the decentralized level.
As more financial service providers adopt machine-to-machine (M2M) solutions, it is becoming ever more apparent that these solutions are vital to economic inclusivity and innovation on the African continent.
Branch, a Facebook-linked mobile phone lending app, has raised Sh200 million by issuing a commercial paper. The Silicon Valley startup will use the funds to grow its loan book.
The Central Bank of Nigeria (CBN) has reviewed daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders.