Author: Editor

H.E. President Paul Kagame will host the leaders of Mozambique, China, and India for successive State Visits between 19-24 July 2018. H.E. Filipe Jacinto Nyusi, President of the Republic of Mozambique, will arrive in Rwanda today 19 July, for a three-day State Visit. H.E. Xi Jinping, President of the People’s Republic of China, will be in Rwanda from 22-23 July. This marks the first visit by a Chinese leader to Rwanda. H.E. Narendra Modi, Prime Minister of the Republic of India, will visit from 23-24 July. This is also the first visit to Rwanda by an Indian Prime Minister. These…

The announcement was made in the presence of Kasangwa Chanthal, Executive Director – Operations Department, Central Bank of Rwanda, and other dignitaries, partners and guests UAE Exchange, a leading global money transfer, foreign exchange and payment solutions brand, announced the rebranding of its Rwanda operations as “Unimoni”(www.Unimoni.com). The announcement was made in the presence of Kasangwa Chanthal, Executive Director  – Operations Department, Central Bank of Rwanda, and other dignitaries, partners and guests. Short for ‘Universal Money’, the new brand “Unimoni” reflects the company’s aspirations to strengthen its global presence and provide a broader spectrum of innovative financial services to its customers.…

The Ministry of Mines and Hydrocarbons of Equatorial Guinea on Tuesday, July 17, 2018, enjoined all oil operators present on its soil, including but not limited to Noble Energy, Exxon Mobil, Kosmos Energy, Trident, Marathon Oil Corporation, to cancel all contracts with CHC Helicopters based in Canada due to non-compliance with local content regulations. It is the responsibility of the Ministry of Mines and Hydrocarbons to ensure strict compliance with the local content regulation of our country’s hydrocarbons law, “said Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons. hydrocarbons. “These laws are in place to protect and promote local…

A very first since the adoption of the Regulation number 0003 / CIMA / PCMA / PCE / 2012 of 05 April 2012 organizing microinsurance operations in the Member States of CIMA *. Six years after the entry into force of this scheme, Yelen Assurance of Burkina opens the way by becoming the first microinsurance company approved by the CRCA. Indeed, it is Monday, July 16 that this company received sesame, hands down. The consulting department of Ifage SA accompanied Joel Bamogo, CEO of Yelen, in the creation of the company, the study of its accreditation file and its defense…

The operator Safaricom would be in advanced talks with the Ethiopian government to introduce into the country its popular mobile money service, M-Pesa, it was learned on Tuesday. The information, not confirmed for the time by the management of the Kenyan company, was unveiled in the day by the Reuters news agency, which quotes in support two anonymous sources close to the case. Specifically, the British Vodafone, the parent company of Safaricom, should allow the use of the trade name M-Pesa by an Ethiopian bank (which has not been specified) while the service would be provided by the Ethiopian telecommunications…

Coris Holding and Afriland First Group sign a framework cooperation agreement opening up new prospects in Middle Africa. The signature took place on Saturday 14 July 2018. Through this framework cooperation agreement, Coris Holding and Afriland First Group undertake to pool their efforts to finance the economies of the countries of their presence through SMEs / SMIs. The two banks complement each other geographically on UEMOA and CEMAC and are similar in the respective personalities of their two founders. Both Paul Fokam and Idrissa Nassa have beaten their institutions stone by stone over the last 20 years, providing them with…

African economies will grow by 4.1 percent in 2018, according to the 2018 Africa Trade Report: Stimulating Intra-African Trade: Implications of the African Continental Free Trade Agreement, launched by the African Export-Import Bank (Afreximbank) on 11 July. The report was announced by South African President Cyril Ramaphosa, Amb. Albert M Muchanga, Commissioner for Trade and Industry of the African Union Commission, and Dr. Benedict Oramah, President of Afreximbank, at the Annual General Meetings and the celebration of the 25th anniversary of Afreximbank in Abuja. According to the report, the implementation of the African Continental Free Trade Area (AfCFTA) will create…

The African Export-Import Bank (Afreximbank) has signed an agreement under which the African Development Bank will grant a $ 500,000 grant from its African Private Sector Support Fund (APAF) to support the new factoring companies in Africa. The agreement, signed at Annual General Meetings and the celebration of Afreximbank’s 25th anniversary in Abuja on July 13, aims to increase the capacity and skills of up to 20 new factoring companies and provide consulting services. to improve the viability of established growth-oriented factoring companies, regulators, financial institutions and trade associations in Africa. Kanayo Awani, Director General, Intra-African Trade, signed on behalf…

The Annual General Meetings and the celebration of the 25th Anniversary of the African Export Import Bank (Afreximbank) ended yesterday in Abuja with a speech by Nigerian President Muhammadu Buhari who affirmed that the Bank, thanks to its dynamism and determination had proved that Africans could unite to create something constructive. In his speech at the closing ceremony, President Buhari emphasized that these qualities have enabled the Bank to achieve the success it has enjoyed since its creation 25 years ago. Dr. Benedict Oramah, President of Afreximbank, explained to participants that “since January 2016, thirteen African countries have become Member…

The Director-General of SCG-Ré, Dr. Andrew GWODOG, took part in the Combined General Meeting of Fegasa (Gabonese Federation of Insurance Companies) held on July 13, 2018, for the purpose of deliberating on the one hand, on an extraordinary basis, on the adoption of the new statutes and on the other hand, on an ordinary basis, on the following agenda: 1- Election of the new President and the Office Director; 2- Adoption of the 2017 accounts and adoption of the 2018 budget; 3- Release of the Amiable Statement; 4- Reflection of the Pool TV; 5- Automobile Guarantee Fund; 6- Rose card;…

The departure of Shell Gabon and some companies in the para-oil sector of Port-Gentil, did not undermine the will of the American company Vaalco to continue its investments in Gabon. Vaalco SA Deputy General Manager Clotaire Kondja said in an exchange with the journalists that “there will be no question of dismissing our employees or putting the key under the mat but rather redoubling our efforts and ingenuity to reach the end of our commitments with the Gabonese State “. It was during 2014 that the management of Vaalco SA promised to support the Gabonese state in the oil exploration.…

The Gabonese authorities have just launched discussions with international partners for the establishment, once again, of a national airline company. Although since the liquidation of Air Gabon in 2005, all attempts of this kind have failed. Based in Jeddah, the Saudi group Nexus Aero International looks set to do business with Gabon. A delegation led by its president and CEO was received, Friday, July 13 in Libreville, by the Minister of Transport and Logistics of the country. At the end of the negotiations, Libreville wants to have a new airline, after the liquidation in 2005, of the former Air Gabon.…

Worried by the rise of protectionist tensions, investors shunned this week the South African coast, struggling to regain its previous highs At the Johannesburg Stock Exchange, the days are similar and alike: by yielding Friday 0.85% to 56341.14 points, the FTSE / JSE Africa All Share Index has aligned its fourth consecutive session of decline. And over the week as a whole, the main South African stock index dropped 1.66% as investors worried about the ongoing trade battle between the United States and its international partners. Elsewhere, however, most other major financial markets ended with a positive weekly performance (+0.90…

The African Export-Import Bank (Afreximbank) yesterday launched Mansa – a pan-African customer information platform that will provide a single reliable source of data needed to conduct the necessary counterparty audits in Africa. The Mansa platform is the centralized platform for benchmarking clients across the African continent. By providing complete information, it will put an end to the subjective assessment of customers and eliminate the idea, often unfair, that it is risky to do business with African companies. Mansa will also help to better understand the business climate in a country and will provide information on related services on the continent.…

Johannesburg, the capital of South Africa, is hosting from October 16-20, 2018, the second annual summit on the promotion of pan-African investments. Called the Tropics Business Summit, this meeting will focus on the theme: “accelerating startups in emerging markets through financial partnerships for inclusive growth and sustainable development”. A series of activities are announced over the five days, including conferences, corporate exhibitions, capacity building workshops, etc., according to a statement from the organization. Note that the first edition of this summit was held in October 2017 in South Africa. It brings together more than 150 entrepreneurs, company directors, young innovators,…

The Fongip will better meet the expectations of the State, partners and beneficiaries The institutional change of Fongip has just been launched by its Board of Directors at its last meeting of June 28, 2018 on the approval of the financial statements for the year 2017 of the institution It will promote an appropriate framework and sufficiently standardized to meet the new expectations of the State, partners (Banks, Sfd and others) but especially the main beneficiaries (SMEs, VSEs of young people and women). The proposed model for institutional change from Fongip assimilated to an agency to a FONGIP SA,…

Yaoundé – Citi is pleased to announce the appointment of Gordon Acha as Citi Country Officer (CCO) for Cameroon. Gordon will report to Citi Cameroon Board of Directors chaired by Khady Dior Ndiaye, Citi Country Officer for Côte d’Ivoire and Citi Business Head for French West & Central Africa. Gordon has over 23 years of Institutional Banking experience covering the United States, Cameroon, Côte d’Ivoire, Gabon and South Africa. He joined Citi Cameroon in 1998 and served in a number of roles including Relationship Manager, Global Relationship Banker and Financial Institutions Head, Corporate and Commercial Banking Head. In 2009, Gordon…

Africa Oil & Power, the continent’s premier platform for energy investment and policy, and the African Energy Chamber (AEC) signed a strategic partnership in Johannesburg today. Both organizations will be sharing capacities to facilitate investments and deal-making in Africa across their networks. Under the agreement, the AEC will also become an official partner of the Africa Oil & Power 2018 conference taking place September 5-7, 2018 in Cape Town. As part of the partnership, the Africa Energy Chamber is extending to all its members and partners across its network an exclusive discount of 15% to attend the summit in…

Kanayo Awani, Managing Director, Intra-African Trade Initiative, Afreximbank (2nd right), and Ebrima Faal, Senior Director, Nigeria Country Office, African Development Bank (AfDB), watched by Enga Kameni of the Afreximbank Legal Services Department (right) and a legal officer from AfDB, as they sign the agreement in Abuja.     Abuja, 15 July 2018: – The African Export-Import Bank (Afreximbank) has entered into an agreement under which the African Development Bank to provide it with a $500,000 grant from its African Private Sector Assistance (FAPA) programme to be used in supporting emerging factoring firms in Africa. The Agreement, signed at the Afreximbank Annual Meetings and…

The TROPICS BUSINESS SUMMIT 2018 will hold Conferences, Workshops, Exhibitions, Panel Discussions between Government authorities, Entrepreneurs, CEOs, Financiers and Academia from all continents. The Summit will carry more practical meaning and enjoy more popularity with its open exhibitions. The 2nd edition of the TROPICS BUSINESS SUMMIT is scheduled on 16-20 October 2018 at the Parktonian All-Suites Hotel by Marriott in Johannesburg, South Africa.The 2018 theme is “Accelerating startups in emerging markets through financial partnerships for inclusive growth and sustainable development.” In a span of five days, an array of activities are staged including Conferences, Corporate Exhibitions, Capacity Building Workshops, Country…

Secretary-General António Guterres concluded the second annual UN-African Union Conference in Addis Ababa, as part of ongoing efforts to strengthen relations between the two organizations. Held from 9 to 10 July, the meeting covered issues addressed in the AU-UN Joint Development Framework, including the issue of peace and security. “We feel the wind blowing in the direction of peace,” he said, referring to recent developments such as the Ethiopian Prime Minister’s historic visit to his rival and neighbor, Eritrea, as well as the peace talks on South Sudan. “All this gives us hope that the African continent is moving more…

Absa, formerly known as Barclays Africa, has just adopted this new logo on Wednesday, July 11th. The launch of the new look also marks the effective separation of the entire Absa group from Barclays Africa Limited, to adopt the name of Absa Bank Limited, and this in all its markets. All the same, Barclays, which is no longer part of the Absa brand, remains a partner of the group and still holds a 14.9% stake in the company. In its operations outside South Africa, the bank will retain the current Barclays brand image for the time being. The reason is…

In financial difficulty, Kenyan cementist ARM Cement has just won a decisive round in its fight for survival: the International Finance Corporation (IFC) will finance the purchase of 12 billion shillings of its debt ($ 120 million). The financial terms of the operation, which will become effective in 2019, were revealed today by the Business Daily. Specifically, ARM will buy back – with the support of IFC – a portion of its existing short and medium-term debt, which is relatively expensive (up to 17.5% annual interest rates), to replace it with the new borrowing terms of its institutional creditor (6%…

Contrary to the unfounded claims made yesterday by DP World, the opening of the Djibouti International Free Trade Zone (DIFTZ) is fully in line with international laws and standards. The opening of the DIFTZ does not violate DP World’s contractual rights in any way. Aboubaker Omar Hadi, Chairman of DPFZA, said: “DPFZA deeply regrets the repeated, misleading comments from DP World. DP World seems to be engaged in a sustained but futile campaign to misrepresent the facts. DP World’s stubborn behaviour and attitude towards Djibouti, including its attempt at rent-seeking in regard to the operation of Doraleh Container Terminal (DCT),…

The Orange Côte d’Ivoire telephone operator proceeded on Tuesday 10 July with the launch of an Orange Money withdrawal and payment card. It is a new solution for quick and secure payment from the mobile money account for transactions in the West African Economic and Monetary Union (UEMOA) zone. It offers an alternative for customers to make transactions in the ATMs (ATMs) / ATMs of the Visa network. According to Marius Yao, CEO of the company, “this card will allow customers over 21 years to pay for purchases in stores and outlets equipped with an electronic payment terminal and buy…

CICA-Ré, reinsurer of the CIMA zone, is doing well. Sales in 2017 amounted to CFAF 46.3 billion, up 21% over the previous year. Half of this amount is made in the CIMA zone (14 countries), reads in the 34 th annual report presented on the sidelines of the 36th general meeting of the company held on June 28 and 29, 2018 in Yaoundé. Statutory sales represented 18.66% (22.57% in 2016) of sales and recorded a decrease of 3.91 points compared to the previous year. Conventionals, which accounted for 77.43% of sales in the year under review, amounted to 81.34% in…

The Annual Meetings and 25th Anniversary celebration of the African Export-Import Bank (Afreximbank) ended in Abuja yesterday with President Muhammadu Buhari of Nigeria saying that the Bank, through its dynamism and tenacious leadership, had proved that Africans could come together to build something meaningful. Delivering a keynote address at the closing ceremony, President Buhari said that those attributes had enabled the Bank to achieve the success which it had enjoyed since its establishment 25 years ago. Dr. Benedict Oramah, President of Afreximbank, told guests that, “Since January 2016, 13 African countries had joined the Bank as Participating States and/or Shareholders, bringing…

The Ordinary General Shareholders’ Meeting of United Bank for Africa (UBA-Senegal) was held on June 8, 2018 at the Bank’s headquarters on the Almadies Route, under the direction of Mr. Fogan SOSSAH, Chairman of the Board of Directors. This meeting attended by the shareholders of the bank, as well as the Director General of UBA-Senegal, Mrs. Amie Ndiaye SOW, allowed the Board of Directors to present its annual report and the accounts of the exercise. It was also an opportunity for shareholders to renew their confidence in the executive bodies of the bank and all its staff. The general report…

The Executive Secretary of the Economic Commission for Africa (ECA), Vera Songwe, today urges Nigeria to join the movement of the African Continental Free Trade Agreement (CAFTA) after appropriate consultations and offers the ECA support to join South Africa and the other 48 countries already signatories to the CAFTA. Speaking at a symposium organized by ECA to celebrate the work and life of his former Executive Secretary, Prof. Adebayo Adedeji, Ms. Songwe said some countries did not sign the ZLECA in Kigali, Rwanda, three months ago because they prefer to undertake internal consultation processes first. . At the recent African…