Author: Amadjiguéne Ndoye

EVEREST Finance launched Sama Naffa in Dakar on Thursday, September 10, a savings platform accessible from as little as FCFA 1,000 (USD 1.77), against a backdrop in which collective savings mechanisms continue to play an important role in the financial practices of Senegalese households. The solution combines a digital service with a network of local agents whose role includes assisting users with opening accounts and getting started on the platform. EVEREST Finance plans to gradually expand the service beyond Dakar. The launch comes at a time when formalizing savings and broadening access to financial services remain key challenges for the…

Kenya Airways has appointed Habil Waswani as interim CEO of the group, effective September 15, 2026, as part of a new leadership transition at the Kenyan airline. Mr. Waswani, currently the company’s Secretary General and Director of Legal Services, will succeed Captain George Kamal, who will step down after four years with the company. Captain...

French health insurer Alan acquired Tanel in June, a Senegalese company specialized in providing health coverage for businesses in Senegal and Ivory Coast. The transaction amount was not disclosed. This is Alan’s first operation in Africa. Founded in 2021 by Mouhamed Ndoye and Makhtar Diop, Tanel is licensed as an insurer and directly bears the risk associated with the contracts. It provides health coverage to businesses and relies on a network of over 1,200 pharmacies, clinics, and hospitals. The company indicates that it covers around 70,000 individuals from over 400 companies, including 30,000 paying beneficiaries. It had raised $2.45 million…

The United States has initiated a process targeting Banque Misr UAE, the Emirati entity of Banque Misr, Egypt’s second largest bank, in order to remove its access to correspondent relationships with American financial institutions. The U.S. Treasury accuses this entity of facilitating operations related to Iranian financial networks that may circumvent American sanctions. The measure...

Afreximbank has announced the appointment of five executives to regional roles, as part of a reorganization aimed at strengthening its market coverage in Africa and the Caribbean. Eric Monchu has been appointed as Group Managing Director for Client Relations and Regional Operations, based in Cairo. He previously held this position on an interim basis. His responsibilities include commercial development, customer relationship management, and operations execution. Kudakwashe Matereke will now lead regional operations for Anglophone West Africa, based in Abuja. He previously oversaw operations in East Africa. Humphrey Nwugo has been named Director of Regional Operations for East Africa, based in…

The Banco de Moçambique has ordered credit institutions, financial companies, and mobile wallet operators to refund over 73.2 million meticais (around 1.15 million USD) to their customers. The refunds concern fees and commissions deemed improperly charged during the first half of 2026. The decision follows the review, by the central bank, of 487 formal complaints...

Nigerian banks significantly reduced their reliance on financing from the Central Bank of Nigeria (CBN) in August, with the amounts raised through its Standing Lending Facility (SLF) falling by nearly 89% in one month. Borrowings from this window fell to 126 billion nairas (93.8 million USD) in August, down from 1,190 billion nairas (885.7 million USD) in July, according to the latest CBN data. The SLF allows banks to obtain short-term liquidity from the central bank. Its rate is set at 5 percentage points above the benchmark rate, which was maintained at 26.5% at the last monetary policy meeting. Banks…

The board of directors of Access Holdings approved, on August 27, 2026, the audited interim financial statements of the group for the half-year ended June 30, 2026. The notice sent the next day to the Nigerian Exchange Limited (NGX) however does not specify any publication date: this remains subject to the prior approval of the...

The Central Bank of Nigeria (CBN) absorbed 4.720 trillion naira (approximately 3.53 billion USD) of liquidity during two Open Market Operations (OMO) auctions held on August 26 and 27, 2026, which was significantly more than the initially proposed 2 trillion naira (approximately 1.50 billion USD). Investors submitted 8.620 trillion naira (6.45 billion USD) in bids,...

The Central Bank of Kenya (CBK) has authorized Nedbank Group to acquire up to 66% of the capital of NCBA Group, removing a regulatory hurdle for a transaction valued at approximately 116.3 billion Kenyan shillings (855.8 million USD). The authorization, granted on August 28 under the Banking Act, does not finalize the transaction. It remains...

South Africa could launch its first green sovereign bond before the end of the current budget year, by March 2027, in order to raise funds for its climate transition and infrastructure. Otherwise, the issuance would take place during the 2027-2028 fiscal year. The National Treasury is currently working on identifying projects eligible for funding from...

The liquidity of the Nigerian banking system significantly improved on Wednesday, leading to a decline in short-term financing rates, according to the Nigerian asset management and financial services company AIICO Capital Limited. Throughout the session, the liquidity surplus increased by approximately 1.940 trillion nairas (equivalent to 1.45 billion USD), up by 35.53%. This growth was driven by bond coupon receipts and increased bank placements with the Central Bank of Nigeria (CBN). The improved availability reduced the reliance of banks on the CBN’s Standing Lending Facility, the central bank’s marginal lending window. No drawdowns were recorded during the session, which helped…

Harmony Gold announced an 87% increase in its headline earnings per share for the fiscal year and a final dividend nearly five times higher, as the surge in gold prices more than offset the decrease in extracted volumes. South Africa’s largest gold producer reported an adjusted earnings per share of 43.63 rand (258 US cents) for the fiscal year ending in late June, compared to 23.37 rand a year earlier. The final dividend amounts to 7.50 rand per share, bringing the total remuneration for the year to 12.80 rand per share. The 35% increase in the average gold price, driven…

Ventures Platform has finalized its second institutional fund at $84 million, exceeding its initial target by $9 million. The vehicle, named VP Pan-African Fund II, is intended to fund African start-ups in the early stages. The EBRD, Norfund, Alphatron, and the Ashesi University Foundation are among the new investors. They join existing investors such as...

The International Monetary Fund (IMF) is urging monetary authorities to abandon rigid forward guidance on interest rates, which is losing effectiveness in the face of repeated supply shocks. In a note from Tobias Adrian, director of the Monetary and Capital Markets Department, the Washington-based institution specifically addresses emerging economies like Nigeria, whose central bank is facing inflation and exchange rate volatility. According to the IMF, overly specific commitments on future interest rate levels constrain central banks to make abrupt adjustments, fueling market volatility. The IMF recommends prioritizing transparency regarding their reactions to macroeconomic indicators, rather than announcing dated trajectories. Quantitative…

Announced during the board meeting on July 6, 2026, the appointment of Emmanuel N. Nnorom as Chairman of the Board of Directors of the United Bank for Africa (UBA) is now effective. It came into effect on August 21, when Tony Elumelu left the board after reaching the twelve-year limit set by the Central Bank of Nigeria (CBN) for non-executive directors of the country’s banks. According to a statement from the group dated Wednesday, August 26, this appointment marks Mr. Nnorom’s return to the helm of the governance body of the pan-African banking group, after holding various positions within the…

The United Bank for Africa (UBA) group approved, during a board meeting held on Thursday, August 13, 2026, the appointment of Ibrahim Ajimasu Puri as a non-executive director, subject to the approval of the Central Bank of Nigeria (CBN). Ibrahim Puri will thus rejoin the bank’s board of directors after regulatory validation. He had previously served as an executive director for twelve years before leaving the group in 2022. With over thirty-five years of experience in banking, financial technologies, telecommunications, and consumer goods, he also holds non-executive director positions at Nigerian Breweries Plc and 9mobile. During the same meeting, the…

China Chengxin International Credit Rating (CCXI) has confirmed Afreximbank’s AAA rating, with a stable outlook, for the second consecutive year. The agency expects to maintain this rating over the next 12 to 18 months. In its report released on July 30 in Beijing, CCXI cited the bank’s strategic position, risk management, profitability, and liquidity as factors supporting its credit quality. This evaluation comes as Afreximbank seeks to diversify its sources of funding and strengthen its access to international capital markets. In 2025, the institution issued a 2.2 billion yuan Panda bond (327 million USD), becoming the first African multilateral development…

The Central Bank of Egypt (CBE) kept its key interest rates unchanged at its August meeting, extending the pause observed since several meetings, after the previous monetary easing cycle. This decision was in line with market expectations. The overnight deposit rate remains at 19%, while the overnight lending rate stays at 20%. The main operation...

Absa has been appointed to provide custody and administration services for over 3.5 billion rands (218 million USD) of assets for the Government Employees Pension Fund (GEPF), one of the leading institutional investors on the continent. The mandate, previously managed by Standard Bank, includes settlement of transactions, investment cash management, and asset tracking. The GEPF has over 1.2 million active members and around 565,000 retirees and beneficiaries. It manages pension rights for employees in the South African public sector, giving its asset management a significance beyond the local market. This appointment expands a relationship that began in 2001, when the…

The Africa Finance Corporation (AFC) has raised 350 million Swiss francs, approximately 431 million USD, through a five-year digital bond, announced the pan-African institution. The bond carries a coupon of 1.4925%. This is the largest digital issuance ever made on the Swiss franc bond market and the first digital bond in Swiss francs issued by an African institution, according to the AFC. Approximately 90% of the demand came from Swiss investors and 10% from international accounts. Banks and financial institutions represented 57% of the order book, followed by asset managers (37%) and hedge funds (6%). The transaction was structured by…

Standard Bank Group, a South African company, reported a record headline profit of 26.1 billion rand (1.61 billion USD) in the first half of 2026, up 10% from the previous year. Activities outside South Africa accounted for 40% of the profit, totaling 10.4 billion rand (643 million USD). According to the results published on Thursday,...

KCB Group recorded a net profit of 36 billion Kenyan shillings (278.6 million USD) in the first half of 2026, representing a 14.2% increase year-on-year. The group will raise its interim dividend to 3 Sh (0.023 USD) per share, compared to 2 Sh (0.015 USD) a year earlier. The increase in profit is mainly due...

The Central Bank of Nigeria (CBN) is opening up its open market operations (OMO) to a wider range of investors, as part of a review of its liquidity management tools. According to a circular dated August 12, individuals, businesses, and eligible non-bank financial institutions will now be able to access the primary and secondary OMO...

Stanbic Holdings Plc anticipates a stronger revenue growth in the second half of 2026, driven by a recovery in loan demand after the interest rate cut in Kenya, said its CEO Joshua Oigara. The group recorded a net profit of 6.6 billion Kenyan shillings (about 51 million USD) in the first half, up 1% year-on-year....

The external reserves of Nigeria exceeded $52.5 billion as of July 17, 2026, their highest level since 2009, according to the Central Bank of Nigeria (CBN), which attributes this increase to the monetary reforms implemented over the past three years. According to CBN Governor Olayemi Cardoso, these reserves surpass the institution’s annual target. He also highlighted an improvement in the stability of the naira, with the gap between the official exchange rate and that of bureau de change narrowing to less than 2%. The central bank also reported that annual inflation stood at 15.91% in June, down from 15.93% in…

Stanbic Bank Ghana has become the first bank in Ghana to offer its clients direct access to the Cross-Border Interbank Payment System (CIPS), the Chinese network for settling cross-border yuan payments, after obtaining approval from the central bank, Bank of Ghana. This implementation is part of the deployment of CIPS by the Standard Bank Group,...

Capitec, the largest bank in South Africa in terms of number of clients, has officially changed its legal name from Capitec Bank Holdings to Capitec Limited, after approval of this resolution by shareholders at the annual general meeting on July 31, 2026. The change has been registered by the Companies and Intellectual Property Commission, making...

ArcelorMittal South Africa recorded a total loss of 1.489 billion rand (89.3 million USD) in the first half of 2026, compared to 1.014 billion rand (60.8 million USD) a year earlier, representing a 47% increase, reflecting the deterioration of the steel market conditions. The steelmaker attributes this development to the persistent weakness in demand in...

Emirates NBD has reached a definitive agreement to acquire the retail banking business of HSBC Bank Egypt, further strengthening its presence in the Egyptian market. The transaction is subject to regulatory approvals and customary closing conditions. As part of this transaction, Emirates NBD Egypt will take over HSBC Egypt’s retail customer portfolio, its branch and...