Author: Amadjiguéne Ndoye

The Ghanaian subsidiary of the Old Mutual Insurance Company has announced the appointment of a new General Manager in the person of Tavona Biza. Until then, the South African was the managing director of the company’s Old Mutual Life Assurance Company and Old Mutual Pension Services in Malawi. He has also played an important role in positioning Old Mutual as the leader in the life insurance market in the country. With 10 years of experience in the company, Mr. Biza has held various positions in the group’s activities in Zimbabwe, South Africa and Malawi. A member of the Institute and…

The Central Bank of Nigeria (CBN) injected on Tuesday, January 29, 210 million USD on the interbank foreign exchange market to generate stability. According to a statement released for the occasion, the sum is split between authorized dealers in the wholesale segment of the market ($ 100 million) and small and medium-sized enterprises and invisible segments with each $ 55 million. It should be recalled that the bank also injected on January 25, 2019, a total of $ 289.76 million in secondary market retail sales (SMIS) and $ 5.8 million on the spot market as well as short-term forward exchange…

The Ghana Stock Exchange (GSE) raised in 2018 a total of 2 billion Ghanaian cedis (400 million USD), announced its managing director, Kofi Yamoah. The GSE owes this performance to the registration of two new companies that allowed it to collect $ 233 million, including MTN Ghana (228 million) and Digicut (5.6 million). The remaining 167 million are supplemented by the issue of additional shares of nine other companies, including Access Bank, Societe Generale, Republic Bank and Standard Chartered Bank. Also, with negative growth of -0.29%, the composite GSE index remained stable in 2018. At the same time, the financial…

Emirati Emirates Bank NBD won for the second time in a row the “Best Bank” award in Egypt for 2018 from The Banker Africa. An award that according to The Banker responds to “the excellence of innovative and creative banking services in the Egyptian market and for the ability to deliver outstanding digital services from the bank”. The bank has also been recognized as the best retail bank, the most innovative and creative bank and the best bank offering Internet banking to its customers, as well as exceptional digital services as a whole. “The bank is always striving to provide…

Mauritian bank SBM Bank on Thursday (January 24th) inaugurated its first wholly-owned subsidiary in India. The ceremony was chaired by Pravind Kumar Jugnauth, the Mauritian prime minister. SMB Group’s new subsidiary, SBM Bank (India) Limited, will act as a full-fledged universal bank and will thus be the first foreign bank to obtain a banking license from the Reserve Bank of India (RBI) to operate as a wholly owned subsidiary. full share in Indian territory. By the end of March 2020, the new bank will have four new specialized agencies in the mid-market segment including SMEs and high-end SMEs, while strengthening…

The announced acquisition since the end of 2018 of the Nigerian Diamond Bank Plc bank by Access Bank Plc to be finalized next June, will be finalized by April 1st once it has obtained the approval of the shareholders. Access Bank chief executive Herbert Wigwe, who made the announcement on Thursday (January 24th), also reported on the cancellation of the $ 75 billion naira capital increase, or $ 207 million earlier. For good reason, Mr Wigwe indicates that it is no longer necessary to respect the minimum capital thresholds of the central bank. The deal between the two banks has…

Diamond Bank can now only operate in Nigeria as a national bank. The institution was notified of the decision by the Central Bank of Nigeria (CBN). The move follows Diamond Bank’s decision to divest its international operations, including its West African subsidiary in 2017 and Diamond Bank UK (DB UK Plc), which is currently in the final stages of sale. Note that the change of status allows the bank to maintain a minimum capital requirement of 10% of commitments against 15% for international banks. Diamond Bank CEO Uzoma Dozie said the measure “gives the bank the opportunity to deploy more…

The Moroccan bank Banque Centrale Populaire Populaire (BCP) is in the process of finalizing its acquisition of majority stake in the capital of a Senegalese startup whose name has not been unveiled. The director general of the BCP, Kamal Mokdad, nonetheless revealed on the sidelines of the 3rd conference “Meet The Lead” organized by Startup Grind Casablanca on Thursday November 29, that it is a start-up based in Senegal which counts in its capital the Total Group. This interest of the BCP would have been caused by a mobile payment solution developed by the relevant startup. And Kamal Mokdad declares…

The Development Bank of Southern Africa (DBSA) and the Green Climate Fund intend to launch a green bank called Climate Finance Facilty (CFF). The financial institution will finance projects related to climate change and environmental protection. It will become the first green bank to be funded by the Green Climate Fund, and will co-finance projects and activities aimed at reducing the effects of climate change. According to Patrick Dlamini, Managing Director of the Development Bank of Southern Africa (DBSA), SBB “is an innovative financial institution that allows us to bring together investors and increase our support for environmentally friendly projects.…

Senegalese banks have had a generous hand for the Senegalese private sector. In fact, these institutions granted the sector an amount of CFAF 4 209.1 billion ($ 7.5 million) in 2017 in terms of credit, compared to CFAF 3,243.9 billion ($ 5.8 million). in 2016, an increase in relative value of 16.5%. According to the data provided by the Joint Annual Review (RAC) of the Ministry of Economy, Finance and Planning to the press on Tuesday, July 31, these loans accounted for 33.7% of GDP against 28.4% in 2016. Credits mainly for commerce, hospitality, manufacturing and community services. “Average lending…

Lafarge Africa Plc announces a new issue of rights worth up to 90 billion naira, or $ 250 million, as part of its efforts to reduce the company’s debt and strengthen its profitability. The group implemented reforms to improve operational efficiency in both Nigeria and South Africa, as well as the efficient management of its borrowing costs that impacted its performance. In Nigeria, Lafarge Africa’s operations posted a profit of $ 5.3 million in the second quarter of 2018, thanks in particular to the turnaround plan and the improvement in volume. Strong growth reflecting the end of the recession in…

The European Bank for Reconstruction and Development (EBRD) plans to inject $ 1.4 billion into Egypt by the end of 2018 to finance projects in the local market, according to Janet Heckman, the director general of the Southern Region. and eastern Mediterranean (SEMED). In the first six months of 2018, the London-based institution has invested about 600 million euros of financing in the country. In 2017, for 1.5 billion euros, the bank financed around 35 projects, including 32 projects in the private sector. The EBRD will grant Egypt a € 200m facility, in addition to a € 600m sovereign loan…

The Central Bank of Ghana (BoG) recorded a loss of just over 347 million dollars (1.64 billion GH ¢) in 2017, according to its annual report announcing a pre-tax profit of 150 million dollars, that is 709.5 million GH ¢. However, the report shows an impairment loss of $ 85.5 million in 2016 and a rebound of 208.49% to $ 275 million in 2017. The analysis of the depreciation performance shows that the situation is attributable to the regulator’s support to the Ghanaian banks the biggest contributors to the loss position. Still according to the document, the total assets of…

In Senegal, the financial closure of the Taiba N’Diaye wind project (70 km north of Dakar) was finalized on Monday, July 30, according to the developer of renewable energy projects on an industrial scale, Lekela. Funding was provided by the US Government Development Finance Institution (OPIC) and the Danish Export Credit Agency (EKF). Also, the international financial institution (MIGA) provided insurance against political risks, and Power Africa also supported the development of the project. It is the country’s first public utility wind farm and will begin construction soon – providing up to 158.7 MW of energy to the growing local…

The Economic Community of West African States (ECOWAS) and Switzerland have agreed on the pooling of their efforts to stimulate investment in the livestock sector of the coastal countries of the ECOWAS region. through an agreement worth 3 billion FCFA ($ 5.3 million). Signed Wednesday, July 25, in Abuja (Nigeria) between the President of the ECOWAS Commission, Jean-Claude Kassi Brou, and Eric Mayoraz, Ambassador of Switzerland accredited to Nigeria, Chad, Niger and ECOWAS, the agreement will have to participate in strengthening the livestock and agricultural production activities of all 15 countries of the subregional organization. Also, both sides pledged to…

Now, it will require a minimum capital of 6 billion naira ($ 16.6 million) against 2 billion naira ($ 5.5 million), to practice in the insurance sector in Nigeria. For good reason, the National Insurance Commission (NAICOM) has increased the capital base for companies, with effect from 1 January 2019, with the aim of increasing their capacity to manage the risk of the largest oil producer in Africa. According to the regulator of the insurance sector, the new capitalization system called “Recapitalization of insurance companies, the minimum solvency capital based on the level”, will be based on a risk-based supervision…

The African Development Bank (AfDB) has signed a $ 250 million unsecured risk-sharing agreement with South African bank Absa Bank, according to a press release issued for the purpose. Through this agreement, the two entities will share the risk of default on a portfolio of eligible commercial operations emanating from African issuing banks and compensated by Absa, the note said. “The ADB is committed to assuming up to 50% of each underlying transaction issued, while Abs will confirm the transaction and assume the remaining risk,” she adds. The agreement will strengthen the ability of African issuing banks to leverage trade…

Moroccan brokerage firms recorded a fall in their overall net income in the first half of 2018, notes the first “review of the capital market” published by the Moroccan Capital Market Authority (AMMC). These data show, for these 17 establishments, an overall net profit of 4.5 MDH (476.8 thousand dollars) during the period under review, compared with 23.6 million dirhams (2.5 million dollars) in the same period. period in 2017. A drop in performance that comes against a backdrop of a decline in sales of nearly 32%, estimated this first quarter at $ 5.2 million against $ 7.7 million in…

Businessman Aliko Dangote announced on Tuesday (July 24th) that he has raised more than $ 4.5 billion through debt financing, out of a total of $ 14 billion for his Nigerian crude oil refinery project. With $ 150 million in support from the private sector branch of the World Bank, the project will benefit from several banks pledging $ 3.15 billion. In addition, the country’s Central Bank will back guarantees for about $ 1.6 billion in local currency over 10 years, while the African Development Bank (AfDB) will provide a loan of $ 300 million. “We will end up spending…

The World Bank will finance a $ 794.5 million hydropower project in Cameroon to facilitate access to electricity for 88% of its population by 2022. Located in the village of Nachtigal in central Cameroon, the project will enable the country to increase the capacity of electricity production by 30%. “This investment in clean energy is essential to reduce the cost of electricity and ensure the competitiveness of the Cameroonian economy,” said Elisabeth Huybens, Director of the World Bank in Cameroon. Called Nachtigal, this project is “one of the very few hydro-electric public-private partnership projects in sub-Saharan Africa that will accelerate…

French hotel groups Accorhotels and Qatari Katara Hospitality announced on Monday (July 23rd) the creation of an investment fund with a capacity of over $ 1 billion to expand their presence in sub-Saharan Africa. This new initiative will have, over the next five to seven years, a capital of 500 million dollars, including a contribution of 350 million Katara Hospitality and 150 million Accorhotels. Financing from indebtedness and investments “will be allocated to the construction of new hotels on bare land or in the context of urban regeneration projects, as well as to the acquisition of existing establishments accompanied by…

The New Development Bank (NDB), formerly known as the BRICS Development Bank, plans to lend up to $ 600 million more to South Africa this year to spread funding more equitably between its five Member States. “Our goal is to be fair among our five members. If you look at the $ 4 billion we are going to make this year, we should lend about $ 800 million to each country. I hope this year we will reach that figure, “said NDB President K.V. Kamath, quoted by Bloomberg. NDB announces two new loans for South Africa, Kamath said. One of…

The Egyptian bank, EFG Hermes Holding, announced on Thursday (July 19th) the signing of a definitive sale and purchase agreement (SPA) to acquire all of Primera Africa, a premier brokerage firm in Nigeria. Like the EFG Hermes office in Kenya in the eastern part of the continent, this acquisition will enable the Egyptian bank to prepare for its expansion in West Africa. “Nigeria is our fourth straight entry as we continue our strategy of expanding our geographic footprint in high-potential emerging frontier markets. At the closing of this transaction, we will be present in 12 jurisdictions spread across four continents…

Kenyan President Uhuru Kenyatta announced on Thursday that his country will double its stake in Africa50, the African venture capital fund supported by the African Development Bank (AfDB). “The private sector is important to fill the investment gap on the continent and the African private sector to set an example by investing in Africa so that other investors around the world can have the confidence to channel their funds to the continent. He said at the official opening of the 53rd Africa50 shareholders meeting in Nairobi. It should be noted that Kenya’s contribution was up to $ 50 million, and…

Allianz, Europe’s leading insurance group, announced on Wednesday (18 July) the finalization of the 99.03% acquisition of Nigerian insurer Ensure Insurance plc of Greenoaks Global Holdings, its largest shareholder. The new Allianz company will continue to operate in Nigeria as Ensure, and will benefit from the technical expertise, global presence and financial support of the Allianz Group. “We have clearly identified Nigeria as a high potential market in Africa with a strong regulatory environment and interesting demographics,” commented Coenraad Vrolijk, CEO of Allianz Africa. “We are delighted to enter this rapidly growing market with the acquisition of a solid financial…

The Societe Generale banking group has decided to inject an additional € 2 million into the capital of the TagPay mobile banking platform, French FinTech specializing in the banking of the unbanked in Africa. This investment, which brings to 19.23% its participation in TagPay, is part of a capital increase intended to finance the technical developments of the company which becomes more complex with the production of new services to individuals, such as the payment of taxes. local, but also to businesses. “This operation embodies a tacit commitment made two years ago to strengthen our ties with TagPay if our…

The eighth session of the Sino-Arab Cooperation Forum in Beijing recorded the creation of a Sino-Arab Banking Association which aims to channel financial assistance to development projects, mainly those related to the Chinese initiative. from the “Silk Road” – “One Belt, One Road”. It is an initiative of internationally renowned banks, proceeding from China and the Arab countries, among others, the China Development Bank, the Lebanese bank Fransabank, the National Bank of Abu Dhabi and the Moroccan bank BMCE Bank. Other financial institutions are announced to join. It should be noted that, as the first of its kind, the association…

The credit of the African Development Bank (ADB), in favor of the plan Digital Tunisia 2020 was approved, Tuesday, July 17, by the Tunisian parliament. The agreement in question concerns the sum of 85.1 million dollars, intended to finance the project “Digital Tunisia 2020”. As a reminder, the Tunisian government concluded an agreement with the ADB, on December 21st, for the financing of the project “Digital Tunisia 2020”. The project aims to move towards a digital administration that presents quality digital services to the citizen. It helps to create opportunities for work in the digital sector and in the transfer…

The Ivorian state started Monday, July 16, a public offering of an amount of 100 billion CFA francs, or nearly $ 179 million to finance the investments planned for the budget 2018. The transaction will be carried out by the Treasury will run until July 26, and will be paid at a rate of 6% over eight years (2018-2026), with a constant annual depreciation of capital with two years of deferred. According to the note of the public treasury, the subscription period, lasting 10 days, may be shortened, extended or moved at the discretion of the issuer, after consulting the…

Moroccan bank BMCE Bank of Africa has obtained permission from the Chinese authorities to open a subsidiary in Shanghai, making it the first bank of the Kingdom of Morocco to settle in the People’s Republic of China The authorization obtained on July 4, from the Chinese Regulator for Banking Supervision, China Banking Regulatory Commission, will allow the BMCE Bank of Africa to strengthen the existing economic relations between Morocco and China. And also to actively participate in Trade Finance and Project Finance operations between China and the African continent. The bank’s authorities have decided to entrust the management Said ADREN,…