Author: Amadjiguéne Ndoye

Tunisie Valeurs, the leader of Tunisian intermediaries, will become a commercial bank by the end of 2019 or at the latest at the beginning of next year, announced the Chairman of the Board, Fadhel Abdelkefi, during the presentation. financial results held at the headquarters of the Tunis Stock Exchange, Thursday, March 28. “This financial institution obtained, in January 2019, the agreement in principle of the Central Bank of Tunisia, to become a merchant bank, which was accompanied by a number of conditions. It is about the increase of the capital of 10 to 20 million dinars, by incorporation of reserves,…

Allianz Africa announces the launch of Allianz Business System (ABS) in Ghana, a way to realize the transformation of its IT platform on the continent. Adapted to the African market, the system is now operational in the country and currently concerns auto insurance products. This system provides 360-degree vision to customers and business partners through a single platform. The modularity of the system makes it easier to adapt to the requirements and processes of the markets in which Allianz Africa operates, “notes the group’s press release. “ABS will transform the way Allianz does business in Africa by enabling us to…

Attijari Global Research, a subsidiary of the Attijariwafa bank group, has launched a new index called AGR Africa Bond Index “Code Bloomberg AGRAFBDT”. AGR has partnered with S & P, a world leader in index calculation and design, to launch the index, which represents a Total Return index denominated in US dollars. The core universe of the AGR Africa Bond Index is the sovereign credit risk in Africa and is surrounded by a set of eligibility criteria, notably in terms of size, liquidity and rating. The main mission of the index is to track sovereign debt issues issued by African…

Africa Re, a pan-African reinsurance company based in Nigeria, has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to bring Nigerian insurers closer to smallholders. The agreement provides that Africa Re will receive support from IFC to provide technical assistance to licensed insurers to subscribe index products, thereby helping them to expand their business. In this way, insurers will benefit from Africa Re’s means of developing agricultural insurance products and deepening their index insurance business. These indexed insurance products will help protect farmers from environmental risks such as drought, floods, irregular rainfall…

The Moroccan Bank for Commerce and Industry (BMCI) presented, Wednesday, March 27, its financial statement for the year 2018 and posted consolidated net banking income slightly up 0.4% to 3.03 billion dirhams ( $ 313.9 million) in 2018 compared to MAD 3.02 billion ($ 313.9 million) in 2017. The consolidated net profit of the bank stabilized at 562 million dirhams (58.2 million dollars). “The increase in the consolidated net banking income is due to the growth in the results of the market operations of 39.1% with a slight decrease in the interest margin and the margin on consolidated commissions”, explains…

Bank Al-Maghrib (BAM) and the Dubai Financial Services Authority (DFSA) have signed a memorandum of understanding to collaborate in the licensing and supervision of banks based in Morocco and Dubai. The agreement was initialed Wednesday, March 13 in Rabat by the director general of the DFSA, Bryan Stirewalt, and Abdellatif Jouhari, governor of Bank Al Maghrib The deal will boost investor confidence and promote bilateral financial services, a BAM statement said. In this respect, the two institutions will share all the information concerning approval requests made by banks based in both jurisdictions. Sharing also concerns information on the financial soundness…

The Nigerian start-up company Jumia, which specializes in e-commerce, will soon become the first African start-up to be listed on the New York Stock Exchange (Nyse) on Wall Street. A first for an African technology company. The e-commerce specialist has indeed sent the stock market authorities its intention to appeal to the market by detailing...

After entering the banking markets of Tanzania, Botswana, Namibia and Zambia, South African financial services provider ABSA is seeking to expand its presence in Ethiopia. The banking giant hopes to increase its banking income thanks to its expansion in this country of East Africa. However, ABSA states that it intends to acquire existing retail banking...

The Jordanian banking and financial group, Arab Bank Plc, will soon acquire 50.08% stake in the capital of UBCI (Banking Union for Trade and Industry) held by the French Group, BNP Paribas. In this context, a delegation of the Jordanian group went to the headquarters of UBCI last week to negotiate the acquisition. Arab Bank...

The South African MTN group announced on Thursday, March 7, 2019, the launch of a billion-dollar disinvestment program over the next three years, to consolidate its leading position on the continent. South African Telecoms Group (MTN) Chairman and CEO Rob Shuter also said a recovery plan was planned to eliminate the loss-making e-commerce assets and...

The Tunisian Bank Corporation has been awarded Best Digital Bank in North Africa and the most responsive bank in this field by the Arab Banking Union, on the sidelines of the 2018 Arab Digital Banking Excellence Awards held in Tunis on March 8th. On the digital front, STB has set up the BANKTECH platform, called...

The Nigerian bank, Access Bank, signed a subordinated syndicated loan agreement worth 58.18 billion naira ($ 162.5 million) on Monday (March 11th) with a consortium of Dutch-led financial institutions. FMO. The line is intended to promote growth and job creation by supporting micro, small and medium enterprises (MSMEs). The facility will qualify as Level II...

French bank Société Générale (SG) announces the disbursement of $ 126 million to support Ghana’s small and medium-sized enterprises (SMEs) as part of its global growth strategy for 2019. In the details, the funding will provide multi-dimensional support to SMEs, infrastructure financing, innovative financing solutions and financial inclusion. It is also planned to set up SME centers across Africa to provide resources for business development. “The financial support is a reflection of the importance the bank places on SMEs in Ghana, because we believe that these small businesses today will be the big businesses of tomorrow, and we think they…

The African bank challenger, Vista Bank, has partnered with the banking software specialist Temenos to drive its digital overhaul in its markets on the African continent. It should be noted that the bank intends to launch new products and services and support its growth ambition. “This will help us realize our vision of creating a truly pan-African group of financial institutions that will add value to the African economy and promote financial inclusion. Temenos is our trusted strategic technology partner and our customers will reap the benefits of its innovative software, based on API, native cloud and cloud, “said Simon…

Traditionally dominated by men, the world of finance has some feminine icons that are branded throughout conferences. From Nezha Hyatt, president of the Moroccan Capital Market Authority (AMMC) to Nicky Newton-King, director of the powerful Business Leadership South Africa and CEO of the Johannesburg Stock Exchange, the seat that weighs 80% of the African market capitalization , we can say that the woman is present in the planet finances. But beware of rapid generalization. It must be said that women often struggle to gain access to these positions of responsibility because they have to reconcile professional and personal life, which…

Ghana is seeking $ 750 million negotiated as a syndicated loan from Standard Chartered Plc and Standard Bank Group Ltd, Ghana’s Ministry of Finance says. The amount should be used to finance infrastructure projects and refinance existing debts. A proposal should also be presented to the National Assembly by Finance Minister Ken Ofori-Atta, who said that the “proceeds will be used to finance or refinance development projects and for the management of accountability in Ghana. approved in the 2019 budget. The country needs $ 2 billion in foreign currency to finance the budget. Also, Ghana is expected to commit an…

Nedbank, based in South Africa, says it has increased its total profit of 2018 closed at the end of December by 14.5% to 13.5 billion rand (955 million dollars), thanks to the recovery of its associated company based in Togo , Ecobank Transnational Incorporated (ETI). As a reminder, Nedbank acquired a 20% stake in the pan-African bank in 2014. According to Chief Executive Officer Mike Brown, in 2018, the Nedbank Group seamlessly completed the Old Mutual Managed Separation process and generated resilient financial performance, driven by the ongoing turnaround in our share of associates’ income. from ETI. ETI thus generated…

Nigerian financial holding company FBN Holdings Plc, the parent company of First Bank, announces that it will list its shares on the London Stock Exchange (LSE) as well as in other foreign markets where the financial institution is present. On the sidelines of a press briefing on Friday, March 2 in Lagos, FBN Holdings Managing Director Urum Kalu Eke announced that “when the time comes, the company will consider opening the bank for public ownership of the properties. foreign lands “. To date, FBN Holdings is listed solely on the Nigerian Stock Exchange (NSE). “Over time, we will evaluate opportunities…

The European Bank for Reconstruction and Development (EBRD) will allocate € 5 million in funding to BMCE Bank of Africa. The Fund will participate in supporting investment by Moroccan private companies in the green economy. With this loan, the EBRD signs its first disbursement in a contribution from the Green Climate Fund in Morocco with a co-financing at a preferential rate of 3.75 million euros financed by the French institution and a participation of 1.25 € 1 million from the Green Climate Fund and a technical assistance budget. The loan agreement, the first tranche of a total budget of €…

The Arab Bank for Economic Development in Africa (BADEA) and the Regional Bank of Markets (BRM) of Senegal signed on Tuesday, February 26, two loan agreements with a total value of $ 30 million for the second named. The two agreements were signed by the Director General of BADEA, Sidi Ould Tah and the Director General of BRM Senegal, Alioun Kamara. The first loan, worth $ 10 million, will be used to finance projects in the Senegalese private sector under the BADEA program to finance its seventh five-year plan (2015-2019). The second loan is a $ 20 million credit facility…

The International Finance Corporation (IFC), a subsidiary of the World Bank Group, will provide $ 6 million in funding for technology startups in sub-Saharan Africa. The target countries are Kenya, Nigeria, Ghana and South Africa. The fund will be disbursed by TIDE Africa, owned by UK-based venture capital firm TLcom Capital LLP, which will also be responsible for identifying beneficiaries and distributing funds. “The majority of TIDE’s investments will be concentrated in English-speaking Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other countries of West, East and Southern Africa, with sectoral concentration on…

Nigeria’s strong growth in 2018 is expected to drop sharply this year. In question, the important election expenses. In fact, at the end of 2018, Africa’s largest oil producer posted its strongest quarterly growth since 2014. The presidential elections scheduled for mid-February have generated enormous expenditures and should help reduce the peak below 2%. These forecasts made by Bloomberg Economics contradict those of the State of Nigeria which figures at between 2.4 and 3%.

The German Development Bank (KfW) will disburse the second tranche of a subsidized loan of USD 500 million for Egypt, an estimated USD 250 million. Initialed Wednesday, February 13 in Cairo by the Minister of Investment and International Cooperation, Sahar Nasr, and Helmut Gauges, Director of the Africa / Middle East Directorate of KfW, the agreement aims to support social development in the region. part of the Egyptian government’s economic reform program. “The agreement is part of efforts to promote cooperation between Egypt and Germany. It also reflects the confidence of Germany and international foundations in Egypt’s economic and social…

South Africa’s insurer and financial services group, Sanlam, has announced the complete resumption of the Rwandan insurance companies Soras Assurance General Ltd and Saham Assurance Rwanda Ltd. The repurchase transaction was signed on January 30, 2019. For Soras, the process was initiated in 2014 when Sanlam acquired a 63% stake for $ 24.3 million before...

The African Export and Import Bank (Afreximbank) announces the launch of its new African Export Development Fund (FEDA). The Fund, whose mission is to support the mobilization of commercial funds in Africa to mobilize foreign direct investment (FDI) on the continent, will have an initial budget of $ 100 million and will be based in Mauritius. His leadership is in the hands of Kenyan banker Philip Kamau. A pre-constitution meeting of the FEDA Board of Directors was held on Sunday, February 3 in Cairo, in the presence of Benedict Oramah, President of Afreximbank, Jean-Louis Ekra, former President of Afreximbank, Vishwanathan…

The Cameroonian money transfer company, Express Union, has once again teamed up with WorldRemit to help Cameroonians in the diaspora transfer international mobile money to Cameroon. Through an application or on the WorldRemit website, the deposit of funds on mobile Cameroonian Money accounts from abroad allows, according to its designers, to make instant and low-cost transfers directly from the phone. “We have been working closely with Express Union since 2016 to provide our convenient fundraising service to the Cameroonian diaspora and its recipients. With the addition of the mobile money service, our partnership will further support financial inclusion, allowing Cameroonians…

French bank Société Générale has announced its goal of increasing its market share in its Ghana operations to 7%. “We aim to increase our market share by 5% to 7% by 2020. We believe this is achievable,” said Societe Generale Ghana General Manager Hakim Ouzzani. After reaching the required minimum capital of 400 million cedis, the bank intends to expand its activities in the small and medium enterprises sector. A requirement of the central bank (BoG) that Societe Generale achieved through a bond issue of 97 million Ghanaian cedis ($ 19.5 million) and a rights issue of 168 million Ghanaian…

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…