Author: Amadjiguéne Ndoye

The European Bank for Reconstruction and Development (EBRD) has awarded a € 16.5 million loan to Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group. The financing will, among other things, supply the Peugeot PSA plants in Kenitra and Renault in Tangier, in line with the Moroccan authorities’ desire to increase the local integration rate of these sites to 60% by 2020. There is also the training component with the care of more than 180 young people. According to Adil Chikhi, director of the EBRD’s corporate activities in the region, this is the third EBRD-financed project in…

General manager of Credit Suisse in his state, the French-Ivorian Tidjane Thiam was awarded the title of “banker of the year”, this Wednesday, July 11 in London, at the ceremony of the Euromoney Awards for Excellence 2018. This award rewards the successful restructuring of the second largest Swiss bank, as well as the return profitability over the past three years, led by Tidiane Thiam. In addition, Credit Suisse has also been voted best investment bank in emerging markets. In his post as head of Credit Suisse since 2015, the head of Credit Suisse began his career in Paris, after graduating…

The rating agency Fitch Ratings has maintained at “B”, the note of the sovereign risk of Angola. The country remains in the highly speculative category. However, in its report released Tuesday, July 10, the agency revised the outlook for economic growth from “negative” to “stable.” “We have revised the outlook based on improvements in the economy following the introduction of a new exchange rate regime, from a fixed-rate system to a system in which market forces determine the exchange rate. She says. According to Fitch Ratings analysts, Angola’s reform agenda includes monetary, fiscal and structural adjustments that should reduce external…

In less than a year, Cameroon will have a new Lafarge-Holcim cement plant. These words are from Pierre Damnon, The now ex-general manager of the Cameroon Cement Factory (Cimencam), a local subsidiary of the group, which officially handed over its chair to Benoît Galichet on July 9, 2018. With a production capacity of 500,000 tons per year, the new cement plant, located in the village of Nomayos (in the center of the country), will bring to 2 million tons, the overall production capacity of Cimencam which has lost the monopoly of the market with the arrival of Dangote Cement in…

The Angolan central bank canceled last week the authorization granted to the pan-African financial group Ecobank Transnational Inc. to create Ecobank Angola after its expiration. Officially, the central bank mentions “the repeated non-compliance with the legal deadline for starting the activity”. It should be noted that according to the fundamental law of the financial institutions in Angola, the legal deadline for the beginning of the activity is 12 months after the granting of the license. A period that can be extended once, for six months. As a reminder, it was in 2013 that the Lomé-based bank announced its intention to…

Ecobank Nigeria has signed with Total Nigeria Limited, a strategic partnership to provide agency banking services at Total gas stations across the country. This partnership will enable the pan-African bank to offer its services in 100 Total stations to facilitate customers’ financial transactions such as deposits, withdrawals and opening an account. In addition to this, Ecobank transfers to other banks. “Deploying Ecobank Xpress Points via Total Nigeria’s sites is an extension of the bank’s distribution and financial inclusion strategy to provide banking services to all Nigerians,” said Carol Oyedeji, Director of Global Banking Services. ‘Ecobank Nigeria. In addition, Carol Oyedeji…

Mali has just received approval from the World Bank for $ 172 million (more than 86 billion CFA francs) to improve its agricultural productivity through the International Development Association (IDA). Technically, the financed project (dryland development project in Mali) will allow, for the benefit of the country, direct cash transfers and production aids, the supply of agricultural inputs, services and infrastructure, but also, facilitate access to support for community and national institutions and protect at least 20,000 households living in some of the poorest areas of the country. “These projects, which have just been approved by the Executive Board, will…

It is under the leadership of Finactu that the African Fund for Guarantee and Economic Cooperation (Fagace) has committed itself alongside the Central Guarantee Fund (CCG), leader of the guarantee in Morocco on a partnership agreement concerning technical assistance in the area of ​​financing of the MSMEs and risk management. Concluded on June 29, 2018 in Casablanca, the agreement was signed between FAGACE’s Executive Director, Minafou Fanta Coulibaly-Kone, and Hicham Zanati-Serghini, General Manager of the CGC. Throughout the 14 African countries where it is present, Fagace has initiated a strategic renewal thanks to the launch of the FAGACE 2.0 plan,…

Ecobank Nigeria has signed a bancassurance agreement with Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company to provide insurance services to its clients. Under the terms of the agreement, Old Mutual will market life and general insurance products to customers at 62 Ecobank locations in Lagos, Port Harcourt, Abuja and Ibadan. And by 2019, the bancassurance partnership should be expanded to 200 branches across the country. Both institutions have already received accrediting authorizations, including the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN). Through this partnership, Old Mutual says it will build on…

The South African Standard Bank ranks first in the ranking of the best banks on the African continent, made by the British magazine “The Banker” which has just published its list of the 1,000 best banks in the world. On the continent, Standard Bank is followed by three other South African banks namely FirstRand, Absa Group and Nedbank Group. They are followed by the National Bank of Egypt, which comes fifth. According to the magazine’s report, among the leading African banks, Standard Bank’s Tier 1 capital, which represents the part deemed the most solid (the hard core) of the bank’s…

The US ratings agency S & P Global Ratings has awarded this Thursday, July 5 in Benin, the long-term and short-term sovereign rating in foreign and local currencies “B + / B” with stable outlook. According to the agency, economic reforms and increased public and private investment should support the country’s growth prospects. “The notes on Benin are backed by our expectation that the country’s economic activity, as well as its external and fiscal positions, will be gradually strengthened in the coming years, stimulated by the pro-growth reform agenda,” he said. -she. However, these ratings are limited by the low…

Orange SA will ally with the Ivorian group New Interafrican Insurance Company (NSIA) to start banking operations in West Africa to expand its offer in financial services. The two entities agreed on the creation of a joint venture 75% owned by the French telecom operator and 25% by NSIA. An agreement that will allow Orange to offer retail banking, microcredit and insurance services in the West African region. To do so, the group intends to rely on the assets of NSIA in Côte d’Ivoire and Senegal, assets acquired through the acquisition by NSIA of 97.07% of the capital of DIAMOND…

Nigeria’s Samaila Zubairu was announced on July 1, the new managing director of Africa Finance Corporation (AFC), replacing Andrew Alli, who has been in office since 2008. This appointment follows a six-month recruitment process, which registered more than 100 applicants. Graduate in Accounting from Ahamadu Bello University of Zaria, Samaila Zubairu, member of the Institute of Chartered Accountants of Nigeria (ICAN) and Infrastructure Development Finance Specialist with more than 29 years of professional experience. Prior to his appointment, he was CEO of Africapital Management Limited where he established a joint venture with African Investment Investment Managers (AIIM) of Old Mutual…

Proparco, the subsidiary of the French Development Agency (AFD), signed Thursday, June 28 in Casablanca, two agreements with the Central Bank Group (BCP) and the institution Al Amana microfinance. The agreement signed with the BCP concerns financing aimed at strengthening cooperation between the two parties to promote access to financing by BCP client companies, both in Morocco and in sub-Saharan Africa. As a reminder, Proparco supported in 2017, the launch of the first Green Bond in the bank’s currency of 135 million euros, participating for 35 million euros. The second partnership involves a € 3 million loan to Al Amana…

The Central People’s Bank of Morocco (BCP) received this Wednesday, June 27, the approval of the Board of Directors of the African Development Bank (ADB) for a loan of 100 million euros. A way for the multinational financial institution to support the BCP in its objective to strengthen its business financing activities in the sectors of agriculture, education, health and infrastructure in West Africa, mainly in Côte d’Ivoire, Guinea, Mali and Senegal. Other objectives pursued by the bank through this line of credit remain the improvement of the economic competitiveness of the countries concerned, the production of public revenue and…

It is on a rate of 5.5% that financial institutions in Rwanda will continue to lend in the third quarter of 2018, according to a note from the Rwandan Central Bank released Tuesday, June 26. A rate maintained due to positive macroeconomic conditions, including low inflation and exchange rate pressures, observed in the second quarter of the year and expected to prevail the rest of the year, according to Central Bank Governor John Rwangombwa . According to the results published, headline inflation stood at 3% in May compared with 0.9% in the first quarter of 2018 due to higher food…

Rating agency Moody’s has assigned to First City Monument Bank Limited (FCMB), Fidelity Bank Plc and Diamond Bank long-term, local and long-term local deposit and bank issuance ratings. World. For FCMB and Fidelity Bank, Moody’s has given a stable outlook on ratings of bank deposits and issuers globally over the long term. The agency reports that the stable outlook reflects expectations that over the next 18 months, the credit costs associated with the banks’ loan portfolio will be absorbed by pre-provisioned profits. Overall, the credit fundamentals of these banks will remain in line with those of B2 level rating, she…

Ethiopian Airlines initialed Monday, June 25 in Addis Ababa, several contracts with General Electric (GE), Honeywell and the US Trade Development Agency (USTDA). The first contract is for the purchase of “twelve General Electric engines worth $ 444 million, as well as a 10-year $ 473.5 million maintenance contract.” The second with Honeywell is for $ 10.2 million for the expansion of the Addis Ababa International Airport and $ 7.2 million for a service contract for auxiliary groups in Addis Ababa. power. USTDA to Partner with Saber Corporation to Provide Technical Assistance Grant for Airline Solutions Training Program for Ethiopian…

Zimbabwe inaugurated, on Monday, 25 June, the first bank of the Southern African Development Community (SADC) to finance small-scale women’s projects, the so-called Zimbabwe Women Micro-finance Bank (ZWMB). The new institution, which has already started its loans after the inauguration, seeks to financially promote women through affordable financing options that allow them to start their own business. On the sidelines of the inauguration, President Emmerson Mnangagwa – who presided over the inauguration ceremony – said the bank is laying the foundation for Vision 2030, by which time the country should reach a mid-level economy. He also urged this entity among…

Equity Assurance Limited will soon take the name of Sunu Insurance, according to Steve Kolubah, Chairman of the Board of Directors. This change is a logical extension of Sunu Insurance Group’s acquisition of 63% in Equity Assurance early in the year. “With the approval of the Central Bank of Liberia, Equity will be named Sunu-Liberia Limited at the end of July. Sunu is a big brand in Africa, “revealed Steve Kolubah. According to the new Director General, the Ivorian Okou Gérard Mathieu N’Katta, the priority of the job will be reserved for nationals: “we will give priority to Liberians in…

The Rwandan State has launched a new $ 30 million National Research and Innovation Fund to boost the ICT sector in the country. The Fund, which will come into effect next fiscal year, is part of the National Transformation Strategy 2017-2024. “The Government of Rwanda has allocated seed money to the National Research and Innovation Fund. Year after year, we have committed to increase our budget allocation to this innovation fund. We will continue to support research and technology by focusing on the link between our young innovators and the job market, “said Rwandan Prime Minister Edouard Ngirente. According to…

Kenyan airline Kenya Airways will receive Kenyan shillings of E4.3 billion, or $ 42.5 million, from eight banks as part of the ongoing restructuring of its capital. They are Equity Bank, Kenya Commercial Bank (KCB), Commercial Bank of Africa, I & M, National Bank of Kenya, Diamond Trust Bank, NIC Bank and Ecobank. The operation recorded the defection of the bank Jamii Bora and Bank Chase, which were in the initial loan system. The latter did not participate in the last debt agreements that took place between April and December of last year. Bank loans have an average interest rate…

Societe Generale Maroc (SGMA), will launch an investment program of 784 million dirhams (83 million dollars) over the period 2018-2019 in order to continue the implementation of its strategic orientations. For the group, it will invest $ 44.9 million in 2018 and $ 38 million in 2019. An operation that will enable the bank to generate a GDP of 4.1 billion dirhams ($ 434 million) ) in 2018 and 4.4 billion dirhams ($ 465 million) in 2019. advertisement The transaction is part of its investment program, mainly related to the development of the branch network, supporting business projects, strengthening IT…

ABSA is seeking a banking license in Nigeria. The South African banking group which began its activities on the Nigerian Stock Exchange at the end of July, as part of its plans to provide financial services, hopes to strengthen its presence in a country considered as the gateway to Africa. West. “As a bank, we are studying how we will enter Nigeria from the perspective of a commercial banking license. We would like to buy something but the valuations are quite high. So the entry is just going to be a mix of organic growth and acquisition, but it depends…

South African Sanlam plans to enter the Ethiopian and Egyptian markets as part of an expansion strategy that should allow the insurer and financial services group to expand its global footprint. In a statement earlier this week to the South African press, Sanlam CEO Ian Kirk said the group will use its strategy to consolidate its position in the continent’s market. “Sanlam plans to enter Ethiopia in 2021 and has already identified a partner in the country,” Kirk said. For the group, its foray into Ethiopia and Egypt is based on potential opportunities offered by both countries, presented as significant…

The Crédit Agricole Maroc banking group on Tuesday (June 5th) signed an agreement with farmers’ cooperatives and their Union (UNCAM), and the National Federation of Millers at a ceremony chaired by Minister Aziz Akhannouch of Agriculture . This agreement commits the bank to make available to agricultural cooperatives subsidized loans for the purchase and storage of wheat harvested this season. Morocco will have to record 9.82 million tonnes of 2018 wheat, equivalent to the rate of the previous year. In 2017, Morocco’s total soft wheat imports were 4.2 million tonnes, compared with 2.1 million tonnes of maize, 850 000 tonnes…

Nigerian bank First Bank has partnered with the WorldRemit digital money transfer service to make it easier for the diaspora to send money directly to their bank accounts. The goal, she says, is to promote the convenience and ease of banking for its customers, as well as to encourage financial inclusion initiatives. The bank – which has more than 14 million accounts receivable – notes that this partnership is one of many ways used to prioritize customers by leading the industry in using technology to provide “banking solutions safe, practical and fast “. With this new strategic partnership, WorldRemit is…

It is on a $ 100 million credit agreement that the World Bank (WB) and the Government of Rwanda have agreed to improve the capacity of national public agricultural institutions. The agreement signed Friday, June 1, will increase the marketing of agricultural value chains in Rwanda. Thus, some programs are being put in place to help the government in its goal of improving the implementation of its agricultural transformation plan. This action aims to strengthen the role of the private sector in the agriculture sector and to move the government from market player to market facilitator. In addition, the agreement…

The International Finance Corporation (IFC) announced on Monday, June 4, a $ 60 million investment to support small and medium-sized business loans in eight African countries, thereby facilitating growth and job creation in the region. The funding will support Bank of Africa Group (BOA) loans to small and medium-sized enterprises in Burkina Faso, Ghana, Mali, Niger, Senegal, Tanzania, Togo and Madagascar. Supported by IFC’s Women’s Opportunity Fund (WEOF), the investment will cover up to 50% of the risk with an amount equivalent to $ 120 million in loans to SMEs in these countries, including half of the expenses will be…

The South African banking group Standard Bank has acquired new shares in Stanbic IBTC Holdings Plc worth N 61.3 billion (US $ 17.4 million), bringing its already majority stake to 64.44%. The transaction involves the purchase of 1.141 billion additional ordinary shares in Stanbic IBTC Holding in an off-market transaction. With this acquisition, the overall stake of Stanbic Africa Holdings (a subsidiary of Standard Bank Group in Nigeria) in Stanbic IBTC increased by 11.35%, from 53.09% to 64.44% after the transaction. “According to the most recent audited financial statements of the Company for the period ended December 31, 2017, the…