Author: Amadjiguéne Ndoye

Uganda’s Insurance Regulatory Authority (IRA) has granted the pan-African bank United Bank for Africa (UBA) a license to launch bancassurance activities in the country. Joseph Balikuddembe, executive director of UBA Uganda, said it will be easy for the bank to promote insurance in the country given the customer base it has. “We just need to get our customers interested in insurance and explain what it is for them to adopt,” he said. Balikuddembe added that “by offering insurance services as a bank, we will have facilitated access to customers and, possibly, increased insurance penetration in the country. ” Speaking at…

The appointment comes more than a year after former CEO John Vitalo resigned amid growing investor concern over his hesitant performance and declining stock prices. The group has therefore remained without a managing director since February 2017. Atlas Mara has acquired interests in seven countries in sub-Saharan Africa, including Nigeria, Botswana, Zimbabwe, Mozambique, Rwanda, Tanzania and Zambia. Only, its performance has disappointed investors and its shares have fallen by 80% since their IPO in 2013. A situation that seems to be stabilizing lately. Indeed, on Tuesday, the group announced a net profit more than five times higher than $ 45.4…

The South African multinational MTN has announced its intention to proceed with an IPO of its Nigerian subsidiary before the end of the current year. MTN has already named a Nigerian investment company, Chapel Hill Denham, as the lead company for the IPO. Also, Rand Merchant Bank of South Africa, the global firm Renaissance Capital and Nigeria Vetiva Capital were chosen as joint issuers. The telecom giant has also appointed seven placement agents who will help market the offer. Technically, the group seeks to register its Nigerian subsidiary worth $ 5.23 billion by July 2018 and raise funds to reduce…

Maroc Telecom announces for the first quarter of 2018, an increase of 5.6% of adjusted net income group share which reached 1.582 million dirhams (171 million dollars), and an EBITDA up 5.7% to reach MAD 4,482 million (US $ 485 million). The group achieved a turnover of 9 billion dirhams (974 million dollars), up 5.6% (+ 3.5% at constant exchange rate), thanks to the significant growth in Morocco (+ 4.6%) and in subsidiaries (+ 4.9% at constant currency). The Group’s consolidated operating income grew by 8% (+ 6.6% at constant exchange rates) to reach 2.86 billion dirhams thanks to the…

Atlantic Telecom Group Togo (Moov) has just signed a partnership with Pan-African Fintech, the MFS-Africa hub, specializing in the development of innovative value-added services for mobile wallets, says Moov, to connect its subscribers to the rest of the world . A partnership that will allow Flooz users in Togo to send and receive money from and to mobile wallets and bank accounts throughout the region. Togo receives more than $ 80 million each year from other WAEMU countries and sends more than $ 35 million to these same countries. According to Abdellah Tabhiret, General Manager of Atlantique Telecom Togo, “the…

The World Bank and the State of Senegal have just signed an agreement for financing 24,100 million euros, more than 15 billion FCFA for the protection of Senegalese coasts. Signed on Saturday, April 21, this funding relates to the West Coastal Resilience Investment Project (WACA). The signing took place between Amadou BA, Minister of the Economy, Finance and Planning and Louise J. CORD, Director of Operations of the World Bank for Senegal, on the sidelines of the annual meetings of the World Bank and the Fund Monetary International held from April 16 to 22, 2018 in Washington. “This project aims…

Ecobank Transnational Incorporated (ETI) and its two subsidiaries in Nigeria and Ghana have been honored in three strategic categories at the 2018 Asian Banker – West Africa Awards. Annual awards that have enabled the Pan African Bank to gain recognition for the application or program of the best financial inclusion initiative with its innovative Xpress account. Ecobank Nigeria and Ecobank Ghana also won the best transaction bank award in their respective countries and in West Africa. Speaking at the Lagos Awards Ceremony, Asian Banker President Emmanuel Daniel said: “These awards are Africa’s most rigorous, prestigious and transparent awards program. West.…

Dar Es Salam hosts since Wednesday, April 18, the fifth edition of the African Summit of Islamic Finance. The conference, which will run until April 20, 2018, features speakers from various countries who will present their presentations on the Islamic banking and financial industry In his address at the opening ceremony, Muhammad Zubair Mughal, Chief Executive Director of the AlHuda Center for Islamic Banking and Economics (CIBE) said that East Africa is emerging for Islamic Finance and is offering a new destination for Islamic financial institutions that will open a new path for Foreign Direct Investment (FDI) in the region.…

The Engie / Meridiam consortium has just won the Senegalese tender for the construction of two solar parks cumulating 60 MW thanks to a very low proposed tariff: less than 4 c € / kWh, by tender launched by the Commission Regulation of the Electricity Sector (CRSE). ENGIE and its investment partner Meridiam had already won last year two PV projects (Senergy and TenMerina) of 30 MWp each in the country. Both projects are part of the Scaling Solar initiative, jointly led by the Senegalese authorities and the International Finance Corporation (IFC, member of the World Bank Group) in Senegal.…

Only 1% of penetration rate, it is the sad score that realized the service mobile money in Nigeria after five years of activities in the country. A very low score that affects only about two million of Nigeria’s estimated 198 million people. Meanwhile, Ghana and Kenya have penetration rates of 40% and 60% respectively. According to some market observers, the bank-run model operated in Nigeria has not been able to adequately influence the initiative in the country. Nigeria currently hosts around 21 mobile money transfer operators, which include 15 non-bank operators and six banking operators who conduct business operations. “Mobile…

The Liberian subsidiary of pan-African bank United Bank for Africa (UBA) announced the launch of a brand new mobile banking application on Monday (April 16th) in Monrovia. According to UBA-Liberia’s Managing Director, Olalekan Balogun, “the issue of overcrowded banking halls poses a serious challenge and a loss of productivity to customers, as well as to the banking institution, which can only be solved with help of the country’s digital banking system “. In the name of innovation Mr. Balogun announces that over the last two months, UBA Liberia has launched the AMEU card for students only and allows them to…

The National Bank of Egypt shows its performance on syndicated loans The National Bank of Egypt (NBE) has, in the first quarter of the current year, arranged 48% of syndicated loans in the Egyptian and African markets. According to information provided by the Bloomberg website, the NBE ranks first in the Egyptian banking market and on the African continent in syndicated loans. The bank has a 48% market share in the management of these loans. The note also shows that the bank is ranked fifth in the Middle East and North Africa region in syndicated loans for which it acted…

The Gabonese Government has announced the creation of the Gabon Agricultural Development Agency (ADAG) to replace the former Office of Research, Introduction, Adaptation and Multiplication of Plant Material. A measure supposed to put an end to the overlap of missions and institutions in charge of agriculture in the country. The mission of the agency will be to support the State on the implementation of its agricultural development policy and will be in charge of developing strategies for the promotion of the agricultural sector, ensuring mobilization, planning and implementation. value of agricultural land as well as conducting information and promotion actions…

The Arab Monetary Fund has just signed two loan agreements with the Tunisian government. With a total amount of $ 80.9 million, the financing is part of the financial cooperation between the institution and Tunisia. Agreements signed in the margins of the annual meetings of the Arab financial institutions held on April 10, 2018 in Jordan, between the Governor of the Central Bank of Tunisia and Governor of the Arab Monetary Fund for Tunisia, Mr. Marwan El Abbassi, and Mr. Abdel Rahman Al-Hamidi, Director General and Chairman of the Arab Monetary Fund. These agreements relate to the third offset credit…

While the deadline for the minimum capital requirement required by the Central Bank of Ghana (BoG) is December 31, 2018, Zenith Bank is surprised to become the first bank in the country to formally meet the benchmark index. 400 million Ghanaian cedis, or about 90 million US dollars The bank’s success follows a performance in 2017 that allowed the bank to record a pre-tax profit of more than 250 million Ghanaian cedis ($ 56.3 million), more than 23% over 2016. The bank has increased its total assets from more than $ 231 million to more than $ 914 million. The…

On Monday, the Secretary General of La Francophonie, Ms. Michaëlle Jean, received the Right Honorable Justin Trudeau, Prime Minister of Canada, at the headquarters of the International Organization of La Francophonie (OIF). The two senior officials were able to address the major issues of the day that are shaking up and mobilizing the Francophone space as well as the priority areas for increased cooperation between Canada and La Francophonie. “Canada’s support is very important,” said Michaëlle Jean at the end of their meeting, “because it allows us to vigorously pursue our action for this pragmatic and concrete” Francophonie of solutions…

The European Bank for Reconstruction and Development (EBRD) announces its intention to deploy in sub-Saharan Africa, according to its president Suma Chakrabarti. Also, he added, the bank announces its willingness to lend 2.5 to 3 billion euros more than its average of 9.5 billion euros in recent years, without the need for more capital. The bank totals around € 7 billion of investments in the Middle East in North Africa since its beginnings in the area in 2012. “The bank could possibly invest an extra 500 million euros a year in its 37 countries of existing operations,” he added, adding…

The Nigerian subsidiaries of Access Bank Plc, United Bank for Africa (UBA), Lafarge Africa Plc and the Nigerian independent oil and gas company Seplat Pretium Development Company Plc will join from Monday, April 16 the Premium Board of the Nigerian Stock Exchange (NSE) ). They will join Dangote Cement Plc, FBN Holdings Plc and Zenith International Bank Plc which were transferred to the Premium Board in 2015, bringing the total number of companies to seven. Premium Board is the listing segment for the elite group of issuers that meet the most stringent corporate governance and listing standards of the Nigerian…

The Board of Directors of the International Finance Corporation (IFC), a subsidiary of the World Bank, has approved the granting to BMCE Bank of Africa (BOA) of a risk-sharing facility (RPF) of a total amount of $ 60 million. A loan to support SME financing. This will include SMEs from ten African countries in the fortnight where the bank is present (Burkina Faso, Côte d’Ivoire, DR Congo, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo). In concrete terms, it is hundreds of SMEs from these target countries and customers of the BOA group that will have to benefit, over a…

Ecobank Kenya on Wednesday (April 11th) launched the Emerald Ecobank Business Club to expand opportunities for its small and medium-sized business (SME) customers by creating direct links between business operations in 33 African markets with more than 12.8 million of customers. With the club, the bank will provide SMEs with direct networking platforms, market information as well as consulting services to key companies, associated partners, foreign trade facilitation and preferential banking. The Emerald Ecobank Business Club will focus on strengthening intra-African trade in the Bank’s presence in 33 African markets, enabling SMEs to leverage Ecobank’s customer book to authenticate and…

French telecom giant Orange announces that it will successively launch its mobile bank, Orange Bank, in Madagascar and Mali in the first half of 2018, followed by Côte d’Ivoire and Senegal in the second half of the year. According to Bruno Mettling, President and CEO of Orange for the Middle East and Africa, who made the announcement, the banking activities of Orange will extend to Niger and Guinea during the year 2019 . Online banking will offer users in Africa services including simple savings products, access to credit services and insurance. And Mr. Mettling to announce that Orange Bank will…

The Development Bank of Mali (BDM-SA), a subsidiary of the Moroccan group BMCE Bank, announced for 2017, a profit of nearly 13 billion FCFA (24.57 million dollars) against a forecast of 10.824 billion FCFA (20 , $ 45 million), following the 63rd session of the Board of Directors, Saturday, April 7, in Bamako. Considered as one of the largest financial institutions in the country, BDM-SA posted a net banking income of 34.63 billion FCFA in 2017, against 33.889 billion CFA expected, an implementation rate of 102 pc. Client deposits reached more than CFAF 462 billion in 2017, and total direct…

The world steel giant Arcelor Mittal is facing a tax recovery of more than one billion CFA francs in Senegal. The case revealed by the local press indicates that the group has seen its bank accounts blocked by the Administration, including the office of Ngor-Almadies which triggered a process of seizure assignments. The group based in Luxembourg, however, has eight days from notification of the procedure to comply with its obligations, under penalty of seeing the banks directly pay the tax debt in question. In 2007, Arcelor Mittal was granted a concession for the exploitation of the minerals of Falémé…

MTN Telecoms operator and pan-African banking group Ecobank announce a partnership to increase financial inclusion in Africa and provide banking services to the unbanked. To do this, both institutions intend to offer mobile money transfer and digital banking services to their respective users by “leveraging each other’s strengths to deliver more value to their respective customers on the continent,” he said. they declared in a statement. For new partners, “MTN’s large subscriber base, comprehensive distribution, innovative digital products and mobile financial services are linked to Ecobank’s innovative digital banking products to instantly provide bank accounts and remittances.” through the largest…

Until then Deputy Director General of Economic Policy of the National Treasury, South African Monale Ratsoma, has been appointed Director General of the Africa Regional Center of Brazil, Russia, India, China and Africa South, Brics, New Development Bank (NDB). His appointment will be effective from April 16th. Ratsoma will lead NDB’s African regional operations and support the bank in project preparation and implementation, as well as regional portfolio management. It will also collaborate with established infrastructure and sustainable development entities and representative offices of multilateral and regional development banks. NDB Brics is a key player in the South African government’s…

Nigeria’s foreign exchange reserves continued to grow significantly to $ 47.37 billion as of April 5, according to the latest figures from the Central Bank of Nigeria (CBN). The last time the country recorded foreign exchange reserves at this level was in July 2013. CBN governor Godwin Emefiele on Monday announced the new balance on reserves at the opening of the 25th seminar of commercial writers and financial correspondents at Uyo. According to him the CBN hopes to reach the target of 50 billion dollars before the end of the year. Growth stimulated by the success of its Eurobonds offers,…

Orange Egypt, a subsidiary of the French telecom giant eponymous, has reached an agreement with a consortium of eight major Egyptian banks. An agreement that provides him with a new $ 395.9 million syndicated facility, for a term of seven years. The agreement comes after Orange increased its paid up capital to $ 865 million and raised its authorized capital to $ 1.13 billion. The new syndicated facility will be used to refinance existing loans for a total of $ 243 million while the remaining $ 152 million will cover new investments required to complete the next generation network’s implementation…

The Ghanaian authorities have announced their intention to test the Japanese market for the first time by raising their first “samurai bonds” (bonds in Japanese yen), offered to major Japanese financial investors. A meeting with Japanese investors is expected to be held this week. Ghana intends to diversify its range of sovereign bond holders, Finance Minister Ken Ofori-Atta announced Sunday (April 8th). A Ghanaian delegation composed of the Minister of Finance, his Deputy Governor and other officials is announced in Japan from 9 to 14 April. Also in its strategy of diversification, in addition to selling securities in dollars, the…

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), has signed a € 68 million syndicated Murabaha agreement with Cameroon. Agreement that will primarily support the energy sector. The financing will allow the import of crude oil that will be refined and sold both locally and internationally at 70% and 30% through the national refinery (SONARA). The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Minister of Economy Planning and Regional Development, Alamine Ousmane Mey, in Tunisia on the sidelines of the 43rd meeting of the IDB Board of…

The African Development Bank (AfDB) has approved a $ 50 million unfunded risk-sharing agreement for Commerzbank AG (Commerzbank) to support African banks in their trade finance operations. Commerzbank AG is a German banking and financial services company based in Frankfurt, Germany with a presence in more than 50 countries worldwide. The risk participation, which was approved by the ADB Board of Directors on Tuesday, March 27, 2018, is expected to benefit from Commerzbank’s support to African issuing banks seeking to expand their trade finance operations. For Stefan Nalletamby, the Bank’s director of financial sector development: “Commerzbank is a strategic partner…