Author: Amadjiguéne Ndoye

In its financial results for the year 2017, the Chinese telecom giant Huawei announces a 15% increase in contribution of the African market in its annual turnover estimated at 92.5 billion dollars, up 15.7% by compared to 2016. Net earnings were $ 7.3 billion. With this percentage noted on its smartphone business in particular, Africa ranks among the top three markets of Huawei. Meanwhile, Huawei’s Carrier business group generated total revenue of $ 45.7 billion, up 2.5% year-over-year in 2017 and $ 8.4 billion in revenue. 12 months, up 35.1% from 2016. The Consumer business, which is home to the…

Banque Atlantique, a subsidiary of the Moroccan Central Bank Popular Group (BCP), launched on Wednesday (April 4th) in Abidjan, Côte d’Ivoire, the first banking market Chatbot of the West African Economic and Monetary Union (UEMOA) named “ARY”. An innovation that marks the entry of Banque Atlantique in the era of conversational and virtual assistance. What makes Habib Koné, CEO of the BCP Group holding company, Atlantic business international, say that “the exploitation of artificial intelligence is part of the BCP Group’s innovation strategy, which guarantees and constantly seeks new information. ways of improving the quality of service “. Note that…

The State of Senegal has signed two financing agreements with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), on the sidelines of the 43rd Annual Meeting of the Group which is held from 1st to 5th April 2018 in Tunis. This is a global financing of nearly 100 billion FCFA (187 million dollars), according to the Senegalese Minister of Economy, Finance and Planning, Amadou Bâ. The agreement signed on Wednesday, the third day of the meetings, includes an initial financing of 26.7 billion FCFA, or 50 million dollars, for the National Company…

The verdict fell on Friday, March 30, in the case of the cash advance of the mayor of the Senegalese capital linking Mayor Khalifa Ababacar Sall to the State of Senegal. Khalifa Sall has just been sentenced to a firm 5 years, accompanied by a fine of 5 million FCFA. He shares his sentence with his administrative and financial director (Daf), Mbaye Touré. At the same time, other co-defendants Amadou Mokhtar Diop, Yatma Diao, and Fatou Traore were sentenced respectively to 2 years in prison, one suspended for the first two cities and six months for the only woman in…

Mali is expected to receive from the African Export and Import Bank (Afreximbank) $ 700 million (about 350 billion CFA francs) in multi-source funding to support commercial and related infrastructure projects in Mali, announced Dr. Benedict Oramah, President of the Bank. Received in audience on Wednesday (March 28th) in Bamako by Malian President Ibrahim Boubacar Keïta, Benedict Oramah said the support will target activities aimed at increasing the country’s industrial capacity in cotton processing and the development of transport and hotel infrastructures. It will be precisely the financing of an industrial park along the border with Burkina Faso and Côte…

Stanbic Bank Uganda, the country’s largest bank by assets, recorded a 5% rise in pre-tax net profit to a record high of 200 billion shillings ($ 54 million), up from 191 billion shillings (51.5 million in 2016, according to the financial results released Wednesday, March 28. A good result of earnings from controlling costs and credit risk offsetting lower operating income. “… helping to reduce operating expenses by about $ 4 million from one year to the next. This has ensured that, despite a decline in the bank’s overall income, our net income for the year has actually increased, “said…

The Cameroon International Bank for Savings and Credit (Bicec) subsidiary of French BPCE, announces for 2017 a total balance sheet of 765 billion CFA francs ($ 1.43 million), an increase of 11% , against 690 billion CFA francs in 2016 ($ 1.29 million). Also for Bicec, net banking income amounted to 59.6 billion FCFA during the period under review, up 17%. Gross operating income, also, rose by 39% compared to 2016, to reach 28 billion FCFA. The net result of the Bank is 9.5 billion FCFA. Gross operating income, also, increased by 39% compared to the previous year, to reach…

As a prelude to their planned days in Kigali on April 3 and 4, 2018, Ms. Minian BENGALY-BERTHE, Executive Secretary of the African Association of Banking and Financial Institutions Lawyers (AJBEF). Created to enable African banking lawyers to respond to the concerns of banks and financial institutions, the African Association of Lawyers Banks and Financial Institutions (AJBEF) is a real framework for exchanges between professionals in the sector. Today composed of 16 member countries, AJBEF intends to revitalize its troops. Executive Secretary of the association, Mrs Minian BENGALY-BERTHE, answers Financial Afrik’s questions. How was AJBEF created? I am a bank…

Pan-African bank United Bank for Africa (UBA Plc) announced on Tuesday (March 27th) that its London subsidiary has obtained regulatory approval to operate in the UK. Approval granted to the bank by the Prudential Regulation Authority (PRA), the UK’s financial services regulator An umpteenth authorization that makes UBA the only bank in sub-Saharan banking in New York and London, as well as in 20 other countries. “This authorization strengthens our ability to meet the growing cross-border financing needs of our customers. It improves customer coverage and product offerings while positioning our group as an optimal channel for trade and foreign…

South Africa’s insurer and financial services group, Sanlam, announces the completion on Wednesday (March 28th) of the company’s placement of 65.5 million new common shares with institutional investors. An investment that allowed him to raise 5.7 billion rand, or $ 490 million. The unit price of investment is fixed at 87 rand per share, a reduction of 5% compared to its closing price on Tuesday. It is also planned to list the placement of the group’s shares on the Namibian Stock Exchange (NSX), subject to the approval of the latter. “The net proceeds of the offering will be used in…

The French telecom giant, Orange, announces the upcoming expansion of its banking operations in Africa following the launch of its digital bank launched in France in 2017. Orange has also submitted a request for a banking license to the West African Economic and Monetary Union (WAEMU) and hopes to start operations in the 8 countries of the zone by the end of the year. Participating in the sixth edition of the Africa Business Leaders Forum, Africa CEO Forum currently being held in Abidjan, Côte d’Ivoire, the Deputy Director General for Africa and the Middle East, Bruno Mettling, has also stated…

After a year 2017 without growth (-0.1%), the Economic Community of Central African States (CEMAC) forecasts economic growth of 2.1% in 2018, said Wednesday, March 21 Abbas Mahamat Tolli, governor of the Bank of Central African States (BEAC). According to the BEAC Governor, this improvement can be explained by the rise in crude oil prices, as well as by the accelerated implementation of the economic, monetary and financial reforms prescribed by the bank. “This renewed vitality is the result of the stabilization of foreign exchange reserves thanks to an influx of foreign exchange favored by financial aid granted by the…

Nigerian bank First Bank Limited expects its foreign affiliates to make at least a 10% net contribution to its financial strength over the next five years. In Nigeria, the bank plans to connect 20 million customers as it accelerates its strategic repositioning. By the end of 2019, part of this strategic repositioning will allow the bank to grow its customer base by 35%. “Our international subsidiaries are achieving our cross-border synergies goals, leveraging global account management,” notes the bank. With respect to its objectives, First Bank aims to achieve a return on equity of 20% by 2019. The non-performing portfolio…

After an acceleration of 4% noted in 2017, the growth outlook for the Moroccan economy for 2018 should reach 3.3%, before accelerating to 3.5% in 2019, according to the new projections of the Bank Al-Maghrib (BAM). According to these estimates published by the Central Bank, “at the national level, growth would have accelerated to 4% in 2017, driven by a rebound of 14.8% of agricultural value added, while the growth of non-agricultural activities would have been limited to 2.7%. For this current year, the BAM is banking on an estimate of cereal production around 80 million quintals and an increase…

The Gambian subsidiary of pan-African bank Ecobank launched a new banking service since March 16 to offer deposit and withdrawal services through accredited retailers to reach the most remote areas of the country. “With Ecobank’s banking services, we bring the bank closer to your door. This service expands Ecobank’s network and will allow our clients to deposit or withdraw funds from our accredited agents in their communities, “said Josephine Anan-Ankomah, Executive Director of Ecobank Gambia. For the CEO, this new offering is “the key element that complements the ecosystem of digital financial services that Ecobank creates in order to contribute…

The Kenya-based Commercial Bank of Africa (CBA) officially started banking operations in Rwanda on Monday (March 19th) following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited. With this acquisition, CBA Rwanda Ltd becomes the 16th commercial bank to enter the banking industry in Rwanda and increases the coverage of CBA already present in Côte d’Ivoire, Tanzania, Uganda and Kenya. The bank started operating in Rwanda in February 2017, when it partnered with MTN Rwanda to launch “MoKash”, a mobile banking and credit product similar to MoKash in Uganda and M-Shwari in Kenya. The product…

The Board of Directors of the African Development Bank Group has approved a US $ 30 million loan to support the creation of the Rwanda Innovation Fund (RIF). The Fund’s mission is to promote the innovation economy in Rwanda and the East African Community (EAC) region. The resource will be used to create an investment vehicle focused on financing technology-driven small and medium-sized enterprises (SMEs) and develop the capacity of the country’s entrepreneurial / innovation ecosystem. It aims to mobilize $ 100 million in direct commitments from the Rwandan government and private investors, while targeting a leverage effect of up…

The Central Bank of Nigeria (CBN) has again injected $ 210 million into the interbank foreign exchange market. Objective, maintain liquidity in the foreign exchange market, ensure availability and save a weakened national currency. In detail, the CBN made $ 100 million available to authorized distributors in the wholesale segment, while the small and medium-sized...

Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange. Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange. An action supposed to boost public finances and attract more investors to the Cairo Stock Exchange. The sale will involve interests ranging from 15 to 30% in the next two years, notes…

The US private equity firm Milost Global Inc., plans to inject up to $ 1 billion to recapitalize the Nigerian bank Unity Bank Plc., Weakened by the economic slowdown of the country. Based in New York, Milost has proposed to invest $ 700 million in shares and $ 300 million in five-year bonds that can be converted into shares of the Nigerian bank, notes the Bloomberg website. The firm will get an initial stake of about 30% in Unity Bank in exchange for its first $ 250 million capital investment. The first part of the agreement is expected to be…

Insurance Assurance Plc., A member of the SUNU Group, has announced a name change for SUNU Insurance Nigeria Plc. Established on 3 October 1991, the insurance company provides non-life insurance to businesses and individuals in Nigeria and Ghana. It operates through three segments: non-life, asset management and health management. The Non-Life segment covers the protection of client assets and the compensation of other parties who have suffered damages as a result of customer accidents. The Asset Management segment provides finance leases to individuals and businesses. The Health Management segment provides health management to corporate and individual clients. Equity Assurance Plc…

Rating agency Fitch Ratings confirmed its outlook for foreign currency ratings and long-term issuer defaults at UBA plc subsidiaries in Cameroon, Ghana and Senegal. The prospects of the entities, UBA Cameroon SA, UBA Ghana Limited and UBA Senegal SA, flagship subsidiaries of the Nigerian United Bank of Africa, are considered stable. Stability motivated by the autonomous financial strength of each of these subsidiaries, with the potential support of the parent company, UBA Plc. For Fitch, “the subsidiaries are profitable and their capacity to build capital in-house is positive because it will support the ambitious growth plans of UBA Plc for…

The Banque Populaire Group (BCP) has announced the signing of a partnership agreement with UAE Group UAE Exchange, one of the world leaders in money transfer, exchange and payment solutions based in Abu Dhabi. An agreement that allows the Moroccan group to strengthen its presence in the money transfer segment. Through this partnership, money transfers can now be made directly to the bank accounts of a branch of the Moroccan banking group or managed by other banks of the place. Beneficiaries can also withdraw money in cash from the People’s Bank even if they do not have an account with…

Uganda announces the upcoming opening of its financial market to the Islamic bank, which excludes the payment of interest, in order to widen access to funding sources. To this end, the authorities have approved the regulations that the central bank has recently issued as part of a wider effort to promote the integration of the financial modality in this country of East Africa. “The central bank will be open to requests from financial institutions to offer Islamic-compliant products,” Governor Emmanuel Tumusiime-Mutebile told the Ugandan Bankers Association. Uganda’s decision to allow Halal finance comes after several African countries have shown their…

FBN Holdings reconstituted the board of its insurance subsidiary, FBN Insurance Brokers, with Folake Ani-Mumuney as president. In a notice to the Nigeria Stock Exchange (NSE), shareholders and the general public on Wednesday 7 February, the company said the duo of Seye Kosoko and Seyi Oyefeso will sit as non-executive directors on the board of directors. Folake Ani-Mumuney is Head of Marketing and Corporate Communications at First Bank of Nigeria Plc. Ani-Mumuney held the same position at Dangote Industries Limited. A seasoned marketer and communicator, she was responsible for brand policy and communications at British Airways PLC, in the Europe…

Kenya has appointed four banks to handle the sale of Eurobonds scheduled for the issue in the next two months. These are Citigroup, JPMorgan Chase, Standard Chartered Bank Plc and Standard Bank Group’s Kenyan unit, Stanbic. Kenya is looking for 3,2 billion dollars (320 billion shillings) from external sources during the 2018-2019 exercise that kicks off the July 1er. The expected amount will be used to settle the five-year Eurobond maturing in June 2019 and withdraw a syndicated loan of 800 millions of dollars taken in 2016. Kenya has sold 2,75 billion shillings (240 billion euros) in 2014 with 750…

Mali has just launched its first bond in the form of sukuk (bonds compatible with sharia) called “SUKUK State of Mali 6,25% 2018-2025”. The transaction involves the raising of 150 billion CFA francs (228,6 million) from the general public and institutional investors. The subscription period will run until February 16 2018. This is an investment opportunity through units of a Common Creditor Fund (FCTC) offering a profit margin of 6,25% per annum, paid semi-annually over a period of 7 years, with 2 years of deferred for the repayment of capital. Once collected, resources will help finance social and economic development…

The now former governor of the Central Bank of Tunisia, Chedly Ayari was removed is removed from office at the institution’s head. A dismissal which followed the decision of the European Parliament, Wednesday, February 7, dXCHARXinscrire Tunisia on the blacklist of countries not fighting enough against the dXCHARXargent laundering and terrorist financing. The decision comes just after the country was removed from the list of tax havens by the European Union. The response of Tunisia does not have to wait with this measure the Tunisian Prime Minister, Youssef Chahed, who responded almost immediately, and taking Chedly Ayari, aged 84 years. The…

Citigroup anticipates good prospects for this 2018 year for investment banking services on the African continent and in the Middle East. In Africa, Nigeria and Egypt will be the main drivers of bond sales growth, mergers and acquisitions and the resumption of public equity sales, said Miguel Azevero, director of investment banking at Citigroup in Nigeria. Middle East and Africa. “The opportunity pipeline in Africa and the Middle East is currently at a level that has not been seen since the 2008 financial crisis … Emerging markets are more important than others. Said Miguel Azevero. Citigroup’s interest in these countries…

French bank Société Générale announced Thursday 8 February revenues and net profit down in 2017. A year during which the bank realized a net profit share of 2,81 billion euros, a decrease of 27,6% compared to 2016. Societe Generale has suffered in particular the high cost of restructuring its network of establishments in France in the midst of a digital revolution. However, the bank exceeds the expectations of a loss predicted by a consensus of analysts compiled by Factset, which counted on 2,31 billion. Equivalent to the turnover, the net banking income fell to the extent of expectations, from 5,3%…