Author: Amadjiguéne Ndoye

Pan-African bank Ecobank has announced the strengthening of its partnership with Nedbank, a South African bank, to help wealthy clients protect their wealth. Clearly, the partnership will enable Ecobank to give its VIP customers access to transparent international products and services they need. For Ecobank divisional manager Paul Harry, Ecobank’s partnership with Nedbank will help maintain the lifestyle clients want and the financial independence they seek. “Once you’re rich, people think you’re out of trouble. But the fact remains that when you are rich, you are far from being a carefree person, and the key issues will become how to…

The Bank of Ghana will start the implementation of dXCHARXassurance deposit scheme in the second quarter of 2018, announced its Governor Dr. Ernest Addison. The plan aims, among others, to safeguard the savings of individual depositors in the country in order to strengthen confidence in the formal banking system and contribute to the stabilization and development of the financial system in Ghana. For the governor of the central bank, deposit insurance is an additional safety net for depositors. “The idea is to have an extra layer of protection in addition to that the central bank normally done to protect and ensure…

The Moroccan group BMCE Bank of Africa will soon be established in 5 new African countries before the end of this year 2018, according to its chairman, Othman Benjelloun. This expansion, which is on the horizon in South Africa, will be a great first for a Moroccan banking establishment in southern Africa. “We are also negotiating the opening of new banks in Southern Africa and should, at the end of 2018, plant our flag in five new countries, including South Africa and Zimbabwe,” Othman Benjelloun said. This is a major challenge as BMCE Bank of Africa currently has no representation…

NOVA Merchant Bank officially launched its operations in Nigeria, becoming the fifth merchant bank to operate in the country. The new Lagos-based bank will offer investment banking, asset management and wholesale banking services. NOVA Merchant Bank President Phillips Oduoza said: “Banks are changing globally with the emergence of new entrants and the infusion of non-traditional products. We believe that Nigeria should not be left behind. Therefore, NOVA is here to bring a new experience in the banking sector. That’s why we chose the name, NOVA, which means new. We want to do new things. ” NOVA Merchant Bank will focus…

South African bank Standard Bank announced the signature on Monday 5 February in Johannesburg of an agreement with the Chinese group China UnionPay International, to launch the UnionPay International cards on the South African market by the end of the year. ‘year. An agreement that will allow Standard Bank customers to access all UnionPay compatible platforms and use the card to purchase merchandise in China using standard bank cards. “UnionPay strives to provide convenient and secure payment services to a growing number of UnionPay cardholders in Africa, an increasingly important business and leisure destination. We are also looking forward to…

The Moroccan Bank of Foreign Trade (BMCE) is planning to launch new banking products at its Congolese subsidiary Banque Banco de Banque (LCB), in which the Moroccan group is the majority shareholder. The announcement was made by Brahim Benjelloun Touimi, director of BMCE Bank, Monday 5 February in Brazzaville, after a hearing with President Denis Sassou N’Guesso. To the Congolese president, Brahim Benjelloun Touimi showcased the projects BMCE is considering in the country, particularly in the field of mobile banking and training since the LCB creates its own academy. “We want the LCB to be a bank rooted in the…

S & P Global Ratings announced that the outlook for all listed South African banks is stable for the first time since 2013. Indeed, in the first weeks in 2018, the South African banking sector has shown signs of stability, although the domestic economy continues to fight against debt. This performance can be explained by the financial strength of these institutions, which have found a balance between low economic growth and low investor and household confidence in South Africa. However, for S & P Global, the country is facing weak economic growth, persistent political uncertainty and problems with state-owned enterprises.…

The European Investment Bank (EIB) granted Wednesday 31 January, a loan of 40 million dollars to the Kenyan bank I & M Bank in favor of start-up companies in the country. According to Robert Schofield, executive director of the European Bank in charge of financing companies outside Europe, with this financing, I & M Bank will grant loans to startups who can finance 50% of the projects they undertake. “Eligible borrowers for this line of credit will get a maximum of 50% of the total cost of the project they undertake.” For I & M Chief Executive Officer Kihara Maina,…

The Moroccan company Saham Assurance Tuesday Tuesday 30 in Casablanca, the inauguration of its Digital Factory, a first in the insurance industry in Morocco. It is a laboratory dedicated to the design of innovative solutions to change the lives of the insured. This new department, launched six months ago, is responsible for the transformation of the company’s processes. The goal: to fluidify and dematerialize both its internal relations and the customers. It also aims to “facilitate and streamline the relationship with the company, regardless of the channel used, have an ergonomic application that allows geolocation in one click, developing in…

The Egyptian investment bank EFG Hermes, one of the largest investment banks in the Middle East, announced Monday 29 January the opening of a representative office in Bangladesh. “Bangladesh is a key market in our drive to expand our representation in high-potential emerging frontier markets,” said Karim Awad, CEO of EFG Hermes Holding. The Bangladesh office will initially be designed to facilitate the investment of foreign portfolios and direct investment clients who wish to invest directly in the Bangladeshi economy in sectors such as financial, pharmaceutical and infrastructure services. The bank that operates in East Africa using Kenya as a…

The Ivorian subsidiary of the ECOBANK Group, Ecobank CI, launched on Tuesday 30 January its salary domiciliation campaign at its headquarters in the Ivorian capital. The campaign is part of the delivery of a full range of banking products and services to clients. Note that the goal of this campaign is the mobilization of resources from new and existing customers over a period of 12 months. To be eligible for this new campaign, the prospect must be an Ecobank customer, have a current account, pay his salary in Ecobank’s books and especially keep 15% of his monthly salary on his…

The rating agency, Moody’s, warns Ghanaian banks against “difficult times” this year in terms of declining revenues. A situation due to a steady slowdown in growth of bank loans and advances in 2017. Moody’s notes that loans and advances have just increased by 5,9% in 2017, versus 18,3% in 2016 and 24,9% in 2015, in its latest report published by the rating agency on the banking sector in Ghana. “We expect that weak loan growth will reduce the revenue of Ghanaian banks, which will hurt their efficiency ratios and profitability,” said Akintunde Majekodunmi, vice president and banking analyst at Moody’s.…

Nigeria’s insurance sector recorded a gross premium of 235 billion naira between January and September 2017 according to the National Insurance Commission of Nigeria (NAICOM). A sad performance, considering that in 2016 this figure was carrying 325 billion naira. A counter-performance deemed still “acceptable” by industry players. These evoke the difficult economic climate of 2017. According to the figures obtained by the commission, the contribution of insurance to gross domestic product (GDP) in terms of penetration is only 0,48%. The figures also showed that most of the industry’s activities were carried out by insurance brokers, with 75% of transactions being…

Egypt signed on Sunday 28 January a third and final loan in the amount of 500 million for the country’s governance reform with the African Development Bank (ADB). The loan agreement, approved by the ADB Board of Directors on January 18, was signed at an official ceremony between Sahar Nasr, Egyptian Minister of Investment and International Cooperation, and Malinne Blomberg, Head Egyptian country of the AfDB. The funding program is designed to support Egypt’s sustainable growth, but also to improve governance and provide employment opportunities for young people. AfDB currently funds 30 multi-sector projects in Egypt with a total value…

The Asian Investment Bank for Infrastructure (AIIB), based in China, plans to strengthen its intervention in Africa. According to the president of the institution, Jin Liqun, disbursements have already reached 4 billion, divided into 24 funded projects and that the expansion of the bank is under discussion. “We must pay attention to the support of African member countries. Asia is growing rapidly, but it can not sustain itself without working closely with African countries, “he said. The bank’s intervention focused on Asia during the first two years of operation, with the exception of some investments in Egypt and Oman. China…

La Société financière internationale (SFI), du groupe de la Banque Mondiale, vient d’annoncer un prêt de 740 millions de rands (62 millions de dollars) sur sept ans à la banque sud-africaine Mercantile Bank. Le but est de stimuler les prêts aux petites et moyennes entreprises (PME). A noter qu’avec ce prêt de l’institution financière, l’accent est mis sur les entreprises appartenant à des femmes. Selon Karl Kumbier, PDG de Mercantile, le manque d’accès au financement est l’un des plus grands obstacles à leur succès et à leur capacité à croître pour créer de l’emploi et de la richesse. «  Le…

The international credit rating agency, Fitch Ratings, has announced that the Nigerian insurance market will return to real gross premium (GWP) growth in 2018, as favorable fundamentals support the long-term development of the sector. “The fundamentals of Nigerian insurance remain favorable. There is strong potential for economic growth, a young population with a growing middle class, investor interest and low insurance penetration. Growth has been slowed by recent economic decline and significant structural challenges, but there is also a generally skeptical population about the benefits of insurance, “said Fitch Ratings. In the agency’s report, it is noted that Nigeria’s insurance…

Barclays Africa Bank examines take-over bids by five potential buyers for heavily indebted Nigerian company 9mobile, according to the Reuters news site. After study, the bank will make a recommendation to the telecommunication company. Previously known as Etisalat Nigeria, 9mobile took out a syndicated loan of 1,2 billion from a group of 13 local banks in 2013, but struggled to repay last year, forcing its lenders to intervene . The central bank then intervened to prevent the creditors from putting it in receivership, resulting in a change of board of directors and management, as well as the change of name…

The Mauritanian capital, Nouakchott, will host 20 next February the 1th multi-sectoral mission of the 2018 year of the Africa Development Club (CAD) group Attijariwafa bank, with Attijari bank Mauritania. The event to be held on the occasion of the official launch of the Africa Development Club Mauritania will be under the theme, “Investment opportunities in Mauritania”, for African and international economic operators. This 1er CAD event in 2018 is part of a broad program covering other countries of the continent, deployed throughout the year. Business meetings are planned between entrepreneurs in order to concretise partnerships as well as a…

JPMorgan Chase & Co, one of the world’s largest financial services companies, has announced plans to establish a branch in Ghana and Kenya, chief executive Jamie Dimon said on Wednesday. “We want to expand our services. We will go there, serve these countries. We will be at the service of the American multinational, universities, [and] power plants. You will see us open in some countries where we are not, in Africa, you will hear about this stuff, “he said, adding that the company would open branches in Ghana and Kenya. The announcement follows JPMorgan’s Tuesday unveiling of a $ 20…

The mobile operator Vodacom, through its subsidiary Mobile Money “Vodacash” launched Wednesday, January 24, in collaboration with Equity Bank Congo (Procredit) “M-Pesa Bureau de Change.” The new financial product and set up will allow subscribers of M-Pesa service convert their money in Congolese franc or the US dollar. With “M-Pesa Bureau de Change”, Vodacom and Equity Bank concluded a partnership that helps solve the problem of financial inclusion at the national level according to the instigators of the project to the subscriber a stockbroker, part financial intermediaries with regard to such operations. “The Bureau de Change mobile phone is a…

The Nigerian insurance company FBNInsurance has just been awarded again the prize of best life insurance company in Nigeria by the World Finance Global Insurance Award. The company has indeed won the prize at the editions of 2014 and 2016. According to the organizers, the Nigerian company owes this distinction to their resilience to the different challenges. Added to this is the massive influence of new technologies and the changing global economic outlook on the 2017 insurance industry. “The World Finance Global Insurance Awards celebrate those who have distinguished themselves as industry leaders in the 2017 year by remaining agile…

Finea, a subsidiary of the CDG Group and the Caisse des Marches Publics (CDMP SA), a subsidiary of Caisse des Depots et Consignations du Senegal (CDCS), signed a strategic partnership agreement on Friday January 19 to facilitate the launch and development of activities of CDMP SA in Senegal. The agreement was signed between the boss of Finéa, Ali Bensouda and that of the CDCS, Cheikh Mbacké Dieng. The said convention will allow both entities to share a knowledge transfer cycle. Thus the CDMP SA, in the framework of its mission of support to SME and TPE of Senegal, will benefit…

The Nigerian Bank United Bank for Africa (UBA) will soon expand its operations in Angola and South Africa, said bank chief executive Phillips Oduoza in an interview with Bloomberg in Davos. The objective of the pan-African bank, which with its significant presence is already operating in 19 countries on the African continent, is to try to compensate for the collapse of its operations in Nigeria, the largest African economy, facing a strong economic imbalance due the fall in oil prices. South Africa and Angola are two countries included in the “expansion phase,” said Phillips Oduoza, without giving further details. UBA…

The financial transactions of mobile money reached 2,3 billions of Ghanaian credit is just over 505 million end of December 2017, according to data from the Central Bank of Ghana. This amount represents a growth of 84,6% against 285 millions of dollars in 2016. According to data from the central bank, the active mobile money accounts are estimated at 23,95 million against 11,43 million bank accounts at the end of December 2017. This feat bears the signature of telecom companies with MTN in pole position which alone has 90% of mobile money accounts held in commercial banks. In October 2017,…

Ahmed El Yacoubi has been appointed Chief Executive Officer of Société Générale Maroc. He replaces Jérôme Jacquier and becomes a member of the Executive Board. The appointment will take effect on 1er next February. The now boss of the French bank in the kingdom Sherifian, was previously regional director of Societe Generale for West Africa. Graduate of the engineering school of Annecy and EMBA HEC Paris, he joined Societe Generale Maroc in 1996 in the information systems department. In 2000, he is appointed Deputy DSI in charge of the management of the program “change of the information system”. In 2002,…

The Bank of Ghana has warned the public about the use of bitcoin in the country. For good reason, virtual money is not recognized as a legitimate form of currency in the country. “The Bank of Ghana wishes to inform the general public that these digital currency activities are currently not permitted under 2003’s Payment Systems Act (662 Law). “In a statement from the institution. The Bank of Ghana is currently investing a lot of resources to further improve the payments and payments system, including digital forms of money, and to introduce cybersecurity guidelines to protect electronic and online financial…

The central bank of Nigeria announced on Monday 22 January to have injected 210 million dollars into the Nigerian interbank foreign exchange market. This umpteenth action by the institution tends to increase liquidity and alleviate dollar shortages. Note that the bank has unlocked 100 million for the wholesale market, 55 million for small businesses and individuals, and 55 million for some expenses in dollars such as tuition and medical expenses. The declared will of the institution is to reduce the country’s import bills and stop the growth of its foreign exchange reserves. The figures obtained yesterday from the bank indicate…

The Tunisian investment bank CAP Bank announced the acquisition of 51% of the capital of the intermediary on the Cofib Capital Finances stock market after the green light of the Financial Market Council (CMF). With this umpteenth acquisition, CAP Bank will expand its services and will have a range of services expected from a merchant bank. Cofib Capital Finances has been active in the financial market since obtaining its stock market intermediary’s approval on the 14 April 1994. It has confirmed its presence since the merger, in October 1998, companies “Cofib”, a subsidiary of the group LA CARTE and “Capital”,…

La banque mozambicaine, Opportunity Bank SA vient d’obtenir un prêt de 1,5 million dXCHARXeuros pour les PME de la Banque allemande de développement KFW. Cette facilité de prêt a été convenue à un taux d’intérêt subventionné qui réduira les coûts de financement actuels d’Opportunity Bank et qui se traduira par une meilleure tarification pour les clients, rendant les prêts plus accessibles aux exclus du système bancaire. Les avantages de cette facilité de financement seront également améliorés grâce au soutien technique fourni par MyBucks S.A. (MyBucks), la société mère d’Opportunity Bank, qui est en train de mettre en œuvre sa plateforme…