Author: Amadjiguéne Ndoye

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…

MTN, the largest mobile operator in Africa, aims to become the largest bank in Africa. The ambitious commercial strategy was announced this January 20 by MTN CEO Rob Shuter. “We intend to build on the strength of the brand and build on the strength of distribution, as we have built an extensive informal distribution network for prepaid airtime to bring customers into a transactional banking system. We are a provider of new age transactional banking services and it is a very big imperative for us. Said the boss of the world-famous group. For MTN, the goal is to become the…

Nigerian bank United Bank for Africa (UBA) brings a touch of innovation to the face of e-banking with the introduction of Leo, the UBA Chat Banker that allows customers to use their social media accounts to perform key banking transactions. The new service will allow customers to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and recharge their accounts. They will also be able to confirm checks, pay bills for loans, freeze accounts, request mini statements, among other things. For UBA Group Managing Director, Kennedy Uzoka “The formulation of this product is consistent…