Author: Amadjiguéne Ndoye

Nigerian telecommunications company 9mobile announced on Sunday (August 25th) a $ 230 million loan from Africa Finance Corporation, a multilateral financial institution specialized in financing infrastructure projects in Africa. The announced amount, divided into two tranches, will enable 9mobile to pay off existing debt, finance its costs and invest in growth. “We can only express our gratitude to the AFC for approving this loan facility which will not only contribute to the sustainability of our business, but also to its growth to better serve our many loyal customers in Nigeria. We have completely revised our operational, regulatory, financial and technical…

Egypt’s Housing and Development Bank (HDB) reports net profit after taxes of 1.072 billion Egyptian pounds ($ 64.7 million) in the first half of 2019, an increase of 7.8%. In a statement to this effect, the bank said the portfolio of loans and advances is estimated at 14.85 billion Egyptian pounds (896 million dollars), an increase of 9.2%. At the same time customer deposits reached 37.2 billion Egyptian pounds, or 2.2 billion dollars. HDB’s total turnover is 2.07 billion Egyptian pounds ($ 124 million), compared to about 1.9 billion Egyptian pounds ($ 114 million), a growth of 8.7% over the…

MCB Group Ltd, owner of the second largest bank in Mauritius, now has a representative office of its wholly-owned Mauritius Commercial Bank Ltd (MCB) at the Dubai International Financial Center (DIFC). The new subsidiary is entrusted to the banker Sebastian Graewert, appointed senior representative for the MENA and Asia regions, based in Dubai. Graewert is a former Credit Suisse, UBS and Indosuez. “Establishing a presence in Dubai and getting Sebastian to join the firm is an important part of our international growth strategy,” said Alain Law Min, President and CEO of MCB in a statement released on Sunday. Founded in…

Investment bank Sterling Capital, based in Kenya, announces the acquisition of a 20% stake in private equity firm Afvest. The amount of the transaction was not disclosed. It should be noted that this acquisition is part of Sterling Capital’s investment strategy targeting start-up companies and entrepreneurs with the potential to generate high returns. Sterling Capital said the acquisition will diversify its investment portfolio, consisting primarily of equities and bonds, into the small and medium-sized enterprise (SME) segment. In March, Sterling Capital launched a hedge fund of 2 billion shillings, with the support of Kuramo Capital, a private equity firm based…

Investec Asset Management (IAM) announced on Sunday (July 14th) its first private equity investment in Egypt with the acquisition of the supermarket chain Spinneys Egypt. Investec bought Spinneys Egypt from Dubai-based private equity firm Abraaj Group, which acquired the company in 2014, but subsequently liquidated it as a result of the financial crisis. Negotiations for the acquisition of the Egyptian firm had begun in March. This type of investment offers us the opportunity to support the accelerated expansion of the business in Egypt and we are delighted with this very attractive growth opportunity for the company, “said Nick Marsh, Investment…

The Asian Investment Bank for Infrastructure (IBEB) approved Saturday, July 13, the accession of Benin, Djibouti and Rwanda, at the annual meeting of the bank in Luxembourg. With these newcomers, the bank that seeks to position itself in the global financial landscape, increases the number of its members to 100. The Asian Infrastructure Investment Bank (IBIT) is an investment bank proposed by the People’s Republic of China to compete with the International Monetary Fund, the World Bank and the Asian Development Bank to meet the growing need infrastructure in South-East Asia and Central Asia. Beijing-based Multilateral Development Bank, in January…

The FIA ​​Steering Committee (COPIL-FIA) held a meeting on 2 July to select the AIF management team, following an international selection process. More than 100 applications from 20 countries have been received by FINACTU. At the end of the works, a short list of 6 candidates interviewed by COPIL-FIA at FINACTU headquarters in Casablanca on July 2nd and 3rd was selected by Michael PAGE. The Project Director and Deputy Director will be appointed soon. It should be noted that the Interafrican Conference on Social Welfare (CIPRES) and the FINACTU Group have been collaborating since 2018 on a project to provide…

US computer giant Microsoft and ICE Commercial Power, a Nigerian renewable energy provider, have signed an agreement to provide solar off-grid networks to Nigerian small and medium-sized enterprises (SMEs). The partnership involves the installation of 10,000 solar off-greens for SMEs across the country over the next two years. Emmanuel Ekwueme, CEO of ICE Commercial Power, said the partnership with Microsoft4Afrika will enable the company to leverage a powerful cloud platform to deliver quality service to its customers. “SMEs play a vital role in economic growth and job creation on the African continent, making their success a key element of what…

After a loan of $ 750 million received last week from the World Bank, Kenya is already planning to apply for a new facility with the international institution in the fourth quarter of this year. According to the World Bank Vice President for Africa, Hafez Ghanem, the funds released will be used to finance affordable housing, agriculture and development projects, without giving more details on the new facility that will be negotiated. “This is a very common source of funding, that we have not done this kind of funding for Kenya for a long time. The government and the bank…

It is for the launch of a new service called “FLOOZ WALLET BANE”, that Banque Atlantique Niger, a subsidiary of the Banque Centrale Populaire Group and Atlantique Télécom through MOOV NIGER have agreed through a convention. Issued by Banque Atlantique, the new product is an electronic money solution for any customer of the bank, subscriber at the operator “Moov” with a “Flooz” account, and will give him access to a set of services . According to its designers, FLOOZ WALLET BANE offers the possibility to subscribe to payment services, to carry out financial transactions including transferring money reciprocally from a…

The Arab International Bank of Tunisia (BIAT) has unveiled its new logo this Friday, April 26, during its annual general meeting held at its headquarters in Tunis. The new logo keeps the two main colors of the old image of the bank namely the navy blue and orange and symbolizes the flight, dynamism, support, but also and especially the solidity of the institution. The bank indicates that this new visual identity reflects its “commitment to its customers and the Tunisian economy in general”. “A change in continuity, in other words, another value to which BIAT attaches,” notes the bank. For…

Côte d’Ivoire recorded a 15% growth in its banking assets, the total of which is estimated at CFAF 12,200 billion, or $ 21.84 billion at the end of 2018, thanks to strong economic growth. In the same period, the country’s gross domestic product (GDP) increased by 7.7% compared to 7.6% in 2017. Bank deposits reached 8.35 billion CFA francs in 2018, compared to 7.48 billion CFA francs the previous year. Bank credits increased from 6.28 billion FCFA in 2017 to 7.06 billion in 2018. It should be noted that these figures announced for 2018 remain provisional and subject to revision…

The Port Authority of Dakar and the Namibian Port Authority have signed a five-year memorandum of understanding to promote trade between Namibia and Senegal. Stressing the importance of inter-African trade for Africa to thrive, the head of the Marketing and Communication Department of the Autonomous Port of Dakar, Abdoul Hamid Sy said that “African ports must collaborate more, only 12% of trade being between African countries. We must become more dependent on each other and promote our countries among ourselves. ” The MoU should ultimately help improve cooperation while exploring business opportunities and sharing best practices between the two ports.…

Singapore’s agribusiness group, Olam International, on Tuesday (April 23rd) announced plans to acquire Nigerian businessman Aliko Dangote’s Nigerian businessman Dangote Flour Mills (DFM) for 130 billion naira ( $ 361.6 million). If the transaction is accepted, Olam will become the owner of DFM’s five flour and pasta facilities and logistical capabilities, including access to Apapa and Calabar ports. Olam currently operates wheat milling and flour and pasta manufacturing in Nigeria and sub-Saharan Africa. “We are confident about the growth prospects in this country and this acquisition, which doubles our installed capacity here, demonstrates our long-term commitment to the Nigerian economy,”…

A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS / Gonzalo Fuentes French bank BNP Paribas announced on Tuesday (April 24th) its intention to sell its stakes in its retail banks in Tunisia and Gabon, in order...

The International Bank of Commerce (CIB) has just established a representative office in the Ethiopian capital, Addis Ababa. “The creation of this office is part of the expansion plans of the Egyptian bank on the African market, in line with the strategic trend of the state to increase cooperation with other African countries,” says a note published on 18 April on the Egyptian Stock Exchange (EGX). “We look forward to this first step in our regional presence and look forward to the promising growth opportunities offered by the Ethiopian market, particularly in light of recent reforms in Ethiopia,” said Hisham…

The Asian Infrastructure Investment Bank (AIIB) has approved the accession of Côte d’Ivoire, Guinea and Tunisia.These memberships validated on Monday, April 22, 2019 were made at the same time as that of the Uruguay, bringing to 97 the total number of AIIB members. “The growing membership of Africa and Latin America shows the importance of these countries to improve infrastructure and connectivity with Asia. We look forward to the contributions of these four countries to development in AIIB, “said Sir Danny Alexander, Vice President and Secretary General of AIIB. Just like Togo, which recently joined the institution, these new potential…

The African Export and Import Bank (AfreximBank) and the International Islamic Trade Finance Corporation (ITFC) launched this April 4 in Marrakech, a $ 500 million program to finance and promote Arab-African trade. The so-called Arab-African Trade Finance and Promotion Program (AATFPP) aims to promote Arab-African economic integration by facilitating the development of trade and investment in African countries with Arab countries. The agreement will provide financing facilities, integrated trade solutions, joint capacity building programs, market access support and technical cooperation on trade facilitation. “The program aims to strengthen trade between African and Arab member countries of the Organization for Islamic…

The BMCE Bank Of Africa Group posted a Net Profit for the year (2018), down 10% to MAD 1.8 billion (166 million euros) compared with just over MAD 2 billion in the first half of the year. 2018 (187 million euros), announced Othman Benjelloun, chairman and CEO of BMCE Bank of Africa, Tuesday, April 2 at the group headquarters in the margins of the presentation of the results. The BMCE reports a virtual stagnation of consolidated net banking income (net banking income), amounting to 13.23 billion dirhams (1.22 billion euros) at the end of December 2018 due to the reduction…

United Bank for Africa in Kenya (UBA-Kenya) achieved a strong 185% growth in after-tax profit for the year ended December 31, 2018, from 18.6 million to 53.1 million shillings, or $ 524,700. The bank’s total assets also surfaced, rising to 15.3 billion shillings (151 million dollars) against 6.5 billion shillings during the period, or 135...

The Agricultural Bank of Burkina Faso (BADF) officially launched its activities on Friday, March 29, 2019, in the presence of the Burkinabe Head of State, Roch Marc Christian Kaboré. The new financial institution, with a capital of just over 14 billion CFA francs ($ 24 million), will focus on financing the rural sector while remaining...

Tunisie Valeurs, the leader of Tunisian intermediaries, will become a commercial bank by the end of 2019 or at the latest at the beginning of next year, announced the Chairman of the Board, Fadhel Abdelkefi, during the presentation. financial results held at the headquarters of the Tunis Stock Exchange, Thursday, March 28. “This financial institution obtained, in January 2019, the agreement in principle of the Central Bank of Tunisia, to become a merchant bank, which was accompanied by a number of conditions. It is about the increase of the capital of 10 to 20 million dinars, by incorporation of reserves,…

Allianz Africa announces the launch of Allianz Business System (ABS) in Ghana, a way to realize the transformation of its IT platform on the continent. Adapted to the African market, the system is now operational in the country and currently concerns auto insurance products. This system provides 360-degree vision to customers and business partners through a single platform. The modularity of the system makes it easier to adapt to the requirements and processes of the markets in which Allianz Africa operates, “notes the group’s press release. “ABS will transform the way Allianz does business in Africa by enabling us to…

Attijari Global Research, a subsidiary of the Attijariwafa bank group, has launched a new index called AGR Africa Bond Index “Code Bloomberg AGRAFBDT”. AGR has partnered with S & P, a world leader in index calculation and design, to launch the index, which represents a Total Return index denominated in US dollars. The core universe of the AGR Africa Bond Index is the sovereign credit risk in Africa and is surrounded by a set of eligibility criteria, notably in terms of size, liquidity and rating. The main mission of the index is to track sovereign debt issues issued by African…

Africa Re, a pan-African reinsurance company based in Nigeria, has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to bring Nigerian insurers closer to smallholders. The agreement provides that Africa Re will receive support from IFC to provide technical assistance to licensed insurers to subscribe index products, thereby helping them to expand their business. In this way, insurers will benefit from Africa Re’s means of developing agricultural insurance products and deepening their index insurance business. These indexed insurance products will help protect farmers from environmental risks such as drought, floods, irregular rainfall…

The Moroccan Bank for Commerce and Industry (BMCI) presented, Wednesday, March 27, its financial statement for the year 2018 and posted consolidated net banking income slightly up 0.4% to 3.03 billion dirhams ( $ 313.9 million) in 2018 compared to MAD 3.02 billion ($ 313.9 million) in 2017. The consolidated net profit of the bank stabilized at 562 million dirhams (58.2 million dollars). “The increase in the consolidated net banking income is due to the growth in the results of the market operations of 39.1% with a slight decrease in the interest margin and the margin on consolidated commissions”, explains…

Bank Al-Maghrib (BAM) and the Dubai Financial Services Authority (DFSA) have signed a memorandum of understanding to collaborate in the licensing and supervision of banks based in Morocco and Dubai. The agreement was initialed Wednesday, March 13 in Rabat by the director general of the DFSA, Bryan Stirewalt, and Abdellatif Jouhari, governor of Bank Al Maghrib The deal will boost investor confidence and promote bilateral financial services, a BAM statement said. In this respect, the two institutions will share all the information concerning approval requests made by banks based in both jurisdictions. Sharing also concerns information on the financial soundness…

The Nigerian start-up company Jumia, which specializes in e-commerce, will soon become the first African start-up to be listed on the New York Stock Exchange (Nyse) on Wall Street. A first for an African technology company. The e-commerce specialist has indeed sent the stock market authorities its intention to appeal to the market by detailing...

After entering the banking markets of Tanzania, Botswana, Namibia and Zambia, South African financial services provider ABSA is seeking to expand its presence in Ethiopia. The banking giant hopes to increase its banking income thanks to its expansion in this country of East Africa. However, ABSA states that it intends to acquire existing retail banking...

The Jordanian banking and financial group, Arab Bank Plc, will soon acquire 50.08% stake in the capital of UBCI (Banking Union for Trade and Industry) held by the French Group, BNP Paribas. In this context, a delegation of the Jordanian group went to the headquarters of UBCI last week to negotiate the acquisition. Arab Bank...