Author: Amadjiguéne Ndoye

BANK OF AFRICA announced on Tuesday, May 26, a 9% increase in its group share of net profit for the first quarter of 2026, with consolidated activities supported by a decrease in risk costs and growth in recurring revenues, despite a decline in market activities. The group share of net profit reached 1 billion dirhams...

Absa Group banking group has appointed Leon Barnard, a former executive at Standard Bank, as the CEO of its pan-African investment bank, continuing to strengthen its leadership team with profiles from its main competitor. Leon Barnard, who has held several leadership positions at Standard Bank, including heading operations in East Africa and personal and commercial...

The High Court of Kenya has suspended the sale of 15% of the capital of Safaricom Plc to the Vodacom group, thus blocking a transaction estimated at 244.5 billion Kenyan shillings, approximately 1.6 billion dollars. The court has ordered the maintenance of the status quo until the examination of several constitutional appeals, preventing any implementation of the operation by the Kenyan government at this stage. The proposed sale involved 6 billion shares offered at 34 Kenyan shillings each. If successful, it would have reduced the state’s stake from 35% to 20%, while increasing Vodacom’s stake to around 55% of the…

S&P Global Ratings has upgraded the credit ratings of seven Nigerian banks after raising Nigeria’s sovereign rating to “B” from “B-“, citing improving macroeconomic conditions and ongoing economic reforms. The agency raised the long-term ratings of Access Bank Plc, Bank of Industry, Guaranty Trust Bank Ltd., Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria Ltd.,...

Equity Group Holdings announced a 24% increase in its net profit in the first quarter of 2026, supported by the growing presence of its regional subsidiaries and the continued digitization of its operations. According to the results published on Tuesday, May 19, net profit stood at 19.1 billion Kenyan shillings (147 million dollars), compared to...

The Bank of Ghana (BoG) is set to raise approximately $1 billion on the domestic bond market to finance cocoa purchases for the 2026/2027 season, the central bank governor announced on Wednesday, May 20. According to Johnson Pandit Asiama, the funds will be mobilized locally through instruments such as treasury bills, as part of an...

Standard Chartered plans to eliminate around 7,800 positions in its corporate functions by 2030 as part of an automation program supported by artificial intelligence, the bank said on Wednesday, May 20. According to the bank, the reductions will represent about 15% of the workforce in support functions, which currently have nearly 52,000 employees out of...

A consortium of 12 banks led by QNB Egypt has set up a syndicated loan of 11.98 billion Egyptian pounds (USD 245 million) to finance the extension of the East Port Said port, according to the participating banks. QNB Egypt acts as the lead arranger, facility agent, and bookrunner of the medium-term loan, intended to...

The Safaricom group has obtained a 25-year operating license from the Communications Authority of Kenya, the regulator announced on Tuesday, May 19. The new authorization replaces a provisional two-year license and is part of the unified licensing system established by the regulator, which consolidates several operating rights, including access to spectrum, into a single instrument....

The African Development Bank (AfDB) has approved a $4 million grant to support Zimbabwe’s efforts to settle its debt arrears and resume dialogue with its international creditors. The funding will go towards the Zimbabwe Arrears Clearance and Debt Resolution Project (ZACDEP), a three-year program aimed at structuring discussions between the government, creditors, and development partners on debt resolution. According to the AfDB, the project includes three components: strengthening dialogue through dedicated platforms, improving debt management and governance capacities, and coordinating and monitoring implementation. Zimbabwe’s public debt is estimated at around $21.5 billion, with nearly $11.7 billion in external debt, according…

Ghana plans to increase to 30% the share of gold production from large mines sold to the central bank to supply local refineries and strengthen the country’s foreign exchange reserves, sector officials said. The measure would apply to unrefined gold, as opposed to current sales of refined gold under the existing 20% quota imposed on...

Absa Group is considering joining the Cross-Border Interbank Payment System (CIPS), the Chinese network for international yuan payments, a few months after Standard Bank became the first African bank to process transactions via this platform. Developed by Beijing as an alternative to the dollar-dominated SWIFT system, CIPS aims to enhance the international use of the...

Ghana has concluded the final review of its Extended Credit Facility program with the International Monetary Fund (IMF), marking the end of the $3 billion rescue plan granted in 2023 after the economic crisis the country went through. The IMF and Ghanaian authorities announced on Friday, May 15th, a technical agreement on the sixth and...

Egypt will host the 33rd annual meetings of the African Export-Import Bank (Afreximbank) from June 21 to 24, 2026, in El-Alamein. Organized under the patronage of President Abdel Fattah al-Sissi, the event will focus on the theme: “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty.” According to the bank, these meetings are expected to bring together heads of state, public officials, central bank governors, investors, entrepreneurs, and development partners to discuss intra-African trade, industrialization, and economic transformation of the continent. The preparations were presented on May 13, 2026, during a press briefing at the headquarters of the Central Bank of…

Egyptian bank Al Baraka Bank Egypt announced a pre-tax profit of 1.21 billion Egyptian pounds (EGP) (approximately USD 24.2 million) in the first quarter of 2026, driven by deposit and financing portfolio growth. Net profit stood at 816 million EGP (~USD 16.3 million) during the period. Total assets increased by 4.5% to 152.5 billion EGP (USD 3.05 billion), while customer deposits grew by 4.6% to 128.4 billion EGP (USD 2.57 billion). Retail deposits were the main driver of growth, rising by 7% to 88.7 billion EGP (USD 1.77 billion). According to data published by the bank, the financing portfolio reached…

The South African Reserve Bank (SARB) announced on Monday, May 11, the appointment of Konstantin Makrelov as Chief Economist and member of the Monetary Policy Committee (MPC). This decision comes at a time when investors are closely monitoring interest rate developments and the trajectory of the rand. Konstantin Makrelov replaces Christopher Loewald, who retired, and...

The Nigerian government is in negotiations with the World Bank to secure a $1.25 billion financing facility to support its economic reform program. According to local media reports, the project has already passed the main internal evaluation stages and is expected to be submitted to the World Bank’s Board of Directors for final approval on...

Vodafone Group anticipates an improvement in its growth trajectory in 2027, supported by the performance of its activities in Africa and synergies from its integration in the United Kingdom, despite persistent pressure in Germany. In a report published on Tuesday, May 12th, the telecommunications group indicated that it recorded a 5.1% revenue growth in services...

South African bank Nedbank has arranged a USD 700 million debt financing for phase 2 of Ivanhoe Mines’ Platreef project. The financing, structured by Nedbank Corporate and Investment Banking, will support the expansion of the Platreef project located near Mokopane in the Limpopo province, which is set to become one of the major polymetallic assets...

Lafarge Africa Plc will change its name to become HBM Nigeria Plc, after approval from its shareholders at its annual general meeting held on April 30, 2026, according to a notice sent to the Nigerian Exchange Group (NGX). The decision is part of the finalization of Holcim’s withdrawal, which sold its 83% stake in Lafarge Africa to Huaxin Cement Co., a Chinese company, for approximately USD 1 billion, a transaction finalized in 2025. According to a statement released for this purpose, shareholders also authorized the board of directors to amend the company’s bylaws to reflect the new name, subject to…

The Bank of Ghana (BoG) recorded a loss of 15.6 billion Ghanaian cedis (GH¢) (1.42 billion USD) in 2025, compared to 9.48 billion GH¢ (862 million USD) a year earlier, according to the recent audited financial statements. The Central Bank attributes this deterioration to the increase in the costs of monetary policy operations and liquidity...

Letshego Africa Holdings has signed binding agreements to sell its subsidiaries in Uganda, Ghana, Tanzania, Nigeria, and Rwanda to Axian Digital Venture Holdings and Management, as part of a strategic refocusing on its Southern African markets. The Botswana-based group announced on Monday, May 4th that Axian will acquire 100% of the share capital of Letshego...

MTN Group will acquire 60% of the fintech activities of its subsidiary MTN Nigeria for approximately 60 million USD, as part of an internal reorganization aimed at redistributing risks and supporting the growth of digital financial services. The operation concerns MoMo Payment Service Bank and Y’ello Digital Financial Services, which respectively provide mobile payment banking services and a network of agents for deposits, withdrawals, and payments. According to MTN Nigeria, the transaction will be carried out through its subsidiary MTN Group Fintech, through a combination of issuance of new shares and partial buyback of existing securities, based on a valuation…

Moody’s Investors Service has placed the city of Johannesburg under negative watch, paving the way for a possible downgrade of its rating, in the context of a gradual weakening of the finances of South Africa’s main economic metropolis. The city, currently rated Ba3, is already significantly in speculative grade. Moody’s decision reflects growing concerns about...

The Nigerian financial group United Capital recorded a record net profit of 28.15 billion naira ($18 million) in 2025, up 17% year-on-year, driven by strong revenue growth and the performance of all its subsidiaries. Revenue increased by 35% to reach 58.55 billion naira ($38 million), supported in particular by a surge in trading revenue and...

The Central Bank of Kenya (CBK) has launched a bond auction aiming to raise 80 billion Kenyan shillings (520 million USD) for government budget financing, with increased access for individual investors. The operation, open from April 23 to May 6, 2026, involves the reopening of three fixed-rate Treasury bonds, with remaining maturities ranging from approximately...

The Nigerian federal government plans to raise 700 billion nairas ($450 million) in the domestic market through a bond auction scheduled for April 27, with settlement set for April 29, according to a circular from the Debt Management Office (DMO). This operation is part of a gradual reduction in borrowing amounts in recent months, with...

French telecom group Orange reported a 3.5% increase in revenue in the first quarter of 2026, supported by particularly strong performance in Africa and the Middle East, according to results published on Thursday, April 23. The telecom group generated 10.1 billion euros in revenue during the period, while its EBITDAaL increased by 6.6% to 2.6 billion euros. The Africa and Middle East region emerged as the main growth driver for the group, with a 12.7% increase in revenue. This performance contrasts with that of European markets, which were more moderate, particularly in France (+2.3%) and Europe (+2.2%). Retail activities increased…

First National Bank Ghana has appointed Sylvia Inkoom as Managing Director, effective July 1, 2026, subject to approval from the Bank of Ghana, as part of its financial inclusion and digital banking development strategy. She succeeds Warren Adams, who held the position since 2022 and is moving to another role within the FirstRand group. Inkoom...

The Arab Bank for Economic Development in Africa has signed a 40 million euros (60 billion naira) credit facility with the Development Bank of Nigeria (DBN) to strengthen access to long-term financing for small and medium enterprises in Nigeria. The agreement, reached on the sidelines of the IMF and World Bank Spring Meetings held from April 13 to 19, 2026 in Washington, aims to address the financing gap for SMEs, estimated at nearly 13 trillion naira (7.6 billion euros) in Africa’s largest economy. The funds will be channeled through local financial institutions to finance key sectors, including agriculture, industry, health,…