Author: Amadjiguéne Ndoye

Zenith Bank Plc has finalized the acquisition of the entire share capital of Paramount Bank Kenya Limited, marking its entry into the Kenyan banking market. The Nigerian bank confirmed the completion of the transaction in a statement signed by its Company Secretary, Michael Osilama Otu, without disclosing the amount. The transaction was completed after obtaining all the required regulatory approvals in Nigeria and Kenya. With this transaction, Zenith becomes the fourth Nigerian bank present in Kenya, joining United Bank for Africa, Guaranty Trust Bank, and Access Bank, already established in this key East African market. It is worth noting that…

South African banking group FirstRand has announced its withdrawal from the UK market after a 17.7 billion rand (1.1 billion USD) accounting impact related to its auto financing activities. FirstRand will divest from its UK subsidiary, Aldermore Bank, after new regulatory requirements and a redress scheme imposed by the Financial Conduct Authority (FCA) made consumer financing operations unviable. The group increased its provisions for poorly sold auto loans from 510 million pounds (740 million USD) to 750 million pounds (1.1 billion USD), surpassing the 275 million pounds (405 million USD) in cumulative profits generated by the auto division over the…

Endeavor South Africa has closed its venture capital fund Harvest III, which raised 230 million rands ($12.65 million USD) to support the growth of high-growth technology companies in the country. The co-investment fund, structured to invest alongside experienced lead investors, primarily focuses on companies at the Series B and advanced development stages. Harvest III follows the success of Harvest Fund II and reflects the growing optimism towards the South African technology ecosystem. After an initial closing of 190 million rands ($10.45 million USD) in October 2024, the fund has already invested in several high-growth companies, including GoTyme Bank, Onafriq, Entersekt,…

AXIAN Energy, a renewable energy producer, has finalized the financing of a major solar project in southern Senegal, strengthening the momentum of private investments in the country’s energy sector. The company announced on Thursday the financial closing of the NEA Kolda photovoltaic plant in the south of the country, a 90 million euro project located in Casamance, with a capacity of 60 MWc coupled with a 72 MWh battery storage system (BESS). The financing, amounting to 72 million euros, was structured by the Emerging Africa and Asia Infrastructure Fund and FMO, with the participation of DEG, illustrating the appetite of…

The Central Bank of Nigeria has announced the completion of its banking sector recapitalization program, launched in March 2024, stating that institutions have raised a total of 4,650 billion nairas ($3.1 billion) over a period of two years. According to the regulator, 33 banks have met the new minimum capital requirements, while a limited number of institutions remain subject to regulatory and judicial monitoring. The central bank clarified that the entire system remained operational during the process. The recapitalization aimed to strengthen the banking sector’s capacity to absorb shocks and support economic financing in a context of macroeconomic volatility and…

Standard Bank processed over 164,000 billion rand (USD 8.692 trillion) in payments in 2025 for its 20 million customers, approximately 300 million rand (USD 16 million) per minute. Individual payments totaled 2.3 billion, up 9% from 2024, while cross-border flows increased by 12%. In a report published on Monday, March 30, the banking group claims a market share of 31% in South Africa and 17% across all its African markets, consolidating its position as the largest transactional franchise on the continent. “Behind these figures lies an integrated and deliberate payment strategy, covering traditional infrastructures such as national electronic payments, card…

In a press conference in Dakar on Thursday, March 26 in Dakar, the Minister of Finance and Budget of Senegal, Cheikh Diba, strongly denied recent information from the Financial Times mentioning an undisclosed debt of 650 million euros. He insists that these information do not reflect reality. The minister explained that the Total Return Swaps (TRS) are part of the financing plan for 2025, approved by the National Assembly through the budget law and its amending budget. These operations have enabled the mobilization of 721 billion CFA francs (1.10 billion euros) on the regional market at an average rate of…

The 7th edition of the BRVM Awards 2026 opened on Thursday, March 26 in Dakar, for the second time in its history. Under the theme “BRVM at the crossroads of technology and sustainability for better financing of UEMOA economies”, the ceremony honors the best market performances, technological innovations, and sustainable finance initiatives. Edoh Kossi Amenounvé presented an ambitious vision for the regional market. Artificial intelligence, big data, and blockchain are already transforming risk management, market surveillance, and customer relations. “The question is no longer whether these technologies will have an impact, but at what speed we will be able to…

The Central Bank of Nigeria (CBN) has been named “Central Bank of the Year” at the 2026 Central Banking Awards, a recognition that comes after a marked change in the country’s economic policy. This distinction follows a series of reforms initiated since late 2023 by the governor of the apex bank, Olayemi Cardoso, including the abandonment of several unconventional interventions, opting for monetary tightening and greater transparency in the management of the foreign exchange market. Nigeria was previously facing high inflation, a shortage of foreign currency, and a significant distortion in the exchange rate. The exchange market reform, marked by…

Old Mutual plans to launch its bank, OM Bank, to the general public later in 2026, marking its entry into the South African banking market. The group, primarily active in insurance, aims to expand its operations and strengthen its relationship with customers through an integrated offering of financial services. The insurance giant will thus join a South African banking sector dominated by Absa, Standard Bank, Nedbank, and FirstRand, which recorded combined profits of 152 billion rand (approximately USD 9 billion) in 2025. CEO Jurie Strydom stated that the bank is not only aiming for diversification but also for strengthening customer…

Senegal has raised 650 million euros through undisclosed loans, as the country faces increasing pressure on its finances and tries to renegotiate a $1.8 billion aid program with the International Monetary Fund (IMF), according to the Financial Times. In its publication on Monday, March 23, the newspaper notes that the funds were obtained last year...

The Bank of Ghana (BoG) has lowered its key rate by 150 basis points, bringing it down from 15.5% to 14%. This reduction is larger than expected by the markets, made possible by the decline in inflation. This decision, announced at the end of the 129th meeting of the Monetary Policy Committee (MPC) held from March 16 to 18, 2026, marks the continuation of the monetary easing cycle initiated after the debt crisis that had severely destabilized the Ghanaian economy, leading the country to seek support from the International Monetary Fund (IMF). Annual inflation has significantly slowed to 3.3% in…

Adenia Partners announced on Thursday, March 19, 2026, that it has reached the hard cap of $180 million at the first close of its new fund dedicated to small and medium-sized enterprises in Africa. The vehicle, named Adenia Entrepreneurial Fund I (AEF), exceeds its initial target of $150 million and brings the total capital raised by the company to over one billion dollars. The fundraising was completed in less than a year. “Achieving our hard cap at the first close and in less than a year reflects strong conviction in both our strategy and the African entrepreneurial ecosystem. Adenia and…

Kenyan banking group Equity Group Holdings recorded a net profit of 580 million USD in 2025, up 55% from the previous year, supported by the growth of its activities in East and Central Africa. With this result, described as a “record”, the board of directors proposed a total dividend of 167 million USD, an increase of more than a third compared to 2024. During the 2025 financial year, revenues reached nearly 1.67 billion USD, up 12%, while the cost-to-income ratio improved to 51%, reflecting cost control in a context of regional expansion. The total balance sheet stood at 15.2 billion…

Bank of Tanzania, the central bank of Tanzania, has acquired a stake in the Africa Finance Corporation (AFC), becoming a sovereign shareholder and strengthening the diversified capital base of the pan-African institution. According to the AFC, this investment reflects the confidence of states in its ability to mobilize long-term financing for infrastructure and industrial development projects across Africa. The move comes after the AFC was awarded an A credit rating (positive outlook) by S&P Global Ratings, which praised the strength of its capital structure and the support of its shareholders. For the AFC, the entry of the Bank of Tanzania…

Dangote Industries Limited and the Chinese group GCL have signed a $4.2 billion agreement over 25 years to supply natural gas to Dangote’s future urea fertilizer complex in Ethiopia. The plant, valued at $2.5 billion and owned 60% by Dangote and 40% by Ethiopian Investment Holdings (EIH), will produce 3 million tons of urea per year and is expected to start operations in 2029. The gas will be extracted from the Calub field in the Ogaden basin and transported via a 108 km pipeline to the Somali region. The project aims to make Ethiopia the leading regional producer of modern…

KCB Group recorded a gain of 3.1 billion shillings (22.6 million USD) on the sale of its 100% stake in the National Bank of Kenya (NBK) to Access Bank, finalized in May 2025. The transaction, valued at approximately 13.2 billion shillings (96.4 million USD), reflects the price paid by Access Bank being higher than the acquisition cost and capital injected by KCB into NBK. “The gain of 3.1 billion shillings (22.6 million USD) corresponds to the difference between what we invested in NBK and what we received,” said Lawrence Kimathi, the group’s chief financial officer, without specifying the total proceeds…

MTN Group returned to profitability in 2025, recording a net profit of 27.4 billion rand (1.5 billion USD) for the fiscal year ended December 31, compared to a loss of 10.9 billion rand (600 million USD) a year earlier, driven by strong growth in its key markets in Nigeria and Ghana. According to the results published on March 16, 2026, the group’s service revenue increased by 22.9% to reach 218.5 billion rand (12 billion USD), while EBITDA increased by more than a third at constant exchange rates, to 98.5 billion rand, supported by 3.6 billion rand in cost savings. In…

Société Générale Ghana recorded an after-tax profit of 397 million Ghanaian cedis ($25.6 million) in 2025, with a return on equity (ROE) of 15.1% and a capital adequacy ratio (CAR) of 23.4%, demonstrating resilient performance in a context of improving macroeconomic environment in Ghana. For the year ended December 31, 2025, net interest income stood at 1.19 billion cedis ($76.8 million), up 6% year-on-year, while net commission income increased by 16%. Trading net income more than doubled to reach 122.3 million cedis ($7.9 million), driven by treasury activities performance and active balance sheet management. The period under review was marked…

Deloitte Africa has appointed Yomi Olugbenro as the Managing Director for West Africa, with his start date scheduled for June 1, 2026. He will succeed Fatai Folarin, who will be stepping down at the end of May after a transition period. Prior to this appointment, Yomi Olugbenro was the Tax Leader for West Africa and a Senior Partner at Deloitte. He is known for his expertise in corporate taxation, transfer pricing, regulatory advisory, and tax litigation, and has led cross-border operations and compliance for large corporations. He has also represented the private sector in discussions on Nigerian tax reform. A…

The Central Bank of Botswana has chosen to leave its key rate unchanged at 3.5%. This decision announced on Thursday, February 26, marks the second consecutive meeting without any changes to its main monetary instrument. It is part of the central bank’s efforts to support the local economy in the face of global economic uncertainties,...

Moody’s Ratings believes that the latest South African budget confirms a credible improvement in the country’s budgetary position, while warning that a “significant” reduction in public debt will require more sustained economic growth. According to Evan Wohlmann, Senior Vice President of Credit at Moody’s, the budget “confirms South Africa’s strong budget performance”, driven by revenue...

KPMG, an international professional services firm (audit, advisory, and taxation), has appointed Nigerian Tola Adeyemi as the Chief Executive Officer of KPMG in Africa, effective from March 2026. He succeeds Ignatius Sehoole, who led KPMG One Africa for several years. Before his continental appointment, Adeyemi was the Senior Partner at KPMG Nigeria and CEO of...

The Central Bank of Egypt (CBE) lowered its key interest rates by one percentage point on Thursday, February 13, bringing the overnight deposit rate to 16.25% and the lending rate to 17.25%. This is the sixth rate cut in ten months, as part of a policy aimed at stimulating economic growth and supporting domestic production. After aggressive hikes to contain inflation and stabilize the Egyptian pound, the CBE is now taking a more accommodative approach. The rate cut is expected to reduce borrowing costs for businesses and consumers, encourage private investment, and strengthen local production. Additionally, the central bank has…

Ecobank Kenya has appointed Rebecca M. Mbithi as Managing Director effective February 9, 2026, subject to approval from the Central Bank of Kenya (CBK), according to an announcement made on Wednesday 11 by the Togo-based banking group’s subsidiary. She succeeds Josephine Anan-Ankomah, who now holds the position of Regional Director for Central, Eastern, and Southern Africa (CESA) at Ecobank, overseeing 17 markets, including Kenya. Former Managing Director of Family Bank Limited, Mbithi brings over 20 years of experience in the financial services and other sectors. She has also served as a director at NCBA Kenya and as Vice President of…

Nigeria has secured a permanent seat on the board of the future African Central Bank during the 39th session of the Executive Council of the African Union (AU), a decision that reinforces its positioning at the heart of the continent’s monetary integration project. According to a statement released on Friday, February 13 by the Nigerian Ministry of Foreign Affairs, the Executive Council also endorsed the extension of the country’s representation within the Technical Convergence Committee of the African Monetary Institute, the body responsible for preparing the establishment of the African Central Bank. Foreign Minister Yusuf Tuggar described this decision as…

Access Bank Plc has waived outgoing transfer fees on cross-border payments made through the Pan-African Payment and Settlement System (PAPSS), with the aim of encouraging the use of local currency payments across Africa until April 30, 2026. The initiative allows customers to send funds from Nigeria in naira to other African countries, with recipients receiving the amounts in their local currency without outgoing fees. It applies to transactions made through the Access Africa module, accessible on the bank’s digital platforms and in its branch network. Access Bank states that this measure aims to reduce the cost of cross-border payments and…

Safaricom has launched Ziidi Trader, a service integrated into the M-PESA app that allows users to buy and sell stocks listed on the Nairobi Stock Exchange (NSE) directly from their mobile phone, without the need for a separate brokerage account. Users can access Ziidi Trader through the Financial Services section of M-PESA. All transactions are executed by Kestrel Capital, Safaricom’s exclusive partner, and settled directly via M-PESA. The platform also allows users to track real-time stock prices and create personalized watchlists. Ziidi Trader was tested in a pilot phase in late 2025 and builds on the Ziidi Money Market Fund…

Partners Capital Investment Group, a global investment firm managing over 70 billion USD in assets, announced on Thursday, February 12th the closing of its private co-investment fund Merlin IV, with over one billion USD in commitments. The fund received subscriptions from family offices and institutional investors in North America, Europe, Asia, and Africa. Merlin IV is the fourth fund launched under the Merlin platform, created in 2019. Since its inception, the platform has invested over 2 billion USD in over 60 transactions. Merlin IV, the fourth fund of the co-investment platform Merlin launched in 2019, focuses on acquiring mid-sized and…

Absa Group has appointed Kenyan Sitoyo Lopokoiyit as the Chief Executive Officer of retail banking, with his start date set for April 1, 2026. This decision is part of a series of changes within the executive leadership aimed at strengthening governance and supporting the group’s growth strategy, according to a statement released on Wednesday, February 11. Previously the CEO of M-PESA Africa and Director of Financial Services at Safaricom, Sitoyo Lopokoiyit has held several leadership positions in the telecommunications company since joining in 2011, including Head of Strategy and Business Development for M-PESA. He is credited with major innovations such…