Author: Amadjiguéne Ndoye

Attijari Bank, a Tunisian subsidiary of Moroccan bank Attijariwafa Bank, has just received a 40 million euro loan from the International Finance Corporation (IFC) of the World Bank Group. This loan will be in the form of subordinated debt that will strengthen the equity of Attijari bank. For Attijari Bank, it will be to use this debt subordinated exclusively to the financing of Tunisian SMEs and green economy projects. As a reminder Attijariwafa bank and the IFC signed, Monday, March 26 in Abidjan, an agreement aimed at supporting businesses and boosting investment and cross-border trade in Africa. The partnership focuses…

The decentralized financial platform, Humaniq, has just announced the extension of its wallet and courier application for the unbanked populations of Kenya, Côte d’Ivoire, Botswana and Ghana. The application currently has more than 180,000 downloads on Google Play and provides equitable access to financial services, cash transfers, and social programs to ten African countries in total. Building on a successful ICO that raised more than $ 5.1 million, Humaniq is also entering markets such as South Africa to develop a competitive mobile ecosystem. The application also allows its users to make small transactions with transaction fees close to zero. In…

The US rating agency, Moody’s announces that the profits of Nigerian banks will decline in the current year. In its report, Banking System Outlook – Nigeria, Moody’s notes that despite the stabilization of currency financing and banks’ liquidity profiles, bank profits will be under pressure. The capital parameters will also decrease slightly over the 12 to 18 month period. In addition, asset quality will remain weak, but further deterioration in loan performance will be marginal as operating conditions improve slowly. “The operating conditions of Nigerian banks will continue to improve gradually over the next 12 to 18 months, but they…

The Moroccan group BMCE Bank of Africa (BoA) and the Japanese Marubeni Corporation have signed a memorandum of understanding to encourage the development of new business opportunities in Morocco as well as in various African countries. In a statement from the bank, released Thursday, May 10, the BMCE said that the two parties will collaborate to attract investors who want to establish in Morocco and Africa and also work to realize business opportunities. It will be for both entities to regularly exchange information on existing projects and business opportunities as well as on the study of financing solutions for strategic…

Remittances from the Kenyan diaspora reached a record $ 641.5 million in the first three months of the year, reflecting in part the impact of growth in investment products targeting the diaspora. Indeed, according to data from the Central Bank of Kenya (CBK), for the period January-March, inflows represent a jump of 48.29% over the 432.6 million dollars recorded in the same period last year . In the details, remittances from the diaspora reached new records in four consecutive months with $ 203.8 million in December, $ 208.9 million in January, $ 210.4 million in February and 222 $ 2…

Morocco’s Casablanca Finance City, Africa’s leading financial center, announces the signing of a partnership with China’s financial center in Beijing to promote investment between Morocco, China and Africa. This memorandum of understanding signed with the public establishment responsible for the development of the financial district of Xicheng in Beijing constitutes the first agreement of its kind concluded with a Chinese financial center. “This partnership, established with the Xicheng District Financial Development Promotion Center (XDFDPC), marks a new step in extending its network of cooperation with the world’s major financial markets,” notes a statement from the CFC. SWC intends to take…

The World Bank has approved a $ 41 million grant to the Chadian government through the International Development Association (IDA) to promote the adoption of technological innovations in the agricultural sector, sustainably boost productivity and strengthen climate resilience zones targeted in the country. The Climate Resilient Productivity and Agriculture Improvement Project (ProPAD) will benefit some 360,000 people and prioritize smallholder farmers who cultivate 1 to 5 hectares of land each year. In addition to improving rural household food security and nutrition, the project aims to increase household incomes and help them market a larger share of their production. “Although Chad…

The Spanish bank CaixaBank has just announced the official installation of its representative office in Algiers to ensure the accompaniment of Spanish companies that maintain economic relations with Algeria. The representation will enable CaixaBank to provide direct support to foreign trade activities and investment projects of Spanish companies. It will also provide support for Algerian companies activating towards the Spanish market. With the development of its activities to Algeria, the Spanish bank now sees its market share reach, according to officials, 40% of international guarantees issued and 42% for documentary export credits. Algeria is a priority market for Spain, of…

Ghana is expected to count from May 10 launch the interoperability, highly anticipated, mobile money systems. The operation will be conducted under the supervision of the Bank of Ghana and its subsidiary dedicated to the facilitation of electronic money, Ghana Interbank Payments and Settlements Systems. The system will allow Ghanaians to send funds from one mobile money operator network to another in a transparent manner. And in the macro framework, the operation will allow a smooth transfer of funds from bank accounts to the mobile money wallet and e-zwich cards (brand name of the national payment system Switch and Smart…

The West African Economic and Monetary Union (UEMOA) will soon have its first Islamic bank, according to statements by the president and CEO of the African Institute of Islamic Finance (AIIF), Senegalese Mohamed Lamine Mbacké. “Beyond the training and the forum, the AIIF has other projects in the framework of Islamic finance. In this regard, the AIIF is pleased to announce, Mr. President of the Republic (Macky Sall), the imminent creation of an Islamic bank by UEMOA as part of its partnership with a group of experts with several years of experience in international finance, “Mbacké said. Taking part, Monday,…

“The African Development Bank (AfDB) plans to support Nigeria, Senegal, Ethiopia, Morocco and Algeria with industrial policies to boost development in Africa.” According to statements by the Bank’s Director of Industrial Development, Alhassane Haidara, in an interview with the Nigerian News Agency, the bank in partnership with UNIDO will help countries develop policies that will stimulate industrial development in various countries. sectors of the economy. “This will go a long way towards boosting economic development and increasing foreign direct investment. The bank would also be through capital market support policies by stimulating market liquidity “notes it in its statements. For…

Egypt’s second largest bank, Misr, has hired an international bank to manage a $ 500 million medium-term syndicated loan to finance its growth through low-cost debt. According to Misr Bank President Mohamed Eletreby, the partnership is to find banks to secure the loan she hopes to obtain in the third quarter. “It is better to rely on international loans now because their interest rates are good. That’s why Bank Misr has decided to postpone its international bond issue next year, “said Eletreby. Misr Bank plans to expand its operations as the Egyptian government continues to make radical economic changes to…

It is now official, the Moroccan investment bank CFG Bank announced to have successfully closed a capital increase of 300 million dirhams (32 million dollars) which allowed the entry into its capital of the two pan-African companies of capital -investment, Africinvest and Amethis. The operation will increase the bank’s equity to 700 million dirhams (74.86 million dollars). It follows a capital increase of 300 million dirhams in 2016 that was used to accelerate the development of the bank. Africinvest is a well-known private equity player in Africa with € 1 billion in assets under management. For its part, Amethis is…

The Nigerian subsidiary of the Moroccan banking group Bank of Africa (BOA), posted for the first quarter of 2018 an increase of 9.8% of its estimated profit to 2,239 billion FCFA (4,08 million dollars), against 2,039 billion FCFA ($ 3.71 million) as at March 31, 2017, an increase of 200.3 million CFA francs in absolute terms. Net banking income rose by 5.9% to CFAF 5,002 billion against CFAF 4,724 billion in the same period of 2017. Outstanding customer loans amounted to 177.169 billion CFA francs in the period under review, compared to 166.257 billion CFA francs a year earlier (plus…

The World Bank announced on Thursday, May 3 the agreement for Kenya of a $ 1 billion concessional loan for infrastructure projects in the areas of energy, transport and water in the regions most poor people in the north and north-east. “These infrastructure investments are laying the groundwork for additional operations that will enable sustainable livelihoods with targeted support to farmers and ranchers in the region and increased support to the most vulnerable households through regular cash transfers,” said World Bank in a statement. Funding will go to six projects, including a $ 150 million off-grid energy access initiative that…

The Islamic Bank of Guinea (BIG) has just launched an Islamic finance product “Murabaha” to allow pineapple growers in the country to acquire fertilizers and irrigation equipment as part of group orders made by the Federation of Planters from the Fruit Sector of Lower Guinea (FEPAF-BG). Designed in collaboration with the Office of Strategic Execution of the Primature (BES), “Mourabaha”, the first product of Islamic finance designed for a farmers’ organization in the country, is part of the revival of the pineapple sector put implemented by the BES, in support of the Ministry of Agriculture. The new product offers particularly…

Crédit Agricole du Maroc (GCAM) has announced the creation of a new subsidiary in Morocco, CAM Leasing, to offer leasing to farmers, particularly in terms of mechanization, in partnership with the International Finance Corporation (IFC – group World Bank), . On this, a partnership agreement was signed between the two entities, Thursday, April 26, on the sidelines of the 13th edition of the International Exhibition of Agriculture in Morocco (SIAM), from April 24 to 28, 2018. The new subsidiary offers a leasing financing offer for all sectors of the national economy, with a focus on agricultural financing – in line…

It is by participating in the raising of $ 8.6 million from Africa’s Talking alongside IFC World Bank and Social Capital that Orange Digital Ventures Africa, the new initiative for Africa’s investment fund Orange launched last June, plans to make its first investment. The operation announced this Friday, April 27, is subject to conditions precedent of use, including the approval of the competent Kenyan authorities. Based in Nairobi, Kenya, Africa’s Talking is today the leader in facilitating access to telecommunication operators’ communication and payment APIs (APIs) from developers. Once completed, this operation will enable Africa’s Talking to accelerate its internationalization…

The rating agency Fitch maintained at “B” the rating of Angola’s sovereign debt, below the investment scale, or “scrap”, and improved the outlook “negative” to “stable” “, Given rising oil prices and IMF support. According to the agency’s assessment released on Wednesday (April 25th), this improved outlook on Angola, in the long run of the currency risk rating (IDR), “reflects improvements in the management of the exchange rate regime”, as well as the government’s adoption of “an ambitious reform agenda”. Including monetary, fiscal and structural adjustments, “which will reduce external vulnerability and improve public finances”. For the country, prospects for…

“Consistent with Continental Reinsurance’s dividend policy and commitment to shareholder returns, the board has decided to maintain the same level of dividends as the year before. The Board of Directors, therefore, recommends a cash dividend of 14 kobo per share for the year under review, subject to your approval. ” It is through this statement that Continental Reinsurance Chairman of the Board Chief Ajibola Ogunshola praised the group’s performance. Continental Re, which is one of Africa’s leading reinsurance groups, posted gross revenues of 29.6 billion naira (82.33 million US dollars) in 2017, compared with 22.4 billion naira (62.3 million US…

The Kenyan capital, Nairobi, will host the 20 and 21 June 2018 annual insurance and reinsurance conference opportunities that will improve insurance penetration levels in Africa. Opportunity for organizers to bring together insurance experts to think about how to move the industry forward. The conference “Innovating to Capture Growth Potential” will be a combination of an experiential value-wide conference to explore opportunities that will improve insurance penetration levels in Africa. In addition to the conference, there will be an exhibition that will serve as an exceptional showcase where local, regional and international actors can engage and evaluate promising business solutions.…

The Ivorian subsidiary of the French banking group Societe Generale, Societe Generale de Banks de Cote d’Ivoire (SGBCI), posted an after-tax profit of 39.624 billion FCFA (around 59.435 million dollars) at the end of the 2017 financial year. The bank thus achieved a profit increase of CFAF 4,194 billion compared to the financial year 2016 when it stood at CFAF 35,430 billion. Total customer deposits are estimated at CFAF 1,286,161 billion against CFAF 1,177.156 billion in 2016, or 9.44% increase. In addition, total loans increased by 25.68% to reach CFAF 1,104.326 billion against CFAF 878.654 billion at the end of…

Uganda’s Insurance Regulatory Authority (IRA) has granted the pan-African bank United Bank for Africa (UBA) a license to launch bancassurance activities in the country. Joseph Balikuddembe, executive director of UBA Uganda, said it will be easy for the bank to promote insurance in the country given the customer base it has. “We just need to get our customers interested in insurance and explain what it is for them to adopt,” he said. Balikuddembe added that “by offering insurance services as a bank, we will have facilitated access to customers and, possibly, increased insurance penetration in the country. ” Speaking at…

The appointment comes more than a year after former CEO John Vitalo resigned amid growing investor concern over his hesitant performance and declining stock prices. The group has therefore remained without a managing director since February 2017. Atlas Mara has acquired interests in seven countries in sub-Saharan Africa, including Nigeria, Botswana, Zimbabwe, Mozambique, Rwanda, Tanzania and Zambia. Only, its performance has disappointed investors and its shares have fallen by 80% since their IPO in 2013. A situation that seems to be stabilizing lately. Indeed, on Tuesday, the group announced a net profit more than five times higher than $ 45.4…

The South African multinational MTN has announced its intention to proceed with an IPO of its Nigerian subsidiary before the end of the current year. MTN has already named a Nigerian investment company, Chapel Hill Denham, as the lead company for the IPO. Also, Rand Merchant Bank of South Africa, the global firm Renaissance Capital and Nigeria Vetiva Capital were chosen as joint issuers. The telecom giant has also appointed seven placement agents who will help market the offer. Technically, the group seeks to register its Nigerian subsidiary worth $ 5.23 billion by July 2018 and raise funds to reduce…

Maroc Telecom announces for the first quarter of 2018, an increase of 5.6% of adjusted net income group share which reached 1.582 million dirhams (171 million dollars), and an EBITDA up 5.7% to reach MAD 4,482 million (US $ 485 million). The group achieved a turnover of 9 billion dirhams (974 million dollars), up 5.6% (+ 3.5% at constant exchange rate), thanks to the significant growth in Morocco (+ 4.6%) and in subsidiaries (+ 4.9% at constant currency). The Group’s consolidated operating income grew by 8% (+ 6.6% at constant exchange rates) to reach 2.86 billion dirhams thanks to the…

Atlantic Telecom Group Togo (Moov) has just signed a partnership with Pan-African Fintech, the MFS-Africa hub, specializing in the development of innovative value-added services for mobile wallets, says Moov, to connect its subscribers to the rest of the world . A partnership that will allow Flooz users in Togo to send and receive money from and to mobile wallets and bank accounts throughout the region. Togo receives more than $ 80 million each year from other WAEMU countries and sends more than $ 35 million to these same countries. According to Abdellah Tabhiret, General Manager of Atlantique Telecom Togo, “the…

The World Bank and the State of Senegal have just signed an agreement for financing 24,100 million euros, more than 15 billion FCFA for the protection of Senegalese coasts. Signed on Saturday, April 21, this funding relates to the West Coastal Resilience Investment Project (WACA). The signing took place between Amadou BA, Minister of the Economy, Finance and Planning and Louise J. CORD, Director of Operations of the World Bank for Senegal, on the sidelines of the annual meetings of the World Bank and the Fund Monetary International held from April 16 to 22, 2018 in Washington. “This project aims…

Ecobank Transnational Incorporated (ETI) and its two subsidiaries in Nigeria and Ghana have been honored in three strategic categories at the 2018 Asian Banker – West Africa Awards. Annual awards that have enabled the Pan African Bank to gain recognition for the application or program of the best financial inclusion initiative with its innovative Xpress account. Ecobank Nigeria and Ecobank Ghana also won the best transaction bank award in their respective countries and in West Africa. Speaking at the Lagos Awards Ceremony, Asian Banker President Emmanuel Daniel said: “These awards are Africa’s most rigorous, prestigious and transparent awards program. West.…

Dar Es Salam hosts since Wednesday, April 18, the fifth edition of the African Summit of Islamic Finance. The conference, which will run until April 20, 2018, features speakers from various countries who will present their presentations on the Islamic banking and financial industry In his address at the opening ceremony, Muhammad Zubair Mughal, Chief Executive Director of the AlHuda Center for Islamic Banking and Economics (CIBE) said that East Africa is emerging for Islamic Finance and is offering a new destination for Islamic financial institutions that will open a new path for Foreign Direct Investment (FDI) in the region.…