Author: Amadjiguéne Ndoye

The Arab Monetary Fund has just signed two loan agreements with the Tunisian government. With a total amount of $ 80.9 million, the financing is part of the financial cooperation between the institution and Tunisia. Agreements signed in the margins of the annual meetings of the Arab financial institutions held on April 10, 2018 in Jordan, between the Governor of the Central Bank of Tunisia and Governor of the Arab Monetary Fund for Tunisia, Mr. Marwan El Abbassi, and Mr. Abdel Rahman Al-Hamidi, Director General and Chairman of the Arab Monetary Fund. These agreements relate to the third offset credit…

While the deadline for the minimum capital requirement required by the Central Bank of Ghana (BoG) is December 31, 2018, Zenith Bank is surprised to become the first bank in the country to formally meet the benchmark index. 400 million Ghanaian cedis, or about 90 million US dollars The bank’s success follows a performance in 2017 that allowed the bank to record a pre-tax profit of more than 250 million Ghanaian cedis ($ 56.3 million), more than 23% over 2016. The bank has increased its total assets from more than $ 231 million to more than $ 914 million. The…

On Monday, the Secretary General of La Francophonie, Ms. Michaëlle Jean, received the Right Honorable Justin Trudeau, Prime Minister of Canada, at the headquarters of the International Organization of La Francophonie (OIF). The two senior officials were able to address the major issues of the day that are shaking up and mobilizing the Francophone space as well as the priority areas for increased cooperation between Canada and La Francophonie. “Canada’s support is very important,” said Michaëlle Jean at the end of their meeting, “because it allows us to vigorously pursue our action for this pragmatic and concrete” Francophonie of solutions…

The European Bank for Reconstruction and Development (EBRD) announces its intention to deploy in sub-Saharan Africa, according to its president Suma Chakrabarti. Also, he added, the bank announces its willingness to lend 2.5 to 3 billion euros more than its average of 9.5 billion euros in recent years, without the need for more capital. The bank totals around € 7 billion of investments in the Middle East in North Africa since its beginnings in the area in 2012. “The bank could possibly invest an extra 500 million euros a year in its 37 countries of existing operations,” he added, adding…

The Nigerian subsidiaries of Access Bank Plc, United Bank for Africa (UBA), Lafarge Africa Plc and the Nigerian independent oil and gas company Seplat Pretium Development Company Plc will join from Monday, April 16 the Premium Board of the Nigerian Stock Exchange (NSE) ). They will join Dangote Cement Plc, FBN Holdings Plc and Zenith International Bank Plc which were transferred to the Premium Board in 2015, bringing the total number of companies to seven. Premium Board is the listing segment for the elite group of issuers that meet the most stringent corporate governance and listing standards of the Nigerian…

The Board of Directors of the International Finance Corporation (IFC), a subsidiary of the World Bank, has approved the granting to BMCE Bank of Africa (BOA) of a risk-sharing facility (RPF) of a total amount of $ 60 million. A loan to support SME financing. This will include SMEs from ten African countries in the fortnight where the bank is present (Burkina Faso, Côte d’Ivoire, DR Congo, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo). In concrete terms, it is hundreds of SMEs from these target countries and customers of the BOA group that will have to benefit, over a…

Ecobank Kenya on Wednesday (April 11th) launched the Emerald Ecobank Business Club to expand opportunities for its small and medium-sized business (SME) customers by creating direct links between business operations in 33 African markets with more than 12.8 million of customers. With the club, the bank will provide SMEs with direct networking platforms, market information as well as consulting services to key companies, associated partners, foreign trade facilitation and preferential banking. The Emerald Ecobank Business Club will focus on strengthening intra-African trade in the Bank’s presence in 33 African markets, enabling SMEs to leverage Ecobank’s customer book to authenticate and…

French telecom giant Orange announces that it will successively launch its mobile bank, Orange Bank, in Madagascar and Mali in the first half of 2018, followed by Côte d’Ivoire and Senegal in the second half of the year. According to Bruno Mettling, President and CEO of Orange for the Middle East and Africa, who made the announcement, the banking activities of Orange will extend to Niger and Guinea during the year 2019 . Online banking will offer users in Africa services including simple savings products, access to credit services and insurance. And Mr. Mettling to announce that Orange Bank will…

The Development Bank of Mali (BDM-SA), a subsidiary of the Moroccan group BMCE Bank, announced for 2017, a profit of nearly 13 billion FCFA (24.57 million dollars) against a forecast of 10.824 billion FCFA (20 , $ 45 million), following the 63rd session of the Board of Directors, Saturday, April 7, in Bamako. Considered as one of the largest financial institutions in the country, BDM-SA posted a net banking income of 34.63 billion FCFA in 2017, against 33.889 billion CFA expected, an implementation rate of 102 pc. Client deposits reached more than CFAF 462 billion in 2017, and total direct…

The world steel giant Arcelor Mittal is facing a tax recovery of more than one billion CFA francs in Senegal. The case revealed by the local press indicates that the group has seen its bank accounts blocked by the Administration, including the office of Ngor-Almadies which triggered a process of seizure assignments. The group based in Luxembourg, however, has eight days from notification of the procedure to comply with its obligations, under penalty of seeing the banks directly pay the tax debt in question. In 2007, Arcelor Mittal was granted a concession for the exploitation of the minerals of Falémé…

MTN Telecoms operator and pan-African banking group Ecobank announce a partnership to increase financial inclusion in Africa and provide banking services to the unbanked. To do this, both institutions intend to offer mobile money transfer and digital banking services to their respective users by “leveraging each other’s strengths to deliver more value to their respective customers on the continent,” he said. they declared in a statement. For new partners, “MTN’s large subscriber base, comprehensive distribution, innovative digital products and mobile financial services are linked to Ecobank’s innovative digital banking products to instantly provide bank accounts and remittances.” through the largest…

Until then Deputy Director General of Economic Policy of the National Treasury, South African Monale Ratsoma, has been appointed Director General of the Africa Regional Center of Brazil, Russia, India, China and Africa South, Brics, New Development Bank (NDB). His appointment will be effective from April 16th. Ratsoma will lead NDB’s African regional operations and support the bank in project preparation and implementation, as well as regional portfolio management. It will also collaborate with established infrastructure and sustainable development entities and representative offices of multilateral and regional development banks. NDB Brics is a key player in the South African government’s…

Nigeria’s foreign exchange reserves continued to grow significantly to $ 47.37 billion as of April 5, according to the latest figures from the Central Bank of Nigeria (CBN). The last time the country recorded foreign exchange reserves at this level was in July 2013. CBN governor Godwin Emefiele on Monday announced the new balance on reserves at the opening of the 25th seminar of commercial writers and financial correspondents at Uyo. According to him the CBN hopes to reach the target of 50 billion dollars before the end of the year. Growth stimulated by the success of its Eurobonds offers,…

Orange Egypt, a subsidiary of the French telecom giant eponymous, has reached an agreement with a consortium of eight major Egyptian banks. An agreement that provides him with a new $ 395.9 million syndicated facility, for a term of seven years. The agreement comes after Orange increased its paid up capital to $ 865 million and raised its authorized capital to $ 1.13 billion. The new syndicated facility will be used to refinance existing loans for a total of $ 243 million while the remaining $ 152 million will cover new investments required to complete the next generation network’s implementation…

The Ghanaian authorities have announced their intention to test the Japanese market for the first time by raising their first “samurai bonds” (bonds in Japanese yen), offered to major Japanese financial investors. A meeting with Japanese investors is expected to be held this week. Ghana intends to diversify its range of sovereign bond holders, Finance Minister Ken Ofori-Atta announced Sunday (April 8th). A Ghanaian delegation composed of the Minister of Finance, his Deputy Governor and other officials is announced in Japan from 9 to 14 April. Also in its strategy of diversification, in addition to selling securities in dollars, the…

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), has signed a € 68 million syndicated Murabaha agreement with Cameroon. Agreement that will primarily support the energy sector. The financing will allow the import of crude oil that will be refined and sold both locally and internationally at 70% and 30% through the national refinery (SONARA). The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Minister of Economy Planning and Regional Development, Alamine Ousmane Mey, in Tunisia on the sidelines of the 43rd meeting of the IDB Board of…

The African Development Bank (AfDB) has approved a $ 50 million unfunded risk-sharing agreement for Commerzbank AG (Commerzbank) to support African banks in their trade finance operations. Commerzbank AG is a German banking and financial services company based in Frankfurt, Germany with a presence in more than 50 countries worldwide. The risk participation, which was approved by the ADB Board of Directors on Tuesday, March 27, 2018, is expected to benefit from Commerzbank’s support to African issuing banks seeking to expand their trade finance operations. For Stefan Nalletamby, the Bank’s director of financial sector development: “Commerzbank is a strategic partner…

Banque Populaire, also known as Banque Populaire Populaire (BCP), becomes the first bank listed on the Casablanca Stock Exchange to win the prestigious IIA (Institute of Internal Auditors) certification, an international distinction in the Internal Audit profession. Said certification is awarded by the French Institute of Audit and Internal Control (IFACI) and allows the General Inspection of the Banque Populaire to be part of a normative framework of universal scope which testifies its relevance and its maturity to the great satisfaction of its internal customers and all its stakeholders. The IFACI certification guarantees the respect and application of the 25…

In its financial results for the year 2017, the Chinese telecom giant Huawei announces a 15% increase in contribution of the African market in its annual turnover estimated at 92.5 billion dollars, up 15.7% by compared to 2016. Net earnings were $ 7.3 billion. With this percentage noted on its smartphone business in particular, Africa ranks among the top three markets of Huawei. Meanwhile, Huawei’s Carrier business group generated total revenue of $ 45.7 billion, up 2.5% year-over-year in 2017 and $ 8.4 billion in revenue. 12 months, up 35.1% from 2016. The Consumer business, which is home to the…

Banque Atlantique, a subsidiary of the Moroccan Central Bank Popular Group (BCP), launched on Wednesday (April 4th) in Abidjan, Côte d’Ivoire, the first banking market Chatbot of the West African Economic and Monetary Union (UEMOA) named “ARY”. An innovation that marks the entry of Banque Atlantique in the era of conversational and virtual assistance. What makes Habib Koné, CEO of the BCP Group holding company, Atlantic business international, say that “the exploitation of artificial intelligence is part of the BCP Group’s innovation strategy, which guarantees and constantly seeks new information. ways of improving the quality of service “. Note that…

The State of Senegal has signed two financing agreements with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), on the sidelines of the 43rd Annual Meeting of the Group which is held from 1st to 5th April 2018 in Tunis. This is a global financing of nearly 100 billion FCFA (187 million dollars), according to the Senegalese Minister of Economy, Finance and Planning, Amadou Bâ. The agreement signed on Wednesday, the third day of the meetings, includes an initial financing of 26.7 billion FCFA, or 50 million dollars, for the National Company…

The verdict fell on Friday, March 30, in the case of the cash advance of the mayor of the Senegalese capital linking Mayor Khalifa Ababacar Sall to the State of Senegal. Khalifa Sall has just been sentenced to a firm 5 years, accompanied by a fine of 5 million FCFA. He shares his sentence with his administrative and financial director (Daf), Mbaye Touré. At the same time, other co-defendants Amadou Mokhtar Diop, Yatma Diao, and Fatou Traore were sentenced respectively to 2 years in prison, one suspended for the first two cities and six months for the only woman in…

Mali is expected to receive from the African Export and Import Bank (Afreximbank) $ 700 million (about 350 billion CFA francs) in multi-source funding to support commercial and related infrastructure projects in Mali, announced Dr. Benedict Oramah, President of the Bank. Received in audience on Wednesday (March 28th) in Bamako by Malian President Ibrahim Boubacar Keïta, Benedict Oramah said the support will target activities aimed at increasing the country’s industrial capacity in cotton processing and the development of transport and hotel infrastructures. It will be precisely the financing of an industrial park along the border with Burkina Faso and Côte…

Stanbic Bank Uganda, the country’s largest bank by assets, recorded a 5% rise in pre-tax net profit to a record high of 200 billion shillings ($ 54 million), up from 191 billion shillings (51.5 million in 2016, according to the financial results released Wednesday, March 28. A good result of earnings from controlling costs and credit risk offsetting lower operating income. “… helping to reduce operating expenses by about $ 4 million from one year to the next. This has ensured that, despite a decline in the bank’s overall income, our net income for the year has actually increased, “said…

The Cameroon International Bank for Savings and Credit (Bicec) subsidiary of French BPCE, announces for 2017 a total balance sheet of 765 billion CFA francs ($ 1.43 million), an increase of 11% , against 690 billion CFA francs in 2016 ($ 1.29 million). Also for Bicec, net banking income amounted to 59.6 billion FCFA during the period under review, up 17%. Gross operating income, also, rose by 39% compared to 2016, to reach 28 billion FCFA. The net result of the Bank is 9.5 billion FCFA. Gross operating income, also, increased by 39% compared to the previous year, to reach…

As a prelude to their planned days in Kigali on April 3 and 4, 2018, Ms. Minian BENGALY-BERTHE, Executive Secretary of the African Association of Banking and Financial Institutions Lawyers (AJBEF). Created to enable African banking lawyers to respond to the concerns of banks and financial institutions, the African Association of Lawyers Banks and Financial Institutions (AJBEF) is a real framework for exchanges between professionals in the sector. Today composed of 16 member countries, AJBEF intends to revitalize its troops. Executive Secretary of the association, Mrs Minian BENGALY-BERTHE, answers Financial Afrik’s questions. How was AJBEF created? I am a bank…

Pan-African bank United Bank for Africa (UBA Plc) announced on Tuesday (March 27th) that its London subsidiary has obtained regulatory approval to operate in the UK. Approval granted to the bank by the Prudential Regulation Authority (PRA), the UK’s financial services regulator An umpteenth authorization that makes UBA the only bank in sub-Saharan banking in New York and London, as well as in 20 other countries. “This authorization strengthens our ability to meet the growing cross-border financing needs of our customers. It improves customer coverage and product offerings while positioning our group as an optimal channel for trade and foreign…

South Africa’s insurer and financial services group, Sanlam, announces the completion on Wednesday (March 28th) of the company’s placement of 65.5 million new common shares with institutional investors. An investment that allowed him to raise 5.7 billion rand, or $ 490 million. The unit price of investment is fixed at 87 rand per share, a reduction of 5% compared to its closing price on Tuesday. It is also planned to list the placement of the group’s shares on the Namibian Stock Exchange (NSX), subject to the approval of the latter. “The net proceeds of the offering will be used in…

The French telecom giant, Orange, announces the upcoming expansion of its banking operations in Africa following the launch of its digital bank launched in France in 2017. Orange has also submitted a request for a banking license to the West African Economic and Monetary Union (WAEMU) and hopes to start operations in the 8 countries of the zone by the end of the year. Participating in the sixth edition of the Africa Business Leaders Forum, Africa CEO Forum currently being held in Abidjan, Côte d’Ivoire, the Deputy Director General for Africa and the Middle East, Bruno Mettling, has also stated…

After a year 2017 without growth (-0.1%), the Economic Community of Central African States (CEMAC) forecasts economic growth of 2.1% in 2018, said Wednesday, March 21 Abbas Mahamat Tolli, governor of the Bank of Central African States (BEAC). According to the BEAC Governor, this improvement can be explained by the rise in crude oil prices, as well as by the accelerated implementation of the economic, monetary and financial reforms prescribed by the bank. “This renewed vitality is the result of the stabilization of foreign exchange reserves thanks to an influx of foreign exchange favored by financial aid granted by the…