Author: Amadjiguéne Ndoye

Nigeria’s public debt reached 159,280 billion nairas (111 billion USD) as of December 31, 2025, up 10.1% from a year earlier, according to the Debt Management Office (DMO). This increase represents a rise of 14,610 billion nairas (10.2 billion USD) compared to the end of 2024. In the last quarter alone, debt surged by 3.9%,...

Fitch Ratings has confirmed Nigeria’s long-term foreign currency sovereign rating at “B” with a stable outlook, highlighting progress in economic reforms while also pointing out persistent vulnerabilities. In its report dated April 10, Fitch Ratings states that Nigeria’s rating reflects the size of the economy, a relatively developed domestic debt market, significant hydrocarbon resources, and recent improvements in the monetary and exchange rate framework. However, the rating is constrained by high inflation, a strong dependence on oil, weak governance indicators, security challenges, and structurally low public revenues. Reforms implemented since May 2023, including the partial liberalization of the foreign exchange…

International Finance Corporation (IFC) has concluded a 1.6 billion rand facility ($98 million) with Citigroup to increase its local currency loans in South Africa, the two institutions announced on Tuesday, April 14. This operation aims to support access to financing in rand for local businesses, in a context of currency volatility that complicates the use of foreign currency financing. The facility notably supported an anchor investment in a results-based bond issued by FirstRand Bank, an instrument whose payments are conditioned on the achievement of measurable results. IFC indicates that it has committed over $33 billion in local currency financing in…

The Central Bank of Namibia has revised downwards its economic growth outlook, now expecting an expansion of 2.6% in 2026 and 2.9% in 2027, according to a statement released on Monday, April 14. These new estimates represent negative revisions of 1.2 percentage points for 2026 and 1.4 points for 2027 compared to the December 2025 projections, mainly due to weaker than expected performance in primary industries. The Central Bank highlights that the slowdown is largely attributable to a marked contraction in metallic minerals production and the persistent weakness in the diamond sector, in a context of sluggish global demand. Namibia’s…

Moody’s maintains Ghana’s rating at Caa1 and has revised the outlook from stable to positive, citing an improvement in domestic financing conditions and a gradual stabilization of the macroeconomic framework. The agency highlights a decrease in domestic financing costs, supported by monetary easing and an improvement in the budgetary situation, as well as a resurgence of activity in the local bond market. The resumption of domestic debt issuance could gradually reduce refinancing risks if it continues. Ghana recently conducted its first 7-year bond issuance since 2023, following the lifting of restrictions on sovereign issuances in March following the Domestic Debt…

Kenya could lose up to $40 million per month in remittances from Gulf States due to the escalating conflict in the Middle East, the World Bank said in its latest economic report published in April. According to the institution, these flows, essential for many African economies, are exposed to the fallout of the conflict, which is impacting the employment of migrant workers, especially in construction and services. Data from March 2026 show one of the largest monthly drops in remittances to Kenya in recent years, with up to $40 million potentially at stake. A prolonged deterioration of the situation could…

The Nigerian banking group Zenith Bank has announced the opening of a subsidiary in Ivory Coast, with an expected launch date of April 29, 2026 in Abidjan. The subsidiary is set to focus on corporate services and trade financing in a market dominated by regional institutions and international group subsidiaries. The new entity, Zenith Bank...

The South African digital bank TymeBank has officially changed its name to GoTyme Bank, according to a notification published on Monday, April 13 by the South African Reserve Bank, finalizing a change initiated at the end of 2025. Beyond a simple rebranding, this evolution aims, according to the bank, to align the South African operations of the group with its identity used in Southeast Asia, particularly in the Philippines, Indonesia, and Vietnam. The group claims to have more than 15 million customers in total, including more than 10 million in South Africa. Launched in 2019, the bank surpassed the milestone…

The Central Bank of Nigeria (CBN) announced on Tuesday, April 7 that new guidelines for the Bank Verification Number (BVN) will come into effect on May 1, 2026, with the aim of reducing fraud and enhancing the security of mobile bank accounts. The new rules will limit the use of the mobile banking app to...

The World Bank has lowered its growth forecasts for Sub-Saharan Africa, anticipating an expansion of 4.1% in 2026, down from the 4.4% expected in October, amidst rising energy costs and increased uncertainties related to the conflict between the United States and Iran. According to a report released on Wednesday, April 9 by the Washington-based institution, growth is expected to remain at 4.1% in 2026, as in 2025, but the recovery is slowing down in a more challenging international context. Disruptions in the Strait of Hormuz, through which nearly 20% of the world’s oil passes, have led to an increase in…

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…