Author: Amadjiguéne Ndoye

The National Insurance Commission of Nigeria (NAICOM) has authorized the insurance companies Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Ltd. to operate in the Nigerian market. It should be noted that the two companies, which have just obtained the agreement in principle from the regulatory body, have been approved as Takaful composite operators for the family and general commercial transactions of Takaful in Nigeria. “The approval in principle granted to the two new companies is in line with our desire for inclusion to increase the penetration of insurance in the country,” said NAICOM in a statement released…

The Kenya Mortgage Refinance Company (KMRC) announces that it has raised 1.2 billion shillings ($ 11.5 million) in equity from eight Kenyan commercial banks. The Kenya Commercial Bank Group (KCB) led the banks involved in this fundraising. The bank committed itself to 600 million shillings ($ 5.7 million) in equity for a stake of 25.3%. The remaining funds are Co-operative Bank 200 million shillings ($ 1.9 million), representing 8.4%; NIC Group, HF Group, Barclays Bank of Kenya and Diamond Trust Bank Kenya each paid 50 million Shillings ($ 481,000) of equity for a 2.1% interest. Stanbic Bank and Credit Bank…

The international rating agency Standard & Poor’s believes that the credit quality of the assets held by the monetary fund FCP Capital Monetary, managed by BMCE Capital Gestion, management company of the BMCE Bank of Africa group, is strong and comparable to other ratings issued by S & P internationally. Standard and Poor’s has just attributed the double rating of credit quality and volatility ‘Af / S1 +’ to the fund. The ‘S1 +’ rating means that the fund has very low volatility in returns comparable to that of a portfolio of short-duration Treasury Bonds with the highest credit quality…

BMCE Capital announces the launch of an open innovation program, called “CAP’TECH by BMCE Capital”, with the aim of improving the experience of its customers, strengthening internal collaboration and streamlining its processes. In a press release issued on September 5th, the institution indicates that the program launched in partnership with the technology startup LaFactory by ScreenDy, will allow BMCE Capital to establish partnerships with African or African diaspora start-ups. The goal is to design together innovative solutions that meet the identified challenges. Casablanca will welcome the selected start-ups for three days, to give them the opportunity to collaborate with the…

Ghana’s GCB Bank Limited has been recognized as the Best African Bank for Compliance by the Association of Certified Professionals in Compliance in Africa (ACCPA). Ghana Commercial Bank was in competition with five mainland banks including FNB (South Africa), Standard Chartered Bank (Kenya), BANGE (Equatorial Guinea) and BAI (Angola). At the award ceremony last weekend...

The South African insurer Sanlam Ltd plans to invest in Egypt in the year 2020, according to its CEO, Ian Kirk, in a statement made to Reuters. The group had recently announced its intention to take a stake in an Egyptian company once the appropriate partner found. For the first half of 2019, the group...

Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group based in Bahrain, announces for the first half of 2019, a net profit up 64% over the same period in 2018. In the financial statements reported in a bank press release, it is noted that total operating income increased by 7% to $...

With an expected 6% increase in 2019, Sukuk or Islamic bond issues around the world are expected to reach about $ 130 billion, up from $ 123 billion in 2018, according to Moody’s Investors Service. The show will increase for the fourth year in a row. According to Moody’s, this increase is attributable to the intensification of activities in Saudi Arabia and Malaysia, which made it possible to issue large issues of $ 87 billion in the first six months, up 37% over the same period. last year, thus reducing the need for financing. However, volumes in the second half…

With an assembly plant planned in Ghana next November, Volkswagen South Africa (VWSA), a subsidiary of the German automaker of the same name, is consolidating in West Africa and confirms its expansion on the continent. The installation will be done through a joint venture with Universal Motors, its historic partner in Accra, according to VWSA CEO Thomas Schaefer, who says the final details will be finalized in the next 4 weeks. The automaker previously signed a memorandum of understanding with the Ghanaian government last September to establish a vehicle assembly facility in the country and assess the feasibility of introducing…

Orange Money Morocco is officially operational on the Moroccan kingdom since the publication of its approval in the official bulletin of August 12, 2019. This launch comes almost 11 years after its start in Africa, Côte d’Ivoire. The new subsidiary has a capital of 10 million dirhams ($ 1 million). It will offer payment services, including the transfer of funds, cash deposits and withdrawals to a payment account, the execution of payment transactions, the execution of permanent collection or unitary payment transactions by card and the execution of transfer to a payment account. As a reminder, it is in February…

Signed between Maroc Telecom and the Moroccan government, Monday, August 26, the sixth investment agreement between the two parties concerns the development of telecommunications in the Kingdom through the realization, over the next three years (2019-2021), an investment program of 10 billion dirhams (about 1 billion dollars). Through a press release issued on the same date, the Moroccan telecom operator indicates that the said convention will bring the total cumulative volume of its investments to more than 68 billion dirhams (7.10 billion dollars). The agreement will allow, among other things, the development and reinforcement of the telecommunications infrastructure, the deployment…

As of August 20, many Nigerian insurance companies have complied with the deadline set by the National Insurance Commission (NAICOM) to submit their recapitalization plans. Companies submitting their plans include AXA Mansard Insurance Plc, Allianz Nigeria Insurance Plc, SUNU Plc Insurance, FBNInsurance, NEM Insurance Plc, Cornerstone Insurance Plc, LASACO Insurance, AIICO Insurance Plc and Mutual...

Nigerian telecommunications company 9mobile announced on Sunday (August 25th) a $ 230 million loan from Africa Finance Corporation, a multilateral financial institution specialized in financing infrastructure projects in Africa. The announced amount, divided into two tranches, will enable 9mobile to pay off existing debt, finance its costs and invest in growth. “We can only express our gratitude to the AFC for approving this loan facility which will not only contribute to the sustainability of our business, but also to its growth to better serve our many loyal customers in Nigeria. We have completely revised our operational, regulatory, financial and technical…

Egypt’s Housing and Development Bank (HDB) reports net profit after taxes of 1.072 billion Egyptian pounds ($ 64.7 million) in the first half of 2019, an increase of 7.8%. In a statement to this effect, the bank said the portfolio of loans and advances is estimated at 14.85 billion Egyptian pounds (896 million dollars), an increase of 9.2%. At the same time customer deposits reached 37.2 billion Egyptian pounds, or 2.2 billion dollars. HDB’s total turnover is 2.07 billion Egyptian pounds ($ 124 million), compared to about 1.9 billion Egyptian pounds ($ 114 million), a growth of 8.7% over the…

MCB Group Ltd, owner of the second largest bank in Mauritius, now has a representative office of its wholly-owned Mauritius Commercial Bank Ltd (MCB) at the Dubai International Financial Center (DIFC). The new subsidiary is entrusted to the banker Sebastian Graewert, appointed senior representative for the MENA and Asia regions, based in Dubai. Graewert is a former Credit Suisse, UBS and Indosuez. “Establishing a presence in Dubai and getting Sebastian to join the firm is an important part of our international growth strategy,” said Alain Law Min, President and CEO of MCB in a statement released on Sunday. Founded in…

Investment bank Sterling Capital, based in Kenya, announces the acquisition of a 20% stake in private equity firm Afvest. The amount of the transaction was not disclosed. It should be noted that this acquisition is part of Sterling Capital’s investment strategy targeting start-up companies and entrepreneurs with the potential to generate high returns. Sterling Capital said the acquisition will diversify its investment portfolio, consisting primarily of equities and bonds, into the small and medium-sized enterprise (SME) segment. In March, Sterling Capital launched a hedge fund of 2 billion shillings, with the support of Kuramo Capital, a private equity firm based…

Investec Asset Management (IAM) announced on Sunday (July 14th) its first private equity investment in Egypt with the acquisition of the supermarket chain Spinneys Egypt. Investec bought Spinneys Egypt from Dubai-based private equity firm Abraaj Group, which acquired the company in 2014, but subsequently liquidated it as a result of the financial crisis. Negotiations for the acquisition of the Egyptian firm had begun in March. This type of investment offers us the opportunity to support the accelerated expansion of the business in Egypt and we are delighted with this very attractive growth opportunity for the company, “said Nick Marsh, Investment…

The Asian Investment Bank for Infrastructure (IBEB) approved Saturday, July 13, the accession of Benin, Djibouti and Rwanda, at the annual meeting of the bank in Luxembourg. With these newcomers, the bank that seeks to position itself in the global financial landscape, increases the number of its members to 100. The Asian Infrastructure Investment Bank (IBIT) is an investment bank proposed by the People’s Republic of China to compete with the International Monetary Fund, the World Bank and the Asian Development Bank to meet the growing need infrastructure in South-East Asia and Central Asia. Beijing-based Multilateral Development Bank, in January…

The FIA ​​Steering Committee (COPIL-FIA) held a meeting on 2 July to select the AIF management team, following an international selection process. More than 100 applications from 20 countries have been received by FINACTU. At the end of the works, a short list of 6 candidates interviewed by COPIL-FIA at FINACTU headquarters in Casablanca on July 2nd and 3rd was selected by Michael PAGE. The Project Director and Deputy Director will be appointed soon. It should be noted that the Interafrican Conference on Social Welfare (CIPRES) and the FINACTU Group have been collaborating since 2018 on a project to provide…

US computer giant Microsoft and ICE Commercial Power, a Nigerian renewable energy provider, have signed an agreement to provide solar off-grid networks to Nigerian small and medium-sized enterprises (SMEs). The partnership involves the installation of 10,000 solar off-greens for SMEs across the country over the next two years. Emmanuel Ekwueme, CEO of ICE Commercial Power, said the partnership with Microsoft4Afrika will enable the company to leverage a powerful cloud platform to deliver quality service to its customers. “SMEs play a vital role in economic growth and job creation on the African continent, making their success a key element of what…

After a loan of $ 750 million received last week from the World Bank, Kenya is already planning to apply for a new facility with the international institution in the fourth quarter of this year. According to the World Bank Vice President for Africa, Hafez Ghanem, the funds released will be used to finance affordable housing, agriculture and development projects, without giving more details on the new facility that will be negotiated. “This is a very common source of funding, that we have not done this kind of funding for Kenya for a long time. The government and the bank…

It is for the launch of a new service called “FLOOZ WALLET BANE”, that Banque Atlantique Niger, a subsidiary of the Banque Centrale Populaire Group and Atlantique Télécom through MOOV NIGER have agreed through a convention. Issued by Banque Atlantique, the new product is an electronic money solution for any customer of the bank, subscriber at the operator “Moov” with a “Flooz” account, and will give him access to a set of services . According to its designers, FLOOZ WALLET BANE offers the possibility to subscribe to payment services, to carry out financial transactions including transferring money reciprocally from a…

The Arab International Bank of Tunisia (BIAT) has unveiled its new logo this Friday, April 26, during its annual general meeting held at its headquarters in Tunis. The new logo keeps the two main colors of the old image of the bank namely the navy blue and orange and symbolizes the flight, dynamism, support, but also and especially the solidity of the institution. The bank indicates that this new visual identity reflects its “commitment to its customers and the Tunisian economy in general”. “A change in continuity, in other words, another value to which BIAT attaches,” notes the bank. For…

Côte d’Ivoire recorded a 15% growth in its banking assets, the total of which is estimated at CFAF 12,200 billion, or $ 21.84 billion at the end of 2018, thanks to strong economic growth. In the same period, the country’s gross domestic product (GDP) increased by 7.7% compared to 7.6% in 2017. Bank deposits reached 8.35 billion CFA francs in 2018, compared to 7.48 billion CFA francs the previous year. Bank credits increased from 6.28 billion FCFA in 2017 to 7.06 billion in 2018. It should be noted that these figures announced for 2018 remain provisional and subject to revision…

The Port Authority of Dakar and the Namibian Port Authority have signed a five-year memorandum of understanding to promote trade between Namibia and Senegal. Stressing the importance of inter-African trade for Africa to thrive, the head of the Marketing and Communication Department of the Autonomous Port of Dakar, Abdoul Hamid Sy said that “African ports must collaborate more, only 12% of trade being between African countries. We must become more dependent on each other and promote our countries among ourselves. ” The MoU should ultimately help improve cooperation while exploring business opportunities and sharing best practices between the two ports.…

Singapore’s agribusiness group, Olam International, on Tuesday (April 23rd) announced plans to acquire Nigerian businessman Aliko Dangote’s Nigerian businessman Dangote Flour Mills (DFM) for 130 billion naira ( $ 361.6 million). If the transaction is accepted, Olam will become the owner of DFM’s five flour and pasta facilities and logistical capabilities, including access to Apapa and Calabar ports. Olam currently operates wheat milling and flour and pasta manufacturing in Nigeria and sub-Saharan Africa. “We are confident about the growth prospects in this country and this acquisition, which doubles our installed capacity here, demonstrates our long-term commitment to the Nigerian economy,”…

A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS / Gonzalo Fuentes French bank BNP Paribas announced on Tuesday (April 24th) its intention to sell its stakes in its retail banks in Tunisia and Gabon, in order...

The International Bank of Commerce (CIB) has just established a representative office in the Ethiopian capital, Addis Ababa. “The creation of this office is part of the expansion plans of the Egyptian bank on the African market, in line with the strategic trend of the state to increase cooperation with other African countries,” says a note published on 18 April on the Egyptian Stock Exchange (EGX). “We look forward to this first step in our regional presence and look forward to the promising growth opportunities offered by the Ethiopian market, particularly in light of recent reforms in Ethiopia,” said Hisham…

The Asian Infrastructure Investment Bank (AIIB) has approved the accession of Côte d’Ivoire, Guinea and Tunisia.These memberships validated on Monday, April 22, 2019 were made at the same time as that of the Uruguay, bringing to 97 the total number of AIIB members. “The growing membership of Africa and Latin America shows the importance of these countries to improve infrastructure and connectivity with Asia. We look forward to the contributions of these four countries to development in AIIB, “said Sir Danny Alexander, Vice President and Secretary General of AIIB. Just like Togo, which recently joined the institution, these new potential…

The African Export and Import Bank (AfreximBank) and the International Islamic Trade Finance Corporation (ITFC) launched this April 4 in Marrakech, a $ 500 million program to finance and promote Arab-African trade. The so-called Arab-African Trade Finance and Promotion Program (AATFPP) aims to promote Arab-African economic integration by facilitating the development of trade and investment in African countries with Arab countries. The agreement will provide financing facilities, integrated trade solutions, joint capacity building programs, market access support and technical cooperation on trade facilitation. “The program aims to strengthen trade between African and Arab member countries of the Organization for Islamic…