Author: Amadjiguéne Ndoye

Signed in 2018 in Kigali and entered into force on January 1, 2021, the African Continental Free Trade Area (AfCFTA) was supposed to give birth to the world’s largest common market. Four years later, amidst delays, persistent barriers, and the resurgence of nationalism, its future is uncertain. “AfCFTA in the face of the resurgence of nationalism” is at the heart of Financial Afrik’s Grand Debate, with Dr. Mohamed Hamidouch, development banker and former senior executive of the African Development Bank (AfDB), Rivo Ratsimandresy, CEO of the Rencontre des Entrepreneurs (RDE), and Adama Wade, publisher of Financial Afrik, moderated by Amadjiguène…

The African Development Bank (AfDB) has approved a $25 million investment in the TCX Local Currency Exchange Fund to facilitate access to local currency financing on the continent. Announced on Wednesday, September 17, this decision is part of AfDB’s strategy to reduce African borrowers’ exposure to exchange rate risks. The investment targets primarily fragile countries,...

Khalil Dinguizli takes the reins of operations at the European Bank for Reconstruction and Development (EBRD) in Senegal. Based in Dakar, his mission will be to establish the Bank’s presence in the country and work hand in hand with local stakeholders to bring forth new projects. The banker is familiar with the African terrain. After...

The Arab Bank for Economic Development in Africa (BADEA) has signed a financing agreement with Ghana to mobilize up to $500 million in support of the national “24/7 Economy” initiative. The ceremony took place on Wednesday, September 17 at the headquarters of the Bank of Ghana (BoG). The protocol includes an initial financing of $60...

CI Capital Private Equity (CIPE), a subsidiary of CI Capital Holding, and Engazaat, an Egyptian company specialized in clean energy and water access, announced on Tuesday, September 16th that they have signed a partnership agreement to launch the first green infrastructure fund in the region, focusing on the link between water, energy, and food (WEF)....

Absa Bank Kenya has appointed Mohammed Nyaoga as the Chairman of its Board of Directors, effective from October 1, 2025. He succeeds Charles Muchene, who has completed his nine-year term. The new Chairman, a lawyer, has held various leadership positions, including Director of the Capital Markets Authority, President of the International Commission of Jurists, and...

Nigeria has suspended the 4% tax on imports (FOB) after manufacturers and importers raised concerns. Introduced last month by the Nigeria Customs Service (NCS), this tax quickly raised concerns from the private sector, fearing an increase in costs and a negative impact on the country’s competitiveness. In a circular dated September 15, 2025, the Minister...

The Brazilian oil company Petrobras has finalized the acquisition of a 27.5% stake in block 4, located in São Tomé and Príncipe, joining a consortium including Shell (operator, 30%), Galp (27.5%) and ANP-STP (15%). The company has been active in the country since February 2024, after acquiring 45% of blocks 10 and 13 and 25%...

Financing costs in South Africa, Nigeria, and Kenya have significantly increased over the past five years, according to a report released on September 15 by credit rating agency Moody’s Ratings and cited by Reuters. This trend affects governments, banks, and businesses, making it difficult to raise the necessary capital to support growth. Moody’s blames political...

Old Mutual, the South African insurance giant, released its financial results for the first half of 2025 on September 10, 2025, highlighting a mixed performance. The data shows that operating profits increased by 16%, reaching 4.94 billion rand (260 million USD), supported by the strong performance of Old Mutual Insure and favorable market conditions. However,...

Greenus Capital Limited, a financing company based in Lagos, has raised $23 million for Johnvents Industries Limited to accelerate its activities in agricultural transformation. The announcement was made on September 7, 2025. Structured as a loan, the financing was arranged by Greenus Capital, acting as a financial advisor, initiator, and arranger, with the participation of...

The deep-water port project in Ndayane has just reached a key milestone with the signing of an amendment between Dubai Port World (DP World), a global logistics and port terminal giant, and the State of Senegal. The objective is to strengthen the financing and development of this strategic infrastructure. The signing ceremony took place on...

The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a strategic framework for the country’s digital payment ecosystem for the next three years. This new framework succeeds the PSV 2025, which is soon to expire, and will serve as a guiding model for digital payments in Nigeria. According...

Afreximbank and the Shelter Afrique Development Bank (ShafDB) have signed a framework agreement under the Joint Project Preparation Mechanism (JPPF) on the sidelines of the Intra-African Trade Fair (IATF 2025). The aim is to mobilize at least $1 billion to accelerate the development of housing, infrastructure, and special economic zones in Africa. The partnership targets...

Barrick Mining (ABX.V) announced on Wednesday, September 10, the sale of its last operating gold mine in Canada, Hemlo, to Carcetti Capital (CARTh.V) for an amount that could reach 1.09 billion USD. This transaction marks the end of its historical mining presence in Canada, while reaffirming its strategy of refocusing on Africa, where the company...

The Central Bank of Kenya (CBK) has officially obtained the ISO/IEC 20000-1:2018 certification, an international standard for IT service management (ITSM). This certification ensures that its IT services are reliable, efficient, and secure, and serves as a guarantee of excellence and compliance with global standards. “This certification marks an important step in our journey towards...

Standard Bank South Africa has appointed David Hodnett as the new CEO, following the recent departure of Sim Tshabalala, a key figure at the bank since 2013. The newly promoted executive was previously the group’s Chief Risk Officer. Under Sim Tshabalala’s leadership, the bank solidified its position as a continental leader with a net profit...

Three major financial institutions will play a central role in achieving the Central Bank’s ambition to increase reserves from diaspora remittances to 1.5 trillion naira (1 billion USD) by 2026. These institutions include Zenith Bank, Access Bank, and Fidelity Bank, as mentioned by Governor Olayemi Cardoso, who stated that these banks are key players in...

The Japan Credit Rating Agency, Ltd. (JCR) has confirmed Afreximbank’s A- rating, with a stable outlook, highlighting the strength of its fundamentals despite an uncertain macroeconomic environment. This rating reflects market confidence in the Bank’s ability to maintain its financial resilience, profitability, and prudent risk management. According to JCR, the stable rating reflects a robust...

Nigeria has just reached a historic milestone in its cocoa exports, driven by soaring global prices. According to a report by Norrenberger, a financial services group based in Abuja, the country generated 1.23 trillion nairas (920 million USD) in the first quarter of 2025, a 220% increase compared to the 384 billion nairas (290 million...

Egypt is accelerating the reform of its capital markets with the appointment of Islam Abdel Aziz Azzam as the president of the Egyptian Exchange (EGX) for a one-year term. His appointment was announced on Tuesday, August 26, making him the successor to Ahmed Abdel Rahman el-Cheikh Ali, who has been in office since August 2023....

Nigerian President Bola Tinubu has announced the imminent return of Petrobras, the national oil company of Brazil, five years after its withdrawal from the country. This announcement, made during Tinubu’s state visit to Brasilia on August 24 and 25, 2025, marks a turning point for economic and energy relations between the two countries. “We have...

The South African giant Old Mutual announced that its Zimbabwean operations had suffered a loss of 2.2 billion rand (118.8 million USD) in the first half of 2025, as a result of the switch from the Zimbabwean dollar to the US dollar starting from July 1, 2024. In its half-yearly report for the period ending...

Moody’s Corporation announced on August 25, 2025, its intention to acquire a majority stake in the Egyptian national credit rating agency, Middle East Rating & Investors Service (MERIS). This operation is part of Moody’s strategy to strengthen its presence in African and Middle Eastern markets and to support the development of local capital markets. Founded...

In a move to strengthen the supervision of its reinsurance market, the Egyptian Financial Regulatory Authority (FRA) has issued new strict regulations. Decision No. 158 of 2025 establishes a rigorous framework for the registration of non-resident foreign reinsurance brokers, with increased solvency, transparency, and expertise requirements. It will now be prohibited for any insurance or...

Interpol conducted Operation Serengeti 2.0, a major offensive against cybercrime in Africa that led to the arrest of 1,209 individuals. The operation targeted various forms of cyberattacks affecting both organizations and individuals on the continent. According to a statement from the global police cooperation agency, from June to August 2025, investigators from 18 African countries...

The South African government will open up its rail freight network to private companies in order to improve efficiency. This decision comes as Transnet, the state-owned company in charge of rail and port freight, faces equipment shortages, maintenance delays, and acts of vandalism, including cable theft. Transport Minister Barbara Creecy announced on Friday, August 22...

DP World, a UAE-based group active in the maritime sector, announced a 20.4% increase in revenue for the first half of 2025, reaching 11.24 billion USD. Adjusted EBITDA increased by 21.4% year-on-year to 3.03 billion USD, while net profit more than doubled, reaching 532 million USD. Container traffic reached 45.4 million TEUs, up 6.7%, driven...

Stanbic Bank has appointed Joshua Oigara as the regional chief executive officer for East Africa. He is set to take up the role on September 1, 2025, subject to regulatory approval. This appointment marks a new chapter for the Kenyan banker, who will juggle this new role with his current position as the CEO of...

Senegal is facing an alarming deterioration of its financial situation, confirmed by the downgrade of its sovereign rating to “B-” by Standard & Poor’s, with a negative outlook. This decision, announced on July 14, comes in the context of a growing debt burden and adds to a series of warnings already issued by other rating...