Author: Dominique Mabika

On the occasion of the Annual Meetings of the African Development Bank held in Brazzaville, Michel Djombo, Minister of Industrial Development, Special Economic Zones, and Private Sector Promotion, answered Financial Afrik’s questions. In this interview, he details the structuring projects aimed at attracting investors, the national strategy for local transformation of raw materials to enhance value-added on the territory, as well as the reforms undertaken to improve the business climate and support the emergence of a competitive private sector. Interview Congo aims to accelerate its industrialization. What are the main industrial projects or special economic zones that the government considers…

“The Promise program is Congo’s bet to develop 50,000 SMEs and boost economic transformation” The integrated multisectoral program to support entrepreneurship, called “Promise,” was initiated by the authorities of the Republic of Congo, through the Ministry of Small and Medium Enterprises and Handicrafts, as part of accelerating progress towards development. On this occasion, the United Nations Development Programme (UNDP) was called upon to provide its expertise in fiduciary management, through an agreement signed in July 2025 for the establishment of a “basket fund” or common financing pool. This program was the subject of a round table organized on the sidelines…

During the 2026 Annual Meetings of the African Development Bank in Brazzaville, economist and former Executive Secretary of the United Nations Economic Commission for Africa, Carlos Lopes, spoke to Financial Afrik about the challenges of the New African Financial Architecture (NAFAD). At the heart of the discussions: mobilizing African savings, reforming the continent’s financing mechanisms, and the urgent need to build financial sovereignty capable of supporting Africa’s economic transformation.

The African Development Bank (AfDB) announced on Tuesday, May 19, the temporary exclusion of Esiko Kenya Enterprises Limited, as well as Chen Chao and Huang You, for fraudulent practices related to an electrification project in the Republic of Kenya. The Kenyan civil and electrical engineering company is suspended for a period of nine months, while the two Chinese nationals are excluded for twelve months. This decision follows an investigation conducted by the AfDB’s Integrity and Anti-Corruption Office. Irregularities identified in an electrification market According to the investigation findings, the parties involved engaged in fraudulent practices in a market for the…

Egypt has significantly reduced its arrears owed to foreign oil and gas companies, now brought down to $440 million, from $6.1 billion previously, according to an announcement from the Ministry of Petroleum and Mineral Resources on Wednesday, May 20th. The progress was presented by Minister Karim Badawi during a strategic seminar organized by the Egyptian-British...

Delta Holding, a Moroccan industrial group, recorded a consolidated turnover of 599 million dirhams (around 59.9 million dollars) in the first quarter of 2026, an increase of 3% compared to the same period in 2025. A start of the year marked by a generally resilient activity, according to the group’s financial statement on its quarterly indicators. A controlled investment policy Investment expenses (CAPEX) amounted to 16 million dirhams (approximately 1.6 million dollars), a stable level year-on-year, reflecting the continuation of a prudent policy. At the social accounts level, the parent company posted a turnover of 22 million dirhams (approximately 2.2…

Sanlam Morocco and TotalEnergies have officially signed a strategic partnership aimed at bringing together insurance, mobility, and value-added services, in a logic of integrated customer experience, according to a statement published on Tuesday, May 19. This collaboration marks a new step in the convergence between the energy, insurance, and automotive services sectors. The two groups...

Maghrebia Vie continues its growth trajectory. For the year 2025, the net income reached 23.4 million Tunisian dinars, approximately 7.5 million dollars, up 15.8% year-on-year, benefiting from a favorable financial effect that amplifies operational performance. Return on equity (ROE) improves to 18.1% from 17.1% a year earlier, reflecting a more efficient capital allocation and an...

Ethiopia and the Dangote Group continue their partnership around a fertilizer complex project in Gode, in the Somali region. Initially estimated at $2.5 billion, the total investment now exceeds $4 billion, according to the Dangote Group. The project plans for an annual production capacity of 3 million tons of urea. According to Ethiopian Investment Holdings,...

Unemployment slightly decreased in the first quarter of 2026 to 15%, compared to 15.2% in the fourth quarter of 2025, according to data published on May 15 by the National Institute of Statistics. This rate stands at 14.4% in urban areas and 16.5% in rural areas. The number of unemployed people decreased to 641,700, compared to 645,200 in the previous quarter. At the same time, the active population increased to 4.268 million people, compared to 4.255 million at the end of 2025, representing an increase of 13,000 active individuals. The activity rate of people aged 15 and over stood at…

LabelVie Group recorded a turnover of 4.818 billion dirhams in the first quarter of 2026, or approximately $482 million, an increase of 15.9% compared to the same period in 2025. Sales in the large distribution segment amounted to 4.188 billion dirhams, or nearly $419 million, up 15.6% year-on-year. This performance is notably driven by the growth of the 141 stores opened in 2025, which continue to strengthen the group’s territorial coverage and expand its offering across all formats. According to the statement, the group had a dynamic start to the year, with a 16.4% growth in the first quarter and…

The International Monetary Fund (IMF) began the seventh review of the program supported by the Extended Credit Facility with Egypt on May 14, 2026. This review could lead to new financing of around $1.6 billion. The mission also includes the second review of the Resilience and Sustainability Mechanism, as well as discussions with Egyptian authorities...

Under the guidance of the International Monetary Fund, the Egyptian government has initiated a gradual reduction of public guarantees granted to the Egyptian General Petroleum Corporation (EGPC), deemed burdensome for public finances. In this context, the Ministry of Finance has started settling significant arrears and debts totaling around 451.8 billion Egyptian pounds. According to government...

ASCOMA insurance broker, a subsidiary of Chedid Capital Holding group, announced on May 12 the appointment of Jonathan Valette as General Manager of the West Africa Zone (WAZ). He previously held the position of Deputy General Manager for Côte d’Ivoire. A subsidiary of the Chedid Capital Holding group, ASCOMA is strengthening its governance in West...

The Moroccan insurance sector saw a significant improvement in profitability in 2025. Net income increased by 19.1% to reach 5.7 billion MAD (570 million USD), driven by higher investment income and strong business performance. The return on equity (ROE) stood at 11.2%, compared to 9.9% a year earlier, according to the Insurance and Social Welfare...

The “Insurance Proclamation” project, unveiled at the end of April 2026 by the National Bank of Ethiopia, provides for the creation of the Ethiopian Insurance Regulatory Authority (EIRA). This new body will exercise the prerogatives of the central bank in this area, which has been overseeing the sector since 1976. Once adopted, this reform will...

The long-term insurance (LTI) sub-sector in Namibia remained generally stable in 2025, despite a less favorable environment. Gross premiums issued amounted to 14.4 billion Namibian dollars (approximately $880 million USD), a slight decrease of 0.1% compared to 2024. This result marks a significant slowdown after the 26.8% increase recorded the previous year, partly due to asset transfers from pension funds to a life insurer, according to a report published in April 2026 by the Central Bank and NAMFISA, the insurance regulator. Reinsurance cessions remained limited to 666 million Namibian dollars (approximately $40.7 million USD), a ratio of 4.6%. This level…

Governor Lisa D. Cook, member of the Board of Governors of the Federal Reserve System, participated on May 8, 2026 in Dakar in the International Conference on Crypto-assets and Digital Innovations organized by the Central Bank of West African States (BCEAO). The meeting focused on the theme: “Crypto-assets and digital innovations: opportunities and challenges for monetary and financial stability.” In her speech, Lisa D. Cook focused on tokenization and its implications for the financial system. She emphasized that distributed ledger technologies, including blockchain, as well as smart contracts, can improve market efficiency, automate certain operations, enhance transaction transparency, and offer…

Gathered on May 8, 2026 in Dakar (Senegal), the leaders of several African central banks discussed the challenges posed by the rise of crypto-assets and digital innovations. At the heart of the discussions: regulatory framework, cybersecurity, modernization of payments, and the preservation of financial stability in economies still largely dominated by cash. Organized under the auspices of the Central Bank of West African States (BCEAO), the International Conference on Crypto-assets and Digital Innovations brought together several central bank governors in Dakar to discuss the issues related to the rise of digital assets. The discussions focused on the regulation of these…

The latest data on consumer prices show a slight slowdown in annual inflation in April 2026, at 13.4%, compared to 13.5% in March. According to a statement released on May 6 by the Central Agency for Public Mobilization and Statistics (CAPMAS), the general index of consumer prices at the national level stood at 287.9 points, representing a monthly increase of 1.2% compared to March 2026. This monthly increase is explained by the rise in prices of several essential products, including vegetables (+5.1%), fruits (+3.8%), fish and seafood (+1.8%), cereals and bread (+1.4%), as well as oils and fats (+1.2%). Housing…

Wafa Assurance Cameroon has announced the promotion of Célestin Njidjou Ngounnoue to the position of Director of Bancassurance and Health Network Development. In his new role, he will be responsible for leading the development strategy of bancassurance and health activities, which are seen as an important growth area for the Cameroonian subsidiary. A graduate of the University of Douala and the International Institute of Insurance in Yaoundé (IIA), Célestin Njidjou Ngounnoue began his professional career in 2005. He has over twenty years of experience in the insurance and brokerage sector. Throughout his career, he has held several leadership positions in…

The first meeting of the year 2026 of the governors of the Association of African Central Banks (ABCA) opened this Thursday, May 7 in Dakar, at the headquarters of the Central Bank of the West African States. Chaired by Yvon Sana Bangui, also governor of the Central Bank of the Central African States, the meeting aims primarily to examine the implementation of decisions adopted during the session of November 28, 2025 held in Cameroon, as well as to strengthen the monetary and macro-prudential integration of the continent. Governors review several major issues related to African financial and monetary integration. Discussions…

BIAT Insurance closed the 2025 financial year with a strong performance, achieving a turnover of 318.2 million Tunisian dinars (TND), compared to 279.6 million TND in 2024, representing a 14% increase, according to data published by the company. The net profit reached 25.6 million TND, compared to 19.9 million TND the previous year, showing a 28.7% increase. This evolution reflects the company’s strong fundamentals and the efficiency of its management. As of December 31, 2025, the company’s equity amounted to 128.8 million TND, confirming the strength of its financial structure. With these results, BIAT Insurance enters the 2026 financial year…

The Central Bank of Tunisia recorded a net profit of 1.15 billion dinars (approximately 370 million USD) in 2025, compared to 1.36 billion dinars (approximately 438 million USD) a year earlier, representing a decrease of 15.4%. This decline is explained by the decrease in revenues, which amounted to 2.07 billion dinars (approximately 667 million USD) compared to 2.44 billion dinars (approximately 787 million USD) in 2024. The decrease mainly comes from the contraction of income from interventions in the money market, investments, and foreign exchange operations. Other revenues and provision reversals partially offset this decline, but did not fully compensate…

The Egyptian economy recorded a preliminary growth of 5% in the third quarter of the fiscal year 2025/2026 (January-March 2026), according to the Ministry of Planning and Economic Development, in an announcement published on Wednesday, May 6. This result exceeds previous forecasts, which had predicted a slowdown to 4.6% due to geopolitical tensions and disruptions in global supply chains, the statement said. Non-oil activities were the main driver of this performance. Suez Canal activity increased by 23.6%, while tourism, particularly restaurants and hotels, saw an 8.3% increase. The construction sector, on the other hand, posted a growth of 5.6%. In…

In Egypt, the regulatory authority (FRA) has approved the granting of six new licenses to companies authorized to conduct non-banking financial activities based on financial technology (FinTech). This decision aims to support innovation and expand financial inclusion. The authorizations include financing for small and medium-sized enterprises, securities trading, custody of securities, as well as the...

The strict unemployment rate in Morocco stood at 10.8% in the first quarter of 2026, according to the latest information from the High Commission for Planning (HCP) on the labor market situation. This rate is 13.5% in urban areas compared to 6.1% in rural areas, and affects women (16.1%) more than men (9.4%). Young people aged 15 to 24 remain the most affected, with a rate of 29.2%, followed by those aged 25-34 (16.1%). In terms of volume, strict unemployment concerns 1.253 million people, with nearly 80% in urban areas and 31.3% women. Furthermore, 671,000 employed individuals are in underemployment…

The international conference on crypto-assets and digital innovations, under the theme “Crypto-assets and digital innovations: opportunities and challenges for monetary and financial stability”, opened on Friday, May 8 in Dakar. Organized by the Central Bank of West African States (BCEAO), this event brings together experts, decision-makers, and financial sector stakeholders to deepen reflections on the strategic and operational issues related to these innovations, with the aim of strengthening institutions’ capacity to fulfill their mission of monetary and financial stability. Crypto-assets, stablecoins, digital payment platforms, and the increasing digitalization of financial services are profoundly transforming traditional financial systems. These developments improve…

On April 30, 2026, the Gabonese insurer Assinco officially adopted the name BGFI Assurances. This strategic evolution aims to strengthen its integration within the BGFIBank Group, improve the clarity of its offer, and accelerate its digital transformation to better serve its clients. It is part of a global dynamic of harmonizing the entities of Henri-Claude...

Sonatrach group is taking a new step in its development strategy with the signing of energy agreements for the development of the Hassi Bir Rekaiz field and an agreement between Algeria and Egypt regarding the export of petroleum products. This initiative is part of the common desire to strengthen intra-African energy cooperation, according to a statement from the Algerian Ministry of Energy and Mines published on May 5, 2026. The first agreement concerns an Engineering, Procurement, and Construction (EPC) contract concluded between Sonatrach and the Thai company PTTEP, partners in the field’s operation, as well as with a consortium composed…