Author: Nephthali Messanh Ledy

From Togo, the best African student in the Doing Business 2020 report published this Thursday, October 24, in Lesotho, the worst, Financial Afrik presents the evolution of progress in all the countries of the continent concerned by the annual ranking of the World Bank. “These results are remarkable, excellent and exceptional. They translate three things: vision, ambition and political will. Thus commented on Thursday in Lome, Sani Yaya, the Minister of Economy and Finance of Togo (photo), the ranking of his country Doing Business 2020 report. A satisfaction mixed emotions that, of course, are not the same in all African…

The World Bank released this Thursday, a new edition of the Doing Business report that measures the improving business climate around the world. Even though sub-Saharan Africa is underperforming, some countries in the region are doing well. According to the report, 73 reforms (compared to 108 in 2018) were carried out in sub-Saharan Africa, for an average of 1.5 per country. 65% of the economies in the region have achieved at least one reform over the period of the study, says one. Two countries in sub-Saharan Africa are in the top 50 worldwide: Mauritius, 13th in the world, the only…

Private equity investor Verod Capital Management announced Wednesday (September 17th) that it has received the necessary regulatory approvals for the acquisition of the entire shares of Metropolitan Life Insurance Nigeria. This transaction – the amount of which was not disclosed – marks the departure of the South African group Momentum Metropolitan from the Nigerian market, in line with its new restructuring and growth strategy announced in 2018. The latter provides for a greater focus on growth. of its main activities in South Africa and a review of its operations in Africa, among others. “We are confident that Verod Capital will…

The International Monetary Fund (IMF) is now forecasting an economic growth rate of around 4.5 percent in 2019 in Malawi, six months after announcing a 5 percent forecast for the southeastern African country. “Malawi’s recent economic performance has been favorable despite the impact of Hurricane Idai. Economic growth is expected to increase to around 4.5 percent in 2019, thanks to the recovery in agriculture in most of the country and the reconstruction of the infrastructure damaged by the hurricane in the south of the country, “said a statement. published on 17 September 2019 by the institution. In the medium term,…

High Power Exploration (HPX) today signed with the Guinean government an agreement to acquire a 95% stake in the Nimba iron ore deposit owned by BHP, Newmont Goldcorp and Orano. Located in the south-eastern forest region, this deposit would contain about one billion tonnes of high-grade iron ore containing very low levels of impurities, according to HPS, quoting a 2015 study report. by the United States Geological Survey. “Iron ore of this quality is essential for reducing energy consumption, greenhouse gas emissions and slag production during the steelmaking process,” says the privately-held company. mining exploration and development domiciled in the…

Access Bank’s after-tax profit was 63 billion naira (approximately 173.8 million USD) in the first half of 2019, compared to 39.6 billion at June 30, 2018, an increase of 59%. According to the Nigerian bank’s financial statements published by the Lagos Stock Exchange (NSE), pre-tax profit increased by 61.6 percent to 74.1 billion naira during the reporting period. For its part, earnings per share increased from 1.38 naira in June 2018 to 1.94 naira a year later. As a reminder, the bank is buying this year the activities of its competitor Diamond Bank Plc, which will increase its size and…

The South African Reserve Bank announced on Friday that the country’s net foreign exchange reserves reached $ 44.226 billion at the end of August 2019, up from $ 43.906 billion in July, an increase of 320 million over a month. These figures indicate a slight increase compared to May 2019, when the net reserves of the most industrialized country of Africa had fallen to 43,178 billion dollars, against 43,245 billion in April. According to data from the central bank, gross reserves in South Africa rose to 49.948 billion USD in August 2019, against 49.360 billion in July. The forward position…

Airtel Africa, the African subsidiary of India’s Bharti Airtel Group, has appointed Ian Ferrao as Regional Director for East Africa, a newly created position to oversee operations in Kenya, Uganda, Tanzania and Rwanda. Formerly Managing Director of Vodacom Tanzania and Vodacom Lesotho, Mr. Ferrao claims twelve years of senior management experience in the telecommunications sector in Africa. Airtel’s director in East Africa had also previously worked as a sales manager at Vodacom Business Africa. Airtel Africa’s second largest market, East Africa accounts for 35.81% of the company’s revenues for the fiscal year ended March 31, 2019, for a total of…

In a note to its investors, Zenith Bank has indicated that it will repay its $ 500 million Eurobond before maturity scheduled for April 2022. This decision, according to the banking group based in Lagos (Nigeria), is motivated by the strong liquidity of its dollar reserves. As a reminder, the 5-year Eurobond was issued on May 30, 2017 by the bank.

Tanzania’s gold exports rose 23.3 percent between July 2018 and July 2019 to reach US $ 1.783 billion, according to a monthly economic report released by the central bank (BOT). This increase, according to the document, is due to the increase in the volume of exports that has not been revealed. Tanzania, Africa’s fourth largest gold producer, exported 1.549 billion USD of gold between January and December 2018, up from 1.541 billion the year before. The country opened in the first quarter of 2019, its first commercial gold trading center in the northwestern city of Geita.

Saham Assurance Maroc announced Wednesday, September 4, a half-year sales increase of 11.3% over June 2018 to reach MAD 3.073 billion (about 318 million USD) at the end of the first half of 2019. According to the company’s half-yearly accounts, the non-life business (with a figure of MAD 2,452 million) was dominant over the period, despite a slight increase of 4.3% compared to June 2018. Half-yearly turnover Life branch reached 621 million dirhams, an increase of 52% year-on-year. In its statement issued by the insurer following a meeting of the Board of Directors, Saham Assurance also confirms the decline in…

The Central Bank of Egypt (CBE) announced on Wednesday (September 4th) a net currency reserve increase of 52.1 million USD at the end of August 2019. Indeed, reserves reached 44.969 billion USD in August, against 44.917 billion in July 2019. They have thus increased by 2.418 billion USD since January, according to the figures provided by the central bank. Egypt’s foreign exchange reserves cover almost eight months of imports excluding significant payments in 2019, which allows the CBE to meet the country’s operational needs and to support the Egyptian currency against the dollar. after a Beltone Financial report quoted by…

Sanlam Kenya posted net profit of 639.7 million shillings (about 6.2 million USD) for the first half of 2019, after a loss of 1.5 billion shillings after tax in the first six months of the year former. “The investments recorded impressive gains in the market value of Sanlam’s treasury and equity portfolios, bringing non-insurance revenues to 1.9 billion shillings compared to 41 million shillings in the same period. last year, “according to Patrick Tumbo, chief executive of the former Pan Africa Insurance Holdings, quoted by the local press. “Efforts to recover the Group’s impaired assets of more than 2.2 billion…

Salim Insurance announced a turnover of 65.223 million Tunisian dinars (nearly 23 million USD) at June 30, 2019, up 11% year-on-year. According to the company’s statements, non-life premiums rose to 39.795 million TND (13.44 million USD), up 18% compared to the first half of 2018 – this branch largely dominates its portfolio with 60% of premiums in 2018- . Claims expenses declined to 26.370 million TND (8.905 million USD) against 26.540 million TND (10.136 million USD) as of June 30, 2018. Controlled by BH Bank, Assurances Salim, at a general meeting held on August 8, 2019, formally received shareholder approval…

Reinsurer Waica Re (Sierra Leone-based West African Insurance Companies Association) announced at a general meeting that it has established a group structure in view of its growth in recent years. In 2018, the company obtained the authorization of the regulators to establish two subsidiaries in Kenya and Zimbabwe. “Waica Re Corporation Plc holds majority stakes in the two subsidiaries with investments of $ 10 million and $ 5 million respectively in Kenya and Zimbabwe,” said Abiola Ekundayo, Managing Director. “This brings to three the number of subsidiaries created after the creation of WAICA Re Capital in 2015. These developments have…

Prime Bank, Bank of Kenya reported net profit of 1.25 billion shillings (approximately $ 12.5 million) in the first half of 2019, up 32 percent year-on-year. This growth is mainly due to the bank’s strategy of reducing loans to the private sector (from 35.8 billion to 34 billion shillings) to invest more in government bonds (from 20.5 billion to 36.6 billion shillings). As a result, interest earned on government securities rose from 1.4 billion shillings to 2.2 billion shillings, compared to a decline of 2.2 billion shillings to 1.9 billion shillings for interest on loans. Founded in 1992, Prime Bank…

The Bank of Tunisia (BT) recorded, according to the interim financial statements as of June 30, 2019, a net banking income of 180 million dinars (approximately 62.7 million USD) against 152.6 million in the first half of 2018. That is 17.86% increase. The bank’s main performance indicator was 327.5 million dinars (around 114 million USD) as of December 30, 2018. Net income amounted to 75.2 million dinars as of June 30, 2019, representing an increase of 10.5% year-on-year. Operating expenses amounted to 108.5 million, an increase of 23.22%. In addition, loans to customers rose by 3.7%, from 4.35 billion dinars…

Zenith Bank Plc recorded an increase in its key financial indicators for the first half of 2019 ended June 30th. According to the financial statements released Monday by the Nigerian Stock Exchange (NSE), the gross profit of the Nigerian bank increased by 3%, from 322.2 billion naira to 331.6 billion (about 911 million USD). E-services revenues increased by 168% to 27 billion naira (approximately 74.2 million USD) in the first half of 2019, compared to 10 billion in the first half of 2018. Profit before tax reached Nl 111.7 billion, up 4% from the $ 107.4 billion recorded in the…

Kenya’s Ministry of Finance has cleared the National Industrial Credit Bank (NIC) and the Commercial Bank of Africa Limited (CBA) for the transfer of the share transfer tax, according to information this week by the local press. The exempt amount represents 1% of the value of the unlisted shares transferred. The shares of the merged entity are 53% owned by current shareholders of CBA and 47% owned by NIC Bank. “The transaction is an exchange of shares between the two banks,” says one. As a reminder, it was last March that the directors of the two institutions took note of…

The shareholders of Assurances Salim approved, at an extraordinary general meeting held on August 8, 2019, the proposed change of name proposed by the Board of Directors. Thus, the company will now bear the name of BH Insurance. BH as the main shareholder, the Housing Bank became BH Bank since April 2019 with change of visual identity on 1 July 2019 as part of the group policy. Organized around 2 business lines (life and non-life insurance), Assurance Salim recorded, in 2018, a 13% increase in its turnover (33.7 million USD).

In Algeria, the economy has achieved an annual growth of 1.4% of its GDP in 2018 against 1.3% in 2017, according to the economic accounts in volume published by the National Office of Statistics (ONS) between 2015 and 2018. The country owes this slight increase mainly to the sectors of agriculture (5%), construction, public works and hydraulics (BTPH), services and public works oil (5.2%) and that of the Industry (4.1%). The growth rate of GDP, excluding hydrocarbons, reached 3.3% against 2.1% in 2017, which the NSO describes as “appreciable performance”. Moreover, the GDP, in current value, would have gone from…

The Tunisian-Kuwaiti Bank (BTK) raised 7 million dinars (about 2.45 million USD) in the market via a non-public bond bond issued between 11 April and 31 July 2019 , according to a note from the Society of Counseling and Financial Intermediation (SCIF), an intermediary on the stock market. Originally scheduled for June 11, the deadline for subscriptions was extended by the bank that wanted to raise previously, the amount of 5 million dinars may be increased to 15 million dinars. The loan named “BTK 2019-1 Subordinated Loan” was intended to provide the institution with a long-term resource for financing SME…

Equatorial Guinean President Teodoro Obiang Nguema Mbasogo spoke Friday on the CFA franc in Libreville, after meeting with his Gabonese counterpart Ali Bongo Ondimba. He particularly expressed his wish to see the countries of the sub-region of Central Africa discuss with France the CFA franc, this old subject that has been debated since. “There are problems for which decisions are difficult to make. This is the case with our currency, “he said. “We have learned that West Africa may be changing its currency, but here in Central Africa we have already exchanged views on the subject. My point of view…

Ivorian President Alassane Ouattara said Friday (July 12th) in Abidjan that the current exchange rate of the Euro against the CFA Franc will not change immediately if the single currency of the Economic Community of States of West Africa (ECOWAS), called Eco. Freshly mandated by his peers to continue the process leading the countries of the Union to the adoption of Eco, the Ivorian President, speaking at a press briefing at the end of the 21st session of Heads of State and Government of the West African Economic and Monetary Union (UEMOA), did not fail to mention the subject. “If…

The rating agency Moody’s followed suit with Standard & Poor’s, giving its first rating to Togo. This is a B3 with a stable outlook for the West African country that is preparing to raise 500 million euros in international financial markets. Togo’s economic strength is rated as “low (-)”; it is at least the first...

The Algerian insurance market has experienced a positive trend on several indicators, according to the business report of the first quarter of 2019 made public by the National Insurance Council. Indeed, the document reports an additional production of 2.8 billion Algerian dinars (about 23.5 million USD), an increase of 7.1% year-on-year. International acceptances increased by 14.5%, with an amount of 855.4 million DA. Between March 31, 2018 and March 31, 2019, the compensation paid by all insurance companies increased by 14.8% for a total amount of DA 21.5 billion. But the claims payable amounted to 75.8 billion DA at the…

In Tunisia, the National Agricultural Bank (BNA) announced on Wednesday (July 3rd) that it had finalized its capital increase process, which went from 176 million Tunisian dinars (DT) to 320 million TND (around 110 million USD). increase of 144 million DT. Approved on March 6, 2019 by the shareholders and recorded on March 29 by the Financial Market Council (CMF), the increase of the share capital of the bank was carried out, according to its subsidiary stock market intermediation (BNA Capital which makes the announcement), by the issue of 28,160,000 new shares at a price of 12 DT per share,…

In a statement issued Wednesday (July 3rd), Cameroon’s Telecommunications Regulatory Agency (ART) announced financial sanctions against local affiliates of the French groups Orange, South African MTN and Vietnamese Viettel for recurrent failures to comply with regulations. force in the identification of subscribers. Indeed, the three telecom operators are accused of “recurring deficiencies observed” in the implementation of a decree dated September 3, 2015 setting the terms of identification of subscribers and terminals including “the marketing of sim cards pre- activated, the marketing of SIM cards in the streets, the possession by individuals of more than three SIM cards and the…

In the new edition of its index of political and social fragility in Africa, Coface warns about recent trends in conflict, and the risks of instability that affect the economic development of the region. “Political risks in Africa: the temperature is rising”. This is the title of the document made public Thursday, July 4 in Paris by the expert in credit insurance. “Conflicts, terrorism, social and political tensions; the evils that shook Africa in recent months will continue to weaken and destabilize the continent, “he summarizes. Indeed, the continent has been regularly marked by conflicts of intensity and different natures…

In a press conference in Algiers, the chief executive officer of the National Insurance Company (SAA), Nacer Sais, said on May 19, 2019 that the company has achieved, for the year 2018, a turnover of 27.7 billion Algerian dinars (more than 230 million USD) up 4.4% compared to 2017. “This is an important performance, as...