Author: Editor

If 8 companies have applied for membership of the Federation of African National Insurance Companies -FANAF (including East Africa Global Non-Life Insurance Company of Burundi, Atlantic Insurance IARD Cameroon, the African Insurance of Congo- Brazzaville, Hannover Ré Côte d’Ivoire, Helvetia Assurance Dakar), it should be noted that Damane Assurance of Mauritania and Axa Assurance Morocco and Wafa Imma Assistance of Morocco withdrew, was it learned at the end of the general meetings of the Federation which took place in Tunis from 17 to 21 February 2019 .. No explanation has been given in what seems to be an unprecedented event…

3 will not have been a Sunday like any other in Algeria. The president Abdelaziz Bouteflika, 82 years old, had cost to present his candidacy before midnight, last legal deadline to apply for the presidential elections of April 18, 2019. In the middle of the afternoon and while some media claimed that he submitted his candidacy, the strong man of Algiers had not yet returned from Switzerland where he underwent a series of medical examinations in the VIP service. University Hospitals of Geneva (HUG). Meanwhile, the street rumbled against the fifth mandate of a sick man, who has not made…

By Blaise Kendah The number of policies in a life insurance company is subject to natural erosion such as deaths and maturities, in addition to this natural erosion, we observe in our market another type of erosion not insignificant, it is policy falls prematurely, these policy falls are generally observed during first years of the life of the contract. By definition, we are talking about a fall in the life insurance policy when we observe a stoppage of contribution payments after observing a grace period of at least 40 days in our market. According to article 73 of the CIMA…

Five years of legal proceedings later, Guinea changes strategy and chooses negotiation. Following an amicable settlement reached on February 25, 2019 with BSR Resources of the controversial Israeli businessman, Benny Steinmetz, through the former French president, Nicolas Sarkozy, as a facilitator, Guinea recovers the Blocks 1 and 2 of Simandou. Conakry is back to square one with a mining deposit listed among the largest in the world and an estimated development of 20 billion dollars. Officially, this agreement is a victory for Alpha Condé: “The President of the Republic has shown extraordinary courage,” enthused Abdoulaye Magassouba, Minister of Mines and…

Mr. Tewolde GebreMariam, Managing Director of the largest aviation group in Africa and four-star certified by SKYTRAX, has been inducted into the “Hall of Fame of African Leaders” at the African Leadership Magazine’s Personalities of the Year Ceremony. , which took place on February 22, 2019 in Johannesburg. The annual Leadership of the Year Award from African Leadership magazine celebrates the best people in Africa’s business, politics and diplomacy who contribute to the growth and development of the continent. Mr. Tewolde GebreMariam, CEO of Ethiopian Airlines, said of the recognition, “I am honored to have been inducted into the African…

This is the case that shakes right now the Liberia President George Weah (in office since January 2018) and the Central Bank of this West African country. Everything started from an investigation launched last September to take stock of an order made in 2016 by the issuing agency to manufacture the equivalent of 100 million dollars in Liberian currency to replace user tickets. Liberia prints its currency in Sweden. Only problem, the decision of the Central Bank had not required the approval of the Senate. And a scandal never arriving alone, the amount ordered in two steps is not entered…

• With stagflation becoming a reality, exports represent an important source of revenue for the economy, particularly in the automotive sector • Exporters are flexible; Government support is vital to gaining new market share. Lower domestic demand, higher borrowing costs and depreciation of the pound slowed down the dynamics of the industry Turkey is currently experiencing a sharp economic slowdown, coupled with rising inflation following the sharp depreciation of the pound in 2018, which has affected the country’s consumption and production. In June, Coface downgraded the country assessment of high-risk Turkey (C), and the third quarter was marked by a…

The boss of Sifca, the largest agribusiness group in West Africa, spoke. In break with President Ouattara, Jean-Louis Billon is convinced that he will be, if not the candidate, at least in the task force of the Democratic PDCParti Côte d’Ivoire (PDCI RDA), for the presidential elections of 2020. In an interview granted on 28 February to an Ivorian media, the former Minister of Commerce and Handicrafts and no less former President of the Chamber of Commerce of Côte d’Ivoire, defends his record: “It was important for me after the transition to the chamber of commerce and industry, to serve…

Ghana’s Cedi (GH ¢) has depreciated against the dollar and the pound sterling over the last two months. The dollar that traded against 4 cedis rose to 5.51 on 25 February. In response, the Central Bank (BoG) has released several guidelines to regulate the foreign exchange market. Despite the fall in the Ghanaian currency, fundamentals remain strong with, in particular, a deficit falling from 9.3% to 3.9%, the lowest in ten years. Some analysts believe that the Central Bank must inject currencies into the market to regulate the exchange rate. Speaking on the subject, on the sidelines of a meeting…

A new office was elected at the General Meeting of Investment Service Providers (PSI) whose main mission is to represent them in financial market consultations. The Professional Association of Investment Service Providers (APPSI) has set up a new office at the Annual General Meeting on February 13, 2019. For the next two years, it will be up to Serge Yanic Nana, Chief Executive Officer of Financia Capital to preside over the destinies of this association. With 15 members, the APPSI gathers all the approved Investment Service Providers (PSI) with the Cameroon Financial Markets Commission (CMF). Its mission is to represent…

The interoperability of electronic payments by telephone will be effective from 31 March 2019 in the Central African Economic and Monetary Community (CEAMC). One month from the deadline, various partners involved in the implementation of this project, in this case, mobile operators, banks and the interbank banking monétique of Central Africa (GIMAC) are reassuring. Everything will be ready to date for the interoperability of payments is a reality. Indeed, “we are working on it, we will have the opportunity to make transactions with the banks,” said a senior official. mobile phone company, specifying that in the spirit of this interoperability,…

The Attijariwafa bank group has obtained the accreditation of the United Nations Green Climate Fund (GCF), as financial intermediary for the implementation of green financing in Africa . Attijariwafa bank was officially accredited at the 22nd meeting of the Board of Directors of the Green Climate Fund held in Songdo, South Korea, on February 26, 27 and 28, 2019, after extensive due diligence by the GCF to ensure that the Group has the necessary procedures and experience to fund green projects in partnership with the institution. Attijariwafa bank thus becomes the only commercial bank in Africa and the MENA region,…

The South African Standard Bank Group Ltd bought the technology platform of the short-term insurance business of South African insurer Liberty Holdings for 145 million rand, or $ 10.45 million. Liberty Holdings indicates that the transaction will reduce its future capital requirements and at the same time reduce the risks associated with its business. “Proceeds of disposition, which includes movable property and intellectual property, will be used to support operations. Liberty and to implement various initiatives as part of its recovery strategy, “said the group in a statement. Liberty also announced last year the slowdown in its expansion to focus…

The IFC, a subsidiary of the World Bank in charge of the private sector, is the subject of a claim for environmental damage in an Indian project of energy plant that it has financed to the tune of 450 million dollars. The complaint was declared admissible on 27 February 2919 by the United States Supreme Court, which constitutes case law. Because until then, the World Bank and its dependencies enjoyed a certain immunity allowing them to escape the caudine forks of the federal justice. With this decision, is the WB now subject to accountability? This is the opinion in any…

Ethiopia is implementing reforms to broaden the participation of the private sector in the country’s economy as well as increase competitiveness as it seeks to create decent jobs for its populace, Finance Minister Ahmed Shide said Tuesday. In a speech read on his behalf at a joint Economic Commission for Africa-World Bank Roundtable Workshop on Jobs and Economic Transformation, Mr. Shide said unemployment remained an issue in Ethiopia despite the country managing to sustain rapid growth for more than a decade and a half. “A concern for policy makers in Ethiopia continues to be the ability to create adequate quality…

The Managing Director of the Casablanca Stock Exchange set the bar high in 2016 when he planned to attract 70 SMEs to the stock market. Three years later, the SME strategy seems to have shown its limits. Karim Hajji is now setting the target for two small companies to be listed in 2019. As a reminder, two SMEs (Mutandis and Immorente Invest) entered the BVC in 2018, ending a long diet. Thus, despite the cohorts of the Elite program of the Casablanca Stock Exchange, launched since 2012, the bell remains silent at the SME compartment. In the meantime, Karim Hajji…

The African and Arab Businesswomen’s Manifesto formalizes the commitment of the women’s economic community to an inclusive and equitable development. Through this manifesto, businesswomen from Africa and the Arab world are committed to promote and include the sustainable development goals (SDGs) into their functions, activities and environment. The Manifesto is also a call to mobilize leaders and institutions for the full integration of women in the economic life and the development projects of their nations. Society must chart the path to a more inclusive future where poverty and inequality are shrinking, where peace and stability are a priority and where…

Afrobytes Tech Marketplace will be back in Paris on May 15, 2019 for its 4th annual edition and will partner with Congo Business Network to give Congolese Tech a global stage at Station F, the world’s biggest startup campus. With 34,000 square meters, over 3,000 desks in the startup zone, 26 international startup programs, and more than 1,000 startups hosted, Station F is the only startup campus gathering a whole entrepreneurial ecosystem under one roof and is the perfect connection point between the African Tech Industry and other tech communities. Congo Business Network will lead the Congolese Tech team whose…

The 2018 vintage will not remain exceptional in Saham Assurance’s accounts. The company recorded a net profit down 8.5% to 402 million dirhams (42 million dollars). (1 dollar = 9.53 dirhams). The amplification of automobile claims and the impact of a tax audit explain this poor performance, reads the communiqué which sanctioned the board of directors held on February 25 under the presidency of Said Alj. The insurer recorded a turnover of 5.22 billion dirhams, an increase of 7.8%, driven by the non-life branch, with a turnover of 4.17 billion dirhams, a growth of 9.3%. This dynamism contrasts with the…

A project of $ 812 million. Long awaited, the dam Koukoutamba is in the process of realization. The signing of the commercial contract on February 26, 2019 between the Senegal River Development Organization (OMVS) and the Chinese Sinohydro took place in the presence of Guinea’s President Alpha Condé. Also present was Cheik Taliby Sylla, Minister of Energy and Hydraulics of the Republic of Guinea, President-in-Office of the Council of Ministers of OMVS. The hydroelectric development of Koukoutamba is planned in Guinean territory on the Bafing, main tributary of the Senegal River, about 570 km north-east of the capital Conakry. It…

By Eric Maniable * We propose a little soap opera on the theme of the redemption rate curve. This first article shows the need for the actuary to provide the right answers to the right questions. A first trap, very common and yet rarely raised. The purchase of a life insurance policy is an option widely used by policyholders. This faculty contributes to the attractiveness of life insurance by offering flexibility and liquidity to contracts. Its counterpart is the liquidity risk for the insurer, as well as the change in the profitability profile of the contracts. The Chief Financial Officer…

The African Export-Import Bank (Afreximbank) has upgraded its compliance function to a full-fledged department, appointing its long-time banker, Maureen Mba, as a director. Until her appointment, Ms. Mba was Associate Director responsible for the Compliance Unit, as she was then, after holding that position in 2017. Previously, she was Director of Compliance since 2005. Ms. Mba was joined Afreximbank after working at the Central Bank of Nigeria where she worked in the governor’s office from 1986 to 1994. Ms. Mba received an MBA (General Management Orientation) from City University of Bellevue, Washington, DC, and a bachelor’s degree in science at…

The flagship value of the Regional Stock Exchange, Sonatel presented its results for fiscal year 2018. Thus, the consolidated turnover reached 1022 billion CFA francs up 5% thanks to Orange Money. EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 462 billion FCFA, ie + 2.2% compared to 2017. As for net profit, it remained at the same level as the previous year at 202 billion FCFA. It remains to be seen whether the most liquid share of the BRVM will remain more or less at the same level of dividend (1500 CFA francs) as last year? The group…

The High Commissioner of the Organization for the Development of Senegal, Mr. Hamed Diane Ségéga, and the Chinese company Sinohydro corporated, signed this February 26, 2019 in Conakry the commercial contract for the realization of the project of hydroelectric development of Koukoutamba. The ceremony was attended by Mr. Cheik TalibySylla, Minister of Energy and Hydraulics of the Republic of Guinea, President-in-Office of the OMVS Council of Ministers. The hydroelectric development of Koukoutamba is planned in Guinean territory on the Bafing, main tributary of the Senegal River, about 570 km north-east of the capital Conakry. It consists mainly of the dam,…

Mr. Tewolde GebreMariam, Managing Director of the largest aviation group in Africa and four-star certified by SKYTRAX, has been inducted into the “Hall of Fame of African Leaders” at the African Leadership Magazine’s Personalities of the Year Ceremony. , which took place on February 22, 2019 in Johannesburg. The annual Leadership of the Year Award from African Leadership magazine celebrates the best people in Africa’s business, politics and diplomacy who contribute to the growth and development of the continent. Mr. Tewolde GebreMariam, CEO of Ethiopian Airlines, said of the recognition, “I am honored to have been inducted into the African…

Experts from the Economic Commission for Africa’s (ECA), African Trade Policy Centre (ATPC) are meeting in Libreville, Gabon today to review the guidelines for preparing national AfCFTA implementation strategies. Experts will review current production and trade within a national and regional context; the identification and prioritization of opportunities for value chain development; a thorough analysis of constraints, including non-tariffs barriers and competitiveness issues faced by businesses and means to address them; strategic actions to boost identified priority sectors; a monitoring and evaluation framework; and financial resources mobilization plans. Taking also the macroeconomic context into account, all these factors will feed…

Recently introduced on the Casablanca Stock Exchange, Mutandis closed the year 2018 with a 40% increase in its net profit to 78 million dirhams (7.8 million euros). The performance was offset by a stagnation of dividends at the same level as the previous year, or 7.5 dirhams per share. The group specializing in consumer goods has achieved a turnover of 1.37 billion dirhams (137 million euros) up 8% year on year. Gross operating surplus reached MAD 188 million (+ 14%), marking the sixth consecutive year in a row. All product lines contributed to this performance: + 6% for detergents, +…

 The African Export-Import Bank (Afreximbank) has upgraded its compliance function to a full department, naming long-serving banker Maureen Mba as Director. Until her appointment, Ms. Mba was Associate Director in charge of the Compliance Unit, as it then was, having assumed that position in 2017. Prior to that, she served as Manager, Compliance, from 2005. Ms. Mba joined Afreximbank from the Central Bank of Nigeria where she worked in the Office of the Governor from 1986 to 1994. Ms. Mba earned her MBA (General Management Emphasis) from City University, Bellevue, Washington, D.C., and a Bachelor of Science from the New York Institute…

IoT network will help provide insights on fish health to 30,000 fish-pond farmers in Kenya through new app Liquid Telecom Kenya, part of the leading pan-African telecoms group Liquid Telecom, has deployed an Internet of Things (IoT) network in Western Kenya and Nyanza to monitor and protect freshwater fish populations. The company has connected ten pilot-phase sensors that monitor water temperature and pH values in ponds. The sensors send information and feeding instructions to farmers through an Android and iOS app called AquaRech, which has been developed by the Kisumu innovation technology hub LakeHub and developers Pinovate. The partnership plans…

The African Export-Import Bank (Afreximbank) has appointed Humphrey Nwugo as Regional Chief Operating Officer for its Harare-based Southern Africa Regional Office. Mr. Nwugo had been serving in an acting capacity in that position since February 2018, following the departure of the previous Regional Chief Operating Officer. Prior to that, he was Senior Manager, Syndications, at the Bank’s Cairo Headquarters from 2011. He joined the Bank in January 2010 as Manager, Banking Operations. Mr. Nwugo’s previous experience includes stints at Intercontinental Bank Plc; Lagos, as Deputy Manager/Head, Financial Advisory, Corporate Finance Department, from 2007 to 2009, and at Zenith Bank Plc;…