Author: Editor

WARA upgraded Coris Bank’s long-term local currency rating International (CBI) from BBB to ‘BBB +’ in May 2018. This rating is at the same level that the Burkinabe national ceiling, which is also established – according to WARA-‘BBB +’. WARA has also upgraded CBI’s short-term rating from ‘w-4’ to ‘w-3’. The perspective attached to this notation is now stable. As a reference, the international currency ratings that WARA assigns to CBI became: iB + / Stable / iw-5. Among the bank’s strengths, Wara mentions: CBI’s strong position in the Burkinabe banking market, built in 8 years, establishing itself as the…

As a prelude to the second edition of the country risk conference Côte d’Ivoire, scheduled for May 31 in Abidjan, Stanislas Zézé, CEO of Bloomfield rating agency, discusses the issues and prospects of this event organized in partnership with Financial Afrik. You are organizing the second edition of the conference “Risk -Pays Côte d’Ivoire”. What are the objectives of this event? The second edition of the conference debate on the Ivory Coast risk country, is part of a logic of pedagogy, discussions and constructive exchanges, and search for solutions for a better organization of the business environment and the strategy…

Already listed on the Rwanda Stock Exchange, Bank Of Kigali has just received the green light from its board of directors (meeting May 25, 2018) for a listing on the Nairobi Stock Exchange (NSE). The planned operation in the second half of this year is part of the bank’s $ 70 million plan. Some $ 20 million will be spent on digital, said Diane Karusisi, chief executive of the bank. Bank Of Kigali’s NSE introductory transaction is a first for a Rwandan company. Founded 51 years ago, Rwanda’s leading banking institution in terms of assets has been listed on the…

Not a free zone but rather a financial zone according to the international nomenclature and definition Casablanca Finance City is progressing well in its continental vocation. Since 2012, about 75% of Morocco’s investments in Africa pass through this structure. At the end of March, the special place set up in the heart of Casablanca to support Moroccan and international investors to Africa counted 150 companies established covering 46 countries of the continent. “These are all companies that cover Africa and invest from Casablanca,” said Manal Bernoussi, Director Strategy, Marketing and Communication of Casablanca Finance City in an interview with Financial…

Intra-regional trade can only be expected to expand economic growth and development if there is improved access to market information, Dr. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has yesterday. Dr. Oramah, who was speaking in Busan, South Korea, on Monday during a breakfast event organized by the Bank to promote the maiden Intra-African Trade Fair (IATF) scheduled to hold in Cairo from 11 to 17 December, said that, unlike in relatively mature markets where information on the sources and suppliers of specific goods and services were seamlessly available, the situation was different in Africa. Most African manufacturers do not…

African Development Bank President Akinwumi Adesina presented the Africa Road Builders -Babacar Ndiaye trophy to the Kenyan delegation on the sidelines of a ceremony held in Busan, South Korea, on May 23, 2018. The Babacar Ndiaye 2018 Trophy is awarded to Kenyan President Uhuru Kenyatta, rewarding the development of road, rail and airport infrastructure in this key East African country. Kenya Road, Kenya Railways Station and Lapsset Development Authority (which manages the corridor connecting South Sudan to Lamu Port) were present at the ceremony. The event held in the prestigious setting of the Park Hotel Busan was preceded by a…

This year again, there were many bankers and managers looking for the grail at the African Banker Trophies. The suspense lasted the time of a business evening where African banking geography, expanding universe, will be granted on a few names and especially a name, that of banker of the year. Thus, BGFI in Gabon won the Regional Bank Trophy of the year in Central Africa. The title of Socially Responsible Bank of the Year was awarded to the Moroccan group BMCE Bank of Africa, considered a leader in sustainable finance. The Financial Inclusion Trophy went to Crédit Agricole du Maroc.…

Nigeria’s Minister of Finance, Kemi Adeosun and Director-General of African Risk Capacity, Mohamed Beavogui exchanging copies of the MoU in Busan, Republic of Korea. “The leadership role of Nigeria in the continent and in the establishment of the ARC makes the signing of a formal MoU quite momentous for our work in the region. We want to create systems that can truly protect the livelihoods of the most vulnerable and safeguard the significant development gains made by the country over the years.” ~ Mohamed Beavogui, DG, African Risk Capacity Busan, May 24, 2018 – The Government of Nigeria has signed…

Salaheddine Mezouar has logically imposed new president of the Moroccan Employers’ Confederation (CEGM). The former Foreign Minister obtained 5,173 votes out of the 6,635 votes cast, while his competitor, Hakim Marrakchi, held 1,432 votes in the vote held on Tuesday. The new patron of the bosses starts his term on Tuesday for a period of three years. Industrial and then in turn Minister of Commerce, Minister of Foreign Affairs, Mezouar also headed the RNI (National Rally of Independents), party led by the current Minister of Agriculture, Aziz Akhannouch, given favorite for the next elections.

A few weeks before the start of negotiations on the agreement of the Continental Free Trade Area (ZLECA), “the Senegalese private sector is not yet ready” to cross the line of the said zone. “We are not ready but we are preparing to be ready when the time comes,” said Ange Billong, chairman of the presidential council of investment and members of the National Council of Patronage of Senegal. Mr Billong was speaking on the sidelines of an information and sensitization session for the benefit of the private sector, parliamentarians and organized civil society, on Tuesday 22 May in Dakar,…

The different panels allowed to discuss topics such as: The issues and impacts of Basel II, Basel III, How to optimize the Group’s credit risk assessment and management process? Managing the risk of skills breakdown The major issues of cybercrime, cybersecurity and fraud; The platform of systems and services within the Group; The challenges of innovation and digital transformation; Governance: role, duties and responsibilities of the leader The development of new products and services towards the bank of tomorrow How to reinvent customer proximity? The 2018 edition of the BGFI CEO Meeting ended Friday (May 18th) in Libreville, during a…

Published May 21, the new report by Allan & Associates, a consulting firm in policy and risk management provides some clarification. Djibouti, which wants to become the trans-shipment center of the Horn of Africa, has demonstrated its attractiveness in terms of investments in recent years. Located near some of the busiest sea routes, with access to the Indian Ocean and the Red Sea, this country can boast of the political stability and peace that has been won over for decades, unlike some of its neighbors like Somalia divided, opaque Eritrea or Yemen devastated by war. “Djibouti offers an attractive environment…

Ogooué Mining Company (Comilog- Subsidiary of Groupe Eramet), through its manganese branch, announced Saturday a quarterly production of ore greater than 8% in the first quarter of 2018 compared to that of the first quarter of 2017. Similarly, ore sales rose 23%. According to the data of the French metallurgical giant, turnover amounted to 429 million euros (281.4 billion CFA francs) in the first three months of 2018, compared to 418 million euros ( 274 billion F CFA) on a comparable basis to 2017; a slight increase of 3%. This improvement is due to the implementation by the Eramet Group…

By Sidi Ould Tah, Director General of BADEA No week passes without some important news about the impact of technology in our lives. Such an impact is obviously not new. Several times, the pace of change has accelerated thanks to major discoveries such as printing, electricity or combustion engines. Some would argue that our contemporary experience of technological innovation does not significantly alter the dynamics of similar changes experienced in the past. Many, however, agree that something much bigger is going on. We grew up with negative perceptions about Africa’s development prospects. We engaged in discussions about aid effectiveness, poverty…

The International Organization of La Francophonie (OIF) is an institution based essentially on the sharing of the French language as a lever for cooperation, and aims to promote common core values ​​such as the rule of law, democratic governance, consolidation of the rule of law, respect for human rights and fundamental freedoms. Through the mandates entrusted to it by member states and governments, notably to prevent and peacefully resolve conflicts in the French-speaking world, the OIF is also recognized as an international player contributing to peace and security. of global security. The Secretary General, the keystone of La Francophonie, is…

Stephane Fischler, Interim President of the World Diamond Council (WDC) and Marie-Chantal Kaninda, Executive Director of the WDC, visited Democratic Republic of Congo (DRC) last week to meet key players in the Kimberley Process (KP) . Two topics were on the agenda according to the New York Times: the DRC’s support for reform of the Kimberley Process and the traceability of artisanal miners in the DRC. Some 200,000 of these minors have been registered.The successes in the DRC are to be put in the account of Marie-Chantal Kaninda, appointed executive director of World Diamond Council since March 2017. With 20…

WARA has decided to affirm the long-term rating of the African Rubber Planting Company (SAPH), the leader in natural rubber production in Ivory Coast, at BBB, while changing its perspective to “positive”. In a report dated May 17, 2018, West Africa Rating Agency (WARA) indicates that on its regional scale, the long-term rating of SAPH remains “BBB”, still in investment grade. Its short-term rating also remains unchanged at “w-4”. On the other hand, the perspective goes from stable to positive. At the same time, on its international scale, WARA affirms SAPH’s rating and modifies its perspective as follows: iB /…

Good news for CEMAC (Community of Central African States) and crude producers in general. The barrel of oil Brent exceeded $ 80 Thursday for the first time since November 2014, driven by tensions around Iran, Venezuela and several production sites at the doors of major conflict. The uptrend is strong, the CEO of Total even evoking the prospect of a barrel to 100 dollars. The price of the barrel for delivery in July rose to 80.50 dollars in session Thursday after having crossed at 09H50 GMT the cap of 80 dollars. It finally closed at 79.30 dollars, up 2 cents…

Rwanda is pursuing quiet diplomacy to place Louise Mushikiwabo, 56, her foreign minister since 2009, at the head of La Francophonie. According to our information, many member countries support the possibility of such a candidacy supported by the troika Paris, Rabat and Dakar. This means that the Canadian Michaelle Jean, 60, in office since 2014, will have to fight hard to win. The obstacles are numerous. To the frigid relations with Paris and the positive neutrality of his country, Canada, add a distancing cultivated with African palates and, last but not least, a halftone balance and a reputation of spendthrift…

This is good news for trade in Mali, but especially for small and medium-sized enterprises: the Board of Directors of the African Development Bank approved, on May 16, 2018 in Abidjan, Côte d’Ivoire, a line € 8 million loan to the Sahelo-Saharan Bank for investment and trade in Mali (BSIC-Mali). It should take advantage of this line of credit to strengthen its financing efforts for small and medium-sized enterprises, one of the key sectors of the Malian economy. In the long term, this support from the Bank should allow the creation of dozens of jobs. The facility, which is a…

In a meeting held on the margins of the 51st Conference of African Ministers of Finance, Planning and Economic Development, ECA Executive Secretary Vera Songwe and Mauritanian Minister of Economy of Finance Moctar Ould Djay agreed to strengthen bilateral cooperation in several fields, including technical assistance. Ould Djay thanked Songwe for ECA’s work in support to the Mauritanian strategy for accelerated growth and shared prosperity (SCAPP), requesting that the project be expanded to include the strengthening of national implementation and follow-up capacities. Ould Djay and Ms Songwe agreed to make Mauritania’s success stories better know, especially in areas such as…

Ecobank (www.Ecobank.com) won the Best Digital Strategy Award at the Retail Banker International’s prestigious awards ceremony held at the Waldorf Hilton Hotel in London last week. Ecobank’s digital strategy leverages digitalisation for scale and ubiquity and is the key plank in its ambition to be the top consumer financial services franchise in Africa and to achieve its target of serving 100 million customers. The Ecobank Mobile App, which has already been downloaded by over 5 million people, is a unified banking app serving 33 African countries, enabling 24/7 banking services and transactions in 18 different currencies and in four major…

Communist China has dethroned the ultra-liberal USA in the world’s top 100 largest banks by assets signed S & P Global Market Intelligence. China’s big banking industry, made up of state-controlled banks, occupies the top 4 places in the world. It is in the order of Industrial & Commercial Bank of China Ltd, China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. These four dragons total $ 13,637 billion in assets, up $ 1,727 billion since last year. The Chinese supremacy is explained among other things by a revaluation of the Chinese currency, the Yuan,…

With $ 229 billion in assets at the end of March 2018, Qatar National Bank (QNB) is the largest bank in Africa and the Middle East. At $ 46 billion below, arrives First Abu Dhabi Bank, flagship of the United Arab Emirates. South African Standard Bank emerges in third place with $ 163 billion in assets. Two other South African banks, namely, First Rand Ltd and Barclays Africa Group rank respectively 8th and 9th in this top 30 Middle East and Africa. First Egyptian in this ranking, the National Bank of Egypt is 14th with a total balance sheet of…

For depositors of the Congolese Bank, in liquidation since 2011, it is the end of the ordeal: from Thursday, May 17, the Central Bank of Congo (BCC) will begin repayment of their assets. The operation will be executed through two major banks of the Congolese financial center, the Raw Bank and the Commercial Bank of Congo (BCDC) and will initially concern 2708 depositors – 95% of clients of the Congolese Bank ( BC) – who will be reimbursed for all their assets. The announcement was made late last week by the governor of the BCC, Deogratias Mutombo, who delivered this…

This Tuesday, May 08, 2018, was held a meeting in Dakar during which Mr. Ibrahim KOUROUMA General Manager of the company RCG WEST AFRICA and Mr. Fabrice PIOFRET President of the company VEILLEUR DES MEDIAS have signed a distribution agreement, for the launch of a new media watch service, offered to companies and institutions in Senegal. Media monitoring is a service that consists of gathering, analyzing and making available to companies, all press, web and social media related to them, through solutions designed quickly to meet their needs. This media monitoring service will allow the RCG WEST AFRICA agency to…

The Senegal Business Council (CDES) and the Compagnie Générale de Finance et de Gestion (CGF Gestion) have agreed to set up a collective savings scheme, through a Retirement Savings Plan, for the benefit of employees, managers and associates. companies members of the employers’ organization. The official signing ceremony for the “PER-CDES” regulation took place on May 15, 2018, at 11:30 am, at the offices of CGF Bourse, in the presence of Mr. Babacar DIAGNE, President of CDES, Mr. Kalidou DIALLO, CEO of CGF Gestion, Marie Odile SENE KANTOUSSAN, CEO of CGF Bourse (photo) and several members of the executive boards…

African and European traveltech startups merge to become frontier markets leader  Senegalese Teranga Solutions has merged with HotelOnline to create a traveltech industry leader in the global frontier markets. The companies individually had systems and business models that were complimentary and together they now have a cloud-based ecosystem platform for independent hotels – the first of its kind, making HotelOnline a global leader in frontier markets. Moustapha Ndoye and his brother Alioune Ndoye returned to their native Dakar, Senegal right after college in the US to launch Teranga Solutions. They quickly became a market leader, recognized in 2013 by Demo…

On the occasion of the Annual Forum of Sovereign Funds of the member countries of the Islamic Development Bank, the Gabonese Strategic Investment Fund (FGIS) and the Eranove Group launch in Gabon the companies ASOKH ENERGY and LOUETSI HYDRO which will carry the hydroelectric projects respectively Ngoulmendjim and Dibwangui. This marks a new milestone, following the signature on 21 October 2016 between the Gabonese Republic and the FGIS / Eranove consortium of two concession agreements for the design, financing, construction and operation of these hydroelectric plants. The Ngoulmendjim (ASOKH ENERGY) and Dibwangui (LOUETSI HYDRO) hydropower plants will contribute to meeting…

For its first ever engagement in Africa, The Rise Fund is managing $ 47.5 million for Cellulant, Africa’s leading provider of online payments. The Rise Fund, a global investment fund committed to achieving social and environmental results, managed by TPG Growth, is making its debut on the continent and is investing in an online payments provider, which is transforming technology financing services across the globe. ‘Sub-Saharan Africa The Rise Fund, a global investment fund managed by TPG Growth, an equity investment platform, announced today the signing of an agreement to acquire a stake in Cellulant, a leading payments provider online,…