Author: Amadjiguéne Ndoye

The World Bank announced on Thursday, May 3 the agreement for Kenya of a $ 1 billion concessional loan for infrastructure projects in the areas of energy, transport and water in the regions most poor people in the north and north-east. “These infrastructure investments are laying the groundwork for additional operations that will enable sustainable livelihoods with targeted support to farmers and ranchers in the region and increased support to the most vulnerable households through regular cash transfers,” said World Bank in a statement. Funding will go to six projects, including a $ 150 million off-grid energy access initiative that…

The Islamic Bank of Guinea (BIG) has just launched an Islamic finance product “Murabaha” to allow pineapple growers in the country to acquire fertilizers and irrigation equipment as part of group orders made by the Federation of Planters from the Fruit Sector of Lower Guinea (FEPAF-BG). Designed in collaboration with the Office of Strategic Execution of the Primature (BES), “Mourabaha”, the first product of Islamic finance designed for a farmers’ organization in the country, is part of the revival of the pineapple sector put implemented by the BES, in support of the Ministry of Agriculture. The new product offers particularly…

Crédit Agricole du Maroc (GCAM) has announced the creation of a new subsidiary in Morocco, CAM Leasing, to offer leasing to farmers, particularly in terms of mechanization, in partnership with the International Finance Corporation (IFC – group World Bank), . On this, a partnership agreement was signed between the two entities, Thursday, April 26, on the sidelines of the 13th edition of the International Exhibition of Agriculture in Morocco (SIAM), from April 24 to 28, 2018. The new subsidiary offers a leasing financing offer for all sectors of the national economy, with a focus on agricultural financing – in line…

It is by participating in the raising of $ 8.6 million from Africa’s Talking alongside IFC World Bank and Social Capital that Orange Digital Ventures Africa, the new initiative for Africa’s investment fund Orange launched last June, plans to make its first investment. The operation announced this Friday, April 27, is subject to conditions precedent of use, including the approval of the competent Kenyan authorities. Based in Nairobi, Kenya, Africa’s Talking is today the leader in facilitating access to telecommunication operators’ communication and payment APIs (APIs) from developers. Once completed, this operation will enable Africa’s Talking to accelerate its internationalization…

The rating agency Fitch maintained at “B” the rating of Angola’s sovereign debt, below the investment scale, or “scrap”, and improved the outlook “negative” to “stable” “, Given rising oil prices and IMF support. According to the agency’s assessment released on Wednesday (April 25th), this improved outlook on Angola, in the long run of the currency risk rating (IDR), “reflects improvements in the management of the exchange rate regime”, as well as the government’s adoption of “an ambitious reform agenda”. Including monetary, fiscal and structural adjustments, “which will reduce external vulnerability and improve public finances”. For the country, prospects for…

“Consistent with Continental Reinsurance’s dividend policy and commitment to shareholder returns, the board has decided to maintain the same level of dividends as the year before. The Board of Directors, therefore, recommends a cash dividend of 14 kobo per share for the year under review, subject to your approval. ” It is through this statement that Continental Reinsurance Chairman of the Board Chief Ajibola Ogunshola praised the group’s performance. Continental Re, which is one of Africa’s leading reinsurance groups, posted gross revenues of 29.6 billion naira (82.33 million US dollars) in 2017, compared with 22.4 billion naira (62.3 million US…

The Kenyan capital, Nairobi, will host the 20 and 21 June 2018 annual insurance and reinsurance conference opportunities that will improve insurance penetration levels in Africa. Opportunity for organizers to bring together insurance experts to think about how to move the industry forward. The conference “Innovating to Capture Growth Potential” will be a combination of an experiential value-wide conference to explore opportunities that will improve insurance penetration levels in Africa. In addition to the conference, there will be an exhibition that will serve as an exceptional showcase where local, regional and international actors can engage and evaluate promising business solutions.…

The Ivorian subsidiary of the French banking group Societe Generale, Societe Generale de Banks de Cote d’Ivoire (SGBCI), posted an after-tax profit of 39.624 billion FCFA (around 59.435 million dollars) at the end of the 2017 financial year. The bank thus achieved a profit increase of CFAF 4,194 billion compared to the financial year 2016 when it stood at CFAF 35,430 billion. Total customer deposits are estimated at CFAF 1,286,161 billion against CFAF 1,177.156 billion in 2016, or 9.44% increase. In addition, total loans increased by 25.68% to reach CFAF 1,104.326 billion against CFAF 878.654 billion at the end of…

Uganda’s Insurance Regulatory Authority (IRA) has granted the pan-African bank United Bank for Africa (UBA) a license to launch bancassurance activities in the country. Joseph Balikuddembe, executive director of UBA Uganda, said it will be easy for the bank to promote insurance in the country given the customer base it has. “We just need to get our customers interested in insurance and explain what it is for them to adopt,” he said. Balikuddembe added that “by offering insurance services as a bank, we will have facilitated access to customers and, possibly, increased insurance penetration in the country. ” Speaking at…

The appointment comes more than a year after former CEO John Vitalo resigned amid growing investor concern over his hesitant performance and declining stock prices. The group has therefore remained without a managing director since February 2017. Atlas Mara has acquired interests in seven countries in sub-Saharan Africa, including Nigeria, Botswana, Zimbabwe, Mozambique, Rwanda, Tanzania and Zambia. Only, its performance has disappointed investors and its shares have fallen by 80% since their IPO in 2013. A situation that seems to be stabilizing lately. Indeed, on Tuesday, the group announced a net profit more than five times higher than $ 45.4…

The South African multinational MTN has announced its intention to proceed with an IPO of its Nigerian subsidiary before the end of the current year. MTN has already named a Nigerian investment company, Chapel Hill Denham, as the lead company for the IPO. Also, Rand Merchant Bank of South Africa, the global firm Renaissance Capital and Nigeria Vetiva Capital were chosen as joint issuers. The telecom giant has also appointed seven placement agents who will help market the offer. Technically, the group seeks to register its Nigerian subsidiary worth $ 5.23 billion by July 2018 and raise funds to reduce…

Maroc Telecom announces for the first quarter of 2018, an increase of 5.6% of adjusted net income group share which reached 1.582 million dirhams (171 million dollars), and an EBITDA up 5.7% to reach MAD 4,482 million (US $ 485 million). The group achieved a turnover of 9 billion dirhams (974 million dollars), up 5.6% (+ 3.5% at constant exchange rate), thanks to the significant growth in Morocco (+ 4.6%) and in subsidiaries (+ 4.9% at constant currency). The Group’s consolidated operating income grew by 8% (+ 6.6% at constant exchange rates) to reach 2.86 billion dirhams thanks to the…

Atlantic Telecom Group Togo (Moov) has just signed a partnership with Pan-African Fintech, the MFS-Africa hub, specializing in the development of innovative value-added services for mobile wallets, says Moov, to connect its subscribers to the rest of the world . A partnership that will allow Flooz users in Togo to send and receive money from and to mobile wallets and bank accounts throughout the region. Togo receives more than $ 80 million each year from other WAEMU countries and sends more than $ 35 million to these same countries. According to Abdellah Tabhiret, General Manager of Atlantique Telecom Togo, “the…

The World Bank and the State of Senegal have just signed an agreement for financing 24,100 million euros, more than 15 billion FCFA for the protection of Senegalese coasts. Signed on Saturday, April 21, this funding relates to the West Coastal Resilience Investment Project (WACA). The signing took place between Amadou BA, Minister of the Economy, Finance and Planning and Louise J. CORD, Director of Operations of the World Bank for Senegal, on the sidelines of the annual meetings of the World Bank and the Fund Monetary International held from April 16 to 22, 2018 in Washington. “This project aims…

Ecobank Transnational Incorporated (ETI) and its two subsidiaries in Nigeria and Ghana have been honored in three strategic categories at the 2018 Asian Banker – West Africa Awards. Annual awards that have enabled the Pan African Bank to gain recognition for the application or program of the best financial inclusion initiative with its innovative Xpress account. Ecobank Nigeria and Ecobank Ghana also won the best transaction bank award in their respective countries and in West Africa. Speaking at the Lagos Awards Ceremony, Asian Banker President Emmanuel Daniel said: “These awards are Africa’s most rigorous, prestigious and transparent awards program. West.…

Dar Es Salam hosts since Wednesday, April 18, the fifth edition of the African Summit of Islamic Finance. The conference, which will run until April 20, 2018, features speakers from various countries who will present their presentations on the Islamic banking and financial industry In his address at the opening ceremony, Muhammad Zubair Mughal, Chief Executive Director of the AlHuda Center for Islamic Banking and Economics (CIBE) said that East Africa is emerging for Islamic Finance and is offering a new destination for Islamic financial institutions that will open a new path for Foreign Direct Investment (FDI) in the region.…

The Engie / Meridiam consortium has just won the Senegalese tender for the construction of two solar parks cumulating 60 MW thanks to a very low proposed tariff: less than 4 c € / kWh, by tender launched by the Commission Regulation of the Electricity Sector (CRSE). ENGIE and its investment partner Meridiam had already won last year two PV projects (Senergy and TenMerina) of 30 MWp each in the country. Both projects are part of the Scaling Solar initiative, jointly led by the Senegalese authorities and the International Finance Corporation (IFC, member of the World Bank Group) in Senegal.…

Only 1% of penetration rate, it is the sad score that realized the service mobile money in Nigeria after five years of activities in the country. A very low score that affects only about two million of Nigeria’s estimated 198 million people. Meanwhile, Ghana and Kenya have penetration rates of 40% and 60% respectively. According to some market observers, the bank-run model operated in Nigeria has not been able to adequately influence the initiative in the country. Nigeria currently hosts around 21 mobile money transfer operators, which include 15 non-bank operators and six banking operators who conduct business operations. “Mobile…

The Liberian subsidiary of pan-African bank United Bank for Africa (UBA) announced the launch of a brand new mobile banking application on Monday (April 16th) in Monrovia. According to UBA-Liberia’s Managing Director, Olalekan Balogun, “the issue of overcrowded banking halls poses a serious challenge and a loss of productivity to customers, as well as to the banking institution, which can only be solved with help of the country’s digital banking system “. In the name of innovation Mr. Balogun announces that over the last two months, UBA Liberia has launched the AMEU card for students only and allows them to…

The National Bank of Egypt shows its performance on syndicated loans The National Bank of Egypt (NBE) has, in the first quarter of the current year, arranged 48% of syndicated loans in the Egyptian and African markets. According to information provided by the Bloomberg website, the NBE ranks first in the Egyptian banking market and on the African continent in syndicated loans. The bank has a 48% market share in the management of these loans. The note also shows that the bank is ranked fifth in the Middle East and North Africa region in syndicated loans for which it acted…

The Gabonese Government has announced the creation of the Gabon Agricultural Development Agency (ADAG) to replace the former Office of Research, Introduction, Adaptation and Multiplication of Plant Material. A measure supposed to put an end to the overlap of missions and institutions in charge of agriculture in the country. The mission of the agency will be to support the State on the implementation of its agricultural development policy and will be in charge of developing strategies for the promotion of the agricultural sector, ensuring mobilization, planning and implementation. value of agricultural land as well as conducting information and promotion actions…

The Arab Monetary Fund has just signed two loan agreements with the Tunisian government. With a total amount of $ 80.9 million, the financing is part of the financial cooperation between the institution and Tunisia. Agreements signed in the margins of the annual meetings of the Arab financial institutions held on April 10, 2018 in Jordan, between the Governor of the Central Bank of Tunisia and Governor of the Arab Monetary Fund for Tunisia, Mr. Marwan El Abbassi, and Mr. Abdel Rahman Al-Hamidi, Director General and Chairman of the Arab Monetary Fund. These agreements relate to the third offset credit…

While the deadline for the minimum capital requirement required by the Central Bank of Ghana (BoG) is December 31, 2018, Zenith Bank is surprised to become the first bank in the country to formally meet the benchmark index. 400 million Ghanaian cedis, or about 90 million US dollars The bank’s success follows a performance in 2017 that allowed the bank to record a pre-tax profit of more than 250 million Ghanaian cedis ($ 56.3 million), more than 23% over 2016. The bank has increased its total assets from more than $ 231 million to more than $ 914 million. The…

On Monday, the Secretary General of La Francophonie, Ms. Michaëlle Jean, received the Right Honorable Justin Trudeau, Prime Minister of Canada, at the headquarters of the International Organization of La Francophonie (OIF). The two senior officials were able to address the major issues of the day that are shaking up and mobilizing the Francophone space as well as the priority areas for increased cooperation between Canada and La Francophonie. “Canada’s support is very important,” said Michaëlle Jean at the end of their meeting, “because it allows us to vigorously pursue our action for this pragmatic and concrete” Francophonie of solutions…

The European Bank for Reconstruction and Development (EBRD) announces its intention to deploy in sub-Saharan Africa, according to its president Suma Chakrabarti. Also, he added, the bank announces its willingness to lend 2.5 to 3 billion euros more than its average of 9.5 billion euros in recent years, without the need for more capital. The bank totals around € 7 billion of investments in the Middle East in North Africa since its beginnings in the area in 2012. “The bank could possibly invest an extra 500 million euros a year in its 37 countries of existing operations,” he added, adding…

The Nigerian subsidiaries of Access Bank Plc, United Bank for Africa (UBA), Lafarge Africa Plc and the Nigerian independent oil and gas company Seplat Pretium Development Company Plc will join from Monday, April 16 the Premium Board of the Nigerian Stock Exchange (NSE) ). They will join Dangote Cement Plc, FBN Holdings Plc and Zenith International Bank Plc which were transferred to the Premium Board in 2015, bringing the total number of companies to seven. Premium Board is the listing segment for the elite group of issuers that meet the most stringent corporate governance and listing standards of the Nigerian…

The Board of Directors of the International Finance Corporation (IFC), a subsidiary of the World Bank, has approved the granting to BMCE Bank of Africa (BOA) of a risk-sharing facility (RPF) of a total amount of $ 60 million. A loan to support SME financing. This will include SMEs from ten African countries in the fortnight where the bank is present (Burkina Faso, Côte d’Ivoire, DR Congo, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo). In concrete terms, it is hundreds of SMEs from these target countries and customers of the BOA group that will have to benefit, over a…

Ecobank Kenya on Wednesday (April 11th) launched the Emerald Ecobank Business Club to expand opportunities for its small and medium-sized business (SME) customers by creating direct links between business operations in 33 African markets with more than 12.8 million of customers. With the club, the bank will provide SMEs with direct networking platforms, market information as well as consulting services to key companies, associated partners, foreign trade facilitation and preferential banking. The Emerald Ecobank Business Club will focus on strengthening intra-African trade in the Bank’s presence in 33 African markets, enabling SMEs to leverage Ecobank’s customer book to authenticate and…

French telecom giant Orange announces that it will successively launch its mobile bank, Orange Bank, in Madagascar and Mali in the first half of 2018, followed by Côte d’Ivoire and Senegal in the second half of the year. According to Bruno Mettling, President and CEO of Orange for the Middle East and Africa, who made the announcement, the banking activities of Orange will extend to Niger and Guinea during the year 2019 . Online banking will offer users in Africa services including simple savings products, access to credit services and insurance. And Mr. Mettling to announce that Orange Bank will…

The Development Bank of Mali (BDM-SA), a subsidiary of the Moroccan group BMCE Bank, announced for 2017, a profit of nearly 13 billion FCFA (24.57 million dollars) against a forecast of 10.824 billion FCFA (20 , $ 45 million), following the 63rd session of the Board of Directors, Saturday, April 7, in Bamako. Considered as one of the largest financial institutions in the country, BDM-SA posted a net banking income of 34.63 billion FCFA in 2017, against 33.889 billion CFA expected, an implementation rate of 102 pc. Client deposits reached more than CFAF 462 billion in 2017, and total direct…