Author: Amadjiguéne Ndoye

The New Development Bank (NDB), formerly known as the BRICS Development Bank, plans to lend up to $ 600 million more to South Africa this year to spread funding more equitably between its five Member States. “Our goal is to be fair among our five members. If you look at the $ 4 billion we are going to make this year, we should lend about $ 800 million to each country. I hope this year we will reach that figure, “said NDB President K.V. Kamath, quoted by Bloomberg. NDB announces two new loans for South Africa, Kamath said. One of…

The Egyptian bank, EFG Hermes Holding, announced on Thursday (July 19th) the signing of a definitive sale and purchase agreement (SPA) to acquire all of Primera Africa, a premier brokerage firm in Nigeria. Like the EFG Hermes office in Kenya in the eastern part of the continent, this acquisition will enable the Egyptian bank to prepare for its expansion in West Africa. “Nigeria is our fourth straight entry as we continue our strategy of expanding our geographic footprint in high-potential emerging frontier markets. At the closing of this transaction, we will be present in 12 jurisdictions spread across four continents…

Kenyan President Uhuru Kenyatta announced on Thursday that his country will double its stake in Africa50, the African venture capital fund supported by the African Development Bank (AfDB). “The private sector is important to fill the investment gap on the continent and the African private sector to set an example by investing in Africa so that other investors around the world can have the confidence to channel their funds to the continent. He said at the official opening of the 53rd Africa50 shareholders meeting in Nairobi. It should be noted that Kenya’s contribution was up to $ 50 million, and…

Allianz, Europe’s leading insurance group, announced on Wednesday (18 July) the finalization of the 99.03% acquisition of Nigerian insurer Ensure Insurance plc of Greenoaks Global Holdings, its largest shareholder. The new Allianz company will continue to operate in Nigeria as Ensure, and will benefit from the technical expertise, global presence and financial support of the Allianz Group. “We have clearly identified Nigeria as a high potential market in Africa with a strong regulatory environment and interesting demographics,” commented Coenraad Vrolijk, CEO of Allianz Africa. “We are delighted to enter this rapidly growing market with the acquisition of a solid financial…

The Societe Generale banking group has decided to inject an additional € 2 million into the capital of the TagPay mobile banking platform, French FinTech specializing in the banking of the unbanked in Africa. This investment, which brings to 19.23% its participation in TagPay, is part of a capital increase intended to finance the technical developments of the company which becomes more complex with the production of new services to individuals, such as the payment of taxes. local, but also to businesses. “This operation embodies a tacit commitment made two years ago to strengthen our ties with TagPay if our…

The eighth session of the Sino-Arab Cooperation Forum in Beijing recorded the creation of a Sino-Arab Banking Association which aims to channel financial assistance to development projects, mainly those related to the Chinese initiative. from the “Silk Road” – “One Belt, One Road”. It is an initiative of internationally renowned banks, proceeding from China and the Arab countries, among others, the China Development Bank, the Lebanese bank Fransabank, the National Bank of Abu Dhabi and the Moroccan bank BMCE Bank. Other financial institutions are announced to join. It should be noted that, as the first of its kind, the association…

The credit of the African Development Bank (ADB), in favor of the plan Digital Tunisia 2020 was approved, Tuesday, July 17, by the Tunisian parliament. The agreement in question concerns the sum of 85.1 million dollars, intended to finance the project “Digital Tunisia 2020”. As a reminder, the Tunisian government concluded an agreement with the ADB, on December 21st, for the financing of the project “Digital Tunisia 2020”. The project aims to move towards a digital administration that presents quality digital services to the citizen. It helps to create opportunities for work in the digital sector and in the transfer…

The Ivorian state started Monday, July 16, a public offering of an amount of 100 billion CFA francs, or nearly $ 179 million to finance the investments planned for the budget 2018. The transaction will be carried out by the Treasury will run until July 26, and will be paid at a rate of 6% over eight years (2018-2026), with a constant annual depreciation of capital with two years of deferred. According to the note of the public treasury, the subscription period, lasting 10 days, may be shortened, extended or moved at the discretion of the issuer, after consulting the…

Moroccan bank BMCE Bank of Africa has obtained permission from the Chinese authorities to open a subsidiary in Shanghai, making it the first bank of the Kingdom of Morocco to settle in the People’s Republic of China The authorization obtained on July 4, from the Chinese Regulator for Banking Supervision, China Banking Regulatory Commission, will allow the BMCE Bank of Africa to strengthen the existing economic relations between Morocco and China. And also to actively participate in Trade Finance and Project Finance operations between China and the African continent. The bank’s authorities have decided to entrust the management Said ADREN,…

The European Bank for Reconstruction and Development (EBRD) has awarded a € 16.5 million loan to Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group. The financing will, among other things, supply the Peugeot PSA plants in Kenitra and Renault in Tangier, in line with the Moroccan authorities’ desire to increase the local integration rate of these sites to 60% by 2020. There is also the training component with the care of more than 180 young people. According to Adil Chikhi, director of the EBRD’s corporate activities in the region, this is the third EBRD-financed project in…

General manager of Credit Suisse in his state, the French-Ivorian Tidjane Thiam was awarded the title of “banker of the year”, this Wednesday, July 11 in London, at the ceremony of the Euromoney Awards for Excellence 2018. This award rewards the successful restructuring of the second largest Swiss bank, as well as the return profitability over the past three years, led by Tidiane Thiam. In addition, Credit Suisse has also been voted best investment bank in emerging markets. In his post as head of Credit Suisse since 2015, the head of Credit Suisse began his career in Paris, after graduating…

The rating agency Fitch Ratings has maintained at “B”, the note of the sovereign risk of Angola. The country remains in the highly speculative category. However, in its report released Tuesday, July 10, the agency revised the outlook for economic growth from “negative” to “stable.” “We have revised the outlook based on improvements in the economy following the introduction of a new exchange rate regime, from a fixed-rate system to a system in which market forces determine the exchange rate. She says. According to Fitch Ratings analysts, Angola’s reform agenda includes monetary, fiscal and structural adjustments that should reduce external…

In less than a year, Cameroon will have a new Lafarge-Holcim cement plant. These words are from Pierre Damnon, The now ex-general manager of the Cameroon Cement Factory (Cimencam), a local subsidiary of the group, which officially handed over its chair to Benoît Galichet on July 9, 2018. With a production capacity of 500,000 tons per year, the new cement plant, located in the village of Nomayos (in the center of the country), will bring to 2 million tons, the overall production capacity of Cimencam which has lost the monopoly of the market with the arrival of Dangote Cement in…

The Angolan central bank canceled last week the authorization granted to the pan-African financial group Ecobank Transnational Inc. to create Ecobank Angola after its expiration. Officially, the central bank mentions “the repeated non-compliance with the legal deadline for starting the activity”. It should be noted that according to the fundamental law of the financial institutions in Angola, the legal deadline for the beginning of the activity is 12 months after the granting of the license. A period that can be extended once, for six months. As a reminder, it was in 2013 that the Lomé-based bank announced its intention to…

Ecobank Nigeria has signed with Total Nigeria Limited, a strategic partnership to provide agency banking services at Total gas stations across the country. This partnership will enable the pan-African bank to offer its services in 100 Total stations to facilitate customers’ financial transactions such as deposits, withdrawals and opening an account. In addition to this, Ecobank transfers to other banks. “Deploying Ecobank Xpress Points via Total Nigeria’s sites is an extension of the bank’s distribution and financial inclusion strategy to provide banking services to all Nigerians,” said Carol Oyedeji, Director of Global Banking Services. ‘Ecobank Nigeria. In addition, Carol Oyedeji…

Mali has just received approval from the World Bank for $ 172 million (more than 86 billion CFA francs) to improve its agricultural productivity through the International Development Association (IDA). Technically, the financed project (dryland development project in Mali) will allow, for the benefit of the country, direct cash transfers and production aids, the supply of agricultural inputs, services and infrastructure, but also, facilitate access to support for community and national institutions and protect at least 20,000 households living in some of the poorest areas of the country. “These projects, which have just been approved by the Executive Board, will…

It is under the leadership of Finactu that the African Fund for Guarantee and Economic Cooperation (Fagace) has committed itself alongside the Central Guarantee Fund (CCG), leader of the guarantee in Morocco on a partnership agreement concerning technical assistance in the area of ​​financing of the MSMEs and risk management. Concluded on June 29, 2018 in Casablanca, the agreement was signed between FAGACE’s Executive Director, Minafou Fanta Coulibaly-Kone, and Hicham Zanati-Serghini, General Manager of the CGC. Throughout the 14 African countries where it is present, Fagace has initiated a strategic renewal thanks to the launch of the FAGACE 2.0 plan,…

Ecobank Nigeria has signed a bancassurance agreement with Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company to provide insurance services to its clients. Under the terms of the agreement, Old Mutual will market life and general insurance products to customers at 62 Ecobank locations in Lagos, Port Harcourt, Abuja and Ibadan. And by 2019, the bancassurance partnership should be expanded to 200 branches across the country. Both institutions have already received accrediting authorizations, including the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN). Through this partnership, Old Mutual says it will build on…

The South African Standard Bank ranks first in the ranking of the best banks on the African continent, made by the British magazine “The Banker” which has just published its list of the 1,000 best banks in the world. On the continent, Standard Bank is followed by three other South African banks namely FirstRand, Absa Group and Nedbank Group. They are followed by the National Bank of Egypt, which comes fifth. According to the magazine’s report, among the leading African banks, Standard Bank’s Tier 1 capital, which represents the part deemed the most solid (the hard core) of the bank’s…

The US ratings agency S & P Global Ratings has awarded this Thursday, July 5 in Benin, the long-term and short-term sovereign rating in foreign and local currencies “B + / B” with stable outlook. According to the agency, economic reforms and increased public and private investment should support the country’s growth prospects. “The notes on Benin are backed by our expectation that the country’s economic activity, as well as its external and fiscal positions, will be gradually strengthened in the coming years, stimulated by the pro-growth reform agenda,” he said. -she. However, these ratings are limited by the low…

Orange SA will ally with the Ivorian group New Interafrican Insurance Company (NSIA) to start banking operations in West Africa to expand its offer in financial services. The two entities agreed on the creation of a joint venture 75% owned by the French telecom operator and 25% by NSIA. An agreement that will allow Orange to offer retail banking, microcredit and insurance services in the West African region. To do so, the group intends to rely on the assets of NSIA in Côte d’Ivoire and Senegal, assets acquired through the acquisition by NSIA of 97.07% of the capital of DIAMOND…

Nigeria’s Samaila Zubairu was announced on July 1, the new managing director of Africa Finance Corporation (AFC), replacing Andrew Alli, who has been in office since 2008. This appointment follows a six-month recruitment process, which registered more than 100 applicants. Graduate in Accounting from Ahamadu Bello University of Zaria, Samaila Zubairu, member of the Institute of Chartered Accountants of Nigeria (ICAN) and Infrastructure Development Finance Specialist with more than 29 years of professional experience. Prior to his appointment, he was CEO of Africapital Management Limited where he established a joint venture with African Investment Investment Managers (AIIM) of Old Mutual…

Proparco, the subsidiary of the French Development Agency (AFD), signed Thursday, June 28 in Casablanca, two agreements with the Central Bank Group (BCP) and the institution Al Amana microfinance. The agreement signed with the BCP concerns financing aimed at strengthening cooperation between the two parties to promote access to financing by BCP client companies, both in Morocco and in sub-Saharan Africa. As a reminder, Proparco supported in 2017, the launch of the first Green Bond in the bank’s currency of 135 million euros, participating for 35 million euros. The second partnership involves a € 3 million loan to Al Amana…

The Central People’s Bank of Morocco (BCP) received this Wednesday, June 27, the approval of the Board of Directors of the African Development Bank (ADB) for a loan of 100 million euros. A way for the multinational financial institution to support the BCP in its objective to strengthen its business financing activities in the sectors of agriculture, education, health and infrastructure in West Africa, mainly in Côte d’Ivoire, Guinea, Mali and Senegal. Other objectives pursued by the bank through this line of credit remain the improvement of the economic competitiveness of the countries concerned, the production of public revenue and…

It is on a rate of 5.5% that financial institutions in Rwanda will continue to lend in the third quarter of 2018, according to a note from the Rwandan Central Bank released Tuesday, June 26. A rate maintained due to positive macroeconomic conditions, including low inflation and exchange rate pressures, observed in the second quarter of the year and expected to prevail the rest of the year, according to Central Bank Governor John Rwangombwa . According to the results published, headline inflation stood at 3% in May compared with 0.9% in the first quarter of 2018 due to higher food…

Rating agency Moody’s has assigned to First City Monument Bank Limited (FCMB), Fidelity Bank Plc and Diamond Bank long-term, local and long-term local deposit and bank issuance ratings. World. For FCMB and Fidelity Bank, Moody’s has given a stable outlook on ratings of bank deposits and issuers globally over the long term. The agency reports that the stable outlook reflects expectations that over the next 18 months, the credit costs associated with the banks’ loan portfolio will be absorbed by pre-provisioned profits. Overall, the credit fundamentals of these banks will remain in line with those of B2 level rating, she…

Ethiopian Airlines initialed Monday, June 25 in Addis Ababa, several contracts with General Electric (GE), Honeywell and the US Trade Development Agency (USTDA). The first contract is for the purchase of “twelve General Electric engines worth $ 444 million, as well as a 10-year $ 473.5 million maintenance contract.” The second with Honeywell is for $ 10.2 million for the expansion of the Addis Ababa International Airport and $ 7.2 million for a service contract for auxiliary groups in Addis Ababa. power. USTDA to Partner with Saber Corporation to Provide Technical Assistance Grant for Airline Solutions Training Program for Ethiopian…

Zimbabwe inaugurated, on Monday, 25 June, the first bank of the Southern African Development Community (SADC) to finance small-scale women’s projects, the so-called Zimbabwe Women Micro-finance Bank (ZWMB). The new institution, which has already started its loans after the inauguration, seeks to financially promote women through affordable financing options that allow them to start their own business. On the sidelines of the inauguration, President Emmerson Mnangagwa – who presided over the inauguration ceremony – said the bank is laying the foundation for Vision 2030, by which time the country should reach a mid-level economy. He also urged this entity among…

Equity Assurance Limited will soon take the name of Sunu Insurance, according to Steve Kolubah, Chairman of the Board of Directors. This change is a logical extension of Sunu Insurance Group’s acquisition of 63% in Equity Assurance early in the year. “With the approval of the Central Bank of Liberia, Equity will be named Sunu-Liberia Limited at the end of July. Sunu is a big brand in Africa, “revealed Steve Kolubah. According to the new Director General, the Ivorian Okou Gérard Mathieu N’Katta, the priority of the job will be reserved for nationals: “we will give priority to Liberians in…

The Rwandan State has launched a new $ 30 million National Research and Innovation Fund to boost the ICT sector in the country. The Fund, which will come into effect next fiscal year, is part of the National Transformation Strategy 2017-2024. “The Government of Rwanda has allocated seed money to the National Research and Innovation Fund. Year after year, we have committed to increase our budget allocation to this innovation fund. We will continue to support research and technology by focusing on the link between our young innovators and the job market, “said Rwandan Prime Minister Edouard Ngirente. According to…