Author: Ibrahima jr Dia

The Islamic Development Bank (IDB) Group, through the Islamic Corporation for Private Sector Development (IDC), has signed a USD 10 million Shariah Compliant Credit Facility Agreement with TuranBank Azerbaijan. These resources should make it possible to finance private sector companies operating in the country, including small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic. “The funds will be used to further develop long-term funding opportunities. This by diversifying financial resources and developing the country’s non-oil sector,” commented Fazil Musayev, Chairman of the Board of Directors of TuranBank. Established in November 1999, ICD works for sustainable economic growth in its…

OPay, an Africa-focused digital payment startup, has announced the opening of its first “OPay” store in Egypt to offer services and products to individuals and businesses. The initiative is part of its expansion plan in Egypt where the structure plans to open other stores in the country. Now, the company’s customers will be able to top up their phone balance and make electronic payments for a number of services, including paying mobile phone bills. Hesham Ezz El-Din, Director of Digital and Cards Business Line at OPay Egypt, said the company is “delighted to launch its first OPay store in the…

Kenyan mobile network operator Safaricom is in talks with Ethio Telecom to share towers in Ethiopia, we learned on Monday February 28 from sources familiar with the matter. Kenya’s largest telecommunications provider is currently working closely with Ethiopia’s state-owned telecommunications operator and the Ethiopian Communications Authority (ECA) to fine-tune the details of the partnership. The Safaricom-led consortium is expected to invest $8 billion in critical infrastructure and services in Ethiopia by 2032. During that time, the company may be forced to use cell sites, cell towers and other active elements of its competitor, such as network roaming, during installation. “As…

The ECOWAS Bank for Investment and Development (EBID) has announced that its investment volume has reached USD 397 million in Côte d’Ivoire. In a press release published earlier this week, the regional institution based in Lomé specifies that this amount invested affects key sectors of the economy such as transport, infrastructure and the environment. According to the same source, this figure should increase significantly thanks to the implementation of new projects that have just been approved by the bank for Côte d’Ivoire. The document also mentions that EBID authorities paid an official visit to this West African country. During their…

Kenyan startup MarketForce, a B2B platform for the retail distribution of consumer goods and digital financial services, announced Tuesday (February 22) that it has raised $40 million in Series A funding. The round was led by V8 Capital Partners , a London and Lagos-based company with participation from Ten13 VC, SOSV Select Fund and Vu Ventures, among others. These mobilized resources should enable the company to accelerate its growth in the retail segment in Africa. They now bring the company’s portfolio to 42.5 million USD after its pre-Series A financing round last year amounted to 2.5 million USD. “Our major…

In Ethiopia, Prime Minister Abiy Ahmed inaugurated this Sunday, February 20, the production of electricity from the great Renaissance dam built on the Nile. This project, destined to be the largest on the continent, is thus taking shape nearly 11 years after the start of construction work. “The path to prosperity is open to us. Nothing can stop Ethiopia now. We will unite, come together and work together on projects like the Renaissance Dam rather than focusing on fratricidal struggles and battles that divide us,” said Abiy Ahmed, referring to clashes between his army and the rebels of the Tigray…

The World Health Organization (WHO) has designated the six African countries that will benefit from technology transfer to produce their own mRNA vaccines. These are Egypt, Kenya, Nigeria, South Africa, Senegal and Tunisia. Speaking on Friday 18 February on the sidelines of the EU-Africa summit, WHO Director-General Tedros Adhanom Ghebreyesus hinted that it has become an imperative for the companies producing the vaccines to share their technology with others. in order to effectively fight against the coronavirus pandemic which has already claimed more than 5 million lives worldwide. “The best way to deal with health emergencies and achieve universal health…

The South African bank Standard Bank Group Limited plans to buy additional shares in its Kenyan subsidiary Stanbic Holdings, through its investment vehicle Stanbic Africa Holdings Limited (SAHL). The banking establishment intends to increase its stake by the end of December 2022 to 75% against 72.25% previously. Indeed, the Kenyan Capital Markets Authority (CMA) has granted the South African bank a period of time until the end of December 2022 to finalize this acquisition transaction. This is the latest extension to the buying window since the multinational began acquiring Stanbic shares in May 2018 by offering a buyout price of…

Dark Fiber Africa (DFA), a South African company specializing in the provision of open access fiber optic infrastructure and connectivity, announced on Monday, February 14, the appointment of Heydon Hall as Chief Information Officer. The new manager has more than 20 years of experience in the field of IT and telecoms. With a PhD in Commerce from the University of Johannesburg, he has also been involved in several successful tech start-ups. His “role within the company would be focused on developing and overseeing the implementation of a robust and integrated information technology strategy, as well as overall digital transformation and…

The International Monetary Fund (IMF) has warned that South Africa will face lackluster growth despite a faster-than-expected recovery from the Covid-19 pandemic. In a press release published on Friday, February 11, the Bretton Woods institution forecasts that growth will rebound to 4.6% in 2021, after contracting by 6.4% in 2020. However, the monetary institution was optimistic. Believing that the economic recovery should increase in the context of low vaccination rates and foreign travel bans decided because of the Omicron variant. Despite this positive note, the IMF maintains that the economic recovery remains fragile because it has been accompanied by a…

Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance companies, has announced the appointment of Paul Oki as an independent nn-executive director. The company has notified shareholders and the Nigerian Exchange Limited (NGX) of the proposal, which has been approved by the National Insurance Commission. The new director has more than 23 years of experience in the areas of corporate law, telecommunications, aviation, energy, among others. He has expertise at the administrative level, which means that he is courted by many international establishments. Holder of a Bachelor of Laws from the University of Benin in 1997 and admitted to the…

LOLC Holdings Plc, a Sri Lankan holding company, will acquire nearly 73.2% of the shares of Key Microfinance Bank Plc, a microfinance bank operating in Kenya. Sri Lanka’s second-largest listed company by revenue recently obtained regulatory approval for the deal. The holding company now takes control of the national microfinance bank licensed by the Central Bank of Kenya. Under the terms of the agreement, LOLC is expected to purchase 31.4 million shares at a price of $0.07 each, valuing the transaction at $2.1 million. The multinational should help Key Microfinance to reorganize its basic banking system in order to improve…

Telecommunications tower company IHS Towers announced on Monday (January 31st) that it has appointed Sandile Msimango as Vice President and CEO of IHS South Africa. The new resident was the head of passive infrastructure investments and management for MTN Group between 2009 and 2015. This appointment comes in a context where IHS Towers has acquired 5,709 telecommunications towers from MTN for 412 million USD in South Africa. The South African multinational telecoms company had said it will use these resources to reinvest in strategic growth initiatives such as securing high-demand spectrum. According to IHS, Sandile Msimango was instrumental in MTN’s…

MTN Nigeria made a net profit of 298.65 billion naira (719 million USD) in 2021, according to financial results released recently by the telecommunications company. At this level, the profit of the subsidiary of the South African multinational MTN Group increased by 45.5% over one year. Operating margins – calculated from earnings before interest, taxes, depreciation and amortization (Ebitda) – increased by 2.1 percentage points to 53%. Regarding the group’s revenue, it has seen an increase of more than 70 billion naira (169 million USD) in 2021 thanks to value-added services which include airtime lending and mobile money (Fintech ),…

Google LLC, an American technology services company, will invest up to 1 billion USD in Bharti Airtel, parent company of Airtel Africa. The initiative is part of the strengthening of the Indian telecommunications operator’s digital offers. In a press release sent to the press on Friday January 28, the two entities indicated that this agreement will be carried out in two tranches. First, the American web giant will take a USD 700 million stake in Airtel (at a price of USD 9.77 per share). Next, the company will take another $300 million stake for the implementation of business deals, including…

Ugandan commercial banks earned 12 billion shillings (3 million USD) in commission as insurers during the 3rd quarter of 2021, the local press reported on Wednesday (January 26th). This result shows that bancassurance has become a new source of revenue for financial institutions. Since 2017, the Uganda Insurance Regulatory Authority (IRA) has licensed 20 commercial banks to operate as insurers. An initiative that aims to expand the distribution of insurance services nationally and continentally. According to the latest IRA statistics, banks recorded insurance business worth 56.9 billion shillings (USD 16 million) in gross written premiums for life insurance business. This…

Shell has discovered oil and gas in the Graff-1 well located in block 2913A, off the Namibian coast, we learned on Tuesday January 25 from reliable sources. The government plans to make an announcement next week on the details of the discovery of the well the Anglo-Dutch oil company started drilling last December. Several indicate that these are major discoveries which showed a layer of hydrocarbons at least 60 m deep, containing approximately 250 to 300 million barrels of oil and gas equivalent. “If successful, Graff-1 could spur significant international investment in a region that has had minimal E&P exploration…

The International Finance Corporation (IFC) has granted a USD 15 million loan to GTBank Kenya, a subsidiary of the Nigerian Guaranty Trust Bank Plc, we learned on Tuesday January 25 from sources familiar with the matter. This amount will be used to support Kenyan small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic. The funds come from IFC’s $8 billion facility for clients in emerging markets affected by the effects of the pandemic. “The IFC loan will help the bank meet the working capital and business needs of businesses, especially SMEs who are among our core clients,” said Olabayo…

Standard Bank Group Ltd announced on Monday January 24 that 99% of its transaction volumes in South Africa are now cashless. A trend that helps the largest in Africa in terms of assets to reduce costs. “What we have seen is incredible change. It shows that customers are more than committed to going digital,” commented Sim Tshabalala, Managing Director of the Johannesburg-based bank. The pandemic and subsequent lockdown across the continent prompted Standard Bank customers to switch to digital banking. Outside the most industrialized country in Africa, digital transactions represent 95% of the volume of the bank which has also…

MTN South Africa has appointed Michele Gamberini as Chief Technology and Information Officer effective February 1, 2022. He boasts approximately 25 years of experience in the telecommunications industry. Formerly responsible for Cellular Planning and then for the Radio Department in Amena, Spain’s third largest mobile operator (between 1998 and 2002), Michele Gamberini also held the position of Network Director at Hellas Greece from 2002 to 2005. From 2005 to 2009, he was worked as director of the network operation area, being responsible for the deployment and maintenance of mobile and fixed networks in Italy. From 2009 to 2011, the electronic…

Africa50, an infrastructure investment platform in Africa and Power Grid Corporation of India, an Indian state-owned power generation company, signed a joint development agreement to launch Africa’s first power transmission PPP project in Kenya . The project includes the development, financing, construction and operation of the 400 kV Lessos – Loosuk and 220 kV Kisumu – Musaga transmission lines under a public-private partnership (PPP). When completed, it will be the first independent electricity transmission network (IPT) in Kenya. And establish a benchmark in Africa as the first financing of transmission lines on a PPP basis. Under the terms of the…

Afrikrea, an e-commerce platform for African products, changed its name to Anka and managed to raise $ 6.2 million in a pre-Round A funding round. Now, the total investment of the company is worth $ 8.1 million since its inception in 2016. In its statement, the company said that “the development coincides with its rebranding – rebranding to Anka and strengthening its all-in-one solution to sell anywhere, ship globally and receive payments. quickly “. He added: “The new capital will be deployed to develop Anka’s mobile e-commerce infrastructure, SaaS, allowing effortless global access for its retailers, as well as investing…

The president of the Algerian Union of Insurance and Reinsurance Companies (UAR), Benmicia Youcef (photo), announced on January 10, 2022 that the Algerian insurance market will welcome during the year 2022, two new public insurance companies whose authorization file is in progress. Speaking in the columns of ‘El Moudjahid’, the Algerian national news daily, the official argued that the rich market of 23 insurance companies under Algerian law will grow to 25 by 2022. For Benmicia, 2020 has been a difficult year for the sector in the country which has been hit hard by the devastating effects of the coronavirus…

Volaris Group, an international software and services provider, announced on Tuesday (January 4th) that it had acquired a 63.87% stake in South African software company Adapt IT Holdings. The transaction has been approved by various competition authorities, including the body responsible for regulating acquisitions and the Johannesburg Stock Exchange (JSE). “The acquisition is a magnificent South African achievement. Adapt IT was founded in 1996, the company was listed on the stock exchange in 1998, and has successfully grown its customer base to over 10,000 customers in 55 countries around the world. With this acquisition, Adapt IT will have the opportunity…

Ethiopia is suspending the tender process for the granting of a second telecommunications license and will relaunch it in the “near future,” the government communications service said on Thursday (December 23rd). The state said in September it had solicited requests for proposals for the license, which was due to be issued in January 2022. As a reminder, the Horn of Africa country only sold one of two full-service licenses offered in May. It is the consortium led by the first Kenyan operator Safaricom which had won the contract. The licenses are seen as a big prize in the country’s push…

The French Development Agency (AFD) and the Senegalese government signed a memorandum of understanding on Tuesday (December 7th) aimed at strengthening the entrepreneurial dynamic and the private sector in Senegal. The document was signed by Amadou Hott, Minister of Economy, Planning and Cooperation, and Bertrand Walckenaer, Deputy Director General of AFD. According to the terms of the agreement, AFD undertakes to accompany the discussions and support the reforms undertaken by the Senegalese authorities to boost entrepreneurship and VSEs / SMEs, by providing technical assistance tools as well as funding of up to 100 million euros over three years. In his…

Ecobank Transnational Incorporated (ETI) published its financial results for the third quarter ended September 30, 2021 on Monday, December 6, 2021 on the Nigerian Exchange Limited (NGX), the Nigerian stock exchange. The figures show net profit of $ 256 million in the first 9 months of the year, up 847% year-on-year and in dollars. However, quarter over quarter, the bank recorded a 57% increase in net income to 6.2 billion naira (15 million USD) from 4 billion naira (10 million USD) recorded in the second quarter. 2021. Regarding interest income, it increased by 12.02% year-on-year to reach 445.12 billion naira…

Morocco recently announced that it has completed its plans / preparations to develop the Morocco-Nigeria Gas Pipeline Project (NMGP). A new regional onshore and offshore pipeline that aims to bring natural gas resources from Nigeria to Morocco through West and North Africa. The NMGP is expected to provide natural gas resources from Nigeria to 13 countries in West and North Africa as an extension of the existing West Africa Gas Pipeline (WAGP) between Nigeria, Benin, Togo and the Ghana. The Cherifian kingdom has also indicated that it has set up a downstream division of the National Office of Hydrocarbons and…

BancABC, a Botswana commercial bank, announced on Tuesday (November 30th) that it will now operate under the name Access Bank Botswana. The bank said it has completed all the processes required to sport its new logo and colors. The name change comes nearly a month and a half after Access Bank Plc, a leading pan-African commercial bank, finalized the acquisition of a 78.15% stake in the local entity listed on the Paris Stock Exchange. Botswana. Access Bank’s entry into Botswana is in line with its drive to expand across the African continent and its strategy to be the continent’s financial…

Kenya mortgage finance specialist HF Group has released its financial results for the third quarter ended September 30, 2021. It shows that the financial institution reduced its net loss by 22% to 570 million shillings (5 million USD ) during the first 9 months of the year. The Nairobi-listed company recorded a net loss of 730.21 million shillings (6.4 million USD) during the same period last year. This performance was driven by growth in non-interest income and lower operating expenses. Indeed, the mortgage financier recorded a 12.2% growth in non-interest income while total operating expenses fell 12.5% ​​to $ 21…