Author: Ibrahima jr Dia

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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