Author: Ibrahima jr Dia

KCB Group Plc announced on May 26, 2021 that it recorded 1.8% profit growth for the first three months of the year. The Nairobi Securities Exchange-listed bank increased its after-tax profit to Ksh 6.37 billion ($ 59.53 million) from Ksh 6.26 billion ($ 58.5 million) at the same period in 2020. “The economic environment improved slightly during the quarter, although uncertainties related to the pandemic remain a major risk to the outlook,” Chief Executive Officer Joshua Oigara said in a group statement. During the period under review, operating profit increased slightly by 0.38% to Ksh 23.04 billion (USD 214 million)…

The South African bank African Bank on Thursday, May 27, published its financial results for the year ended March 2021. The establishment recorded a net loss after tax of 135 million rand (9.6 million USD) against a loss of 358 million rand (25.6 million USD) in the same period of the past year. The bank said the situation is attributable to the coronavirus health crisis, which has had devastating effects on the country’s economy. The South African economy, she points out, continues to be negatively affected by the consequences of the first and second waves of the pandemic and the…

The South African financial rating agency, Global Credit Rating (GCR), announced Wednesday, May 26, to have lowered the risk score of the financial institutions sector for Rwanda from “4.00” to “3.75 “. The South African giant stressed that the new score balances the weakening of the government’s fiscal position with rising levels of non-performance in the banking sector. This is because the public debt-to-GDP ratio is expected to increase to 80% by the end of 2022 from 71% in 2020. “We consider the sector to be somewhat overbought given the size of the economy, noting that the upper level of…

Equity Group on Wednesday (May 26th) reported net income up 64% to 8.7 billion shillings (81 million USD), thanks to strong growth in interest and non-interest income. “Our strategy, primary focus, inclusiveness, accessibility, reach, agility and quality have proven to be resilient and sustainable,” said James Mwangi, Group CEO. Regarding net interest income, it increased by 28% to 14.8 billion shillings (138 million USD), in line with a 29% growth of the loan portfolio to 487.7 billion shillings (4.5 billion For its part, non-interest income rose 30% to 25.5 billion shillings (237 million USD), giving the lender a high income…

As of March 31, 2021, Absa Bank’s net profit stood at 2.42 billion shillings (22 million USD), up 23.7% from March 2020, according to an indicator note from Quarterly activities published this Friday, May 21 on the Nairobi Stock Exchange. This performance is mainly due, among other things, to the increase in the bank’s net income which reached 5.96 billion shillings (55 million USD, + 6%). Likewise, the bottom line was boosted by the absence of 552 million shillings ($ 5 million) which had been set aside in the previous quarter as part of the “separation costs” of Barclays Plc…

Societe Generale Maroc announced Thursday, May 20, that it had appointed Karim El Hnot to the post of Deputy Director of the Investment Banking Business Unit in charge of asset management. Karim El Hnot will combine his new position with that of CEO of Sogecapital Gestion, the asset management arm of the banking institution. The newly promoted have 20 years of experience in the asset management sector in Morocco. He was successively equity analyst, bond fund manager, CIO and deputy managing director of large asset management companies in Morocco before joining Sogécapital Gestion as CEO in 2015. The new Deputy…

Co-operative Bank of Kenya announced on Wednesday (May 19th) that its net profit was 3.46 billion shillings (32 million USD) in the first quarter of 2021. This is a decrease of 3.6% compared to the same period of the previous year. This poor performance is mainly due to the increase in provisioning for defaults. Moreover, this prudential management had an impact on operating expenses, increasing by 27% to 9.3 billion shillings (86 million USD). “The group cautiously increased loan loss provisions to 2.3 billion shillings ($ 21 million) in the first quarter of the year, appreciating the challenges businesses and…

Cairo-based digital bank Telda has raised $ 5 million as part of a pre-seed funding round. This is the largest pre-seed transaction in both MENA and Africa yet – Autochek previously raised the largest pre-seed at $ 3.4 million. The roundtable was led by Sequoia Capital, an American venture capital firm with the participation of Global Founders Capital and Berlin-based Class 5 Global, which football star Mesut Özil joined as a partner. strategic. “Telda is the first digital bank in Egypt, allowing customers to create a free account in seconds, receive a free Telda card to use online, in stores,…

After Rwanda in November 2020 and Mauritania in January 2021, Guinea becomes the third African nation to sign the agreement establishing the Fund for the Development of Exports in Africa (FEDA), a subsidiary entity of the African Bank of ‘Import-Export (Afreximbank). The establishment agreement was signed on March 31 by the Minister of Foreign Affairs, Ibrahima Khalil Kaba, on behalf of the Republic of Guinea. In a statement issued on Monday (May 17th), Afreximbank said that in order to finalize the process of legally establishing FEDA, two member states must sign and ratify the agreement. The signing of the agreement…

The global financial services industry will face 4 main risks, according to a new report released by Allianz Global Corporate & Specialty (AGCS) titled “Financial Services Risk Trends: An Insurer’s Perspective”. The insurer discusses cyber incidents due to dependence on technology, the Covid-19 pandemic, legislative and regulatory developments, and environmental, social and governance (ESG) issues. Allianz indicates, in fact, that financial institutions and their administrators operate in a rapidly changing world, marked by new and emerging risks, generated by their cyber exposure, due to their dependence on technology, the tightening of regulations and the Covid-19 crisis. “The financial services sector…

MTN Rwanda, a subsidiary of the South African telecoms group MTN, announced Friday, May 7, that it had introduced part of its capital on the Rwanda Stock Exchange (RSE), the local stock exchange. The company goes down in the country’s history by becoming the first mobile network operator to register its actions with CSR. Thanks to this IPO, the shareholders of Crystal Telecom Limited now hold a direct 20% stake in MTN Rwanda and can trade their MTN Rwanda shares directly on the RSE. These shares were previously held by Crystal Telecom Plc. According to MTN Group President Ralph Mupita,…

Affected by a third wave of particularly virulent coronavirus, Tunisia has opted for general containment. Jasmine’s country will have to confine itself from May 9 to 16, 2021, according to an announcement made this Friday, May 7 by Prime Minister Hichem Mechichi. To this end, a curfew from 7 p.m. to 5 a.m. is introduced throughout the period considered. With this in mind, bars, restaurants, mosques, shops, with the exception of food, will be closed until further notice. In addition, travel will also be prohibited between governorates. Since the start of the month of Ramadan – April 13 – the…

The Central Bank of Kenya (CBK) tasked the Kenya Deposit Insurance Corporation with liquidating the Charterhouse Bank (CHB), 15 years after it was placed under statutory management following complaints of money laundering. “Due to the bank’s serious violations of banking law and its inability to remedy them, liquidation is the only possible option,” the issuing institute said in a statement released Friday (May 7th). The central bank assessed the recommendation and found that the liquidation would facilitate the orderly resolution of CHB’s assets and liabilities. This is in accordance with the laws of Kenya, in order to protect the interests…

Dutch entrepreneurial bank FMO announced on Thursday, May 6, its intention to participate in TeamApt Inc’s Series A equity (fundraising) with USD 2 million through the FMO Ventures program. The initiative aims to help the development of emerging markets by investing in innovative technology-based business models. It is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission. As a reminder, TeamApt is a financial technology company that creates financial services for millions of underserved consumers and businesses in Nigeria. The company offers payment gateways, ATMs and access…

The national telecommunications operator, Tunisie Telecom, announced on Tuesday (May 4th) that its chief executive officer, Samir Saied, has resigned for “personal reasons”. The company specifies that the resigning will hold office until the appointment of his predecessor. Former director of the Société Tunisienne de Banque (STB) and the Oman Development Bank, Samir Saied was appointed CEO of the telecoms group in April 2020, before taking office on May 4. The banker replaced, in this post, Mohamed Fadhel Kraiem, called to become minister of communication technologies and digital economy. He left the ship in a context favorable to the national…

The South African National Treasury has announced that it will continue with plans to introduce a new state bank. A tool that will essentially be put in place to help the most vulnerable populations in the country. Speaking on this issue Tuesday, May 4 in the National Assembly, the Director General of the Treasury, Dondo Mogajane, indicated that the new bank was part of the structural reforms announced by President Cyril Ramaphosa in his post-Covid recovery plan. 19. The new financial institution should, he informs, help the poorest South African populations to find financing. In addition, the person in charge…

The South African company MTN officially launched its Supersonic AirFibre offer on Monday 3 May. The telecoms giant has announced that it is starting its first commercial installation of its new service. Since announcing the solution’s launch in February 2021, the group has said it has received more than 20,000 expressions of interest, with the goal of connecting 60,000 homes in the first year. “AirFibre serves as an alternative to the labor-intensive deployment of cabled fiber, using MTN’s existing receiving network,” explained Calvin Collett, director of MTN SA Supersonic, adding that “the technology uses existing open spectrum frequencies, which can…

The International Monetary Fund (IMF) estimated at the end of last week that the Guinean economy achieved one of the strongest growths in Africa in 2020, with a 7% increase in its gross domestic product (GDP). This growth was driven by a booming mining sector which represents around 12 to 15% of the country’s GDP. However, notes the Bretton Woods institution, despite the implementation of a rapid and well-structured response plan, the pandemic has wreaked havoc on the non-mining economy, which accounts for more than 3/4 of total GDP and employs a large majority of the population. The monetary institution…

The board of directors of Tunisie Leasing & Factoring on Friday April 30 appointed Ahmed El Karm as chairman of the group’s board of directors (PCA), replacing Ahmed Abdelkefi. After more than 27 years as managing director of Amen Bank, the new PCA gave the witness last Tuesday to Néji Ghandri to run the bank. Between 2015 and 2019, Ahmed El Karm was president of the Tunisian Professional Association of Financial Institutions (APTBEF). Note also that the newly promoted is the president of the Union of Maghrebian Banks. He is now replacing Ahmed Abdelkefi, a Tunisian economist and businessman specializing…

Kenyan insurer Britam Holdings has decided to make further acquisitions in Africa as part of its growth strategy, internal sources reported on Thursday (April 29th). However, the structure did not disclose its timeline for planned geographic expansion or targeted markets and estimated capital investments. “We have the ambition to grow beyond our current footprint. We will be looking at all options by coming up with new products or looking at potential new markets, ”Britam CEO Tavaziva Madzinga said in an investor briefing on Thursday. The official added that the company has many opportunities for expansion with potential mergers and acquisitions.…

Mango Airlines, a South African airline, has been forced by the airport management company (Airports Company of South Africa Limited (ACSA) to suspend its flights for non-payment. The South African Airways subsidiary tweeted Wednesday (April 28th) that its management is in “emergency talks” with the government to find a solution. The company owes an unspecified amount to ACSA, which owns and operates hubs including Johannesburg and Cape Town. Like other airlines around the world, Mango has been hit hard by the coronavirus health crisis. The company is on the brink and is just waiting for help from the authorities to…

Absa bank launched its contactless payment service via QR Code on its mobile application. This initiative is part of a campaign to reduce physical transactions. In its press release on Wednesday April 28, the bank informed that customers registered on the Absa Mobile Banking application can now scan any QR code on the market, such as Zapper, SnapScan and Pay @. Absa said she would process payments securely, without having to download other service provider apps. Any payment processing, she emphasizes, will be subject to customer authentication using the PIN code of their Absa Banking application. This is intended to…

The leading cryptocurrency trading platform, CryptoLocally, recently announced that it has acquired Finance Bridge Academy, Africa’s fastest growing online trading school. Through this acquisition, CryptoLocally seeks to launch the online training courses of the CryptoLocally African Academy, specialized for users on the continent. The main objective of this acquisition is to achieve financial inclusion by enabling their users to learn more about cryptocurrencies and crypto trading. The platform pointed out that it started its program in Africa because it found that traditional financial institutions have failed to provide financial services to people. “Africa is home to millions of tech-savvy young…

Qatar Airways has announced that it will proceed on June 16 with the opening of a new Doha-Abidjan route. In a press release on Tuesday April 27, the Qatari national airline said it offers three flights per week between its base in Doha-Hamad International and Abidjan-Houphouët Boigny airport. Qatar Airways, he said, will operate in a Boeing 787-8 Dreamliner that can accommodate up to 254 passengers, including 22 in business class and 232 economy. Departures are scheduled Monday, Wednesday and Friday at 2.20 am to arrive at 9.10 am, return flights leaving Côte d’Ivoire at 5.20 pm to land the…

Nigerian pension fund manager AXA Mansard Pensions Limited announced its new corporate identity on Monday (April 26th). The organization, which has undergone a rebranding and name change process, will now be called “Tangerine Pensions Limited”. This change follows the completion of the acquisition of 100% of the capital of AXA Mansard Pensions Limited by Eustacia Limited, a company controlled by Verod Capital Management Limited. This process will continue upon receipt of all necessary approvals from the National Pensions Commission (PenCom). Speaking on the name change, Dapo Akisanya, CEO of Tangerine Pensions Limited (formerly AXA Mansard Pensions Limited), said the change…

The French group Total has announced that it has indefinitely suspended its $ 20 billion liquefied natural gas (LNG) mega-project in Mozambique. This after an escalation of violence in the region, including an attack in March by militants linked to ISIS. “This is the only way to best protect the interests of the project, until work can resume,” Total said in a statement on Monday April 26, recalling that this is a case of force majeure. This decision is a blow to Mozambique, which will have to lose thousands of jobs and income from gas sales. The move will also…

The International Monetary Fund (IMF) announced earlier this week its growth forecast for Botswana. The institution expects a recovery with GDP growth of 8%, despite a second wave of the coronavirus reported in the country. This growth will be driven by a strong rebound in mining activity, the easing of preventive measures for the pandemic, and wage increases in the public, said an IMF team after a mission in Botswana. Fiscal and external positions are expected to strengthen gradually with favorable terms of trade. However, notes the international financial institution, uncertainty is high and risks are dominated by the evolution…

Credit rating agency Moody’s said Moroccan banks’ profitability was put under pressure in 2020 due to several factors. These are provisioning costs in anticipation of higher credit losses, lower transaction volumes, containment measures, and one-off charges related to donations to the Covid-19 special fund, among others. According to a report published earlier this week by the agency, Attijariwafa bank (rated AWB, Ba1 negative, ba31), Groupe Banque centrale populaire (Ba1 negative, b1), Bank of Africa of the BMCE group (Ba1 negative, b1) and Credit of Morocco (Ba1 stable, ba3) represented 65% of Moroccan loans at the end of 2020. These banking…

The Board of Directors of the Absa Bank Group on Tuesday April 20 appointed Jason Quinn as interim CEO with immediate effect following the resignation of Daniel Mminele. The newly promoted inherit the bank in a particularly difficult context marked by the persistence of the coronavirus pandemic and its effects. The group hit hard by the crisis announced in March that it would focus on its digital projects to cushion the blow. A major challenge that will have to take up the “new boss” of the group which recorded normalized global profits down 51% in December 2020. But the Johannesburg-listed…

African telecommunications company Airtel Africa announced on Wednesday April 21 that it had signed a new USD 500 million loan facility with a group of partner banks. These are Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank, and two Indian relationship banks (Axis Bank and Kotak Mahindra Bank). “The new committed facility is a combination of a revolving credit facility and term loans with a maximum term of 4 years. The facility will be used to partially refinance the Group’s 750 million euro denominated bond (approximately $ 880 million) due May 20, 2021, “said Airtel Africa…