Author: Ibrahima jr Dia

Amazon, the US e-commerce giant, announced on Tuesday April 20 that it will open its first e-commerce services office in South Africa. This with a real estate investment of over 4 billion rand (281 million USD). This initiative is a first in Africa after the giant has opened in recent years, data centers for AWS in South Africa more specifically in Cape Town. City officials have said the 15-hectare plot of land will cost R 4 billion and include two constituencies. Development is expected to take place in stages, with construction spanning three to five years. This complex, they point…

The South African bank Standard Bank announced Tuesday, April 20 in a post on its LinkedIn account, the appointment of Yinka Sanni as the new CEO for the Africa region. He thus replaces Sola David-Borha who is retiring after 31 years of service within the group. This appointment will play an essential role in the continued growth of the Standard Bank group in Africa in the years to come, commented the bank listed on the Johannesburg (South Africa) stock exchange. The newly promoted, she said, should build on the work of the outgoing director. The latter, “as a seasoned professional”,…

Barely 15 months after his appointment as head of the South African bank, Daniel Mminele has just resigned from his post. Reason, disagreements with executives on the strategic direction of the third largest banking group in the country in terms of assets. CFO Jason Quinn has been named the new interim CEO with immediate effect, the bank announced on Tuesday, April 20. In its release, Absa Bank said, “It has become clear to the parties that there is no alignment on issues of strategy and culture transformation. Earlier today, the bank said that “the board of directors and Mminele are…

As of March 31, 2021, Attijari bank Tunisia’s net banking income (NBI) stood at 130 million dinars (47.3 million USD), up 3% compared to March 2020, according to an indicator note. quarterly activity published Monday, April 19 on the Tunis stock exchange. This growth is mainly due to the combined effect of the decrease in banking operating income of 5.8% to reach 202.8 million dinars (74 million USD), and the decline in banking operating expenses. from 18.5% to 72.9 million dinars (26.5 million USD). Regarding customer deposits, they increased by 14% compared to March 31, 2020. Demand deposits and savings…

Access Bank Plc has reached an agreement with Atlas Mara to acquire a majority stake in African Banking Corporation in Botswana, sources familiar with the matter reported on Monday (April 19th). The amount of the transaction has not been disclosed, but the amount will include a deferred portion payable 24 months after the closing of this transaction. A final agreement is expected in the second quarter of the year, subject to regulatory approval from the relevant authorities. Thus, Access Bank will acquire more than 78% of the shares of the Botswanan bank, held by Atlas Mara, a financial services group…

Russia and Uganda want to strengthen their economic cooperation. Indeed, the Roscongress Foundation and the National Chamber of Commerce and Industry of Uganda have signed a cooperation agreement, according to a press release issued on Friday (April 16th). It was on the sidelines of a virtual ceremony that the two parties signed the agreement. The document was initialed by Alexander Stuglev, President and CEO of the Roscongress Foundation and Olive Kigongo, President of the Ugandan National Chamber of Commerce and Industry. This convention aims primarily to strengthen economic relations between the two countries. The two sides agreed to focus on…

The financial services group Capitec announced on Tuesday April 13 that it had adopted a digitization solution to satisfy its customers and limit the negative impacts of the coronavirus on its activities. South Africa’s largest digital bank said it increased digital adoption by its customers by 28% to over 8.6 million. The bank also reported a 35% increase in the number of digital transactions to 1.1 billion. Based on reported statistics, customers completed 526 million banking app transactions (2020: 327 million) and 536 million USSD transactions (2020: 454 million) in fiscal 2021. Gerrie Fourie, CEO of Capitec Bank, said that…

Private equity firm TLG Capital announced on Tuesday, March 30, 2021, that it is partnering with Fidelity Bank to invest US $ 20 million to support Nigerian SMEs. Funding will be primarily intended for structures operating in the health, education and consumer sectors. This new investment will allow SMEs and other entrepreneurs in the country to obtain loans in the sectors listed. The funds will be channeled through TLG’s Africa Growth Impact Fund (ADIF), to SME development in the country. As a reminder, TLG Capital was committed to financing SMEs and unbanked people through the companies in its portfolio for…

The Banque Centrale Populaire group (BCP) published on Thursday, March 25, 2021, a new update of the financial results for the year ended December 31, 2020. Despite the crisis, the group’s subsidiaries, particularly in Africa, have contributed to the tune of 44% to consolidated net banking income (NBI). The group noted strong momentum in the NBI of international subsidiaries, growing by + 34%, or 3659 million dirhams (404 million dollars) in 2019 against 4903 million dirhams (542 million dollars) in 2020. A performance mainly due to the integration of the three new acquisitions in Africa (Congo, Mauritius and Madagascar). The…

South African bank First National Bank (FNB) has acquired 100% of Selpal, a startup in South Africa, offering financial technology solutions to the informal sector. In its press release dated March 23, 2021, the banking establishment stressed that this initiative aims primarily to offer banking services to populations operating in the informal sector. FNB said it will use its current collective cash processing infrastructure to enable Selpal to facilitate payments between supply chain stakeholders. Selpal merchants are indeed equipped with a point of sale device. This tool allows them to view, order, pay for and sell stocks – including various…

Bharti Airtel Group announced on Tuesday (March 23rd) that it had sold its telecommunications towers to African mobile network operator Helios Towers in Madagascar and Malawi. The deal is estimated at $ 108 million and closing is expected to close between October and December 2021. In its press release, the group points out that it has signed two separate agreements with the UK-based telecommunications company. These agreements have been entered into for both jurisdictions, and will be subject to customary closing conditions including regulatory approval. Commenting on the transaction, Airtel Africa CEO Raghunath Mandava said the group will continue to…

Less than 48 hours after the death of Tanzanian President John Magufuli from Covid-19, Tanzania has a new president. This is the former vice-president, Samia Suluhu Hassan, invested under the Constitution of the United Republic of Tanzania, or permanent constitution, ratified in 1977. John Magufuli’s running mate during the last presidential elections thus becomes the first woman president of the multiparty federal republic born on April 26, 1964 from the merger of Tanganyika and Zanzibar. According to the constitution, the Muslim woman from the semi-autonomous archipelago of Zanzibar will hold this post for at least 5 years (until 2025) as…

The board of directors of Banque Atlantique Senegal, which met on March 16, 2021, approved the appointment of Alexandra Awadi and Abdelmoumen Najoua to the respective positions of general manager and deputy general manager of the institution. The new boss of the bank has 14 years of experience acquired within the Banque Centrale Populaire (BCP) group of Morocco, in various positions of responsibility. Holder of a Masters in Purchasing Management and two Masters in Economic and Social Administration, Business Management and Trade & International Affairs options, Ms. Awadi joined Banque Atlantique Senegal in 2006 as an SME-SMI client account manager.…

Started in 2019, the renegotiation process of the “highway of the future” concession contract between the Senegalese state and the Secca Sa group has been successfully completed. The country is now a 25% shareholder, at the same time investor and regulator-investor and State-regulator. The country of Teranga has obtained notorious achievements: the abolition of the escrow account and all the conditions which made it impossible to activate it in the initial contract. For its part, the target rate of return is capped at 17% instead of 20.1% in the additional contract and with correction of assumptions. This agreement was signed…

The digital bank TymeBank announced, Monday, March 15, to have appointed David Pfaff to the positions of CEO and CFO of the group. The new boss officially took office on March 1, 2021. David Pfaff is taking over the management as the structure has already raised 1.6 billion rand ($ 108 million) from portfolio management companies Apis Growth Fund II and JG Summit Holdings. An initiative which essentially falls within the framework of solidifying its portfolio in order to diversify its offer. The newly promoted will have the heavy burden of implementing TymeBank’s new innovative consumer credit product, called MoreTyme.…

After his detention for nearly a week, the president of the Patriotes du Senegal (Pastef) party, Ousmane Sonko, is freed. The opponent is however placed under judicial supervision, and may respond to a new summons. A very strong mediation of the religious community had been activated to get there. Since the arrest of Ousmane Sonko, several dignitaries in the country including religious leaders have approached Macky Sall to convince him to play the card of appeasement. A successful mediation since the president accepted the proposals made in particular the release of his main opponent who enjoys more and more the…

Insurance group Britam Holdings is set to lay off at least 130 employees, mainly in its operations in Kenya. This process could cost an estimated 700 million shilling ($ 6.3 million) to the Nairobi-listed company. In a statement dated Tuesday, March 2, management said this is the second wave of layoffs at the company. The latter spent 664 million shillings ($ 6 million) to lay off 110 employees in 2018. The new layoff, the document points out, began on February 26 and will continue until the end of May. This with a voluntary early retirement program (VER) and the elimination…

Iran plans to launch direct shipping lines to South Africa and Latin American countries in the coming months. The head of the Iranian Chamber of Cooperatives’ Trade Development and Non-Oil Exports Commission, Babak Afghahi, announced plans for the launch of direct shipping lines to South Africa with the aim of expanding trade with those countries. The new shipping line will be launched with the support of the Islamic Republic of Iran (IRISL) and will support the development of Iran’s non-oil trade with nations in the indicated regions. Iran’s trade with South Africa reached $ 43 million from March 21 to…

Despite the worsening Covid-19 pandemic, the South African holding company Discovery has reported satisfactory progress. This performance was driven in particular by the various insurance branches of the group. At the end of the fourth quarter of 2020 results released Thursday, February 25, Discovery Insure rose 43% to 107 million rand (7.4 million dollars). VitalityHealth and VitalityLife, meanwhile, rose 24% to R1313 million ($ 42.5 million) and 206% to R327 million ($ 22.6 million) respectively. Vitality Group rose 116% to R38 million ($ 2.6 million) while Discovery Invest fell 3% to R471 million ($ 32.6 million). Meanwhile, profit for the…

The main indicators of Saham Assurance Maroc experienced an upward and downward trend in the 4th quarter of 2020, according to data communicated by the board of directors meeting on February 23, 2021. Overall turnover amounted to MAD 5,126 million ($ 575 million) as of December 31, 2020, down 5.5% compared to the end of 2019, mainly impacted by the decline in life business. In fact, the turnover of the life activity amounted to MAD 819 million ($ 92 million), a decline of 25.5% compared to the end of 2019, under the effect of the drop in collection of saving.…

After opening agencies dedicated to young people and professionals, Societe Generale Maroc is at the bedside of companies. The bank recently inaugurated 3 “business center” branches dedicated to companies in Casablanca, Tangier and Agadir. This initiative is in line with the bank’s vision, which places customer satisfaction at the heart of its strategy. “Societe Generale continues to specialize its network to satisfy all of its customers. These new “Business Center” agencies reconcile proximity and professionalism for the benefit of our SME clients, by bringing together expertise with very high added value: international, cash management, leasing, guarantees, etc. ”, declared François…

Portfolio management firms Apis Growth Fund II and JG Summit Holdings have awarded R1.6 billion ($ 108 million) in funding to South African digital bank TymeBank. This amount will essentially allow the digital entity to further expand its range of banking products and develop its portfolio. In its statement dated Tuesday, February 23, the bank said the investment is one of the largest foreign investments a fintech company has secured in South Africa. Both of these investors, TymeBank points out, are experienced in financial services in emerging markets. Apis is a private equity asset manager that supports growing financial services…

The Port of Tangier Med in Morocco is now one of the top 25 container ports in the world, according to a ranking established by Alphaliner, the merchant marine newspaper. According to the recently published 2020 ranking of the best ports in the world, the Tanger Med port has gained 7 places compared to 2019 and becomes 24th in 2020. In 2018, it was ranked 48th. The document reveals that the Mediterranean port achieved a TEU traffic of 5,771,221 in 2020 against 4,801,710 in 2019, an increase of 20.2%. In addition, the ranking, which was based on TEU traffic, revealed…

The United States, through its international development agency (USAID), has decided to support Senegal’s post-COVID-19 economic recovery plan. The Adjusted and Accelerated Priority Action Plan (PAP 2A) will receive financial support estimated at $ 600 million over a 5-year period. This new agreement was signed this Thursday, February 18 in Dakar, by the Senegalese Minister of Economy, Planning and Cooperation, Amadou HOTT, and Peter TRENCHARD, Director of USAID Senegal. This initiative mainly aims to support PAP2A, which aims to put Senegal back on its initial trajectory of strong growth before COVID-19. The state treasurer gave USAID special mention for having…

While Africa as a whole remains enthusiastic about the appointment of Nigeria’s Okonjo-Iweala as head of the World Trade Organization (WTO), some experts are procrastinating. The question that comes up on everyone’s lips on the continent from Cairo to Cape Town, via Dakar, Abidjan, Accra and Lagos, is whether the election of Nigeria will be good for Africa. This in a particular context marked by the operationality of the African Continental Free Trade Area. The public’s eyes are currently on the first woman and the first African to occupy this strategic position. Who has not waited for his “100 days…

Almost 6 weeks after losing his crown, Amazon boss Jeff Bezos is once again the richest man in the world. The reign of Tesla boss Elon Musk was short lived. According to the latest Bloomberg Billionaires Index ranking, Tesla stocks plunged into a stock market depression on Tuesday, February 16. Testa shares fell 2.4%, losing $ 4.6 billion of the owner’s fortune. This news has reversed the trend, thus dethroning the South African billionaire, Musk, from his first place. Jeff Bezos, who had held the title for more than three years until last month, reclaimed his No.1 position with a…

Bank ABC of Algeria, a subsidiary of Arab Banking Corporation, proceeded on Tuesday, February 16, with the official inauguration of its first “Alburaq” counter dedicated to Islamic finance. This operation follows the obtaining of authorization from the Bank of Algeria (BA) to market its Islamic finance products. “There is a real demand for Islamic finance from corporate clients as well as individuals in Algeria. Our establishment will seize this new opportunity to expand into the country, “said Nadir Idir, Managing Director of Bank ABC Algeria. The official added that: “‘Elburaq’ is distinguished by an innovative organizational framework, guaranteeing the independence…

Seven South African banks are included in the ranking of the 500 best institutions in the world recently published by Brand Finance, a global research group on banking brands. These are First National Bank (157th worldwide), Standard Bank (162nd), ABSA (164th), Nedbank (197th), Investec (199th), Capitec (300th) and Rand Merchant Bank (434th). Among them, only Standard Bank retains its 2020 rank, with the other six having fallen. Note that FNB, considered the best performing South African brand in the 2021 Brand Finance Banking 500 ranking, recorded an 18% drop in brand value to $ 1.3 billion. For its part, Standard…

At the end of the third quarter of 2021, the web giant, Amazon, will have a new general manager. This is Andy Jassy, ​​the current boss of Amazon Web Services (AWS), one of the group’s top-grossing businesses. The announcement was made on Tuesday February 2 following the presentation of the group’s financial results. “It has become imperative to leave my role as CEO of Amazon and concentrate on my other projects. I will give my place to Andy Jassy who will bring new blood to the company, ”said Jeff Bezos, current Managing Director. “Right now, I see Amazon at its…

Insurance group Britam Holdings has appointed Mohamed Said Karama as interim Chairman of the Board of Directors (PCA) to replace Walter Andrew Hollas, who has retired. “The Board welcomes the appointment of Mr. Karama and looks forward to benefiting from his leadership, skills, knowledge and experience,” Britam said in a statement released Tuesday, February 2, 2021. It was in April 2017 that the newly promoted joined the board as an independent non-executive director. The manager has served as a member of the investment and strategy and audit committees. Specialists in several fields including finance, Mr. Karama, worked in collaboration with…