Author: Ibrahima jr Dia

South African bank African Bank announced Monday, January 25, that its chief executive, Basani Maluleke, has resigned from the group to pursue other career opportunities. The bank noted that the outgoing CEO has made a significant contribution to the development of the structure in recent years. “I am extremely proud of what we have accomplished over the past three years and grateful for the dedication and hard work of our staff. It has been an honor to serve as CEO of African Bank during an important phase of the transformation of the organization, ”commented Maluleke. The bank said the board…

A few hours before the inauguration ceremony of the new President of the United States (EU), Joe Biden, America risks experiencing an unprecedented scenario. The outgoing presidential couple, Donald Trump and Melania, will not welcome the Bidens to their new home, as is the tradition in the United States. A “historical fact” which has elicited many comments because since the founding of the United States (July 4, 1776) this phenomenon has never happened. According to some analysts, Trump’s attitude will forever be etched in the annals of American history. Since the 19th century, tradition dictates that the two presidents, entering…

Shaken by the coronavirus crisis, the Kenyan insurance sector performed poorly in the second quarter of 2020. According to the latest data from the Insurance Regulatory Authority (IRA), policy buybacks increased significantly during the review period. Thus, they saw a rise of 26% to 5.33 billion shillings (48.4 million dollars) against 4.22 billion shillings (38.3 million dollars) published during the previous similar period. The number of lapses of insurance policies – coverages canceled due to non-payment of premiums and depletion of cash value – has also increased over the same period. Data from the Association of Kenya Insurers (AKI) showed…

Delayed by Covid-19, the implementation of the African Continental Free Trade Area (AfCFTA) was announced for January 1, 2021 by the Assembly of Heads of State and Government of the African Union (AU) . But the fundamental question is whether Africa is ready to start this integration process which is one of the major flagship projects of the organization’s 2063 agenda. Less than 48 hours from the operationalization of the African Continental Free Trade Area (AfCFTA) which aims in particular to increase intra-African trade, the continent is holding its breath. Commercial players are impatient to discover the new rules of…

The credit rating agency, Wara, affirms Coris Bank International (CBI) ‘s investment category rating with “BBB +” in the long term and “w-3” in the short term. At the end of its last assessment, dating from August 2020, published Monday, December 28, the agency notes that the outlook attached to these ratings remains stable. These good grades, she emphasizes, confirm the bank’s leading position in financing the Burkinabé economy and SMEs in particular. Wara explained that an improvement in CBI’s rating depends on several factors including a significant and lasting gain in market share in Burkina Faso and a diversification…

The leading pan-African banking group, Ecobank, on December 22 launched an e-commerce solution for African micro, small and medium enterprises (MSMEs). This initiative is part of the bank’s strategy to leverage financial technology (Fintech) to strengthen financial inclusion in Africa. The new platform will allow MSME customers to create their online stores for free. Consumers will also be able to select products from the inventory list before delivery and make payments using internationally accepted bank cards. These are Visa or MasterCard, EcobankPay QR code, among others mobile money. Ade Ayeyemi, CEO of Ecobank Group, said that “one of the challenges…

After the acquisition of the Commercial Bank of Congo (BCDC), the banking group Equity Bank saw its total balance sheet approaching 1,000 billion shillings (9.2 billion USD), reports internal sources of the group on Wednesday 23 December. It thus becomes the first bank in East and Central Africa to reach the trillion shillings balance sheet mark. This ramp-up will help increase Equity’s visibility on the financial sector in East Africa. It will also allow the bank to compete favorably with financial institutions in South Africa, West Africa and North Africa for the financing of development projects. “We are delighted to…

Senebec, a subsidiary of the Synergie Eurobec internationale LTée group, a specialist in innovative nutritional solutions in animal production, will start its activities in the coming days in Senegal. The company’s activity mainly aims to develop a new concept of perennial and sustainable breeding. It also makes it possible to respond to the challenges of livestock professionals, who are increasingly faced with persistent and recurring pathologies. This is linked to the massive and systematic use of antibiotics in animal feed, thus creating antibiotic resistance. Senebec, it is indicated, will intervene in the design and production of food, nutritional, vitamin and…

After launching its 5G network in several localities in South Africa, Vodacom announced, Monday, December 14, the launch of its 5G network in the main municipal districts of KwaZulu-Natal. The company said in its statement that “the 5G network is currently available at 156 live 5G locations in KwaZulu-Natal province and supports both mobile and fixed wireless access services.” Its customers have 5G-enabled devices that are in a 5G coverage area, can now access KwaZulu-Natal’s new 5G network. The group mentioned that it will further accelerate the rollout of the 5G network after the auction of additional 5G spectrum at…

Adopted on May 20, 2020 by the council of ministers of the French government, the bill on the reform of the FCFA has just been validated by parliamentarians. French MPs on Thursday (December 10th) gave the green light to this new legislation on the currency common to the 8 countries of West Africa. From now on, the CFA Franc will become “ECO”, maintaining the fixed parity with the Euro, as well as the end of the centralization of the foreign exchange reserves of West African States with the French Treasury. In his address to the National Assembly, MP Jean Paul…

Senegal, through the Ministry of Economy, Planning and Cooperation, has established an action plan, defined on 10 pillars to ensure economic recovery in 2021. The aim is to complete the reform on public-private partnership (PPP) contracts, an important component of public procurement. To strengthen the monitoring of the macroeconomic framework and economic watch as well as the animation of economic activity. Among other things, popularization and monitoring of the implementation of the Adjusted and Accelerated Priority Action Program (PAP2A). It was at the end of a plenary session, held Monday, December 7, at the National Assembly (devoted to the vote…

While the coronavirus pandemic is almost coming to an end with an average of 10 cases per day lately, Senegal risks experiencing a second wave, joining the concerns of the President of the Republic. According to official statistics, the curve of the coronavirus epidemic has resumed a meteoric rise since December. Over the period from December 2 to 7, the number of cases crossed the mark of 50 cases per day on average. A situation that has not left the health and public authorities indifferent, fearing a second wave. A second wave that risks once again imposing new restrictive measures.…

After announcing last week that it will acquire two banks in Rwanda and Tanzania, the Kenyan banking group KCB Groupe Plc intends to continue this expansion. The banking establishment said, according to internal sources on Tuesday, December 1, that it will acquire a bank in the Democratic Republic of Congo (DRC) again in the next two years. This operation will take place after the finalization of the acquisition of Banque Populaire du Rwanda Plc (BPR) and African Banking Corporation Tanzania (BancABC). A transaction that will allow KCB to hold 62.06% of the capital of BPR, or $ 32 million, and…

Despite a difficult coronavirus context, the main indicators of the CIH Bank group showed green during the first 9 months of 2020. According to the financial report for the 3rd quarter of 2020 published on November 30, 2020 on the Casablanca stock exchange, the consolidated net banking income (NBI) stands at MAD 2,053.1 million ($ 226.3 million), an increase of 13.2% compared to the same period of the previous year. On a consolidated basis, the total balance sheet reached MAD 88 billion ($ 9.7 billion) at the end of the third 2020, up 17.1% compared to the end of December…

The Algerian insurance company, Alliance Assurances, launched a new insurance product exclusively reserved for startups in the country. This offer is a first on the national market, run by 24 insurance companies, including 13 damage insurance companies, 8 personal insurance companies. In a press release dated November 29, 2020, the company explains that “this new insurance product is available in several formulas with attractive rates”, adding that “these packs cover the risks associated with the direct or indirect activity of the startup ”. In addition to presenting a variety of guarantees, this product offers the possibility for entrepreneurs to obtain…

The Kenyan banking group, KCB GROUP PLC, has signed an agreement with the financial services company Atlas Mara Limited, listed in London, to acquire majority stakes in two banks in Rwanda and Tanzania. These are Banque Populaire du Rwanda Plc (BPR) and African Banking Corporation Tanzania (BancABC), internal sources reported Thursday (November 26th). This transaction will allow Kenya’s largest asset-based lender to buy 62.06% stake in BPR and 100% in BancABC. The transaction will be subject to the approval of the regulatory authorities of the aforementioned two countries. This “deal” is part of the group’s expansion strategy in order to…

Considered now, as the first African country to be in default, Zambia continues to see its local currency (kwacha) depreciated against the main currencies, especially the dollar. Meeting Wednesday, November 18, the Monetary Policy Committee (MPC) of the Central Bank of Zambia (BoZ,), was pessimistic about the fall of the Kwacha against the US dollar. The kwacha, which depreciated Wednesday, November 18, from 0.15% to 20.94%, could end the year close to 26 against the greenback. According to statistics released by the MPC, the Zambian currency has weakened 32% against the dollar this year, making it the worst performing of…

The Covid-19 pandemic will hit the world economy again, especially banking systems around the world, for at least 3 years. For Africa, six countries namely Nigeria, Tunisia, Kenya, South Africa, Morocco and Egypt will face high risks in their banking systems in the future according to S&P Global Ratings. In its latest report dated November 17, 2020, the financial rating agency, Standard & Poor’s (S&P) identified 4 main risks that banks will face regionally and globally. First, it is a worsening or prolongation of the effects of the pandemic on the economy. Then there are the longer-term sequelae of short-term…

Alviva Holdings Ltd, announced, has acquired technology distributor Tarsus for R185.4 million ($ 11.8 million). The establishment stressed that this transaction is part of the expansion in products of local and regional IT distribution activities. The transaction is in line with continued expansion in Africa where Tarsus has revenue exceeding R670 million ($ 42.8 million), the company said in a statement on Thursday, 12 November. Upon approval of this acquisition by the appropriate authority, Tarsus will become a subsidiary of Alviva. Despite the negative effects of the coronavirus and the confinement in South Africa, the structure has indicated that it…

Senegal’s trade ministry, together with CUTS international Geneva, organized work on electronic commerce at the World Trade Organization (WTO) on Thursday, November 12 in Dakar. This meeting is part of the recent Initiatives of the WTO Joint Declaration on Electronic Commerce (“CDI”). The main objective of this workshop (during which 6 main themes will be addressed) is to take stock of the e-commerce sector in order to identify priorities. During these meetings, a study (carried out by UK Trade and Investment Advocacy Fund, TAF2 +) will be presented to all e-commerce players in Senegal. Stakeholders (technicians, economic operators, administrators) will…

While the German-American alliance, BioNTech and Pfizer, announced on Monday, November 9 the effectiveness of its vaccine at 90%, Russia is responding with its Sputnik V vaccine. In a press release Wednesday, November 11, the Russian Direct Investment Fund (RDIF) said its vaccine is 92 percent effective in protecting people against COVID-19, according to interim trial results. Russia’s announcement follows quickly results released Monday by Pfizer and BioNTech, which said their vaccine was also 90% effective. This revives competition between laboratories for the marketing of the first vaccine protecting against the coronavirus. According to the World Health Organization (WHO), 47…

Hit hard by the coronavirus with cases taking the lift, Morocco has decided to take the bull by the horns. In a statement dated Monday, November 9, the royal cabinet announced that King Muhamed VI has ordered a massive vaccination operation against Covid-19 in the coming weeks. The Cherifian kingdom thus becomes the first country in the world to initiate mass vaccination to fight against the spread of the virus. This national operation aims to cover the population with a vaccine as an appropriate means of immunization against the virus and of controlling its spread. Based on the results of…

Access Bank Kenya Plc, a subsidiary of the Nigerian group Access Bank, officially launched its activities in Kenya on Monday, November 9. According to bank officials, this step marks a step towards conquering the East African market and the African continent in general. For Group Managing Director and CEO of Access Bank, Herbert Wigwe, the launch of Access Bank Kenya has not only brought the banking group closer to its vision, but will also enable clients and other stakeholders to leverage the bank’s extensive global network. For his part, the CEO of the Kenya Bankers Association (KBA), Habil Olaka, welcomed…

Announced in 2019, the new national reinsurance company of Cameroon called “Cameroon-Re” will soon start its activities with a capital of 15 billion FCFA (27.1 million dollars). Sources familiar with the matter indicate this Tuesday, November 10 that the project is in the terminal phase and that it has reached “the critical stage of the legal constitution”. The players bringing together local insurers, government authorities, partners, etc. have reached an agreement on shareholder sharing. Thus, local insurance and reinsurance companies will own 51% of the capital, a strategic partner, preferably reinsurer (34%), the State of Cameroon (10%) and miscellaneous (5%).…

Despite the impact of the coronavirus health crisis on the Nigerian economy, Jaiz Bank, the only Islamic bank listed on the Nigerian stock exchange, is continuing its path. After recently initiating a capital increase to an additional 3.3 billion naira ($ 8.3 million), the bank is announcing good results in the third quarter of 2020. Thus, after-tax profits (BAI) increased by 47.72%, or 1.85 billion naira (4.8 million dollars) at the end of September 30, 2020, against 1.25 billion naira ( $ 3.2 million) earned at the end of September 2019. The results show that the bank’s assets were 210…

The South African group, Saham Finances takes the name of Sanlam Pan Africa Assurance, the local South African press reported on Friday (November 6th). Paul Hanratty, CEO of the Sanlam Group said: “Former Saham Finances has brought a complementary footprint and expanded our commercial presence across the continent. It has also provided us with particularly strong P&C insurance business in a number of African countries outside of South Africa “. The manager added that “we are actively working to extend and widen the range of products to be distributed through the SPA Assurance Non-Vie network in Africa. We are determined…

While its parent company, AXA suffered the negative effects of the coronavirus with an 8% decline in its turnover in the third quarter of 2020, the Nigerian subsidiary, AXA Mansard, is resisting. At the end of the third quarter of this year, two key indicators turned green. Thus, the turnover increased by 5.4% in the first nine months of 2020, from 37.434 billion NGN (102.72 million USD) at September 30, 2019 to 39.462 billion NGN (102.44 billion USD) twelve months later. As for the net profit, it stood at 5.671 billion NGN (14.72 million USD) as of September 30, 2020…

In Tunisia, the main activity indicators of the National Agricultural Bank (BNA Bank) showed red at the end of the third quarter of 2020, due to the severity of the effects of the coronavirus. Thus, the net banking income (NBI) fell by 4.2%, or 456.949 million Tunisian dinars, MDT (165.4 million USD) against 476.759 MTD (172.5 million USD) as of September 30, 2019. Receivables from customers reached 11.975 MTD (4.3 million USD) at the end of September 2020 against 10.749 MTD (3.8 million USD) as of September 30, 2019, which represents an increase of 11.4%. As for banking operating income,…

At the end of its remote mission to Morocco, from October 19 to November 2, 2020, as part of the 2020 consultations under Article IV of the IMF’s statutes, the institution zoomed in on the Moroccan banking sector. Thus, the IMF has noticed that banks have been relatively resilient in the face of the pandemic, thanks to their relatively high initial levels of capital and liquidity and the vigorous response of Bank Al-Maghrib (BAM). Staff are pleased to note that BAM has decided to ask banks to increase their provisions and suspend dividend distribution this year in order to guard…

Access Bank Nigeria Plc said on Tuesday (October 27th) that it will offer an interest-free loan and grants amounting to 50 million naira, or 130 million dollars to SMEs affected by the latest protests in Nigeria . On its official Linkedin page, the bank indicated that this initiative helps to dampen and stimulate economic activity, as well as to produce many positive multiplier effects on the economy. Loans will be allocated over a period of between 1 year and 2 years with a six month moratorium. The grant is intended for companies focused on skills development and the implementation of…