Africa

Equity Bank South Sudan has been at the forefront of promoting financial inclusion. The bank has implemented a multifaceted strategy to reach underserved populations:

The combination of MTN and Telkom would have overtaken rival Vodacom Group Ltd. in having the most subscribers in South Africa.

The headline consumer-price index increased 7.8% year on year, compared to 7.4% in June, according to a statement posted on Statistics South Africa's website on Wednesday

The energy plan is potentially effective and if it is implemented then South Africa will be a step closer to energy independence.

The Bank of Ghana announced to yield a record of 21.86% having it being the cedi-Africa's worst-performing currency this year, according to data compiled by Bloomberg

The Reserve Bank of Zimbabwe indicated that the inflationary pressure in the country has weakened the local currency.

The decision by the South African Reserve Bank comes shortly after the European market was issued with a notice of an expected hike in rates in response to the inflationary pressure.

Kenya Airways, South African Airways’ valued clientele will gain new travel choices to markets across East Africa via Kenya’s extensive network and hub in Nairobi, providing for seamless travel and status recognition.

The program by The African Development Bank (AfDB) will get underway in September 2022; 10 municipalities will participate.

The International Monetary Fund (IMF) has approved a zero-rated $372.4 million loan for Tanzania, aimed at supporting the country’s COVID-19 pandemic relief measures. President Suluhu this week hosted the World Bank's Managing...

Capital Markets Authority (CMA) has granted  MTN Uganda permission for its Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail...

MTN Group has announced plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business, worth about $244 million. This continues its plan to sell...

East Africa's economic growth is projected to rise to 4.1 per cent in 2021, up from 0.4 per cent in 2020, the African Development Bank (AfDB) said on Thursday. According to the...

Allianz, one of the world’s leading insurers and asset managers, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz became the majority shareholder in Jubilee...

President Muhammadu Buhari is set to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja. Central bank-backed CBDCs...

Kenya and Malawi have inked eight new agreements designed to boost bilateral relations including trade and investments between the two nations. The agreements cover broad areas of cooperation between Kenya and Malawi...

MTN Uganda is offering East African investors free shares to motivate them to buy stock in the telecoms firm that opened its $250 million (Ush895.56 billion) initial public offering (IPO) on Monday,...

Sub-Saharan Africa is set to emerge from the 2020 recession brought about by the COVID-19 pandemic with growth expected to expand by 3.3 per cent in 2021, one per cent higher than...

MTN Uganda is set to sell a fifth of its stake to Kenyan and other East African investors when it floats its initial public offer (IPO) Uganda Securities Exchange (USE) This follows...

Sanlam, Africa’s largest non-banking financial services group, and Absa, one of Africa’s largest diversified financial services groups, announced that they have reached an agreement to combine their investment management businesses in a...

Kenya and Uganda have expressed interest in the establishment of the third point of entry and exit (PoEE) at their shared border to enhance trade. Currently, the two East African countries have...

According to a report titled Entrepreneurship and Free Trade Volume II by the African Development Bank(AFDB),  Egypt, Nigeria, Kenya and South Africa were mentioned as the top African countries that accounted for...

The Uganda Securities Exchange (USE) has partnered with MTN to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors to participate in the securities market....

Nigeria and Ghana are looking forward to adopting central bank digital currencies as they look to ride the wave of popularity of cryptocurrencies in West Africa's two largest economies. The Central banks...

Ethiopia and the Government of Kenya through the Ethiopia Customs Commission and the Border Control and Operation Coordination Committee have signed the Moyale-Moyale One-Stop Border Post (OSBP) operational procedure manual. The signing...

The Johannesburg Stock Exchange (JSE) and FTSE Russell have once more partnered to launch a new multi-asset index solution for the South African market, leveraging the long-standing relationship between the two organisations...

The International Finance Corporation (IFC) has announced that it invested over $1 billion in the telecoms, media and technology (TMT) industry in emerging markets in the last fiscal year that ended in...

Global insurance solutions firm Linkham Group based in the UK has officially confirmed completing a deal that will see them acquire a significant stake in Resolution Insurance Kenya. The deal that was...

The UK, other G7 countries and multilateral partners are set to invest $80 billion in the private sector across Africa. The investment is aimed at creating jobs, boosting economic growth, help tackle...

Uganda has completely separated mobile money services from the regulation of the Uganda Communications Commission to the Bank of Uganda (BOU). Under the new regulations, three companies were licensed to conduct mobile...

Liquid Technologies Africa's largest fibre company has partnered with Facebook to build an extensive long haul and metro fibre network in the Democratic Republic of Congo (DRC). The metro fibre network is...

Anwar Soussa has been picked to lead the Global Partnership for Ethiopia, an international consortium comprising Safaricom Plc, Vodacom Group, Vodafone Group, Sumitomo Corporation and CDC Group. The company was awarded a...

The United Nations Conference on Trade and Development (Unctad) report shows foreign direct investments (FDI) into Africa fell by $7 billion in 2020. The foreign direct investments dipped to $40 billion at...

Total SE has awarded the $1.9 billion deal to construct its Lake Albert oil production Tilenga project in Uganda to a consortium led by British and Chinese firms. Total, the lead investor...

The Ethiopian government is inviting international investors to express interest in its telecommunications company, Ethio-Telecom. According to a statement issued by the ministry of finance, Ethiopia is now ready to release an...

South Africa has agreed to sell a majority stake in the country’s grounded national carrier South Africa airways, to a local jet-leasing company and private equity firm, ridding the government of an...

The Sub-Sahara economy growth forecast is projected to resume to 2.8% this year and firm to 3.3% in 2022, underpinned by stronger external demand, mainly from China and the United States, higher...

The East Africa Community member states have announced plans to explore the potential of a central bank digital currency (CBDC) as a shared payment system. A Central Bank Digital Currency (CBDC) is...

The African Development Bank Group and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements...

The Bank of Ghana has revealed it is in the advanced stages of introducing a digital currency,  the e-cedi. A Central Bank Digital Currency (CBDC) is the digital form of a country’s...

The Bank of Uganda has announced a split of mobile money into a stand-alone business, regulated as a financial service, a move aimed at separating the service away from telecom service operations,...

A license to operate telecommunication services in Ethiopia has been awarded to Kenya’s telco giant Safaricom in a consortium made up of Vodafone, Japan’s Sumitomo and UK finance agency CDC Group. License...

Access Bank, Nigeria’s largest lender, has completed the acquisition of Mozambique’s African Banking Corporation, another milestone achievement in Access Bank’s expansion goals. This would be Access Bank’s fifth acquisition in almost half...

Salaam African Bank, the leading bank by branch network in Djibouti, has acquired 100% ownership in Kenya’s Uwezo Microfinance Bank, giving the lender a presence in Kenya’s banking industry. The acquisition took...

The Kenya Civil Aviation Authority has suspended all flights to and from Somalia. In a notice issued to airmen on Tuesday, the Kenya Civil Aviation Authority said it had suspended all flights...

Shelter Afrique, the Pan-African housing development financier, has inked an MoU with Triangle Real Estate, a Juba-based real estate firm to develop 26,000 housing units for South Sudan's military, through a public-private-partnership...

Kenya and Tanzania have signed a multimillion-dollar deal for a gas pipeline that will run between the coastal cities of Mombasa and Dar es Salaam. Tanzanian President Samia Suluhu made her first...

Tanzania is looking forward to signing for a $30 billion Liquefied Natural Gas (LNG)  project within six months after the country’s president Samia Suluhu Hassan called for a resumption of negotiations that...

Absa Group has announced the resignation of the Group Chief Executive Daniel Mminele. In a statement issued by the group, Absa said they had reached an agreement with Daniel Mminele to step...

KenGen Plc, the company carrying out the field work, has just completed the first geothermal drilling at the site in the Oromia region of southwest Ethiopia

For container traffic, the Port of Mombasa recorded a positive increment of 31,261 TEUs or 30.4% to register 133,904 TEUs in March 2021 against 102,643 witnessed in March 2020.

The Nigeria Securities and Exchange Commission has banned the trading of unregistered foreign securities. In a statement issued on Thursday, the securities said their attention had been drawn to the existence of...

Kenya’s capital Nairobi has emerged as the most innovative city in Africa according to Horizons Report 2021/22, an annual global report released by London Based real estate consultancy group, Knight Frank. Nairobi,...

Central Bank of Nigeria has said the country’s citizens were free to use bitcoin and other cryptocurrencies and that all it has done is to prohibit their usage within the banking system....

The African Development Bank has been ranked as the world’s Best Multilateral Financial Institution for 2021 by the world-renowned American Magazine, Global Finance. Global Finance names the World’s Best Investment Banks every year,...

South Africa’s (SA) economy contracted the most since 1946 as restrictions to curb the spread of the coronavirus pandemic ravaged output and disrupted trade. Gross domestic product in SA  shrank 7%, compared...

The African Development Bank (AfDB) has approved two grants for research that will increase African women’s access to a range of digital financial services.

Sudan's Central bank devalued its currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates

Kenya recorded a jump in the EAC intra-trade during the third quarter of 2020, as the COVID-19 pandemic paved the way for intra-regional trade growth. Kenya's total volume shipped to East Africa...

Equity Banque Commercial du Congo (Equity BCDC) on Thursday launched its new identity following the successful merger of Equity Bank Congo (EBC) and Banque Commerciale du Congo (BCDC), to form Equity BCDC....

The World Bank has suspended a $100 million payment to the Democratic Republic of Congo that was meant to support the country's education system. In June 2020, the World Bank's Board of...

Ethiopia has announced plans to seek a restructuring of its sovereign debt under a new G20 common framework. In November, G20 nations came to a common approach for the first time, to...

Airtel Africa, a subsidiary of Bharti Airtel is seeking to sell a minority of its stake in its mobile financial services platform, Airtel Money. The London-listed company announced the move in their financial...

Tanzania’s earnings from gold exports rose 34% in 2020 to $ 2.95 billion from $ 2.21 billion recorded in  2019 . In the latest monthly economic review, the Bank of Tanzania attributed...

In a report issued by the United Nations Conference on Trade and Development (UNCTAD), Egypt has been ranked to be the highest foreign direct investment recipient (FDI) in Africa. Egypt is reported to have...

On Monday, President Joe Biden expected to sign an executive order to impose a ban on most non-U.S. citizens entering the country who have recently been in South Africa in a bid...

The African Export-Import Bank has mobilised $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free trade area.   We...

Nigeria's  biggest bank Access Bank Plc, has identified eight African Countries for potential expansion so as to benefit from the African free trade pact. The African trade pact aims to improve trade...

FDI contributed 62,876 jobs in Uganda accounting for (18.2%) of total jobs created, while FDI into Tanzania created 46,765 jobs accounting for 47.9% of the total jobs created.

The two leaders will now head to Lamu County to assess the progress of the Lamu Port South Sudan Ethiopia Transport corridor.

In addition to providing immediate relief and recovery support, the platform will lay the foundation for a green and inclusive economic recovery post-pandemic.

It is still not known how many customers were been impacted in South Africa and also if any other country outside South Africa might have been affected. 

Alternatively, for brokers to trade they would have to have "sponsored membership" in a local market where they want to buy stocks.

In addition to receiving seed funding prizes and post-competition mentoring, AgriPitch winners will be invited to the AYAF online DealRoom, which connects expansion-ready, youth-led African businesses with global investors.

Earlier this month BOM proposed investing more than half of the country's estimated lifetime revenue of $96 billion from the LNG field in a sovereign wealth fund that would be controlled by...

An estimated 3 million Kenyans who live abroad sent home Kes 280 billion in last year.

The devaluation of the local currency has prompted investors to inject money into listed companies. Until the end of 2019, these shares were undervalued but are now the only factors of stability...

DTB has appealed the ruling and secured a stay of the execution of the judgement. The lawyers at ENS say until the Ham/DTB decision is set aside, it will be a hard task...

The pound has depreciated rapidly, trading at 510 SSP for $1 on the black market, while the central bank is selling it at 167 SSP.

Airtel and MTN Uganda, as well as Stanbic Bank, were the most affected firms. 

Market giant Dangote Cement Plc, which climbed 9.9%, MTN Nigerian Communications Plc, up 5.7%, and Zenith Bank Plc, which gained 9.5%, were the three biggest contributors to Tuesday’s advance

“These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the South African Development Community region.

Zambia said it will however pay its bondholders $0.50 per $1,000 in bond principal they hold if the debt  suspension plans are approved.

Kenya Airways resumed international passenger service on August 1 with flights to Britain and Ethiopia while domestic service restarted on July 15 after the service was suspended in March to contain the...

Despite the difficult times there has been hope for better results.

While Nigeria has embarked on gradual easing of lockdown since Q2 2020 with a N2.3 trillion stimulus intervention, economic activities are yet fully peak, indicating a muted outlook in the remaining quarters...

On Friday, President Felix Tshisekedi announced that his government would also tighten fiscal policy to support the currency and fight inflation.

Albert Sigei, CEO CIMERWA Plc, explained that this will be an opportunity for investors to gain exposure into the attractive cement industry with solid growth potential.

Old Mutual and Seed International said in separate e-mailed statements that they would comply with an order issued by finance minister Mthuli Ncube that they suspend trading “pending finalization of the modalities...

The budget support intervention, will help boost the Malawi National COVID-19 Preparedness and Response Plan that has been developed with multi-stakeholders including government, development partners and non-government organizations.

When you go to the market to borrow money, the market is looking at your current and past behavior

While this is not the first cross-listing the country has seen as there are a number of Kenyan firms trading on RSE, KIFC’s existence promotes such investment opportunities within Rwanda’s financial sector

The National Bank of Rwanda (BNR) has cut the Central Bank Rate (CBR) from 5% to 4.5% to support commercial banks to continue financing the economy following recent negative economic developments caused...

World Bank is deploying up to $160 billion in financial support for developing countries over the next 15 months to help protect the poor and support businesses. On Wednesday the African Development...

The measures are aimed at supporting interbank lending and freeing up cash in the money markets in response to “liquidity strains,” the Pretoria-based South African Reserve Bank said in a statement.

South Africa’s benchmark stock index plummeted to the lowest in more than six years after President Cyril Ramaphosa’s declaration of a national state of disaster over the coronavirus outbreak stoked investor concern...

Many countries across Africa have similar legislation that mandates local ownership in foreign companies, for the purpose of promoting local investment and ownership in key sectors such as telecoms.

Africa's most profitable airline company has announced that they will commence construction of Africa's largest airport in six months time. Ethiopian Airline’s chief executive officer Tewolde Gebremariam told the Ethiopian Broadcasting Corporation that...