MTN Group Terminates Talks to Buy South Africa’s Telkom
The combination of MTN and Telkom would have overtaken rival Vodacom Group Ltd. in having the most subscribers in South Africa.
Africa
South Africa’s Inflation Rate Rise for Third Consecutive Month to 7.8%.
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
Kenya to supply Uganda with power after floods shut the key plant.
Uganda will make an emergency purchase of power from neighboring Kenya to stabilize supply after floods forced the shutdown of its 183-megawatt Isimba plant last week. Energy Minister Ruth Nankabirwa Ssentamu said “Uganda will purchase 60 megawatts from Kenya and will restart an idled 50-megawatt thermal plant in Kampala. An additional 20 megawatts will be …
Kenya to supply Uganda with power after floods shut the key plant. Read More »
South Africa Turns to Private Sector in Bid to End 14 Years of Blackouts
The energy plan is potentially effective and if it is implemented then South Africa will be a step closer to energy independence.
Bank of Ghana Halts Interest-Rate Hikes on Growth Concerns
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
Reserve Bank of Zimbabwe Reveals “Gold Coin” in Renewed Attempts to Curb Inflation.
The Reserve Bank of Zimbabwe indicated that the inflationary pressure in the country has weakened the local currency.
South African Reserve Bank Raises Repurchase rate by 75 BPS.
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 Signs Codeshare Agreement with South African Airways.
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.
AfDB Launches Initiative to Build Financial Acumen of African Cities.
The program by The African Development Bank (AfDB) will get underway in September 2022; 10 municipalities will participate.
IMF Grants Tanzania a $372.4 million Zero Rated Loan
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 Director for Development Policy and Partnerships Mari Pangestu at State House in Dar es Salaam, in what officials described as a follow-up to …
IMF Grants Tanzania a $372.4 million Zero Rated Loan Read More »
CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors
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 Investors following the opening of the offer in Uganda on 11th October 2021. The marketing in Kenya is spearheaded by SBG Securities, and Dyer …
CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors Read More »
MTN Seeking to Raise $244 Million from Sale of Nigeria Shares
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 assets and pay down debt. The move is part of a broader plan to sell about 14% of the parent company’s holding in its …
MTN Seeking to Raise $244 Million from Sale of Nigeria Shares Read More »
AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021.
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 East Africa Regional Economic Outlook 2021, the economic performance will be boosted by the ongoing global economic recovery. “However, the slow rollout of …
AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021. Read More »
Allianz Completes Acquisition of Majority Stake in Jubilee Insurance Uganda
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 Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East …
Allianz Completes Acquisition of Majority Stake in Jubilee Insurance Uganda Read More »
Central Bank of Nigeria to Launch Digital Currency- eNaira
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 and cryptocurrency are both virtual money, however, CBDCs are issued and regulated by the central bank while cryptocurrencies are out of government control. …
Central Bank of Nigeria to Launch Digital Currency- eNaira Read More »
Kenya and Malawi Sign Eight bilateral pacts Set to boost trade, investments
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 in politics, diplomacy, defence, fisheries and aquaculture as well as cooperative development. Others are technical cooperation in health and tourism. The signing of …
Kenya and Malawi Sign Eight bilateral pacts Set to boost trade, investments Read More »
MTN Uganda Offers East African Investors Free IPO Shares
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, so as to boost its chances of being successful. South Africa’s MTN Group is selling 4.47 billion shares in its Ugandan subsidiary at …
MTN Uganda Offers East African Investors Free IPO Shares Read More »
Sub-Saharan Economy to Grow by 3.3% in 2021-World Bank
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 the April 2021 forecast according to the latest edition of World Bank’s Africa Pulse. This growth in the Sub-Sahara economy is attributed to …
Sub-Saharan Economy to Grow by 3.3% in 2021-World Bank Read More »
MTN Uganda to Sell 20% of its Shareholding to the Public
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 the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN …
MTN Uganda to Sell 20% of its Shareholding to the Public Read More »
Sanlam and Absa to Combine Investment Management Businesses in South Africa
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 transaction which will result in an asset management company with assets under management, administration and advice in excess of 1 trillion rands. The …
Sanlam and Absa to Combine Investment Management Businesses in South Africa Read More »
Kenya and Uganda Set to Establish a 3RD Point of Entry and Exit to Enhance Trade
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 two major points at the busy Busia and Malaba towns which serve as entry and exit points along the Northern corridor. However, delegations …
Kenya and Uganda Set to Establish a 3RD Point of Entry and Exit to Enhance Trade Read More »
A Report by AFDB Shows Kenya, Nigeria, Egypt and South Africa Account for About 80% of Investments in Africa
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 more than a third of the incubators and accelerators and 80 per cent of investment in Africa. According to the report, Egypt, Nigeria, …
Uganda Securities Exchange (USE) Partners With MTN to Launch digital platform
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. The MTN MoMo platform, which can be used to open a Securities Central Depository (SCD) account, went live on September 15, 2021. MTN …
Uganda Securities Exchange (USE) Partners With MTN to Launch digital platform Read More »
Nigeria & Ghana Set to Launch Central Bank Digital Currencies
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 in both countries have partnered with foreign financial tech companies to create digital versions of their currencies. The Bank of Ghana has partnered …
Nigeria & Ghana Set to Launch Central Bank Digital Currencies Read More »
Ethiopia, Kenya Sign Operation Manuals for Cross-border Trade Deal
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 ceremony was held in Addis Ababa and attended by key private and public sector players from both countries. This follows the inauguration launch …
Ethiopia, Kenya Sign Operation Manuals for Cross-border Trade Deal Read More »
JSE Partners with FT Russel to Launch Multi-Asset Index for South African Market
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 and the rich base of the existing index offering. The JSE and FTSE Russell today announced that they have launched the FTSE/JSE Multi-Asset …
JSE Partners with FT Russel to Launch Multi-Asset Index for South African Market Read More »
African Securities Exchanges Procure Software to engage in Cross-Border Trading
African Securities Exchanges that include some of the most vibrant and biggest bourses in the continent have moved a step closer to doing linking up their trading floors to enable cross-border transactions. This is after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven leading African securities Exchanges are …
African Securities Exchanges Procure Software to engage in Cross-Border Trading Read More »
IFC Invests $1 billion in Telecoms, Media and Technology in Africa
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 June the largest investment in the sector by IFC in a single year. International Finance Corporation said that the high demand for digital services …
IFC Invests $1 billion in Telecoms, Media and Technology in Africa Read More »
Linkham Group Completes Resolution Insurance Buyout- Peter Nduati Appointed Company CEO
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 undertaken at an undisclosed consideration will see Resolution Insurance gain access to Linkham Group Ltd’s financial network in Africa and globally. The Group …
Linkham Group Completes Resolution Insurance Buyout- Peter Nduati Appointed Company CEO Read More »
UK Partners With Other G7 Countries to Invest $80 Billion in Africa’s Private Sector
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 climate change, and fight poverty development goals of African economies. The investment is set to be rolled out over the next five years …
UK Partners With Other G7 Countries to Invest $80 Billion in Africa’s Private Sector Read More »
Here is what Separation of Mobile Money from Telco’s Means for Uganda
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 money services despite the questions and fears from the customers. Airtel Mobile Commerce Uganda Ltd and MTN Mobile Money Uganda Ltd are the …
Here is what Separation of Mobile Money from Telco’s Means for Uganda Read More »
Liquid Intelligent Technologies Partners with Facebook and to Extend Fiber Network in Congo
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 expected to improve internet access for more than 30 million people and help meet the growing demand for regional connectivity across Central Africa. Facebook will …
Anwar Soussa to Lead Safaricom’s Ethiopian Subsidiary
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 licence to operate telecom services in Ethiopia in May this year. 48-year-old Anwar is the Managing Director of Vodacom DRC and the Chairperson of Vodacash. …
Anwar Soussa to Lead Safaricom’s Ethiopian Subsidiary Read More »
Foreign Direct Investment in Africa Records a 7% Drop
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 the end of 2020, compared to $47 billion at the end of 2019. The decline was mainly attributed to the prevailing pandemic COVID-19, …
Foreign Direct Investment in Africa Records a 7% Drop Read More »
Total Assigns $1.9 Billion Uganda Oil Project Deal to Chinese and British Firms
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 in Uganda’s oil projects, said it signed contracts for the main surface facilities Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) contracts and five …
Total Assigns $1.9 Billion Uganda Oil Project Deal to Chinese and British Firms Read More »
Ethiopia Set to Sell 40% Stake in Ethio-Telecom
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 Expression of Interest for the sale of 40% of shares in the state-owned telecommunications company. Deloitte has been appointed as the lead transaction advisor and …
South Africa Airways sells 51% Stake to Private Equity Firm
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 entity that has long been a drain on state finances. “The agreement is comprised of Johannesburg-based Global Airways, which owns recently launched domestic …
South Africa Airways sells 51% Stake to Private Equity Firm Read More »
World Bank Projects 2.8% Growth for Sub-Saharan Africa for 2021.
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 commodity prices, and containment of COVID-19. In the global economic Forecast, the world bank said, output in Sub-Saharan Africa shrank an estimated 2.4% …
World Bank Projects 2.8% Growth for Sub-Saharan Africa for 2021. Read More »
EAC Set to Explore a Common Central Bank Digital Currency (CBDC)
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 digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central …
EAC Set to Explore a Common Central Bank Digital Currency (CBDC) Read More »
AFDB Approves $140 Million Loan to Tanzania
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 cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. …
Bank of Ghana Set to Introduce a Digital Currency the E-cedi
The Bank of Ghana has revealed it is in the advanced stages of introducing a digital currency, the e-cedi. A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts …
Bank of Ghana Set to Introduce a Digital Currency the E-cedi Read More »
Uganda Separates Mobile Money from Telecom Operations.
The Bank of Uganda has announced a split of mobile money into a stand-alone business, regulated as a financial service, a move aimed at separating the service away from telecom service operations, currently regulated by country’s communications commission [UCC]. In a statement issued by the country’s central Bank, the regulator said they had already issued …
Uganda Separates Mobile Money from Telecom Operations. Read More »
Safaricom led Consortium clinches US$ 850 Million Ethiopia license
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 top bidders According to Brook Taye, a senior adviser at the Ethiopian finance ministry, the Consortium paid $850 million for the licence, beating …
Safaricom led Consortium clinches US$ 850 Million Ethiopia license Read More »
Access Bank Completes 100% Acquisition of BancABC Mozambique
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 a decade. Diamond Bank and Transnational Bank (Kenya) Plc acquisitions were both completed in 2019 by the bank. Also, the bank announced the …
Access Bank Completes 100% Acquisition of BancABC Mozambique Read More »
Salaam African Bank Aquires 100% Shares of Uwezo Microfinance Bank
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 effect on March 25, 2021, after obtaining approval from the Central Bank of Kenya and the Cabinet Secretary for the National Treasury and …
Salaam African Bank Aquires 100% Shares of Uwezo Microfinance Bank Read More »
Kenya Suspends Flights to and From Somalia
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 to and from Somalia with immediate effect. “All flights between Kenya and Somalia are suspended except medevac flights and UN humanitarian flights,” the …
Shelter Afrique Sign’s $1.5Bn MoU on South Sudan Military Housing Project
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 special purpose vehicle. The project is estimated to cost of $1.5 billion through a public-private-partnership special purpose vehicle, according to press release. “We …
Shelter Afrique Sign’s $1.5Bn MoU on South Sudan Military Housing Project Read More »
Kenya and Tanzania Sign Kes121 Billion Gas Pipeline Deal.
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 trip to Kenya on Tuesday on the invitation of President Uhuru Kenyatta, during which the deal was signed. “We are friends in East …
Kenya and Tanzania Sign Kes121 Billion Gas Pipeline Deal. Read More »
Tanzania Calls for Resumption of Negotiations of $30 Billion LNG Project
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 had stalled for more than a year. The Liquefied Natural Gas (LNG) project is expected to add another 2% points to the annual …
Tanzania Calls for Resumption of Negotiations of $30 Billion LNG Project Read More »
Daniel Mminele Steps Down as Absa Group Chief Executive
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 down as a director and Group Chief Executive and will be leaving the group with effect from 30 April 2021. Daniel Mminele joined …
Daniel Mminele Steps Down as Absa Group Chief Executive Read More »
KenGen Completes First Drilling at Ethiopian Geothermal Site
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
Cargo Activity at Port of Mombasa Up 10% in 1Q21.
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.
Nigeria’s SEC Bans Trading of Unregistered Foreign Securities.
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 several providers of online investment and trading platforms that purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria …
Nigeria’s SEC Bans Trading of Unregistered Foreign Securities. Read More »
Knight Frank Ranks Nairobi as Top Innovation City in Africa
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, which is considered as the largest and busiest city in East and Central Africa came top of 500 other cities which were studied …
Knight Frank Ranks Nairobi as Top Innovation City in Africa Read More »
Central Bank of Nigeria Denies Banning Cryptocurrency Usage
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 Governor of the CBN, Godwin Emefiele, disclosed this in Abuja at the recent 30th seminar for Finance Correspondents and Business Editors organised …
Central Bank of Nigeria Denies Banning Cryptocurrency Usage Read More »
AfDB Ranked as the World’s Best Multilateral Financial Institution for 2021
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, using input from industry experts. The criteria for selection includes; entries from banks, number and size of deals, market share, distribution network, innovation, …
AfDB Ranked as the World’s Best Multilateral Financial Institution for 2021 Read More »
South Africa Economy Shrunk by 7% in 2020
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 with a 0.2% expansion in 2019, according to a report released by Statistics South Africa Tuesday in the capital, Pretoria. That’s the biggest …
M-Kopa and Pula Advisors receive Kes.142 Million Grant From AfDB
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 Devalues Currency to Meet Conditions For Debt Relief
Sudan’s Central bank devalued its currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates
Kenya Leads in EAC intra-trade as COVID-19 Disrupts Foreign Imports
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 was valued at Kes 165 billion in the third quarter of 2020. This was an improvement from Kes 130 billion recorded in the …
Kenya Leads in EAC intra-trade as COVID-19 Disrupts Foreign Imports Read More »
Equity Bank Unveils New DRC Identity after BCDC Acquisition
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. Speaking during the launch of the new brand identity, Former Managing Director of Equity Bank Congo, Celestin Muntuabu said, “Today marks a historic …
Equity Bank Unveils New DRC Identity after BCDC Acquisition Read More »
World Bank Suspends $100 Million Payment to the Democratic Republic of Congo
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 Executive Directors approved the $ 800 million Emergency Equity and System Strengthening in Education Project (EESSE), which was implemented over four years. The …
World Bank Suspends $100 Million Payment to the Democratic Republic of Congo Read More »
Ethiopia’s Plan to Seek Debt Relief Causes Turmoil Amongst Investors
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 restructure government debts to help ease the strain of the coronavirus pandemic on some developing countries. Ethiopia, which is already benefiting from the …
Ethiopia’s Plan to Seek Debt Relief Causes Turmoil Amongst Investors Read More »
Airtel Africa to Sell Minority Stake in Mobile Financial Services Platform ,Airtel Money
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 results for the period nine-month period ended 31 December 2020 saying its a bid to raise cash. We are actively pursuing the sale of …
Airtel Africa to Sell Minority Stake in Mobile Financial Services Platform ,Airtel Money Read More »
Tanzania Gold Export Earnings Rise 34% in 2020.
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 the rise to increased output and higher prices. Tanzania also recorded an increase in the value of non-traditional exports by 21% to $ …
Egypt Leads Africa as Top Destination for Foreign Direct Investment in Africa
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 received $5.5 billion in foreign direct investment in 2020, a 39% decline from the $7.6 billion received in 2019. Nigeria came in second …
Egypt Leads Africa as Top Destination for Foreign Direct Investment in Africa Read More »
Biden To Impose Covid-19 Travel Restrictions On South Africa
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 to contain the spread of a new variant of COVID-19. President Joe Biden will also reimpose an entry ban on nearly all non-U.S. travelers …
Biden To Impose Covid-19 Travel Restrictions On South Africa Read More »
African Export-Import Bank Mobilizes $1 billion to Offset Revenue Losses
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 will be able to go to global capital markets and we will be able to go to development finance institutions to mobilise more …
African Export-Import Bank Mobilizes $1 billion to Offset Revenue Losses Read More »
Access Bank, Nigeria’s Biggest Lender Picks Eight African Countries For Expansion
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 within African countries by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for …
Access Bank, Nigeria’s Biggest Lender Picks Eight African Countries For Expansion Read More »
East Africa Records Double Digit Growth in FDI at $11.5 Billion
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.
Kenya, Ethiopia to Grow in Traders as Moyale Border Point is Launched
The two leaders will now head to Lamu County to assess the progress of the Lamu Port South Sudan Ethiopia Transport corridor.
African Development Bank Unveils $50 Million Facility for Renewable Energy Players
In addition to providing immediate relief and recovery support, the platform will lay the foundation for a green and inclusive economic recovery post-pandemic.
ABSA Group says Clients Data Sold to Third Party in Suspected System Breach
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.
East Africa Cross-Border, Automated Stocks Trading to Begin in January 2021.
Alternatively, for brokers to trade they would have to have “sponsored membership” in a local market where they want to buy stocks.
Kenya’s Mhogo Foods and Two Nigerian Start-Ups Bag AfDB AgriPitch Competition
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.
Mozambique’s Central Bank Leaves Benchmark Rate Unchanged Despite Rising Inflation
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 the government but managed by the central bank.
World Bank Forecasts Diaspora Remittances to Decline by 9 Percent in 2020 to Kes 4.7 trillion
An estimated 3 million Kenyans who live abroad sent home Kes 280 billion in last year.
Zimbabwe Tops Africa as Best Stock with Highest Market Returns Since January
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 for investors.
Bank of Uganda Clears DTB, Says Foreign Banks with Agents Don’t Require Second License
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 for every counsel advising foreign lenders.
South Sudan to Change Currency in a Bid to Improve the economy
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.
Uganda’s Largest Mobile Money Transfer Service Hacked
Airtel and MTN Uganda, as well as Stanbic Bank, were the most affected firms.
Nigerian Stock Market Rallies the Most as Investors look for Yields
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
Africa’s Largest Retail Bank Set to Acquire BancABC After Equity Walked Out
“These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the South African Development Community region.
Zambia Seeks Six Month Relief On its $ 3 billion Eurobond debt
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.
Tanzania Lifts Ban on Kenyan Carriers as KQ Resumes Three More West African Destinations
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 spread of COVID-19.
South African Banks Hopeful for Recovery Despite Challenges Caused by COVID-19
Despite the difficult times there has been hope for better results.
Africa’s Largest Economy Suffers Worst Contraction in 10 Years
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 of the year
Congo Central Bank Doubles Lending Rate to 18.5%
On Friday, President Felix Tshisekedi announced that his government would also tighten fiscal policy to support the currency and fight inflation.
CIMERWA Listed by Introduction on the Rwanda Stock Exchange
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.
Zimbabwe Stock Exchange to Re-open Next Monday but Without Old-Mutual, PPC,SCIL
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 for their resumption to trade.”
AFDB Approves $45.07 Million for COVID-19 Emergency Response for Malawi
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.
Banks Warn Debt “Forgiveness” could Hurt African Nations
When you go to the market to borrow money, the market is looking at your current and past behavior
South Africa’s RH Bophelo Cross-Lists on the Rwanda Stock Exchange
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
National Bank Of Rwanda Drops Lending Rate To 4.5%
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 by the COVID-19 pandemic. The decision was made by the Monetary Policy Committee (MPC) on April 29, 2020 that had met to assess …
National Bank Of Rwanda Drops Lending Rate To 4.5% Read More »
Africa Set To Tip Into its First Recession For 25 Years Due to the Covid-19 outbreak – World Bank
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 Bank said it will be provide up to $10 billion to African governments and the private sector under a new Covid-19 Response Facility.
South Africa’s Reserve Bank Injects Liquidity, Markets Soar.
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 Index Drops Most in Six Years.
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 about its impact on an already fragile economy. The president announced tough measures Sunday to stem the spread of the virus locally, including …
South Africa’s Benchmark Index Drops Most in Six Years. Read More »
Airtel Africa IPO in Malawi 34% Oversubscriberd
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.
Ethiopian Airlines Announces $ 5 Billion Mega Airport
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 the airport may be bigger than France’s Charles de Gaulle. The new facility would reduce congestion at Bole Airport, Addis Ababa’s present international …
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Safaricom shares Stable on News of Planned Stake in Ethio Telecom.
Safaricom Shares slightly rallied by 0.71% but stabilized to 28.50 this morning after news on talks to acquire stake in Ethio Telecom went public today. Safaricom’s Acting Chief Executive Michael Joseph yesterday said they were at an advanced level of talks with the Ethiopian regulators to get licence of operations; starting from scratch or through …
Safaricom shares Stable on News of Planned Stake in Ethio Telecom. Read More »