Africa

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 »

IMF

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 …

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MTN Uganda

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 …

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The AfDB

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 »

Image of Allianz flag

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 …

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Central Bank of Nigeria eNaira

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

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 »

sanlam

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 …

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Kenya and Uganda border point

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 »

AFDB

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, …

A Report by AFDB Shows Kenya, Nigeria, Egypt and South Africa Account for About 80% of Investments in Africa Read More »

USE

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 »

Central Bank Digital Currency

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 …

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Ethiopia kenya trade deal

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 FTSE Johannesburg Stock Exchange

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 …

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African Securities Exchanges

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 »

Guaranty Trust Bank

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 …

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Resolution Insurance Linkham Group

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

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 …

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Mobile Money Uganda

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 …

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facebook

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 …

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Safaricom Anwar Soussa

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. …

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total gas station

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

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 …

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South Africa airways

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 Kenya

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 »

Safaricom ECA

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

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 …

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Salaam African Bank

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 …

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Shelter Afrique South Sudan

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 …

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Tanzania LNG Project

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 »

Nigeria SEC

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 »

AfDB

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, …

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World Bank Kenya

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 …

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Image of G20, Ethiopia

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 »

Image of Airtel headquaters

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 »

Foreign Direct Investments

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 »

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 »

JSE FTSE Johannesburg Stock Exchange

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 »

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 …

Ethiopian Airlines Announces $ 5 Billion Mega Airport Read More »

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 »