Author: Editor

CEO Jaakko Kangasniemi: “Africa is the place to be for European development financiers” The Finnish development financier and impact investor Finnfund will open its first regional office in Nairobi, Kenya, in May 2022. Finnfund seeks to build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. The opening of the Nairobi office will strengthen the updated strategic goals. The newly released strategy places a strong emphasis on Africa, with half of Finnfund’s upcoming investments in Africa. Local presence is seen as a key factor for growing the volume of investments in the region. “Africa is the place…

Fenchurch Law, the leading UK legal firm working exclusively for policyholders and brokers on insurance coverage disputes, has launched a new practice group focused on Reinsurance & International Risks. The new group will focus on representing non-UK policyholders in complex and high value insurance disputes under policies placed either directly into the London Market, or placed locally and then reinsured, into the London Market. Led by the firm’s Managing Partner, David Pryce, the new practice group will also take instructions from captives, and from non-UK insurers which have coverage disputes with London Market insurers. Commenting on the launch of the…

Enko Capital Managers (“ECM”), managers of the Enko Africa Private Equity Fund (“EAPEF”), a private equity investor targeting mid-cap growth companies across Africa, is pleased to announce that it has successfully exited its investment in Law Union Rock Insurance (“LUR”), a Nigerian mid-size general insurance company listed on the Nigerian Stock Exchange (“NSE”). Lagos-based private equity fund, Verod Capital (“Verod”) bought the entire share capital of LUR through its investment vehicle Kanuri LUR after shareholders of LUR accepted their offer of N1.23 per share. The deal was approved by local regulators including the National Insurance Commission (“NAICOM”), the local Securities…

More than 4.5 billion Bacs payments are made in the UK every year, representing roughly 90% of all regular monthly payments via direct debit transactions. But until now, this vital payment system was not secured by Confirmation of Payee (CoP), a payment verification service that Pay.UK first rolled out in 2020. By the end of 2021, all the SD10 banks will offer CoP, which already protects CHAPS and Faster Payments. The addition of CoP to Bacs represents an important step in the industry’s battle against fraud and will provide more confidence during payment transactions. However, in its current form, CoP…

Following a successful listing on the Nigerian Exchange (NGX – formerly the Nigerian Stock Exchange), Ronchess Global Resources Plc. (RONCHESS) has officially restructured its board and notified the Nigerian Exchange Limited. Ronchess Board of Directors is now led by Adeolu Adeboye, a graduate of Software Engineering from the University of Hertfordshire, United Kingdom. He practiced in this field for ten years in the United Kingdom before moving back to Nigeria. A seasoned entrepreneur who has developed several businesses in various sectors, Adeboye’s areas of expertise include Insurance, Retail, Power, and Construction. The board is co-chaired by Flight Captain Niyi Ogunnowo…

The articles recently published by Financial Afrik on the issue of the scandal shaking Shelter Afrique are based on the facts and nothing but the facts that occurred at the level of this pan-African institution. Financial Afrik maintains the veracity of the elements reported and reaffirms the rigor of its strictly professional approach and its journalistic investigations cross-checked and verified in accordance with universal ethics in the matter. It is in this spirit that we would like to come back to the highlights of this scandal following the Shelter Afrique press release of January 4, 2022, co-signed by the newly…

By Maria Nadolu.  We are looking forward to having you with us at the 4FAA, making steps together towards a brighter Africa 2050! We are excited to share some information about our host country, and its beauty! MAURITANIA As you might know, Mauritania is where North Africa (Maghreb) meets West Africa. Logically, this positioning provides a natural predisposition to become a strategic hub for economic exchanges, but also drives cultural diversity. It is the eleventh biggest state on the continent. The 1,031,000 square kilometres are divided into 4 geographical sections: the Saharan, the Sahelian, the Senegal River Valley, and the…

The American company Holberton School, which recently raised $20 million, is establishing itself as a global player in the training of high-level computer engineers. In the current context of the arms race for new Tech talent, African economies can get ahead of the rest of the world. Interview with Julien Barbier, CEO of Holberton, which aims to train tomorrow’s African IT talent. Hello Julien Barbier, can you tell us more about Holberton School and the particularity of your universities? Julien Barbier: Holberton School is a network of in-person schools, which train high-level engineers for the IT industry. The group was…

As members of the MobiliseYourCity Global Partnership, Casablanca and Rabat-Salé have been invited to share the results of the ex-post evaluation to the Partnership’s global Community of Practice, constituted by mobility practitioners and decision-makers from 65 cities and 15 countries worldwide. Local representatives of the two implementing agencies will be joined by the French Development Agency (AFD) and further experts to reflect on the impacts of these technologies and their potential role as high level of service mass-transit solutions to cities in the Global South.  The two first lines of tramways have been in operation in the cities of Rabat-Salé…

With this appointment, Diebold Nixdorf confirms its ambitions for the EMEA and South regions Diebold Nixdorf (NYSE: DBD), a global leader in driving connected commerce across the financial and retail industries, announces the appointment of Roselyne Jauffret as Vice President, EMEA South. She is responsible for accelerating the group’s strategy for banking solutions and payment technology systems and overseeing the business and offerings in Africa, Southern Europe and Eastern Europe.  Roselyne Jauffret has 15 years of experience with major groups in the payment software industry, which has enabled her to build a solid network across Europe and Africa. She joins…

Trade finance deals to drive African SME growth The African Development Bank has laid out plans to support the growth of the continent’s free trade area by guaranteeing loans worth $7bn over the next five years to help companies sell their products across Africa. That follows Afreximbank’s pledge earlier this year to make available $40bn to boost intra-African trade over the same period. This type of financial support is much needed to spur economic growth within countries signed up to the African Continental Free Trade Area, in particular helping small and medium-sized companies as they seek to bounce back from…

ThebPresident of the Democratic Republic of the Congo, Félix Antoine Tshisekedi Tshilombo, took part in Expo Dubai 2020 During the Global Forum Business Africa, one of the flagship events of the event, President Tshisekedi focused his intervention on the business opportunities offered by the Democratic Republic of the Congo. “Ladies and gentlemen, the Democratic Republic of the Congo is a country with semi-continental dimensions in the heart of Africa, which has all the potential to play a major role in international trade in general, and with developing countries in particular With an area of ​​2,345,000 km ², its access to…

Climate change must be our greatest priority in disaster risk reduction space Africa must build resilience proactively if it is to change the disaster risk architecture  With COP26 around the corner, our focus should be on the devastating impact of climate change as we mark International Day for Disaster Risk Reduction today, observed annually to raise awareness about disaster reduction risk. That’s the word from Lesley Ndlovu, CEO African Risk Capacity (ARC) Limited, a specialist insurance company that provides parametric coverage to African countries against extreme weather events and natural disasters. Alarm bells for humanity have been sounded around issues…

The Tunisian Dinar (DT) discovers the virtues of feminism, the Naira plays mountaineer, the Cedi still recovering, the Rand under pressure, the Egyptian Pound runs behind the Moderna vaccine, the Kenyan Shilling at the foot of Kilimanjaro. In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Tunisia names first female PM  Tunisia’s President Kais Saied—who in July suspended parliament and seized executive powers—has named Najla Bouden Ramadhane as the country’s first…

The company estimated cost of USD15 million will produce low-cost construction materials to promote large scale social housing programs in Cameroon. Shelter Afrique Board has approved the establishment of a construction company in Cameroon at an estimated cost of USD15 million. The Industrial Housing Corporation (IHC) is a joint venture initiative which will be managed under a Special Purpose Vehicle (SPV), with Shelter Afrique owning 51% of the Company and Government of Cameroon owning 49% (through the Housing Ministry and Urban Development). “The Company will be established based on Public and Private Partnership through which the Government of Cameroon will designate a location and provide…

African Development Bank President Dr Akinwumi A. Adesina has said that a concerted effort to change the narrative on Africa in the United States is necessary to attract increased investments into the continent. He said the need for advocacy in the United States made having an African Development Bank office in Washington a matter of importance, and that he would be pursuing approval with the Board of the African Development Bank Group. The Bank chief spoke during a meeting with African ambassadors at the chancery of the Embassy of the Republic of Congo in Washington last week. “It is very…

The Ghanaian Cedi gorges itself on cocoa, the Tanzanian Shilling carried by an innovative president, the Zimbabwe dollar rebels, the Egyptian Pound vaccinated against Covid-19, and the Naira stabilizes, dancing on a barrel of oil … In this column weekly on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Zimbabwe cracks down on illegal forex dealers Zimbabwe’s Vice President Constantino Chiwenga has hit out at the country’s informal currency traders after the Zimbabwe Dollar plunged…

The Republic of Rwanda and the Grand Duchy of Luxembourg signed an agreement for the elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance on September 29th, 2021, in Luxembourg city.  This agreement was signed by H.E. Dieudonné Sebashongore, Ambassador of the Republic of Rwanda to the Grand Duchy of Luxembourg with residence in Brussels, and H.E. Pierre Gramegna, Minister of Finance of the Grand Duchy of Luxembourg during a short ceremony. On this occasion, both parties exchanged on the excellent economic and diplomatic relations between Rwanda and Luxembourg. They also…

10 Winners to be announced at Awards Ceremony this January The Zayed Sustainability Prize, the UAE’s pioneering award for recognising sustainable solutions and humanitarianism, held its Jury meeting to elect winners for its current 2022 cycle, who will be announced during the Prize’s Awards Ceremony at the 2022 Abu Dhabi Sustainability Week (ADSW), this January. A total of 30 finalists were confirmed and are now vying for 10 awards, across the five categories of Health, Food, Energy, Water, and Global High Schools. This year, the Prize received a remarkable 4,000 applications, marking a significant 68.5% increase in entries compared to…

   DRC joins several other countries that have ramped-up capital subscription In the pan-Africa housing development financier.  Pan-Africa housing development financier, Shelter Afrique has received USD2.5 million in additional capital subscription from the Government of the Democratic Republic of Congo, DRC post the 40th AGM held in Yaounde Cameroon on the 24th June 2021. The Additional stake now takes DRC’s shareholding to 1.68% up from 0.74% held previously. While receiving the contribution, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah thanked the Government of the Democratic Republic of Congo for improving its stake in the company, the prevailing economic conditions…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currencies  fluctuations on the continent. Here are the main trends for week 39 from October 27 to 03, 2021. Moroccan central bank absorbs FX-inflow surge  Morocco’s central bank—Bank al-Maghrib—this week started buying excess foreign currency from local banks amid a glut of FX inflows from remittances and a recovery in the tourist sector. The central bank said it planned to run auctions this week to absorb the…

Bolloré Logistics is pleased to announce the appointment of Gustavo Santi as Managing  Director for Brazil. Mr Santi will be responsible for leading the company’s strategy in the  country and adapting its services to the needs of the local market. He is also tasked with  developing new business opportunities in Brazil.  Gustavo Santi brings more than 20 years’ experience to the role, primarily in logistics  operations, air and sea freight services, customer service and branch management.  “Gustavo is really experienced in creating and deploying customer-centric business strategies. I am delighted to welcome him to Bolloré Logistics, and confident that he…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Angola earns rating uplift as economy poised to end five years of contraction Angola this week saw Moody’s raise its credit rating one level to B3 from Caa1, six places below investment grade, supported by the country’s improved fiscal position and rising oil prices. It was the first time Moody’s has upgraded Angola since first rating the country in 2015, reversing the…

A workshop within the international and interdisciplinary conference “The Rise of Asia in Global History and Perspective”, France, February 9-11, 2022 A collaboration of the Master’s Degree in Exchanges with Asia, Université Le Havre Normandie, France, with the Laboratoire des Afriques Innovantes, Université du Québec à Montréal, Canada and the Journal Financial Afrik, Dakar, Senegal Since the last decades, we witness the rise of economic exchanges between Africa and Asia. All the economic powers of Asia have developed economic relations and organised summits with Africa: Japan-Africa (since 1993), China-Africa (since 2006), Korea-Africa (since 2006), India-Africa (since 2008), Turkey-Africa (since 2008),…

Benin Terminal, which operates the Port of Cotonou’s container terminal, commissioned two  empty container handlers built by Konecranes, a specialist in lifting equipment, on  1 September 2021. Following their delivery in mid-August, they were installed and the  operators trained.  With a total cost of 300 million CFA Francs (€467,000) financed by Benin Terminal, these two  cutting-edge technology machines can reach stacking heights of up to seven (7) standard  containers, thus maximising space and increasing the handling capacity.   This new equipment will improve Benin Terminal’s productivity, increase delivery rates and  reduce the time required to process goods. They will also strengthen…

The global crypto market recovered significantly over the last two months, with some of the world’s leading cryptos reaching record valuations. Although digital coins have brought sizable investment returns since the beginning of the year, some investors poured money into the crypto market much earlier and watched their investments grow over time. According to data presented by BlockArabia.com, a $1,000 investment in one of the fastest-growing cryptos in 2021, Binance Coin, four years ago would be worth over $427,000 today, bringing a whopping 42,600% gain. Binance Coin’s Price Soared 427 Times Since September 2017 As the world’s fourth-largest cryptocurrency after Bitcoin,…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Chad debt relief plan hinges on private creditor talks The IMF this week called on private creditors to step up debt talks with Chad as part of a restructuring process that will unlock funding the country urgently needs as its economy staggers from the combined shocks of Covid-19, lower oil prices, climate change and terrorist attacks. Government creditors have…

As the European Week for Sustainable Development gets underway, with its focus on  transcontinental innovations, some West African circular economy initiatives stand out.  This is the case of the Nigerian company GIVO, whose founding president, Victor Boyle Komolafe, is a member of the 2021 class of Young Leaders, the flagship program of the  French-African Foundation.   For impact entrepreneur Victor Boyle-Komolafe, it all started with an awareness of the  extent of plastic pollution. No less than 15 billion polyethylene terephthalate (PET) items are  consumed each year in Nigeria, of which less than 10% are recycled, the rest being disposed  of in…

MNT-Halan, Egypt’s leading fintech ecosystem, announced today a circa US$120 million investment by major global and regional growth investors: Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. In addition, the company has also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech. This round of investment demonstrates confidence in the fintech opportunity in Egypt and further institutionalizes the capitalization table of MNT-Halan. Previous investors of MNT-Halan have included GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.   Capitalizing on MNT-Halan’s first mover advantage, proprietary and highly scalable tech capabilities and strong brand in Egypt, this funding endorses its strategy to drive further innovation in its technology, product development, scale to tens of millions of customers, and expand cross-border. The investment also recognizes the scale and long-term potential of MNT-Halan, which has been granted micro, consumer and nano finance licenses from the Egyptian Financial Regulatory Authority, as well as the first independent…

THE CASE OF UNIVERSAL TAX (15 %) PROPOSED AT G-20 SUMMIT 2021 AT VENICE (ITALY)  By Yannick KITUTILA. The purpose of a budget policy is to combine macroeconomic stability under the conditions favoring economic growth. Indeed, macroeconomic stabilitý is a necessary but not sufficient condition on its own to guarantee growth. Budget policy decisions must measure their effects both on growth and on the financing of publics expenditures. These expenditures can be financed[1] by loans, monetary creation as well as by fiscal measures. They can be a source of economic deterioration when they are not properly assessed (crowding-out effect[2]). For…