Author: Editor

The Board of Directors of the African Development Bank has given a green light on Tuesday, September 25, 2018, in Abidjan, for a € 15 million equity investment in the FIVE (Financial inclusion vehicle) fund, an instrument of financial inclusion set up in 2017 by the AfricInvest group. An evolving fund with a capital of 200 million euros, FIVE is to take stakes and quasi-stakes (in the form of financing) in medium-sized banks (so-called second-class financial institutions) and small third category). The aim is to help them achieve their digital transformation and encourage them to grant loans to African SMEs,…

Orange Money celebrates a decade of financial innovation in Africa and confirms its position as a major player in mobile money Orange Money, Orange’s mobile money solution, is celebrating its 10th anniversary this year. Launched in 2008, the service, which today has 40 million customers, is present in 17 countries and has reached 26 billion euros in transactions in 2017. Orange Money is today one of the main growth drivers of Group, and the service continues to evolve for the benefit of people, businesses, institutions and governments. A success built on the accessibility and universality of the service Orange Money…

Phatisa is pleased to announce the first close of its successor fund to the African Agriculture Fund (AAF) — Phatisa Food Fund 2 (PFF 2), which has received capital commitments in excess of US$ 120 million. Given the strong interest, and with subsequent investors in different stages of their processes, Phatisa will continue with rolling closings and expects to reach a final close target of  US$ 300 million by mid-2019. For PFF 2, Phatisa will continue its focus on the team’s core skill set – the African food value chain – considering investments in mechanisation, inputs, poultry and meat production, food processing…

African banks can improve their business performance by keying into the Afreximbank Trade Facilitation Programme (AFTRAF), which was recently introduced by the African Export-Import Bank (Afreximbank), representatives of the Senegalese banking sector heard yesterday in Dakar. Speaking during a roadshow to introduce AFTRAF, Fatma Bao, Manager in the Afreximbank Guarantees and Specialized Finance Unit, said that the programme was structured to enhance confidence of counterparties in the settlement of international trade transactions for critical imports into Africa, support intra-African trade and facilitate the purchase of equipment for production of export goods. She said that the programme was being offered to…

The Tony Elumelu Foundation announces a partnership with the German Agency for International Cooperation, GIZ. Lagos, Nigeria, 25 September 2018: Tony O. Elumelu, CON, Promoter of the Tony Elumelu Foundation and President of Heirs Holdings and United Bank for Africa, joined world leaders at UN Headquarters to launch the Youth program 2030: The United Nations Youth Strategy, at the 73rd session of the United Nations General Assembly. Elumelu has been invited to join UNICEF’s Generation Unlimited Partnership Council, a global partnership to provide every young person with access to quality education, training or employment by 2030. Youth Initiative…

Through his correspondent for European affairs, Szymon Jagiello, Financial Afrik won an exclusive meeting with Pierre Gattaz, who was appointed head of Busines Europe last July. From China’s influence, from the issue of youth employment on the continent to the contribution that European industry can make to African partners, the whole economic relationship between Africa and Europe has This interview took place during a trip between Brussels and Paris. To read in our next issue in kiosk from October 15th. About BusinessEurope: Founded in 1958 and considered today as one of the most influential organizations in the European capital, BusinessEurope…

In the constant effort to improve and facilitate access to information for all its audiences, ACAPS has just launched the new version of its website www.acaps.ma. The redesign of the website is part of the actions put in place by the Authority to improve services for the general public and its various partners. The new ACAPS website has been redesigned to facilitate access and search for information and offers a more lively and user-friendly interface with a broad overview of the AMF’s missions and activities. Accessible in three language versions (Arabic, French and English), the website offers simplified access to…

In the land of Kenyan business, accustomed to seeing major national economic operators reign supreme in the sub-region, the news did not go unnoticed: the first shareholders of Safaricom, giant telecom East African and national economic flagship, are now … Tanzanians. The Tanzanian brothers Aunali and Sajjad Rajabali, who have been multiplying their positions on value for two years now, have become the main individual investors in the Kenyan telecom giant, after buying an additional 11 million shares in August for a value of 277. million shillings ($ 2.77 million). It is the latest monthly regulatory filings of the Nairobi…

Kadi Fadika-Coulibaly is the General Manager of the Ivorian broker SGI Hudson & Cie since 2012. The company is one of the market leaders in terms of volumes processed. First, can you introduce yourself? Who is Kadi Fadika? Kadi Fadika wife Coulibaly is today a mother of three children and leader of an integrated stock exchange company that radiates from Ivory Coast on the sub-region and the world. Yesterday I was a student in econometrics, statistics and finance, then a young executive in the banking sector and financial advisor. I lived nomadically between 1990 and 2008 between Ivory Coast, Senegal,…

Enko Capital Managers (“ECM”), managers of the Enko Africa Private Equity Fund (“EAPEF”), a private equity investor targeting mid and small-cap growth companies across Africa, has completed an investment in Network Industry and Services (“NETIS”), a company which specializes in the design, construction, installation and management of telecom infrastructure in sub-Saharan Africa. The deal marks the sixth investment for EAPEF. The investment will fund the company’s capital needs to strengthen its position in its existing markets (Côte d’Ivoire, Uganda, Kenya, Tanzania, Ghana, Burkina Faso, Gabon and Togo) and support its expansion strategy into other countries in Africa. ECM’s Managing Partner, Cyrille…

From the Africa Hotel Investment Forum (AHIF) in Nairobi, Kenya, Marriott International on first october announced rapid expansion plans across Africa. Strong demand for select-service brands and conversion opportunities are driving the momentum of growth for the company, amplified by five new hotel signings. The new signings will further consolidate Marriott International’s presence in Ghana, Kenya, Morocco and South Africa and mark the company’s entry into Mozambique. The signings put Marriott International on track to increase its portfolio by 50 percent with over 200 hotels and 38,000 rooms by 2023 estimated to generate 12,000 new job opportunities. Marriott International’s planned…

When the change in gorilla permit fees was announced on 6, May 2017, RDB stated that tourists who, in addition to gorilla trekking, also visited either Nyungwe National Park and Akagera National Park for a minimum of three days during the low season(November-May) would receive a discount of 30%. This was in addition to a 15% discount for conference tourists who stayed pre-or post-conference dates to see gorillas. AP wrongfully states that ’fees have been reduced by 30 per cent for the low season in the hope that visitors will return. The AP report further states that ‘Following…

Leading pan-African telecoms group Liquid Telecom is supporting young entrepreneurs at the Westerwelle Startup Haus Kigali through its high-speed internet and cloud-based services. Soft-launched in early August (official opening today), the Westerwelle Startup Haus is a hub for entrepreneurs, which offers a range of services such as events, advisory services and professional development workshops. Run by Westerwelle Foundation in partnership with Evonik Foundation, it also includes a makerspace providing machines such as 3D printers and a laser cutter among others. The hub has a capacity to serve 200 people, who will be able to enjoy access to Microsoft Azure developer tools…

The Director General of the Islamic Solidarity Fund for Development (ISFD), Dr. Waleed Al Wohaib, launched a joint Program with Education Above All Foundation (EAA) to partner on the development of shared intellectual work on out of school children in Mali, Nigeria and Pakistan with a potential for expansion to other countries. The announcement to launch a joint program came during the ISFD-EAA Seminar on “Financing for Out Of School Children” at United Nations Headquarters in New York on 28 September 2018. The seminar was attended by Ms. Stefania Giannini, Assistant Director General for Education, UNESCO, Hon. Marie Bibeau, Minister…

The former head of the Angolan sovereign wealth fund, Jose Filomeno dos Santos, was placed in pre-trial detention on Monday (September 24th) by the prosecutor’s office in the context of a $ 1.5 billion embezzlement case. general. In a statement the Attorney General, Alvaro Da Silva Joao, states that “due to the complexity and seriousness of the facts and in order to ensure the effectiveness of the investigation (…), the Public Prosecutor’s Office decided to apply defendants a measure of preventive detention “. “The evidence gathered in the case is sufficient evidence that the defendants engaged in corrupt activities,” he…

The Agency for the Safety of Air Navigation in Africa and Madagascar (ASECNA) is again wet in a hijacking case. This time, a hole of 364 million FCFA was discovered, including 150 million at the Regional School of Air Navigation and Management (ERNAM). According to the Senegalese daily Libération which gives the information, “these funds were diverted between January 2016 and June 2017, on the basis of false invoices”. Indeed, according to the newspaper, an audit mission of the Directorate of Financial Resources has discovered the irregularities. Asecna’s senior management has lodged two complaints with the public prosecutor’s office, the…

By Youssouf El Yedaly * Let youth employment be a solution to a problem, not a problem to be solved. The business climate in Mauritania has improved significantly in recent years, thanks in particular to important measures taken by the Government. These measures concerned in particular the simplification of business start-up procedures, the abandonment of the required minimum capital, the reduction of company creation costs, the simplification of procedures related to cross-border trade and easier access to credit. The Mauritanian company’s tax system has, in turn, undergone significant improvements as regards the guarantee relating to litigation, the recovery and repayment…

In a quest for more effective monetary policy, BEAC undertook monetary reforms in the early 1990s. These measures led, among other things, to the introduction of the money market in 1994 with two levels in mind. optimal regulation of bank liquidity, the interbank compartment and the intervention compartment of the Central Bank. Some 20 years later, the system put in place still did not respond to the issues facing the BEAC. To improve the effectiveness of monetary policy and the deepening of the financial system, while ensuring a permanent watch on financial stability, the BEAC undertook in 2013 a new…

The recent decision of the Bank of Central African States (BEAC) to issue bonds in local currency (CFA Franc) opens up new prospects. Professionals and partners are impatient. First to announce the color, the International Finance Corporation (IFC). The World Bank Group’s private sector affiliate organized a sub-regional workshop on capital markets in Central Africa on 17 and 18 September, reports the Cameroon Financial Market Commission (CMF) newsletter. . In Africa, the IFC has already issued issues in local currency, including Cameroon in 2009 (7.5 billion CFA francs), Nigeria (Naira) and Rwanda. The work, in which the Financial Markets Commission…

In June 2018, CDG Capital Private Equity concretized its entry, through the Capmezzanine II Fund, into the capital of Maymana Traiteur, a leading player in the fields of Bakery, Fine Grocery and Catering Service. range in Morocco. MAYMANA was born in 1985 from the will and the militant convictions of its founder, Naima Berrada Benchakroun, to contribute to the emancipation of Moroccan women by offering them the possibility of a professional activity around the trades of the restoration. It is still today, a company with 70% women. Over the years, the company has managed to create its singularity and a…

The Moroccan group OCP, the world leader in the phosphate fertilizer market, and the Hubei Forbon Group, a Chinese player specializing in the supply of global fertilizer additive solutions, have signed a framework agreement on the establishment of a global partnership in the field of new generation fertilizers. The collaboration is part of the open innovation drive launched by OCP that will accelerate its ambition to become the world leader in integrated solutions for agriculture, said a statement released by the Moroccan group. The document also reveals that a project to create a “Joint R & D Center” is under…

The Southern African Development Community (SADC) must develop a comprehensive program to strengthen small and medium-sized enterprises so that they can play a key role in economic growth, says Soomilduth Bholah, Mauritian Minister of Business, Enterprise and cooperatives. In a keynote speech at the opening of a meeting of the SADC-ECA Special Group of Experts (AEGM) on “The Role of Small and Medium-Sized Enterprises in the Industrialization Process in Southern Africa”, Mr. Bholah states that the central objective of such a program is to strengthen the competitiveness of SMEs, improve the business and regulatory environment, strengthen institutional support systems, promote…

Today, the Government of the Republic of Zambia and the Sustainable Development Goals Center for Africa (SDGC/A) signed a Host Country Agreement that will facilitate the establishment of a Sub-regional Center of Excellence in Zambia. The SDGC/A Sub-regional Center in Zambia intends to support the Government of Zambia and other governments located in the Southern Africa region in achieving the Sustainable Development Goals (SDGs). Its establishment comes after 2 years of the official launch of the SDGC/A in Kigali, Rwanda and continues the SDGC/A’s commitment to accelerate the implementation of the 2030 Agenda for Sustainable Development throughout the five regions…

African Stock Exchanges: Difficult Road to Long-Term Financing and Efficiency Since the early 2000s, the evolution of the financial system in Africa has been marked by the emergence or development of new players, including stock exchanges whose number has increased from 18 in 2000 to 29 today, on the continent. This positive development seems consistent with the economic policies adopted by most countries, which make a large contribution to the financing of development infrastructure and investment in the private sector. Is it to the extent that the scholarships have fulfilled the missions assigned to them? What are the achievements? What…

The General Assembly of the House of Actuaries of Cameroon (MAC) was held on Saturday, September 22, 2018, and elected its new Executive Committee. The executive committee is composed as follows: President: Eric MANIABLE Vice President: Blaise KENDAH Secretary General: Boris OHANDJA Treasurer: Simon DOUFTA In charge of external relations: Armand KOMNEK Councilor: Henri EWELE The new president salutes the efforts of the previous team and wants to engage the MAC in a stronger dynamic to support the profession in banking, insurance and social welfare. A seminar on the role of actuarial science will be organized in Cameroon in March…

Mostly related to human activities, the scourge of plastic waste is a most urgent concern on a global scale. In addition to damage to ecosystems, they damage infrastructure and slow fishing and tourism activities in Africa. According to figures from the United Nations Environment Program, every year, 8 million tons of plastics are found in the ocean, causing considerable damage to marine life, fishing, tourism or urban infrastructure. It is also 100,000 marine mammals and 1 million seabirds that lose their lives every year because of plastic waste. Damage to the environment is compounded by the real threats this poses…

On September 14, the pan-African infrastructure investment fund Africa 50 inaugurated its headquarters in the marina district of Casablanca, the Moroccan economic capital, at the end of the tour of its director general Alain Elibossé. Representatives from the private sector and the Moroccan government have been keen to accompany this launch, which also highlights Morocco’s ambitions for the continent. Africa 50’s challenge to bring major infrastructure projects to the fore, on the continent, with public and private funding, is converging with the will of certain states to strengthen regional economic integration. Africa 50 launched by 23 African countries -…

Reinsurers in sub-Saharan Africa continue to face challenging economic conditions, with competitive pressures on insurance activity exacerbated by economic and political concerns, according to a new report by A.Mr. Best, the London-based rating agency. The report, “Sub-Saharan Markets Attract Reinsurers Despite Difficult Economic Conditions,” indicates that much of the region has been hit by high inflation, currency devaluation and election disputes. Despite the difficult market conditions, the African reinsurance market has grown significantly over the last decade and has achieved respectable financial performance. Insurance markets are developing in local currencies but are slowly advancing in dollars. South Africa remains the…

Faced with the press, the Mauritanian president has assured that he will not be a presidential candidate in April 2019. At the end of his two terms, Mohamed Abdel Aziz will leave power as provided for in the constitution. A scenario with Putin? Read also: the interview of Mohamed Abdel Aziz in Financial Afrik: “I will not make a third term” An interview conducted in June 2016 where the Mauritanian president was already adamant on the respect of the constitution. In a highly anticipated speech on 20 September, the President said loud and clear that he does not intend to…

Development Partners International (“DPI”), one of the leading private equity firms in Africa, has announced investment through its second fund, African Development Partners II (“ADP II”), in the Compagnie Marocaine de Goutte à Goutte and de Pompage (CMGP), leader of the Moroccan market of irrigation systems and solutions. DPI has acquired a majority stake in CMGP from existing shareholders, the founding family Moamah and the Amethis Maghreb Fund I. This IPR investment will represent the largest private equity transaction made in Morocco in 2018. Founded in 1995, CMGP is the leader of the Moroccan irrigation market and has experienced strong…