Author: Ibrahima jr Dia

Facebook Inc, the American web giant, has indicated that it will ally with some of the largest telecommunications operators in the world including China Mobile, MTN, Vodafone and Orange for its plan to extend its network of submarine cables by Africa (2Africa). In a statement released on Monday, August 16, the company said the cable will be 37,000 kilometers in length and will link Africa, Europe and the Middle East. The project is expected to enter service by 2024 and will provide more than the combined capacity of all submarine cables that currently serve Africa. 2Africa, which is expected to…

Equitel, a mobile network operator in Kenya, rolled out its fourth generation (4G) network on August 12, 2021. This initiative aims to provide customers with improved internet banking services. The Equity Group Holdings subsidiary said its new 4G broadband service will provide faster browsing speeds for streaming and downloading. “Equitel’s new 4G SIM card will solve the problems of slow internet connection and limited data coverage,” said Lanre Bamisebi, Managing Director of Equitel, also Director of IT and Operations for Equity Group. This launch comes in a context of the coronavirus health crisis where banks are developing their digital platforms…

The Arab Banking Corporation (Bank ABC) announced on Thursday August 12 that it had completed the acquisition of 99.5% of the shares of BlomBank Egypt, a subsidiary of the Lebanese bank of the same name, as part of the strengthening of its presence in the Middle East. East and North Africa. This transaction, valued at $ 425 million, has obtained regulatory approval from the Egyptian Financial Regulatory Authority (FRA). However, the Egyptian branches of Bank ABC and BLOM Bank will continue to operate independently until the completion of the legal merger process, scheduled for the first quarter of 2022. Once…

Sanlam and MTN Group announced Thursday, August 12, that they have entered into a strategic partnership to develop Insurtech in Africa. With this in mind, the South African insurer will offer the South African telecoms operator its services via the mobile phone. Under the terms of the agreement, Sanlam will provide insurance and digital investment business, which will be an integral part of MTN’s fintech offering. “We are very proud to be able to partner with MTN to create the best possible range of insurance and investment solutions for consumers. We anticipate strong long-term growth in mobile financial services and…

Sudan will hand over to the International Criminal Court (ICC) its former president, Omar al-Bashir and his close associates, accused of war crimes during the conflict in Darfur. Foreign Minister Mariam al-Mahdi has in a press release Wednesday, August 11, informed that the Council of Ministers has taken the decision to hand over the wanted persons to the ICC. According to sources familiar with the matter, it was on the sidelines of the visit to Khartoum of the new prosecutor general of the Hague-based tribunal, Karim Khanen, that everything was planned. Now, the former Sudanese president and his “gang” will…

CIC Insurance Group Plc, a Kenyan insurance group, recently published its financial results for the first half of 2021. After recording a net loss of 335.5 million shillings (3 million USD) the previous year, the company d insurance has achieved a feat in the first 6 of the current year. Indeed, the Nairobi-listed company posted a net profit of 259.5 million shillings (2.3 million USD) during the six-month period ended in June. This return to profitability was helped by the improved performance of the underwriting business and the increase in investment income. Investments and other income, including positive currency movements…

South African banking group Nedbank released its financial results for the first half of 2021 on Wednesday (August 11th), reflecting a strong financial recovery. Key balance sheet indicators have strengthened above pre-Covid-19 levels. Indeed, gross profit increased 148% from the first half of 2020 to 5.3 billion rand (358 million USD) .During the period under review, overall diluted earnings per share of 10.67 rand increased by 146%, while the overall earnings per share of R10.84 increased by 147%. For its part, turnover increased by 2%, or 27.6 billion rand (1.86 billion USD) at the end of June 2021 against 27.19…

The Gambia announced on Tuesday (August 10th) that oil company BP has failed to honor its pledges to drill one of the A1 offshore block wells in Gambian waters before the exploration expiry date. With that, the British group agreed to settle an amount of 29.3 million USD to the government for the failed drilling of the oil exploration well, awarded to the company in 2019. The well was to be built in the offshore A1 block in the West African country by July 29, 2021. “BP broke its obligations by not drilling a well before the expiration of the…

Moove Africa, a vehicle fleet manager in Africa, has raised $ 23 million from Series A to boost its automotive investment in sub-Saharan Africa. The mobility fintech startup explained that the fundraiser will provide financing to drivers of Uber Technologies Inc. They will then be able to buy cars throughout the region of sub-Saharan Africa. The roundtable was led by Speedinvest and the American company Left Lane Capital, with the participation of its existing investor, Emso Asset Management. In addition to this transaction, Moove also revealed that it has raised $ 40 million in debt financing, bringing its total portfolio…

Stanbic Bank Uganda Limited, a Ugandan commercial bank, performed well in the first half of 2021 despite the severity of the Covid-19 pandemic. According to its financial results released over the weekend, profits were 154.9 billion shillings (1.4 billion USD) in the first 6 months of 2021, up 21.5% from the previous year. in the same period of 2020. This performance is mainly due to the strong growth in commercial income, but also to better management of loan write-downs. According to bank statistics, trading income increased by 37.5 billion shillings (345 million USD) while loan write-downs decreased by 11.7 billion…

MTN Rwanda, a subsidiary of the South African group MTN, has renewed its operating license in Rwanda for a sum of 91 billion RWF (93 million USD), according to local press. The mobile operator said it has obtained a 10-year unified license from the Public Utilities Regulatory Authority (RURA). The new license took effect on July 1, after the expiration of the previous one. The leading telecom operator listed in Rwanda Stock Exchange, MTN Rwanda, formerly M-Cell, also said it has paid 70% of the renewal fee, or around $ 65 million, and the remaining 30% will be settled by…

The International Finance Corporation (IFC), a member of the World Bank Group, together with Commercial International Bank – Egypt (CIB), will invest USD 100 million in a “green bond” to support the green economy in Egypt. With this in mind, the establishment announced Thursday (August 5th) that it will issue the first green bonds of the Egyptian private sector. This is to help unlock funding for climate projects. The country’s largest private bank has said it will increase lending to companies looking to invest in environmentally friendly initiatives. These are mainly green building projects, renewable energies and energy efficiency. “We…

At the end of the first half of 2021, BH Bank recorded a 22% increase in its net banking income (NBI) which stood at 270 million dinars (97 million USD) against 220.5 million (79.5 million USD). ) over the first six months of 2020. Concerning interest income, they increased by 11.5%, reaching 392.9 MTD (142 million USD) at the end of June 2021 against 444 MTD (160 million USD) at the end of June 2020. For their part, the charges interest rates decreased by 25% and stood at 242.5 MTD (87.5 million USD) at the end of June 2021 against…

The board of directors of Maroc Leasing published on July 16, 2021, its financial results on the Casablanca stock exchange. It shows that the net result recorded a strong increase of 103.3% compared to June 30, 2020, and stands at 29.61 million dirhams (3.3 million USD), under the effect of the increase of GNP. The latter increased by 28.9% to reach 158.22 million dirhams (18 million USD) at the end of June 2021. As for production, it is up 25% to reach 1.55 billion of dirhams (173 million USD) at the end of June 2021 against 1.24 billion (138 million…

Standard Chartered announced Thursday, July 15, that it has appointed Lina Osman as the new regional head of sustainable finance for Africa and the Middle East. This is part of the Bank’s efforts to provide sustainable financing solutions across its regional footprint. The newly promoted totals more than 14 years of experience in the banking sector in Europe, the Middle East and Africa. During the period under review, the manager worked in several areas such as fund manager and advisor in private equity firms. Lina Osman will work closely with Standard Chartered’s senior management and the broader Sustainable Finance team,…

Nigerian Guaranty Trust Bank announced Wednesday, July 14, the appointment of Miriam Olusanya as Managing Director. The newly promoted has until then been Executive Director and will be the first woman to lead the bank since its inception in 1990. Miriam Olusanya has accumulated over 23 years of banking experience. She has served in various units including transaction services, capital markets, corporate finance and investor relations, among others. She joined GTBank in October 2004 as Treasurer and rose through the ranks to hold strategic leadership positions. Prior to her recent appointment, the MBA in Finance and Accounting was responsible for…

Standard Bank Group Limited announced on July 15, 2021, that it had offered to acquire 100% of the financial and real estate services holding company Liberty Holdings. The banking institution has expressed its intention to integrate Liberty more closely into the large group. The transaction will require the approval of the minority shareholders of Liberty as well as the relevant authorities including the SARB Prudential Authority and the Johannesburg Stock Exchange. If the minority shareholders of Liberty approve the transaction, it is expected to be finalized by the first quarter of 2022, according to internal sources of the group. This…

The Senegalese Tourism Promotion Agency (ASPT) organized a workshop on Wednesday July 14 in Dakar to provide feedback on the study on MICE (Meetings, Incentives, Conferences & Events), also called business tourism. This initiative essentially aims to present the results and to set up a national strategy to promote this type of tourism. During this meeting, tourism professionals, technicians, hoteliers, promoters… discussed the challenges and perspectives of MICE which is gaining ground in Africa. Coming to present the work of the MICE feasibility study, members of “The Tourism Business Company” stressed that Senegal has considerable potential to develop its MICE…

The International Finance Corporation (IFC), the leading development institution focused on the private sector in emerging countries, announced on Monday (July 12th) that it had invested USD 25 billion in the pan-African fund Vantage Mezzanine IV. This investment is primarily intended to support companies based in Kenya, Nigeria, Morocco, Egypt and other African countries engaged in job-creating sectors. This is particularly in the fields of health, tourism, manufacturing, information and communication technologies (ICT) and telecommunications. “This investment is a boost to this important alternative source of growth capital for African mid-sized companies,” said Warren van der Merwe, Managing Partner of…

Ethio Telecom, Ethiopia’s public telecommunications operator, recorded an 18.4% increase in revenue at the end of June to 56.5 billion birr ($ 1.29 billion), according to its chairman- Managing Director, Frehiwot Tamiru. The official also said the company saw a 22 percent increase in subscribers to 56.2 million. He also said 6.58 million customers have signed up to use his mobile money service, known as Telebirr, which launched last May. The platform, he points out, allows users to send and receive money, deposit or withdraw money from designated agents, pay bills to merchants and receive funds sent. from abroad. He…

The Central Bank of Ghana (BoG) announced Monday, July 12, that it will launch a digital currency pilot project next September. The implementation of this digital currency called “E-cedi” is part of the promotion of digital payment and the provision of financial services in the country. “The BoG is at the last stage of development before the implementation of a Digital Cedi (e-Cedi) in a sandbox environment which should start to be deployed by September 2021”, announced Maxwell Opoku-Afari , Deputy Governor of the Bank of Ghana in an interview with the local press. The pilot phase, he points out,…

South Africa’s financial rating agency, Global Credit Rating (GCR), announced on Monday July 12 that it had lowered the credit profiles of the general and life units of CIC Insurance Group, operating mainly in Kenya, Uganda, South Sudan. and Malawi. Thus, GCR assigned CIC Life a financial strength rating of BBB + (KE) to BBB (KE) with a negative outlook. The agency also downgraded CIC General’s financial strength rating from BBB + (KE) to BBB (KE) with a negative outlook. The South African giant stressed that the downgrade of CIC Life’s rating followed the group’s continued high exposure to investment…

After years of business characterized by trouble and scandals in Africa, DP World announced on July 8, 2021, its intention to acquire one of the largest shipping hubs in South Africa, Imperial Logistics. The Dubai-based global supply chain group has put on the table 12.73 billion rand ($ 887 million) to acquire all of the shares in the South African company. This new acquisition thus gives DP World a stronger hold on the African continent where it is already present in several countries. “The acquisition brings significant strategic value by complementing the existing footprint of the DP World group in…

First National Bank (FNB), one of South Africa’s largest banks, announced on Wednesday (July 7th) that it will open 50 additional new community branches by 2023. This initiative is part of the framework of its plans to increase investment in local communities. The bank said the community branches will have an area of ​​between 70 and 90 square meters. They will mix self-service and face-to-face interactions. “Over the past three years, we have opened 14 new branches and redeveloped over 130 to meet customer needs through assisted and unassisted channels,” said Managing Director Jacques Celliers. The objective, he emphasizes, is…

The noose is tightening around former South African President Jacob Zuma, nearly 9 days after his 15-month prison sentence for contempt of justice. Indeed, the police announced, this Wednesday, July 7, their intention to arrest him at midnight in the absence of any further instruction from the Constitutional Court. “The police will have to make the arrest before midnight,” police ministry spokeswoman Lirandzu Themba said, adding that “failure to do so would mean the minister and the police commissioner would be in contempt. in court and the minister has made it clear that he is not ready to be charged…

The African Development Bank Group has appointed Gambian Lamin Barrow as Managing Director of the Nigeria Country Office. The technocrat took office on July 1, according to an announcement published this Wednesday 7 on the website of the Pan-African bank. Prior to his appointment, the Gambian was Acting Senior Director of the Nigeria office, in the AfDB’s Vice-Presidency of Regional Development, Integration and Business Development. The master’s degree in economics is a pure product of the ADB for having accumulated more than 20 years of experience within the institution. Since joining the bank, he has held several senior positions including…

After Senegal, Algeria, Egypt and Nigeria, which aim to locally produce vaccines against the coronavirus, it is around Morocco to join in the dance. The Shereefian kingdom has just obtained the approval of China to locally produce the Sinopharme vaccines. In this sense, a memorandum of cooperation between the kingdom and the Chinese pharmaceutical group Sinopharm was signed Monday (July 5th) during a ceremony chaired by King Mohammed VI, according to the Moroccan press agency (MAP). For a global investment of 421 million euros, Morocco will have to produce 5 million doses of vaccines per month. The production start date…

The insurer Botswana is Botswana Life Insurance Limited (Botswana Life) announced on Tuesday July 6 that it had launched its new subsidiary called “Botswana Life Fiduciary Services”. This part of its business is focused solely on providing estate planning services to its clients. Estate planning is an umbrella term that includes the development and management of wills and trusts. Botswana Life Fiduciary Services therefore intends to help clients ensure proper management of assets and care of dependents in the event that this is not possible. This is a real innovation in the booming Botswana insurance industry. “Botswana Life Fiduciary Services…

CDC Group, the UK’s development finance institution (DFI), on Monday (July 5th) announced that it has invested 500 million rand (36 million USD) in Divercity Urban Property Fund (Divercity), an affordable housing platform focused on the regeneration of South African cities. This investment will finance the construction and management of more than 2,500 new residential units over the next 5 years, mainly in Johannesburg. It will also need to provide quality, affordable and environmentally friendly housing to low- and middle-income households in well-located but under-invested neighborhoods in major South African cities. CDC’s capital will allow Divercity to develop its rental…

The AIIM, Adenia and IFC consortium announced Tuesday, June 29, to have taken a majority stake in Eastcastle, a specialist in the management of telecommunications towers in Africa. This transaction will allow these 3 entities to provide financial support of $ 130 million to Eastcastle. This in order to support the strategy of tailor-made construction of the company in the Democratic Republic of Congo, Nigeria and Ivory Coast. The agreement will also increase the number of towers in the region, accelerate the deployment of bandwidth-intensive technologies such as 3G, 4G and 5G and improve quality connectivity for individuals and businesses.…