Author: Ndeye Magatte Kebe

The non-financial rating agency Vigeo Eiris has designated the BMCE Bank of Africa group for the fifth consecutive year, “Top Performers CSR 2018” out of 15 winners including 10 listed companies for their overall performance, at the launch of the new Casablanca ESG 10 stock index. For the Moroccan bank, “this distinction reinforces the positioning of the group, under the leadership of its president, Othman Benjelloun, as a leading international partner in sustainable and inclusive finance, with a positive impact”. The same source states that “in 2018, the performance of BMCE Bank of Africa stands out in particular on 16…

African Development Bank (AfDB) to Disburse $ 500 Million to Egypt for $ 1.5 Billion in Budget Support to Achieve Inclusive, Resilient and Sustainable Economic Growth in the Country . According to a statement from the Ministry of Investment made public Friday, September 28, this new loan will be used to execute development programs with a particular focus on the social aspect. In addition, “it should make it possible to support development programs that meet the needs of citizens and that constitute an absolute priority for the government in the context of the social dimension of Egypt’s economic reform program”.…

Cameroon Ministry of Finance’s “FinScope” survey to measure levels of access to and use of financial services in the country during 2017 indicates that only 10% of those under age 15 are unbanked. The survey also reveals that formal credit is not widely used in the country (3%), and that there is a preference for informal credit (11%). In addition, about 10% of the population has access to credit from family and friends. According to the same study, “consumer education and financial education are real problems in Cameroon, mainly in the field of insurance, where most adults do not have…

The South African government has unveiled a new mining charter that requires mining companies to increase the share of their shareholding owned by blacks from 26 to 30% of their capital. According to mines minister Gwede Mantashe, speaking on Thursday (September 27th) to the press, this measure aims to correct the economic inequalities inherited from apartheid. “This distribution must be effective in the next five years and must be distributed among employees (at least 5%), the communities that shelter the mines (at least 5%) and entrepreneurs (at least 20%)”. he added. The authority to point out that the new charter,…

The World Bank is back in Somalia after 30 years of absence. The Bretton Woods institution approved $ 80 million in loans to finance public finance reforms in the East African country. This is the first disbursement in nearly 30 years of the government of a country torn apart by the civil war. The bank will release $ 60 million for the Recurrent Cost and Reform Project and $ 20 million for the Revenue Capacity Building and Public Financial Management Project. The financial institution will work with Mogadishu to improve services such as education and health, access to clean water,…

The African Development Bank (AfDB) will make available to the Angolan Investment Bank (BAI) $ 100 million to finance various projects. The representative-resident of the pan-African financial institution in Angola, Joseph Martial Ribeiro, made the announcement on Wednesday (September 26th) in Luanda. This amount is part of the $ 700 million that ADB allocates to the Angolan economy, of which 520 million have a direct impact on the private sector. In addition, the financial institution is studying the possibility of two other Angolan banks for a new line for small and medium enterprises. According to Joseph Martial Ribeiro, the objective…

It is in order to bring more companies to be listed on the stock exchange than the founding director of Enko capital, Cyrille Nkontchou, and Dr. Edoh Kossi Amenounve, director of the Regional Stock Exchange (BRVM) signed Wednesday, September 26 in Abidjan, a partnership agreement. According to the boss of Enko capital, its structure intends to rely on the elite program of Brvm to attract more companies. “This is a program we will be following particularly and we already have a pool of potential candidates for the IPO,” Nkontchou said. Note that the Elite Brvm Lounge program, developed by the…

The Moroccan group Attijariwafa bank has obtained Cerway’s “Excellent Quality Environmental” (HQE) certification, for the construction of its regional headquarters in Rabat. According to a statement from the banking group, “this certification rewards the bank’s efforts to respect the environment, namely the low consumption of energy and water, the reduction of atmospheric emissions and waste, the protection of biodiversity, as well as for the comfort and health of its employees “. It should be noted that Attijariwafa bank was also named, this year, the leading African banking group outside South Africa by the Financial Afrik Magazine, and “Best Moroccan Bank…

The launch of the credit insurance business in partnership with The Lebanese Credit Insurer (LCI) was held Tuesday, September 25 in Dakar by the company Askia. It is an innovative service to support the national private sector. The offer covers suppliers against the risk of non-payment of their receivables by their local and foreign buyer-debtor-buyers. The product to be presented Thursday to the Senegalese press helps protect the activities of the insured, broadens the scope of its business, promotes profitable growth and helps manage risks and avoid losses, says a statement from the company ‘insurance. According to the initiators, this…

The Board of Directors of the West African Development Bank (BOAD) intends to release an envelope of 20 billion CFA francs for the construction of social housing in Benin, on 9 new projects of about 92.5 billion CFA francs in 6 countries. The announcement was made at the end of the 110th session of the council held in the Ivorian capital on 19 September 2018. This is for Benin, a project of servicing and construction of 944 social and economic housing in Ouedo, in the Commune of Abomey Calavi. The project is divided into two parts, namely the servicing of…

After the stage of Côte d’Ivoire and Senegal, Baloon, the leader in digital insurance brokerage, continues its expansion in Africa with the opening of a subsidiary on September 20, 2018 in Douala, the economic capital of Cameroon. The Start up had, indeed, obtained its approval last July from the Cameroonian Ministry of Finance. According to officials, Baloon Cameroon will initially offer car insurance offers from two large local market companies, AXA and Saham. Subsequently, it aims to diversify its products in other areas, with a focus, health insurance, in partnership with other companies operating in Cameroon which is a boon…

President Patrice Talon announced on Saturday, September 22, his decision to cancel the tax imposed on communication services following a meeting with industry players. According to a statement read to the public channel, “by appreciating the presentation on the state of mind of the populations and after having listened to the GSM Operators and the ARCEP, the Government notes that the modalities of implementation of the said decree by the operators, from 19 September 2018, are likely to sever the overall economy of the sector, to the detriment of consumers, especially the most modest. Due to this imbalance of the…

The World Food Program (WFP) has initialed its first climate risk insurance policy with African Risk Capacity (ARC). According to a statement released Thursday, September 20, 2018 by the UN agency, “this insurance policy called” ARC Replica “is designed to allow humanitarian organizations to buy additional insurance policies macro against climate risks. The same source indicates that “payments are triggered when certain indices, such as low rainfall or reduced vegetation, are confirmed by satellite data”. “This innovation protects vulnerable households from the onset of a climate shock, helping to break the cycle of endemic poverty. It provides reliable and predictable…

Chadian Issa Mahamat Abdelmahamout was dismissed on Thursday (September 20th) as finance and budget minister, according to a presidential decree announced by state television. Although no reason has been given to justify this decision, this dismissal comes in the context of an unprecedented financial crisis. The government intends to impose a policy of austerity highly contested by the unions on strike since May. Moreover, some observers believe that it would be related to internal affairs at the Ministry of Finance. Recently, the now ex-finance minister had lodged a complaint for imitation of signature for fake purchases of medicines that would…

After entering the Ivorian market, Kentucky Fried Chicken (KFC), the American fast-food chain, will arrive in Gabon in January 2019. It is the general manager of Resto Group, the Lebanese Nader Hashem, promoter of the American franchise in Gabon who made the revelation Tuesday, September 18 in Libreville. According to Hashem, this investment required enormous financial resources, in accordance with the specifications of the American company. In addition, he said that this project will extend over several phases, with the first part opening the first restaurant in the airport area of ​​Libreville before possibly the construction of other establishments downtown…

In the framework of the Chinese initiative called “Belt and Road”, Mohamed EL KETTANI, CEO of Attijariwafa Bank Group and Liu Liange, CEO of Bank of China, initialed on the sidelines of the Sino African Forum, a memorandum of understanding to strengthen their cooperation in a number of areas. Announced by Chinese President Xi Jinping in September 2013, the Belt and Road Initiative is an ambitious multi-faceted strategy to stimulate capital, services and goods flows between China and the rest of the world. It targets more than 65 countries, including Morocco, which together account for 29% of global GDP and…

The Algerian oil and gas group Sonatrach is considering a US $ 59 billion investment in the country in the medium term in the field of energy. Sonatrach’s Vice President of Strategy, Planning and Economics, Farid Ghezali, gave the news on Sunday 09 September at a lively conference on “investment opportunities for Algerian companies” in the part of the Company Information Days. According to the senior official of the Algerian company, this amount will be disbursed in particular in exploration, production, refining, petrochemicals and pipeline transportation. In addition, Sonatrach will help the creation of companies including engineering, iron and steel,…

Afreximbank has just benefited from a $ 500 million credit facility from the China Development Bank (CBD). The agreement was initialed last week on the sidelines of the Sino-African Forum by Benedict Oramah, president of Afreximbank and Zheng Zhijie Liu, vice president and president in Changsha, capital of Hunan Province, China. This support will be used to help Afreximbank trade finance intermediaries provide medium and long-term financing for sub-projects in various sectors, including energy, telecommunications, transport and agriculture. According to the president of Afreximbank, this collaboration strengthens the ability of the pan-African institution to fulfill its mandate and the two…

After awarding € 16.5 million to Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group, the European Bank for Reconstruction and Development (EBRD) has released the checkbook for Varroc Lighting Systems Morocco, a Moroccan subsidiary from Indian lighting systems giant Varroc Engineering Pvt Ltd. This new envelope of 16 million euros is intended to support the automotive industry in Morocco and allow Varroc Engineering to supply the Tanger Renault plant and the Peugeot PSA plant in Kenitra, as well as to create a research and development center. According to the bank, some 100 jobs, including engineering jobs,…

A consortium of Chinese banks has signed two credit agreements with the Guinean government for a total of five hundred and ninety-eight (598) million US dollars. The loans are part of the continuing effective implementation of the Sino-Guinean Framework Agreement and are intended to finance the reconstruction of the Coyah-Mamou-Dabola National Road and the Conakry urban road network. This is an important step taken by the Guinean government which finalizes the contractual framework of the financing and thus ensures the first disbursements relative to the Sino-Guinean framework agreement, after several months of negotiations. These agreements are in addition to the…

After signing a partnership with the Attijariwafa Bank group last August, Path Solutions, the world’s leading provider of software for the Islamic banking system, has just signed a new agreement with BMCE Bank of Africa (BBOA). Indeed, Path Solutions has teamed up with BTI bank, the participative subsidiary of BBOA. The agreement will allow the bank to benefit from iMAL, a Path Solutions certified banking solution most widely used in the world for participatory finance. The new system will cover Internet banking, mobile banking, crowdfunding, crowdfunding, distribution channels, trade finance and financial messaging, says Path Solutions. According to Mohamed Maarouf,…

The PSA Group announced on Tuesday, September 4, the decision to double the capacity of its production site in Kenitra to 200,000 vehicles per year from 2020. This additional capacity is a decisive factor in accelerating the development of the PSA Group’s ecosystem in Morocco, say group leaders at a press conference. As of 2019, the Kenitra plant will produce engines and vehicles and will have an initial production capacity of 100,000 vehicles / year. It will rely on the fabric of Moroccan suppliers to achieve from the start a local integration rate of 60% and 80% in the long…

The Moroccan group BMCE Bank Of Africa is interested in Gabon. This is the result of the meeting between Madeleine Edmée Berre, Gabonese Minister for Investment Promotion and Public-Private Partnership, and Brahim Benjelloun-Touimi, Executive Director of the BMCE Bank Of Africa Group and President of the Bank Of Group. Africa, a subsidiary of BMCE Bank Of Africa. According to information, the Moroccan Bank is interested in the International Bank for Trade and Industry of Gabon (Bicig). This historic institution, which has undergone a major restructuring in its turn after the sale in June of the 47% held by BNP Paribas…

The Central Bank of the Republic of Guinea (BCRG) is again shaken by a scandal of embezzlement. After the earthquake of 2014, a new case of an alleged embezzlement of 21 million US dollars, stolen from the Bank’s foreign exchange accounts based in Dubai, is the headache of the press. According to Radio Espace who gave the information, the money comes from various punctures made on the amounts to be transferred to Citibank and Standard bank in Dubai. The radio reports that the MSS Company, which has a contract for the transportation of currencies with the BCRG, would be behind…

The British gas explorer Sound Energy has just obtained a new agreement with the kingdom of Morocco. Lasting eight years, the agreement was initialed last Friday with the National Office of Hydrocarbons and Mines (ONHYM) and the Ministries of Energy and Economy. It covers the areas of Tendrara and Matarka in the Oriental, and will allow Sound Energy to hold 47.5% of the two concessions, covering an area of ​​14,500 square kilometers in the Oriental region. 27.5% remaining shares will be held by Schlumberger, a partner of Sound Energy and the rest, and 25% owned by ONHYM. “I am pleased…

Launched in March 2018 in Senegal, the Delegation for Rapid Entrepreneurship (DER) delivered its first funding at the beginning of August. In this exclusive interview given to Financial Afrik, Papa Amadou Sarr, the General Delegate of this new state structure, which presents himself as a summary of the public and the private, returns to the philosophy, the model and the long-term objectives of the DER. After a stint at the OECD, at the Bill and Melinda Gates Foundation and then at the head of the Competitiveness Department at the Ministry of the Economy and Finance, Mr. Sarr is now in…

Miles Software announced earlier this week that it has formed a strategic partnership with SBM Bank (Mauritius) Ltd. (SBM) and SBM (NBFC) Holdings Ltd., one of the largest banks in Mauritius. This will involve new partners launching a technology platform called “MoneyWare” at the bank and NBFC level. The goal of SBM is to become the leading and most trusted financial services provider in Mauritius and beyond, the financial market expertise of Miles, the MoneyWare platform’s capabilities in private wealth management, custody , valuation and accounting, financial secretariat, asset management and portfolio management for clients in the brokerage industry. According…

Like many countries, Morocco is concerned by US sanctions against Iran. In particular, banks are among the most important institutions involved in the process of applying these measures. Indeed, the Moroccan Ministry of Foreign Affairs and International Cooperation sent a note to the Professional Group of Moroccan Banks (GPBM), reminding stakeholders, “the need to make arrangements that will be deemed useful after the entry into force. force August 7, 2018 US sanctions against Iran. It is mentioned in this document that “the first wave of these sanctions will include financial transactions and imports of raw materials, carpets of Iranian origin…

United Bank for Africa Benin has just made available to its customers a new offer called “MAGIC BANKING”. This is an option that allows customers to access and trade in their bank accounts and prepaid cards from USSD (Unstructured Supplementary Service Data) code. This code, dialed from a mobile phone, provides access to the UBA Magic Banking service menu. The platform is accessible to any user subscribed to GSM MOOV and MTN networks, and does not require an internet connection. Customers abroad can make their roaming transactions from their mobile phone. The “MAGIC BANKING” platform has a wide range of…

Almost two years after its launch (November 2016), the Economic Community of West African States (ECOWAS) will move to digitizing the Brown Card System. It is in this context that the actors of the space insurance sector met Tuesday, August 7 in Lomé (Togo) to look into the implementation of the process and share their efforts around the benefits that offer digitalisation in the strong management of the cross-border claims system. According to the initiators of this meeting, the use of technological advances in the day-to-day management of the files should lead to a better approach not only for the…