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- Afreximbank and Nigeria’s Anambra State have partnered to advance the state’s “Smart Mega City” vision and foster economic growth in Africa.
- The partnership involves an MOU that seeks to offer project preparation and advisory services for state development.
- The collaboration opens the door to a potential debt financing of up to $200M, which could support the realization of transformative projects.
The African Export-Import Bank (Afreximbank) and Nigeria’s Anambra State have entered into an agreement to accelerate the region’s vision of becoming a “Smart Mega City”.
In an agreement signed during the Anambra Investment Summit, the partnership also underscores Afreximbank’s commitment to fostering economic growth and development across Africa.
The MOU, signed by Afreximbank’s Executive Vice President, Intra-African Trade Bank Kanayo Awani and the Governor of Anambra State, Charles Soludo, signifies a collaborative effort to drive state development through the provision of project preparation and advisory services.
It also opens …
- About US$5 trillion is traded every day in forex markets, with investors effectively swapping currencies the world over.
- In Nigeria, the Central Bank has abandoned its long-standing currency peg, meaning that the currency will be exchanged at a fluctuating rate as determined by the market.
- Currently, the shift in Nigeria’s forex policy may have a more direct impact on Nigerians and local economies, too.
Forex trading constitutes one of the truly universal methods of investment practiced around the world. As such, it is incredibly popular. The latest estimates suggest that roughly US$5 trillion is traded every day in forex markets, with investors effectively swapping currencies the world over.
As much as forex is thought of as a free-flowing, global marketplace of currency trades, the market in individual countries and regions can still be affected by government regulations.
This is proving to be the case of late in Nigeria, where new …
- About 3.3 billion people are living in countries where debt interest payments exceed expenditure on health or education.
- African countries pay four times more for borrowing than the US and eight times more than wealthy European economies.
- UN Secretary-General António Guterres says growing debt burden is undermining global prosperity.
The United Nations has fired a warning shot on soaring global public debt, which hit record $92 trillion in 2022, saying that it risks sending more poor countries into the roiling economic crisis.
According to UN Secretary-General António Guterres, the swelling debt burden is undermining global prosperity. There has been a five-fold surge in public debt levels since 2000. Guterres says it “demands immediate action to tackle the escalating crisis affecting developing countries in particular.”
The UN Secretary-General underlined: “On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European …
The tightening of monetary policies in the US and Europe has had spillover effects on African markets. The challenging economic landscape has impacted interest rates and led to rising costs of debt servicing. As such, the African development bank has warned that Africa’s external debt could rise to $1.13 trillion this year from $1.1 trillion in 2022.…
However, integrating cryptocurrencies with conventional financial systems becomes increasingly essential as they become more commonplace. This presents several obstacles to overcome before cryptocurrencies can realise their full potential. For instance, traditional institutions may be hesitant to work with cryptocurrencies due to concerns about money laundering and other illicit activities. Moreover, the technical difficulty of integrating cryptocurrencies with existing banking systems can prove intimidating.…
- Afrexim’s subsidiary, AFREXInsure, will manage trade and commerce-related risks in Africa.
- AFREXInsure will leverage its risk expertise using its continent-wide presence.
- Cargo handling, construction, operations and energy sectors are on target.
The African Export-Import Bank has launched its wholly owned insurance management services subsidiary, AFREXInsure.
The new subsidiary aims to offer a single point of entry for all speciality insurance requirements to help manage associated risks for African trade and commerce. The insurance arm of the bank will offer quality, best-in-breed specialty insurance that are tailor-made for Africa.
With credible knowledge of Africa, AFREXInsure will leverage on its risk expertise using its continent-wide presence and deep understanding of the African market to provide solutions around cargo handling, construction, operations and energy – sectors critical for the growth and establishment of trade and investment intercontinentally.
AFREXInsure targets specialty risks
Speaking during the launch, which took place on the sidelines of Afreximbank’s …
- Faulu Bank, a microfinance firm in Kenya, unveils a digital platform for real time cash transfer between banks and their clients.
- It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards.
- The bank has so far invested over $1.42 million in digitizing services.
Kenya’s Faulu Bank has unveiled a new banking solution offering large enterprises and corporations seamless, real-time, and cost-effective transfers between banks and their corporate clients.
The solution is one of the digital offerings Faulu Bank is rolling out this year as it turns into a digital-first lender.
Faulu Bank’s DigiCash App
It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards that allow users to transact on the go.
With the introduction of the Host-to-Host solution, Faulu Bank has so far invested over $1.42 million in digitizing services.
Speaking during the official launch of the …
- Equity Group will pay $48.1 million for 91.93% stake in Cogebanque and intends to make an offer for the entire ownership.
- Cogebanque is a public Ltd company licensed by the central bank of Rwanda and ranks as the fifth largest lender.
- Upon Equity Bank’s amalgamation with Cogebanque, it will become the second largest bank in Rwanda.
Kenya-based regional lender Equity Group is acquiring Compagnie Générale de Banque (Cogebanque) PLC Ltd in Rwanda. The agreement, represented by a binding term sheet, will see Equity Group pay a total cash consideration of $48.1 million to obtain a controlling equity stake of 91.93 percent.
Upon completion of the transaction, Equity Bank’s amalgamation with Cogebanque would position it as the second largest bank in Rwanda. The entity will have a combined assets market share of 18 per cent and a deposits market share of 19 per cent, based on audited accounts as of December …