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- History beckons as push for Kenya’s Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
- Empowering the Future: Humanity Protocol’s Dream Play Initiative
- TikTok Community Guidelines update aims to curb hate speech and misinformation
- Rwanda sees 39% surge in bank borrowers as Sacco and MFI loan uptake declines
- Kenya Ports Authority wins dispute case over cargo release
Banking
- Surge in bank borrowers attributable to intensified awareness campaigns, and the introduction of innovative products.
- Regulator reports a 40 per cent surge in the number of depositors in commercial banks.
- However, borrowers in microfinance institutions (MFIs) and Saccos experienced a 15 per cent decline.
Rwanda’s financial services industry witnessed a remarkable uptick in the number of individuals accessing loans from commercial banks, with a notable 39 per cent rise recorded over a span of 12 months ending on June 30, 2023. This surge was underpinned by proactive measures instituted by the central bank to enhance financial inclusivity in an economy historically dominated by informal and traditional savings mechanisms.
Data released by the National Bank of Rwanda (NBR) reveals a substantial growth in bank borrowers, escalating from 683,851 in June 2022 to 949,778 in June 2023. In contrast, the number of borrowers in microfinance institutions (MFIs) and Savings and Credit Co-operative …
- The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
- Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
- The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation
Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.
The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …
- 19 African Heads of State seek to triple IDA’s financing capacity to $279 billion by 2030.
- IDA remains [Africa’s] most dependable source of capital, with every dollar of donor financing enabling an additional $3.5 in capital market leverage to amplify development impacts: President Ruto
- We are united by a shared vision for the future of Africa—a continent rich in diversity, culture, and potential, thanks to its young people and natural resources: The World Bank Group President Ajay Banga.
In a historic gathering of 19 African Heads of State and government in Nairobi, Kenya’s President William Ruto has ramped up calls for increased concessional financing from the World Bank’s International Development Association (IDA).
The rallying call, which was made during the International Development Association (IDA21) for Africa Heads of State Summit held at the Kenyatta International Convention Centre (KICC) in Nairobi, reverberated with urgency and determination.
President Ruto’s plea sought …
- The UAE Banks Federation (UBF) has committed to mobilize $270 billion in sustainable finance by 2030.
- His Excellency Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aiming to support and facilitate global climate finance solutions and progress towards a sustainable future.
- UBF has been working closely with its partners on sustainability efforts to accelerate and advance sustainable development goals.
The UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, has committed to mobilize $270 billion in sustainable finance by the year 2030. His Excellency Abdulaziz Al-Ghurair, Chairman of UBF, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aimed at supporting and facilitating global climate finance solutions and progress towards a sustainable future.
“The pledge …
- CBZ Holdings, FBC Holdings, and ZB Financial Holdings have all played a pivotal role in shaping Zimbabwe’s banking sector this year.
- One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First Mutual Holdings Limited.
- 2023 saw FBC Holdings execute a strategic move by acquiring Standard Chartered Bank Zimbabwe Limited.
This year has proven to be a transformative period for Zimbabwe’s banking sector, witnessing significant acquisitions that have reshaped the landscape. In particular, three major players, CBZ Holdings Limited (CBZ), FBC Holdings Limited (FBC), and ZB Financial Holdings (ZB), have played a pivotal role in these developments.
These acquisitions signify a dynamic shift in Zimbabwe’s banking sector, with key players strategically positioning themselves for growth and market dominance.
Acquisitions shaping Zimbabwe’s banking sector
One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First …
- Fintech Verto has partnered with UBA Bank to launch a cross-border payment solution in East Africa, starting with Kenya.
- Verto’s suite of products, spanning foreign bank accounts, instant currency exchange, and international money transfers, is now accessible to individuals and businesses in Kenya.
- This strategic partnership with UBA Bank marks a pivotal moment for East Africa, positioning the company as a catalyst for overcoming the challenges associated with cross-border trade.
Fintech Verto, a London-based company, has partnered with UBA Bank to launch a cross-border payment platform in East Africa, starting with Kenya.
The platform offers a comprehensive solution, enabling startups, SMEs, and large corporations to effortlessly send, receive, and exchange money in over 190 countries. With the capability to hold funds in Verto accounts across 51 currencies, the platform is a game-changer for businesses seeking global expansion.
Verto’s suite of cutting-edge products
“By aligning with UBA Bank, Verto is strategically …
Financial professionals must be fit to lead Africa’s inclusive sustainable growth and economic recovery, ensuring the continent’s place in the global arena. This call by the Association of Chartered Certified Accountants (ACCA) comes as the global economic landscape undergoes dynamic shifts. The ACCA emphasizes the importance of accountants being well-equipped to lead this charge and secure Africa’s standing in the international arena.
Their advocacy underscores the integral role that financial professionals play not only in shaping the economic landscape of individual nations but also in fostering a collective, continent-wide approach to sustainable development.…
- The AFAWA initiative seeks to increase women’s access to finance in the continent by bridging the $42 billion financing gap for women-led and owned small and medium enterprises.
- Since its inception just over two years ago, the AFAWA initiative has already approved $1.2 billion in funding for women-led enterprises in 32 African countries.
- Previous AFAWA Finance Series have been held in Tanzania, the Democratic Republic of the Congo, Ghana, Angola and Nigeria.
The African Development Bank through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, in partnership with African Guarantee Fund (AGF) and in collaboration with the Office of the President’s Advisor on Women’s Rights, have inaugurated the 6th edition of the AFAWA Finance Series in Nairobi, Kenya.
In a three-day event themed “Enhancing Financial Inclusion for Women”, that ended on 23rd November, the initiative seeks to revolutionise the financial landscape and foster an enabling environment for women …
- Economic experts have a bearish forecast on the US dollar, citing that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve winds up its aggressive stance.
- The prediction comes despite the ongoing big dollar sell off where asset managers are selling the currency at the fastest pace in a year.
- This is positive news for emerging and frontier markets, as they can start to see global funds and investors redirect capital back to these markets which have been starved of inflows for months.
Economic experts are making a bearish forecast against the US dollar, predicting that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve concludes its aggressive interest rate hiking agenda.
Nigel Green, CEO of the DeVere Group, states that this prediction persists despite the ongoing significant dollar sell-off, where asset managers are selling the currency at the fastest …
