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- Emuwa brings to Africa Finance Corporation a wealth of experience over three decades.
- He has been a part of AFC’s Board since 2015, previously serving as the Board Risk and Investment Committee Chairman.
- AFC, with its partners, is the biggest investor in renewable energy in Africa
Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, has appointed Emeka Emuwa as Chairman of its Board of Directors.
Emuwa brings a wealth of experience spread over three decades, leading and transforming banking institutions across Africa.
After completing a 25-year career with Citibank, where he left as the Country Officer and Managing Director of Citibank in Nigeria, he went on to serve as the Group Managing Director and Chief Executive Officer of Union Bank of Nigeria.
In this role, he led the bank’s transformation. He worked successfully with the new shareholders to transform and restore one of …
- Non-performing loans in Kenya surged to a 16-year high of 15 per cent in August 2023.
- The Kenya Bankers Association had called for further monetary policy tightening by the CBK, terming it a cure to elevated non-performing loans.
- According to the CBK data, forex pressure cut lending to the private sector to 8.3 per cent during the review period.
The banking sector regulator has said that Kenya’s private sector players resorted to alternative funding sources to avoid the high lending rates, leading to a drop in non-performing loans during the holiday season.
The continued surge in bank interest rates has hit individuals and businesses hard on the back of the Central Bank of Kenya’s (CBK) elevated benchmark interest rate. This has happened thrice since Governor Kamau Thugge took office, citing the need to support the country’s struggling shilling.
On Tuesday this week, the Central Bank of Kenya increased the benchmark …
- The cost of borrowing in Kenya has been going up since October last year, when it was at 10.50 per cent, before two consecutive raises.
- This means banks are likely to adjust their interest rates upwards, pushing the cost of borrowing beyond the reach of many.
- The majority of bank rates are currently above 20 per cent, amid a high default rate as banks struggle with Non-Performing Loans (NPLs).
Higher interest rates to raise the cost of borrowing in Kenya
The cost of borrowing in Kenya is set for yet another rise if banks are to factor in the latest Central Bank of Kenya increase in the base-lending rate.
The Central Bank of Kenya (CBK) has raised borrowing costs to highs last seen nearly 12 years ago, as it moves to try and contain the country’s inflation, which has started to pick.
On Tuesday, the Monetary Policy Committee, CBK’s top …
- 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 …
FBC Holdings Limited (FBCH) has finalized an agreement with Standard Chartered Bank to acquire its business in Zimbabwe. However, this transaction remains subject to regulatory approvals, including that of the Reserve Bank of Zimbabwe (RBZ), and marks a strategic move for both entities.
Standard Chartered Bank had previously decided to divest from several markets. These include Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan. Additionally, the bank has planned to exit the Consumer Private and Business Banking (CPBB) business in Côte d’Ivoire and Tanzania. Standard Chartered Bank’s business sale in Jordan came to light earlier in March this year, aligning with the bank’s strategic realignment efforts.…
On 15 May, President William Ruto nominated Kamau Thugge as the new governor of the Central Bank of Kenya (CBK). If the Senate and the National Assembly ratify the appointment, Thugge will begin his first term as the CBK governor in mid-June. He will replace the incumbent Patrick Njoroge who assumed office as CBK governor in 2015.
The nomination of Thugge comes at a pivotal time for the Kenyan economy. Kenya’s inflation remains high at almost 8 per cent. The Kenyan shilling has also hit all-time lows against the US dollar. Thus, the monetary policies from the CBK will most likely come in handy in the coming months. But what makes Thugge the perfect fit for the crucial role of Kenya’s top banker?…
- Financing will create more jobs, and reduce national expenditure on the importation of milk and dairy products. It will also improve the nutritional status of Nigerians.
- The credit scheme also seeks to reduce protracted conflict between farmers and herders as well as drive investments in the industry.
- Ministry of Agriculture says plan will improve security and foster harmonious existence between farmers and herders.
Livestock farmers across Nigeria are set to benefit from a $10.8 million credit scheme that seeks to enhance their business value chains and attract more investors in the sector.
According to the Minister of Agriculture and Rural Development, Mohammad Mahmood Abubakar, the $10.8 million credit scheme targeting livestock farmers, will be run by the Bank of Agriculture.
Mr Abubakar said Nigeria is committed to reforming the livestock sector with notable programmes such as the National Livestock Transformation Plan, and Livestock Productivity Resilience and Support Plan, among others.…