An Africa Business Community
The Ecobank Group was delighted to have the opportunity recently to highlight the trade and investment potential of Guinea-Bissau to UK industry representatives and institutional investors. Working in close cooperation with the UK All-Party Parliamentary Group for Guinea-Bissau ("APPG"), Ecobank also helped to facilitate the first ever high-level talks between the governments of the two countries. British activity in Guinea-Bissau dates back to the early 19th century and, in more recent…Continue
Added by Isaac Twumasi Quantus on November 29, 2011 at 3:31pm — No Comments
East African Breweries Limited (EABL) has received a Sh19.5 billion loan from majority shareholder, Diageo to finance the re-purchase of its subsidiary, Kenya Breweries (KBL) from international beer maker SABMiller.
EABL said it had received a "dollar equivalent" loan worth Sh19.5 billion that it will use to settle the transaction.
The Kenyan brewer will also dispose of a 20 per cent stake in Tanzania Breweries (TBL) that was previously owned by SABMiller, ending a…
Added by Isaac Twumasi Quantus on November 29, 2011 at 11:57am — No Comments
Family Bank has dropped a buyout plan in South Sudan in favour of establishing a subsidiary from scratch in the new market, citing lack of suitable acquisition targets.
The micro-lender’s chief executive Peter Munyiri said it has opted for a joint venture with Sudanese investors to gain smooth entry into a market where foreign-owned firms face cultural and regulatory hurdles because of rising nationalism. Under the deal, Family Bank will invest about $9 million (Sh810 million) in…
Added by Isaac Twumasi Quantus on November 29, 2011 at 11:43am — No Comments
One of Nigeria’s mobile and switching companies, eTranzact International Plc, has been awarded the final approval by the Central Bank of Nigeria, to commercially launch the Mobile Money operation.
The eTranzact Mobile Money is designed to allow users conduct financial transactions anywhere, anytime.
The service is aimed at bridging the gap between the banked and the unbanked.
Reacting to the development, General Manager, Mobile Payment of eTranzact, Mr. Patrick…
Added by Isaac Twumasi Quantus on November 28, 2011 at 9:47am — No Comments
The quick recovery of the East African Community’s banking sector and the need to increase a regional presence and competitiveness have prompted CRDB Bank to plan a cross-listing to main regional stock markets.
Bank’s managing director Charles Kimei said the intention was to start with the Nairobi Stock Exchange and the Uganda Securities Exchange."We have planned and prepared necessary conditions to list our shares on some EAC member states bourses, especially the NSE and the USE.…Continue
Added by Isaac Twumasi Quantus on November 28, 2011 at 9:42am — No Comments
Orange Money has reached the threshold of 3 million customers in the eight countries where it is now offered, thus becoming one of the most powerful electronic money services in Africa. Orange Money has tripled its customer base in the past year and continues to grow with the recent launch of services in two new countries: in Botswana in partnership with the Standard Chartered Bank, and in Cameroon in partnership with the BICEC (BPCE group).
Added by Isaac Twumasi Quantus on November 28, 2011 at 9:37am — No Comments
First Bank of Nigeria Plc and its investment banking subsidiary, FBN Capital Limited have signed a Memorandum of Understanding (MoU) with the Oyo State Government to fund some key multi-billion naira developmental and other projects in the state.
Key projects identified for execution between First Bank and the state, include building of independent power projects, rice and grain cultivation, resuscitation and establishment of existing and new farm settlements, establishment of vehicle…Continue
Added by Isaac Twumasi Quantus on November 24, 2011 at 8:34am — No Comments
China Development Bank Corporation (CDB) has, through its cooperating partner, the Infrastructure Development Bank of Zimbabwe (IDBZ), extended a $30 million line of credit to cater for small to medium-sized enterprises (SMEs) in the country.
Ambassador of the People's Republic of China to Zimbabwe, Xin Shunkang, said the financing package, the Special Loan for the Development of African SMEs, was one of the numerous avenues through which China was seeking to enhance relations with…Continue
Added by Isaac Twumasi Quantus on November 24, 2011 at 8:30am — No Comments
Energy Bank Ghana Limited is to increase its capital base to over GH¢100 million by the first quarter of next year in order to support infrastructure financing.
It is also intended to raise the bank’s capacity to partner players in the oil, gas and energy sector to develop the industry.
“To be able to finance infrastructure and play a role in the emerging oil and gas industry, banks need a heavy capital base to finance big-ticket transactions. Investment in public…Continue
Added by Isaac Twumasi Quantus on November 23, 2011 at 11:00am — No Comments
The Bank of Ghana said it will auction on Dec 8 an additional 200 million cedis of the five-year bond it first issued on August 1 after an auction where it sold 301 million cedis worth at a yield of 14.25 percent.
It said the coupon rate would be 14.25 percent and that the auction would be open to resident and non-resident investors.
It said in a statement the aim of the issue was to partly finance the redemption of a five-year bond maturing this December and the construction…Continue
Added by Isaac Twumasi Quantus on November 23, 2011 at 10:16am — No Comments
It was an emotional grand finale at the United Bank for Africa Plc’s Foundation National Essay Competition on Monday as three of the twelve finalists earlier shortlisted in the competition, were adjudged winners, after a second round of essay writing on Friday in Lagos. The twelve finalists were made to write another essay to enable the judges chose the final three that were unveiled at the ceremony.
After the review of the essays, the judges unanimously chose the essay of fifteen…Continue
Added by Isaac Twumasi Quantus on November 23, 2011 at 9:00am — No Comments
As part of its efforts to become a leading microfinance bank in the country, Accion Microfinance Bank (AMfB) has disbursed a total of N9 billion within five years of operation.
Currently, the bank has 12,000 active loan clients with an active loan portfolio of over N1.7b and 60,000 savings clients, amounting to savings of over N400m.
Also, in a bid to create a brighter future and serve its customers better, the bank last week opened a new branch at Surulere,Lagos.
Added by Isaac Twumasi Quantus on November 21, 2011 at 10:16am — No Comments
New weights for the Consumer Price Index will be introduced in the January 2013 release, Patrick Kelly, Executive Manager: Price and Employment Statistics at Statistics SA said on Thursday.
Kelly told a briefing in Johannesburg that key improvements from the last weighting were that the weights would be introduced four years from the previous reweighting (the international norm is five years) and that the lag between completion of the survey and the introduction of these weights into…Continue
Added by Isaac Twumasi Quantus on November 21, 2011 at 10:00am — No Comments
The World Bank and the African Union have taken steps to lower the cost of sending remittances to and within Africa by launching an online database that will help increase transparency about prices and stimulate greater competition among service providers.
The database, Send Money Africa, is a years-in-the-making partnership between the Bank, the African Union Commission, and donors. Through its interface, migrants can compare the cost that remittance service providers charge…Continue
Added by Isaac Twumasi Quantus on November 17, 2011 at 12:17pm — No Comments
First National Bank, a division of First Rand Limited (FSR), says it will officially commence its operations in Tanzania's capital Dar es Salaam in February next year, with a fully operational branch that will be followed by two additional ones.
FNB currently operates in six African countries outside of South Africa: Mozambique, Lesotho, Swaziland, Botswana, Namibia and Zambia.
The bank says in a statement it will initially focus on establishing its footprint in Dar es…
Added by Isaac Twumasi Quantus on November 15, 2011 at 1:26pm — No Comments
The Bank of Ghana (BoG) has approved the merger of Access Bank Ghana and Intercontinental Bank Ghana.
The BoG has approved the change of control processes for IBG’s operations within Ghana.
It is expected that IBG will be merged with Access Bank Ghana by the second quarter of 2012. Till then, both banks will operate as separate legal entities under the control and management of Access Bank Plc.
The approval from the BoG has given way to the reconstitution of…
Added by Isaac Twumasi Quantus on November 14, 2011 at 2:30pm — No Comments
Three of Ghana’s most successful entrepreneurs have picked up top awards in the West Africa edition of the global Ernst and Young Entrepreneurs awards.
The three, Prince Kofi Amoabeng CEO of UT Bank, Edward Effah CEO of Fidelity Bank and Joseph Agyepong, CEO of Zoomlion competed with other top West African businesses.
The three beat their competitors based on key qualities such as innovation, strategic thinking and direction for their companies, showing good financials…
Added by Isaac Twumasi Quantus on November 9, 2011 at 12:12pm — No Comments
The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement for Côte d’Ivoire under the Extended Credit Facility (ECF)1 in an amount equivalent to SDR 390.24 million (about US$615.9 million), representing 120 percent of Côte d’Ivoire’s quota in the IMF. Approval makes immediately available a first disbursement of an amount equivalent to SDR 81.3 million (about US$128.3 million).
The Executive Board also approved an amount equivalent to SDR 5.04…Continue
Added by Isaac Twumasi Quantus on November 8, 2011 at 12:40pm — No Comments
Thanks to its newly implemented reforms in areas such as protecting the investors, paying taxes,…Continue
Added by Isaac Twumasi Quantus on November 8, 2011 at 12:33pm — No Comments
To cater for the special needs of women folk, United Bank for Africa Plc (UBA), has unveiled a gender specific personal current account product, specially designed and targeted at discerning women. The initiative, tagged “Ruby Account”, has unique features that set it apart from other banking products in the industry.
Such features include; zero COT and highly attractive interest rates, customised debit cards and cheque book unlimited number of withdrawals or deposits. The incentives…Continue
Added by Isaac Twumasi Quantus on November 8, 2011 at 12:21pm — No Comments