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Isaac Twumasi Quantus's Blog (93)

UniBank, Airtel Money launch free life insurance policy

UniBank Ghana Limited has collaborated with Airtel Money and Star Micro Insurance to offer life insurance coverage for free (no premiums paid) as an additional benefit to subscribers who use Airtel’s mobile commerce product, Airtel Money.

Airtel Money users and their next of kin are covered by the insurance package when they keep an average minimum…


Added by Isaac Twumasi Quantus on March 14, 2012 at 1:03pm — No Comments

Ghana: Banks ready to welcome three additional ones

Some players in the banking industry have welcomed news that three more banks are in line to be licensed by the Bank of Ghana (BoG) to operate.

The BoG at its last Monitory Policy Committee meeting confirmed it is considering applications from three more locally owned banks to join the industry.

This will take the total number of banks in the country to 30 even though some analysts argue…


Added by Isaac Twumasi Quantus on March 7, 2012 at 8:41am — No Comments

African Real Estate awards launched

The African Real Estate and Housing Finance Academy (AREHF)  has officially launched its maiden awards in Accra, aimed at recognising remarkable players in the real-estate and housing finance sector across the African continent and the critical role the industry plays in the provision of shelter for humanity.

The awards, under the theme ‘Discovering and Celebrating Excellence’, are expected to draw participants from both public and private sectors of various African countries and…


Added by Isaac Twumasi Quantus on February 29, 2012 at 1:33pm — No Comments

Banking on Facebook launched by leading South Africans Entrepreneurs

Local entrepreneurs set up free, secure online money exchange platform ZunguZ

Social network users now have the option to securely exchange money, cost-free, with fellow users thanks to ZunguZ, a multi-tiered platform that integrates key role players including social networks, financial service providers and banking institutions to facilitate micro-payments.

ZunguZ is the flagship product of ZunguZ Inc., a Delaware USA registered company with presence…


Added by Isaac Twumasi Quantus on February 27, 2012 at 1:14pm — No Comments

Interoperability – the watch word for 2012

He will be speaking at the MobileMoney WestAfrica summit in Lagos on March 5th & 6th.

In a previous posting, I pointed to a statistic which said that MPESA accounts for more than half of the world’s mobile money users. Mobile money services in countries outside of Kenya…


Added by Isaac Twumasi Quantus on February 23, 2012 at 10:30am — No Comments

Visa to start mobile money transfer

Competition in the mobile money transfer market is set to intensify, with the launch of a cross-border mobile money platform by electronic payments processor Visa.

The platform will be available to all mobile users irrespective of their network, breaking the current barrier where restriction based on network has slowed uptake.

According to Visa country manager for East and…


Added by Isaac Twumasi Quantus on February 23, 2012 at 9:12am — No Comments

Unity Bank launches QikQik mobile payments

Nigeria’s Unity Bank has launched a mobile payment service that is expected to create hundreds of jobs.

The new UnityBank QikQik mobile-based payments will include QikQik kiosks in all the 774 local government councils in the country to deliver financial services to previously excluded segments of the population, the bank’s Group Managing Director, Alhaji Ado Y. Wanka,…


Added by Isaac Twumasi Quantus on February 23, 2012 at 8:48am — No Comments

Stanchart partners Olam to deliver flour-mill project

Standard Chartered Bank Ghana Limited has granted a medium term loan facility of US$17m to Olam Ghana Limited, as part-finance for the construction of a flour-milling plant in Tema to be inaugurated on Friday

The project, which has a capital outlay of US$55m, will provide high-quality flour and other wheat-related products to consumers across the country at affordable prices. In addition, the plant will serve as a significant source of direct and indirect employment in the…


Added by Isaac Twumasi Quantus on February 22, 2012 at 12:00pm — No Comments

Zenith does it again

Zenith Bank (Ghana) Limited capped a successful 2011 with solid financial results, in an era when industry margins are shrinking.

Zenith Bank achieved a 115 percent profit after tax, from GH¢10.9 million in 2010 to GH¢23.5 million in 2011.

Instructively, while net income interest, which is normally the main driver of banks profits,  dropped  by 35 percent in the year under review to GH¢21.5 million, non-interest income grew by 47 percent becoming the main anchor which…


Added by Isaac Twumasi Quantus on February 21, 2012 at 3:23pm — No Comments

Bank of Ghana increases Policy Rate from 12.5% to 13.5%

The Bank of Ghana has increased the policy rate from 12.5 percent to 13.5 percent. This represents an increase of 100 basis points by the Monetary Policy Committee which has been meeting to review the economy since Monday.

This is the first time the Bank of Ghana has increase its policy rate since the middle of last year. Governor , Kwesi Amissah-Arthur told journalists at a news conference, the increase was as a result of some unforeseen factors likely to impact government’s…


Added by Isaac Twumasi Quantus on February 20, 2012 at 10:12am — No Comments

Ghana’s FDI inflows increase by 500 percent in 2011

The total value of the country’s Foreign Direct Investment, FDI inflows increased by 500 percent last year compared to 2010.

Over 500 new projects registered in the country in 2011 were estimated at a total value of 7.68 billion dollars - equivalent to 11.52 billion cedis. This includes the estimated value of the STX project which is 2.5 billion dollars and Asanteman Home Group limited which is also 3 billion dollars and both yet to be raked in.

Excluding these two projects…


Added by Isaac Twumasi Quantus on January 31, 2012 at 3:10pm — No Comments

Access and Intercontinental Bank merger yields dividends to customers

The Access-Intercontinental Bank merger is already yielding dividends to customers of both banks. As part of the integration process, Access Bank has waived the 70 pesewas ATM usage fee for all combined card holders. Customers of both banks can now also deposit money at a wider branch-network of 33 as a result of the merger.

The Head of Corporate Affairs for Access Bank Ghana, Matilda Asante-Asiedu explains, the two initiatives which take immediate effect are the first dividends of…


Added by Isaac Twumasi Quantus on January 31, 2012 at 3:05pm — No Comments

Bank of Ghana releases additional 104 million dollars to mitigate cedi-fall.

The Bank of Ghana has released additional 104 million dollars onto the market today to shore up the value of the cedi after releasing 218.5 million dollars last week. 74 million dollars of this new amount will go to support the country’s oil imports needs with the remaining 30 million dollars going into the operations of commercial banks.

Commercial Banks however tell JOYBUSINESS, their demand for more dollars from the central bank was not met even half way as it covered more of…


Added by Isaac Twumasi Quantus on January 18, 2012 at 2:00pm — No Comments

World Bank appoints Diop as new Vice President for Africa.

The World Bank on Tuesday announced the appointment of Makhtar Diop, a Senegalese national, as its new Vice President for Africa. He succeeds Obiageli "Oby" Ezekwesili who will return to Nigeria in early May after serving as the region's Vice President since 2007.

Diop, the World Bank's Country Director for Brazil since 2009, will take up his new position on May 6th. A…


Added by Isaac Twumasi Quantus on January 18, 2012 at 1:00pm — No Comments

11 Nigerian banks make top 50 African banks for Isiolo Water Project.

The banks that made it to the top 50 African banks are Zenith, FirstBank, Guaranty Trust, Access, UBA and Fidelity. Others are First City Monument, Diamond, Skye, Stanbic IBTC, and EcoBank Nigeria.

Banks in Nigeria beat other African countries in the number of banks it has in the Top 50 African banks as published by The Banker magazine in its January 2012 edition just released. The Banker which recently retained its world’s number one monthly publication position above Bloomberg…


Added by Isaac Twumasi Quantus on January 18, 2012 at 8:16am — No Comments

South Africa issues $1.5 billion 12-year eurobond-Treasury.

South Africa's National Treasury issued a $1.5 billion 12-year bond in global markets that attracted $3 billion of bids, it said in a statement on Tuesday.

The bond was priced at a coupon of 4.665 percent, a spread of 270 basis points above the 10-year U.S. Treasury's benchmark bond.

Treasury said in a statement the transaction reflected investor confidence in South Africa's credit rating despite concerns emanating from Europe's sovereign debt…


Added by Isaac Twumasi Quantus on January 10, 2012 at 12:31pm — No Comments

Kenya central bank in repo market to mop up $59 mln.

Kenya's central bank sought to mop up 5 billion shillingsfrom the market on Wednesday through repurchase agreements, a day after a similar effort received zero bids from banks keen on holding onto their liquidity.

Traders said they had anticipated the repo because the bank is keen on staying ahead of the curve with its hawkish monetary stance, to tame inflation and exchange rate volatility.

NAIROBI (Reuters)…


Added by Isaac Twumasi Quantus on January 4, 2012 at 2:30pm — No Comments

Ecobank, Oceanic shareholders okay merger.

Shareholders of Ecobank Nigeria Plc and Oceanic Bank International Limited, yesterday, approved their proposed merger, just as the merged banks will commence operation as one bank in the new year.

Under the merger scheme, the shareholders approved that all the assets, liabilities and undertakings of Oceanic Bank, including real property and intellectual property rights, be transferred to Ecobank Nigeria.

It was also approved that the 1,600,000,000 issued ordinary shares of…


Added by Isaac Twumasi Quantus on January 3, 2012 at 3:40pm — No Comments

2012: Domestic activity to the rescue.

At this time of the year, there is one burning question in the mind of investors and business decision makers alike, that is: what economic conditions can one expect for the year ahead?

With global economic conditions expected to continue deteriorating in early 2012, much depends on domestic economic activity to prevent SA from stagnating or even dipping into recession as is anticipated for Europe this year.

In Risk Watch this month, we focus on the prospects for…


Added by Isaac Twumasi Quantus on January 3, 2012 at 3:30pm — No Comments

GTI Microfinance bank board approves N150 million raise in share capital.

The board of directors of GTI Microfinance bank limited has approved an increase in share capital from N50 million to N150 million for a state license.

The approval is in line with the revised regulatory guideline for microfinance banks which states that a Unit microfinance bank that intends to transform to a State MFB shall be required to surrender its licence and obtain a State MFB licence, subject to fulfilling stipulated requirements of the Central Bank of Nigeria (CBN).…


Added by Isaac Twumasi Quantus on December 22, 2011 at 10:30am — No Comments

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