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Banking / Investment in East Africa

  • Moody’s set to downgrade 3 top banks

    KENYA, 2017/10/17 World ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating deficit situation. The agency said it had placed on review for downgrade the B1 world scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya Limited (Equity Bank) , and Co-operative Bank of Kenya Limited (Co-op Bank).
  • South Africa: Intra-African investments key for economic growth-Zuma

    SOUTH AFRICA, 2017/10/16 Visiting South African President Jacob Zuma, who ended his national visit to Zambia on Friday, has said that intra-African investments were critical to Africa’s next economic increase, and his country was ready to contribute meaningfully to increase the levels of investments while growing intra-Africa trade.Addressing the Zambia-South Africa Business Forum held in Lusaka in Zambia themed “Towards Increased Trade and Investment Cooperation,” Zuma said his government in 2016, through the Ministry of Trade and Industry, created Trade Invest Africa which, part others, establishes sourcing linkages with African trading partners as its contribution to facilitating the imports of African price-added manufactured products into South Africa.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Letshego chief aims to lead race for African financial inclusion

    BOTSWANA, 2017/08/23 In sub-Saharan Africa about 326 million adults do not use formal or semi-formal financial services. This unbanked group, according to consultancy McKinsey, offers innovative finance providers with a peerless increase opportunity. Indeed, momentum is building behind Africa’s financial inclusion schedule; mobile money operators are on the rise, commercial banks are launching microfinance units, and governments are pushing to formalise economic activity in their respective markets.
  • Tanzania: Bill Gates Donates Sh777 Billion to Tanzania

    TANZANIA, 2017/08/12 Bill and Melinda Gates Foundation has set aside Sh777 billion to finance development projects in Agriculture, Health and Data Communication Technology (ICT) sectors in the country. This was said on Thursday by the co-chair of the foundation Mr Bill Gates at the National Home in a little while next his conference with President John Magufuli.
  • Reserve Bank of Malawi Cuts Key Lending Rate to 18 Percent - Economy Fast Gaining Ground

    MALAWI, 2017/07/07 Reserve Bank of Malawi (RBM) said on Wednesday July 5 2017 it has cut the benchmark lending rate by 400 basis points to 18 % as consumer price inflation slows. Malawi's consumer inflation slowed to 12.3 % year-on-year in May from 14.6 % in April, the statistics agency said last month. RBM has projected inflation rates of 10.7 % and 8.5 % in June and December 2017 respectively.
  • Shaken but not stirred: Mozambique's banks look forward with optimism

    MAPUTO CITY, 2017/06/24 At the same time as Société Générale Moçambique (SGM) opened a gleaming new headquarters in Maputo in March, the ceremony marked not only a new phase in the French group’s expansion in sub-Saharan Africa, but as well a demonstration of confidence in a country that has been battered over the completed two years by an economic downturn, a deficit crisis and two bank failures. The 'tuna bond' scandal, donor suspensions, a sharp rise in inflation rates and slower economic growth have made for a difficult operating environment for Mozambique's banks in the past couple of years. However, Peter Wise discovers a sector where optimism very much prevails.   Speaking at the inauguration, Alexandre Maymat, the chief of African operations at Société Générale, said SGM planned to grow through a two-pronged strategy of mobile banking and extending its retail franchise across Mozambique, adding that Africa could become a model for additional mature, developed economies in the deployment of mobile banking technologies.
  • Ethiopia: Addis Bank Reports Profit Surge

    ETHIOPIA, 2017/02/05 Addis International Bank has had an impressive year, registering an annual profit increase of 100pc, since its establishment in 2011 as one of the late entrants into the banking industry. The Bank earned a net profit of 85.3 million Br in the 2015/16 fiscal year, a 46pc increase over its performance in the previous year. The Bank currently claims to have over 8,370 shareholders with over 532,580 shares. The Bank's major shareholders include Ethiopian Airlines employees' Saving & Credit Cooperatives, Addis Abeba Saving & Credit Cooperatives Union, the Ethiopian Roads Authority Employees' Saving and Credit Cooperative, the ethio Telecom Employees' Saving & credit cooperative and Yirgachefe coffee farmers cooperative union.
  • Heirs Holdings and Banque Centrale Populaire of Morocco Sign Investment MOU

    MOROCCO, 2016/12/08 Yesterday, King Mohammed VI of Morocco and President Muhammadu Buhari met at the Presidential Villa to sign bilateral agreements, aimed at strengthening economic ties between Morocco and Nigeria The agreements cover the areas of investment, training, youth skills-building, oil and mining, tourism, infrastructure, banking, finance, insurance and logistics and represent the desire on the part of both countries to deepen political and economic ties.
  • Mozambique: Manuel Chang Signed Loan Guarantees

    RUSSIA, 2016/10/19 Guarantees for $2 billion secret loans were signed by the again Finance Minister Manuel Chang, according to @Verdade (11, 12 Oct) which published pages from the agreements. The guarantees were in 2013 to Credit Suisse and in 2014 to the Russian national-owned bank VTB.