Financial Services

German development finance institution, DEG opens representative office in Nigeria to oversee West Africa operations

November 11, 2019

NIGERIA – German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG) has opened a representative office in Lagos, Nigeria’s economic hub, to pool DEG’s activities in the West African countries. A statement released by KfW (which is DEG’s parent institution) noted that, “By further expanding its office in Lagos, DEG recognises the strategic importance that […]

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Azerbaijan’s Lenders partner with IFC in developing digital financial services to enhance financial inclusion

November 7, 2019

AZERBAIJAN— Azerbaijan Banks Association, a national body that represents the country’s lenders has partnered with the International Finance Corporation (IFC) a member of the World Bank Group in a digital financial services development project in Azerbaijan. IFC said in a statement that the project which includes a partnership with the State Secretariat for Economic Affairs […]

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Ghana’s Activa, IFC target 2 million women with new Activ’Lady insurance program

November 3, 2019

GHANA — Activa International Insurance Ghana has partnered with International Finance Corporation (IFC) to launch an insurance program that seeks to increase insurance coverage among women in Ghana. The insurance program according to the IFC aims protect women, particularly those in business from financial risks and provide them better control over their assets. A 2018 […]

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Zenith Bank’s Q3 gross earnings rise to US$1.4bn buoyed by cost optimization strategies

October 29, 2019

NIGERIA – Nigerian multinational financial services provider, Zenith Bank Plc has revealed that its gross earnings increased by four per cent from US$1.31 billion (N474.6bn) in the third quarter of 2018 to US$1.36 billion (N491.26bn) in third quarter of 2019. A statement from the group said its profit before tax grew by five per cent […]

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IFC’s US$50 financial package to help Ukraine’s OTP Leasing scale up funding for sustainable energy investments

October 29, 2019

UKRAINE—IFC, a member of the World Bank Group, is providing a financing package of up to $50 million equivalent to OTP Leasing in Ukraine to scale up sustainable energy investments, particularly for small and medium enterprises (SMEs). IFC said in a statement that Ukraine is among the world’s most energy-intensive economies, partially attributed to its […]

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CDC invests US$75million in risk sharing facility with Absa to bolster lending to African businesses

October 28, 2019

AFRICA – CDC Group Plc, UK’s development finance institution and impact investor, has in October this year, announced a US $75 million risk sharing facility with Absa Group Limited, One of Africa’s largest and most diversified financial services groups. This is one of CDC’s largest trade finance commitments in Africa and CDC hoped that the […]

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Nigeria’s UBA Bank registers a nine-month profit of US$226m

October 22, 2019

NIGERIA – United Bank for Africa Plc, a leading pan-African financial services group based in Nigeria has a profit after tax of US$225.73 million (N81.63bn) for the nine months ended September 30, 2019. The pan-African bank said that this profit was a 32 per cent increase over US$170.65 million (N61.69bn) reported in nine months of […]

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Guaranty Trust Bank accumulates US$ 472m profit in nine months

October 18, 2019

NIGERIA – Guaranty Trust Bank Plc (GTB), one of Nigeria’s leading multinational financial institutions has declared a profit before tax of US$471.86 million (N170.7billion) for the period ended September 30, 2019. GTB’s financial statement revealed that the Profit Before Tax (PBT) grew by 3.9 per cent from the US$453.89 million (N164.2billion) recorded in the same […]

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Citi group to expand business portfolio in China with the set up of wholly owned securities business

October 16, 2019

HONG KONG – American multinational investment bank and financial services corporation, Citigroup Inc plans to set up a wholly owned securities business in China, reports Reuters.  People with knowledge of the matter said in October, that the Bank was taking advantage of Beijing’s move to fully open up some of its financial sectors to foreigners […]

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Western Union, AirtelTigo partnership to make international money transfer more convenient for Ghanaians

October 14, 2019

GHANA – Western Union, a leader in cross-border, cross-currency money movement and payments, has entered into a partnership with AirtelTigo Money (ATM) to enable Ghanaians receive international money transfers through Western Union directly into AirtelTigo Money mobile wallets. Mr Michael Sarpong Bruce, Head of Corporate Affairs, AirtelTigo in a statement said that upon receiving money […]

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