Nigeria’s Access Bank receives approval to acquire South Africa’s Grobank Limited

NIGERIA – Access Bank, a multinational commercial bank, has received approval to acquire South African lender, Grobank Limited. The regulatory support will see the Nigerian bank purchase one of several financial institutions it plans to take over for the acquisition of new clients. The Herbert Wigwe-led bank plans to wrap up the deal with Grobank by the second quarter of this year, which falls between April to June. The cost of the acquisition is valued at US$26.72 million by GCR Ratings. South African and Nigerian regulatory authorities have approved the…

Read More

Société Tunisienne de Banque appoints Mohamed Chouikha Managing Director

TUNISIA – Board of Directors of Société Tunisienne de Banque, a financial service provider, has appointed Mohamed Chouikha as the new Managing Director. Mohamed Chouikha replaces Ms. Néjia Gharbi, who had a short stint as CEO after the departure of Mr. Lotfi Debbabi in early September 2020. The new Director General, Mohamed Chouikha is known as a clerk of the State having made most of his career as chief of staff of the ministers of finance and health, in charge of mission at the high administrative and financial control committee…

Read More

Agri-tech startup Farmhut wins US$100,000 grant funding from Hult Prize

ZIMBABWE – Zimbabwean agri-tech startup Farmhut, has secured US$100,000 in grant funding after being selected as one of the winners of the annual Hult Prize competition. Farmhut is an AI-powered marketplace connecting farmers to markets that pay fair prices for  their produce and enables farmers to grow their business fast throughout the year, and ensures  consumers get fresh, local, and sustainably-grown food from small producers in their local area.  The company has been selected as one of 11 winners of this year’s Hult Prize, an annual, year-long competition that crowd-sources ideas from…

Read More

Al-Burouj Misr launches US$108m Sixty Iconic Tower project in the New Administrative Capital

EGYPT – Al-Burouj Misr, has launched its Sixty Iconic Tower project in the New Administrative Capital’s (NAC) financial and business district, with investments of EGP1.7 billion (US$108 million). Mohammed Al-Assi, Vice Chairman of the Company’s Board of Directors said that the 40-storey tower, which will house offices, shops, and hotel apartments, is spread over 13,000 square metres (sqm) and would have a built-up area of 55,000 sqm. He also said that the South Africa-headquartered global architectural firm DSA Architects International is the designer, and that construction is scheduled to start…

Read More

Security solutions provider Securex launches e-commerce portal, home security solution

KENYA – Security solutions provider Securex Agencies has launched a smart home security kit targeting domestic residences in Kenya.   Branded as the ‘Rafiki by Securex’ do-it-yourself (DIY) home security kit, the solution will help curb the increasing burglary incidences in domestic homes by providing surveillance, deterrence, self-monitoring, and response subscription, all via smartphone application.  The ‘Rafiki by Securex’ solution is designed to offer affordable security solutions to all those looking for an affordable, easy to manage security system which they can access at any time, from anywhere using their home…

Read More

Retail giant Shoprite launches mobile network operator, K’nect Mobile

SOUTH AFRICA – Africa’s largest supermarket retailer Shoprite, has launched its own prepaid mobile network operator called K’nect Mobile, which is set to be implemented in April 2021. The move follows Pick n Pay’s launching of PnP Mobile via MTN’s network infrastructure in 2020, offering customers prepaid and SIM-based access to data and airtime. K’nect Mobile has partnered with digital enabler FREI One Digital and will use Cell C’s mobile infrastructure to offer airtime and data bundles at competitive rates to other networks. “Customers can connect to the prepaid cellular…

Read More

Kenya’s tax agency KRA appoints two commissioners to enhance leadership capacity

KENYA – The Kenya Revenue Authority (KRA) has announced the appointment of two substantive Commissioners as part of an ongoing leadership capacity enhancement programme. KRA’s Commissioner-General Githii Mburu, in a media brief, confirmed that the Board has appointed  Lilian Anyango Nyawanda as Commissioner of Customs and Border Control and Dr. Edward Kinyua Karanja as Commissioner of Investigation and Enforcement. The Commissioner-General said that the two roles are key pillars in delivering KRA’s vision to be a Globally Trusted Revenue Agency facilitating Tax and Customs compliance. “At KRA, we are pleased…

Read More