Access Bank Rwanda appoints Faustin Rukundo as new Managing Director

RWANDA – Access Bank Rwanda Plc. Has announced the appointment of Mr. Faustin Rukundo Byishimo as Managing Director, effective May 1, 2021. He succeeds Mr. Jean-Claude Karayenzi who has been deployed to the Access Bank Group. Mr. Faustin Rukundo Byishimo has a wealth of experience of over 20 years of which 18 in the Banking industry and joins Access Bank from another financial institution where he was, in his last assignment and for the past 5 years, the Executive Director for Business Development. In this role, he led and oversaw…

Read More

Paxful expresses full commitment to boosting Nigeria’s crypto market

Paxful partners OKEx

NIGERIA – Paxful, a leading global peer-to-peer fintech, has restated its commitment to advancing Nigeria’s crypto market by constant engagement and enlightenment efforts that foster a clear market understanding while also driving increased adoption among Nigerians, particularly the youths. During the visit of Ray Youssef, the Paxful CEO and Co-founder highlighted the company’s dedication at a stakeholders’ forum organized recently in Lagos, to chart a course for the industry. According to Youssef, while Nigeria has become Paxful’s biggest market, there are still huge untapped potentials for the youth. “The adoption…

Read More

Maviance secures US$3m from MFS Africa to expand into other countries

CAMEROON – MFS Africa, a pan-African fintech company operating a digital payments hub on the continent, has provided seed investment of US$3 million to Maviance, a Cameroon-based fintech provider. Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).   “The rapid development of digital financial services that we have seen in Cameroon over the past few years is poised to spread across the CEMAC region. This will further accelerate the demand for domestic…

Read More

Heritage Bank to invest US$841bn in Dukia Gold & Precious Metals

NIGERIA – Heritage Bank Plc is set to unlock N344 trillion (US$841.67bn) market worth of gold after a collaboration with Dukia Gold & Precious Metals Refining Co. Limited and concluded plans of being listed on the Lagos Commodities and Futures Exchange. The bank said the move would expand revenue in the non-oil sector through diversification, by stimulating growth in solid minerals in line with the objectives of Economic Recovery and Growth Plan and would also put Nigeria on the global map with regards to standardized gold tracing, sourcing procurement and…

Read More

KCB Group to spend US$56m in buying two Atlas Mara banks in Rwanda and Tanzania

KENYA – Financial services holding company KCB Group will spend a total of US$56 million to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited. The Nairobi Securities Exchange-listed lender had earlier estimated it would acquire a 62 percent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 percent ownership in African Banking Corporation Tanzania Limited at a cost of US$40 million. The amount has increased after KCB sought to make a full buyout of the Rwandan bank by making an offer to its minority…

Read More

Digital payment firm Cellulant picks acting CEO, eyes North Africa as first stop

KENYA – Digital payments company Cellulant has hired Akshay Grover as the Acting Chief Executive Officer effective May as Ken Njoroge, the co-founder and CEO transitions from his position to take up new roles at the board level. Grover has over 15 years of experience focused on the TMT across the EMEA and Asia region and hopes to disrupt more mainstream business’ on the continent at Cellulant. Before Cellulant he worked at ISON which covered Asia, ME, Africa, and worked closely with the founders of the ISON tech investment portfolio to expand and…

Read More

Radar Payments to drive payment activities of Vista Bank Group in West Africa

WEST AFRICA – Vista Bank Group (Vista), financial services holding company, has selected its paytech provider Radar Payments to drive its global payment processing activities in West Africa. Radar Payments will centralise payment operations at Vista’s tech hub located in Senegal, supervising Vista Bank’s activities in Guinea, Gambia, Burkina Faso and Sierra Leone while leaving room for further banks to join its network. It is part of the bank’s growth agenda to expand to Burkina-Faso, Togo, Cote d’Ivoire, Senegal and Mali.  The agreement will see Vista Bank running on BPC’s…

Read More

KCB injects US$28m capital in its subsidiary National Bank

KENYA – Financial services group KCB,  has given the National Bank of Kenya a US$28 million long-term loan to help the subsidiary meet minimum capital requirements. The Nairobi Securities Exchange-listed lender made the disclosure in its latest annual report. “In Kenya, the group injected US$47 million into National Bank of Kenya, the subsidiary the group acquired in 2019. In 2021, KCB has increased the capital in NBK via tier-II debt of approximately US$28 million to enable the subsidiary to meet the capital adequacy requirements and also to bolster its resources,” the…

Read More

Fintech Branch International acquires Kenya’s lender Century Microfinance Bank

KENYA – Fintech Branch International, has acquired microfinance lender Century Microfinance Bank in a move that gives the financial technology firm a stronger presence in Kenya’s financial sector. According to regulatory filings published by the Competition Authority of Kenya (CAK), Branch has acquired 84.89 per cent of the issued share capital in the microfinance bank. The deal has been approved by the market regulator. “The Competition Authority has authorised the proposed transaction as set out herein on condition that the acquirer and the target will each maintain the terms agreed…

Read More

Paint manufacturer Crown Paints gets greenlight to issue additional shares to fund expansion

KENYA – Capital markets regulator Capital Markets Authority of Kenya (CMA), has given the nod to Crown Paints Kenya Plc to raise US$6.7 million from shareholders via purchase of additional shares. The regulator, in a statement, said it had approved the firm’s bid to issue and list 71,181,000 new ordinary shares on the Nairobi Security Exchange (NSE). “The rights will be issued on the basis of one new ordinary share for every one existing share,” noted CMA. The additional funds raised will boost the company’s financial flexibility to navigate through…

Read More