Ecobank Transnational successfully raises US$350m Tier 2 Sustainability Notes

TOGO – Ecobank Transnational Incorporated, the Lomé based parent company of the Ecobank Group, has successfully raised US$350 million Tier 2 Sustainability Notes, representing the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa. This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and will be listed on the main market of the London Stock Exchange. The bond, which matures in June 2031, has a call option in June 2026 and was issued with…

Read More

Nairobi Securities Exchange appoints two new non-executive directors

KENYA – The Nairobi Securities Exchange(NSE) Board has appointed  two new non-executive directors, Donald Wangunyu and Stephen Chege who will represent the interests of trading participants on the NSE Board and those of listed companies, respectively. Donald Wangunyu brings over 20 years of experience in finance and technology from both Kenya and the USA. He currently sits on the Boards of Standard Investment Bank, the Kenya Association of Stockbrokers and Investment Banks and the East Africa Forum for Alternative Investments. He is the founder and CEO of the Robo-Advisor, FourFront Management. On…

Read More

NGX admits Nova Merchant Bank N10 billion bond which is due in 2027

NIGERIA – The Nigerian Exchange Group (NGX), has announced the listing of Nova Merchant Bank Plc’s N10billion (US$24.32m) Bond. The bond listed is the NOVAMBL Investments SPV N10billion Series I, 7-year 12percent subordinate unsecured fixed rate bond due 2027 under the company’s N50billion Bond Issuance Programme. “We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10Bn Bond which was oversubscribed by 300%. The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance,”…

Read More

Absa secures US$50m risk sharing facility from CDC Group to supports MSMEs

SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19 affected companies seeking financing. “We are thrilled to once again partner with Absa. This is CDC Group’s first risk-sharing facility, providing a local currency solution to micro, small and medium-sized…

Read More

Africa Finance Corporation membership hits 31, aims to bridge the continent’s infrastructure gap

AFRICA – Africa Finance Corporation (AFC), a pan-African multilateral development financial institution established in 2007, has announced that it has now reached 31 member states constituting more than half the continent. In the first quarter of the year 2021, membership by Burkina Faso, the Democratic Republic of Congo, and Morocco added up the number to 31 member states.    “This is a landmark achievement for AFC as we continue to expand our footprint across the continent,” said Samaila Zubairu, President and CEO of AFC. “It is my pleasure to welcome…

Read More

UBA, DEG to support SMEs with US$50m term facility agreement

NIGERIA – The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, (DEG) the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. According to a statement, both institutions have signed a US$50 million term facility agreement with a tenor of six years and is targeted at supporting SMEs and family-owned businesses in Nigeria. UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, was quoted to have said UBA remains passionate about the growth of the private sector…

Read More

Ukheshe: Digitizing Banking And Payment Across Africa And The World

Ukheshe Technologies aims to be one of the next unicorns to emerge from Africa. With the fintech space getting more crowded to meet the rising demand for financial solutions, the South African fintech firm has set its sights on the rest of Africa and the Middle East, Asia and Europe. We have a discussion with the company’s CEO Clayton Hayward on the company’s impact and future plans.

Read More

World Bank to support development of agri-food sector in Cote d’Ivoire with US$250m financing

COTE D’IVOIRE – The World Bank has approved US$250 million in total financing from IDA to support the development of the agri-food sector and the creation of thousands of jobs in rural areas of Cote d’Ivoire. With this financing, the Agri-Food Sector Development Project aims to remove the major obstacles hindering the growth of the agri-food sector and spur the development of more inclusive, resilient and competitive agri-food value chains. The project will promote real opportunities to forge private partnerships among stakeholders in targeted value chains such as cassava, horticulture,…

Read More

NBE secures US$100m loan from EBRD to support SMEs

National Bank of Egypt partners IFC

EGYPT – National Bank of Egypt (NBE) has secured US$100 million loan from European Bank for Reconstruction and Development (EBRD) to support the country’s small and medium-sized enterprises (SMEs).    The loan will benefit Egypt’s SMEs in terms of energy efficiency, climate change mitigation and the introduction of adaptation technologies, according to the EBRD.    NBE will on-lend the funds to SMEs operating in the sectors of industry, commerce and agriculture to help improve the use of energy, water and land resources, as well as investments in high-performing technologies, which is expected to support…

Read More

Telkom SA and fintech Ukheshe partner to launch virtual card for transactions through WhatsApp

SOUTH AFRICA – Telecommunications company Telkom SA has launched what it calls Africa’s first Mastercard virtual card for use on WhatsApp, enabling Telkom Pay customers to make e-commerce payments. According to the integrated telecommunications company, this move is expected to empower millions of South African customers even those without a bank account – to access the digital economy and transact online. Launched in 2020, Telkom Pay is a digital payments wallet that enables its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual (non-plastic)…

Read More