Stanbic bank shuts two more branches in Zimbabwe

ZIMBABWE – Stanbic Bank Zimbabwe says it is closing branches in Hwange and Westgate, Harare, in line with its digitisation strategy. Early this year Stanbic discontinued operations at two branches in Zimbabwe. “In line with this digitisation journey, Stanbic Bank is set to discontinue its physical operations at Hwange and Westgate branches with effect from December 31, 2020,” the bank said in a statement release to the press. The bank said customers would continue accessing services on the bank’s various digital banking platforms. “Stanbic Bank’s digitisation exercise kicked off in…

Read More

IFC invests US$100m in Nigeria’s largest bank Zenith Bank

NIGERIA – IFC, a member of the World Bank Group, has announced an investment of up to US$100 million in Zenith Bank, Nigeria’s largest bank by total equity and second-largest by asset size.  The investment will help the Bank increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.  Zenith has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients within its global footprint. IFC’s overall portfolio in Nigeria stands at US$1.3 billion, in sectors including…

Read More

GTBank profits after tax appreciates by 6.6% to reach US$540m

NIGERIA – Guaranty Bank Trust Plc has declared a profit after tax of N196.85bn (about US$540.05 million) for the financial year ended December 31, 2019. GTBank said that this represented a growth of 6.6 percent when compared to the N184.71bn (US$506.75 million) reported in 2018. Punch Nigeria reported that based on the 2019 result, the lender has declared a final dividend of N2.50 per ordinary share of 50 kobo. This brings the total dividend for the financial year ended December 31, 2019 to N2.80 kobo, compared to  N2.75 kobo per…

Read More

IFC partners with Tanmeyah to boost Egypt’s micro-finance sector

EGYPT – The International Finance Corporation (IFC) has signed an agreement with Tanmeyah, Egypt’s largest micro-finance organisation, to help boost its outreach to underserved groups across the country. The agreement paves the way for IFC’s advisory services team which to work with Tanmeyah through its 259 branches to identify areas of weakness. IFC notes that the agreement with Tanmeyah will be executed in a two-phase project that will include a strategic review of Tanmeyah’s current loan products, an in-depth risk management diagnostic, and a review of its human resources. In…

Read More

Egypt launches microfinance incentives to empower economically marginalized businesses

EGYPT -The Egyptian government has begun a microfinancing programme called “Nano Finance” to integrate the informal economy into the formal sector and empower economically marginalised people through financing mechanisms that improve their living conditions. Microfinancing seeks to provide capital needs for small farmers and the self-employed, home-based projects, day-to-day sellers and street vendors and to encourage young people to enter self-employment. The programme will be implemented by the National Bank of Egypt in cooperation with the Alexandria Businessmen Association, whose umbrella includes a financial arm for micro-projects. The Financial Regulatory…

Read More

Ecobank launches ‘Digi Banking Pack’ to increase convenience of banking for SMEs

  GHANA – Ecobank Ghana has launched a new banking solution for small businesses known as ‘The Ecobank Digi Banking Pack’ aimed at providing convenient banking services to SMEs by leveraging the bank’s digital offerings. The bank said that the move was informed by its quest to address some of the key challenges confronting Small and Medium Enterprises (SMEs) size businesses in the country. The Ecobank Digi Banking Pack comprises of: the Digi Current Account, Digi Savings Account, and a bouquet of collection and payment solutions.  The Digi Current Account…

Read More

Nigeria’s major bank Access Bank acquires Diamond Bank

NIGERIA– Nigeria’s largest bank Access Bank Plc has announced that it has signed a Memorandum of Agreement (MoA) to merge its operations with mid-tier bank Diamond Bank Plc that will create Nigeria and Africa’s largest retail bank by customers.  The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.  This follows its selection as preferred bidder after a competitive process undertaken by the Board of Diamond Bank.…

Read More

Societe Generale to boost its business growth strategy in Africa

SENEGAL– French financial services leader Societe Generale group has confirmed the solid growth of its African operations, in line with its “Transform to Grow” strategic plan.  The Bank has also announced several initiatives in partnership with international, regional and local clients and institutions in order to meet sustainable development needs in Africa, as part of the launch of its “Grow with Africa” programme. The Group is targeting a compound annual revenue growth rate of 8% and profitability of over 15% by 2020 for its African operations, as announced in its strategic plan. “Our long-standing…

Read More