NOVA Merchant Bank records US$9.16m profit after tax in 2020

NIGERIA – NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st, 2020, recording impressive growth across its major financial lines. The Bank declared a profit after tax of N3.49 billion (US$9.16m) in 2020 compared to N1.65 billion (US$4.33m) in 2019 which represents a 112% increase. All the key financial parameters recorded major improvement over the prior year performance; Gross Earnings showed a quantum leap of 130% growth over 2019 and Profit Before Tax at N3.52 billion (US$9.24m) recorded a 135% growth over the…

Read More

Bitzlato partners Lemonade.Finance to enable free money transfers across Africa

NIGERIA – Bitzlato (BZ), a P2P Crypto Exchange, has added Lemonade.Finance, a borderless payment platform for Africa as a payment method to its platform to enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost. Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from. Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA…

Read More

Banque du Caire posts US$ net profit for the year 2020

EGYPT – Banque du Caire, a financial service provider, has revealed that it achieved EGP3.2 billion (US$204.11m) net profits in 2020, while its profits before taxes reached EGP4.8 billion (US$306.17m). According to the bank’s performance indicators for 2020, it achieved a 19% year-over-year growth in total revenues to EGP12 billion (US$765.41m) by the end of 2020. This compared to the EGP10 billion (US$637.84m) it reported at the end of 2019. The net interest margin (NIM) increased to 5.8% by the end of 2020, compared to 5.2% in 2019, bringing the net income…

Read More

HSBC Bank, Reefy Microfinance partner to provide US$9m for microbusinesses

EGYPT – HSBC Bank Egypt and Reefy Microfinance Enterprise Services, CI Capital Holding for Financial Investments’ microfinance subsidiary, have signed a collaborative agreement to provide EGP 150 million (US$9.56m) to microbusinesses in Egypt. As part of the agreement, microbusinesses will have access to long-term financing at a competitive interest rate. A total of one-third of the funding will be allocated to women-led small- and medium-sized enterprises (WSMEs). The agreement provides additional support to initiatives unveiled by the Egyptian Government and the Central Bank of Egypt (CBE) to boost the micro,…

Read More

Nigeria’s Flutterwave partners US’ PayPal to enable African merchants receive payments

NIGERIA – Flutterwave, a fintech company, has teamed up with US payments giant PayPal to enable PayPal customers globally to pay African merchants through its “Pay with PayPal” feature. Flutterwave’s integration with PayPal will be operational across 50 African countries and worldwide, it said in a statement. The collaboration will connect small and medium enterprises with the more than 377 million PayPal account holders globally, Flutterwave said, eliminating the barrier to cross-border commerce. Online payments got a boost with the Covid-19 pandemic as people rely on mobile apps for shopping…

Read More

AFEX launches commodity-backed instrument to act as funding bridge in agricultural sector

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a private commodities exchange company, has announced the first financing deal with tech-enabled operations and a 24-hour fast cash turnaround for borrowers. Warehouse Receipt Backed Commercial Paper in Africa will bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument – for the first time. With over US$50 million raised for Agri-SMEs, this financing deal will help eradicate the high cost of procurement incurred by processors by deploying a discounted value of a warehouse receipt distributed…

Read More

Asset leasing firm Rentco and Amarinth in petroleum equipment leasing deal

KENYA – Rentco Africa, an independent asset leasing and management company, has signed a strategic partnership deal with UK-based pump manufacturer Amarinth to supply petroleum exploration equipment in Kenya. In a joint statement by the two companies, the firms said they will cooperate in financing and supplying centrifugal pumps and related equipment to projects across Africa. “We are targeting organisations that have capital constraints and are seeking to avoid upfront capital expenditure outflows, or are seeking a flexible payment plan,” the statement said. Amarinth sales manager for Africa Itai Choto…

Read More

EIB invests US$11m loan to Jaida to support income-generating microcredit activities

MOROCCO – The European Investment Bank (EIB) has financed €10 million (US$11.99m) loan to the financing company of microfinance organizations, Jaida, to support income-generating microcredit activities in Morocco. The loan to be extended will strengthen the company’s capacity to finance microfinance institutions in Morocco and support its action meant to promote financial inclusion and social development, said a BEI-Jaida joint press release. This funding will be used exclusively to finance micro-credits totaling less than €25,000 (US$29,979) in order to promote income-generating activities and help maintain employment through micro and small…

Read More

Investment firm Mubasha launches US$22m financial service platform

EGYPT – Mubasher Financial Services, an investment business firm, has launched its new “Du” brand for financial services that will be available through several electronic platforms, with investments of EGP360 million (US$22.96m). Among the new platforms, Du Invest is the first of its kind in the Middle East. Other platforms include: Du Trade, Du Play, Du Learn, among others. Du Invest is the first savings and investment platform in Egypt that allows investors and individuals of all income classes to invest their savings efficiently. It also allows them to diversify…

Read More