Vista Group Holdings SA secures US$69m Intra Africa Investment Finance Facility from Afreximbank

WEST AFRICA – African Export-Import Bank (Afreximbank) has closed a €59.2 million (US$69.72m) Intra Africa Investment Finance Facility to finance Vista Group Holdings SA’s acquisition of majority stakes in two banks. The banks are Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) and Banque Internationale pour le Commerce, l’Industrie et l’Agriculture du Burkina (BICIAB). The stakes in the two banks, which operate in Guinea and Burkina Faso respectively, are being acquired from BNP Paribas who is exiting these markets for operational reasons. The shift to African control…

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FCMB secures US$50m loan from AfDB for local enterprises and women-empowered businesses

NIGERIA – First City Monument Bank (FCMB) has secured US$50 million loan from the African Development Bank (AfDB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.  Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. In addition, the Bank will provide a technical assistance grant of US$200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will…

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Orange Egypt partners National Bank Egypt to manage its Orange Cash services

EGYPT – Orange Egypt has entered into an agreement with the National Bank of Egypt (NBE), in preparation to manage its Orange Cash services that is aimed at boosting Orange customers experience. Orange customers will have the acces to the best secured and innovative services while paving the way for offering new attractive offers by utilizing the NBE’s wide range of services and capabilities in the Egyptian market. The partnership with NBE is a significant step that will enable Orange to benefit from the bank’s role and experience in managing…

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Attijariwafa bank Egypt issues its first sustainability report

EGYPT – Attijariwafa bank Egypt, a commercial bank and financial services company, has issued its first sustainability report covering the period from 2019 to 2020 that is in line with the Global Reporting Standards. This also comes in line with the country’s direction towards sustainable development and as part of its belief in the importance of the banks’ role in financing UN Sustainable Development Goals (SDGs) and in accordance with Egypt’s vision 2030 and Attijariwafa bank Group’s strategy. The report illustrates the bank’s sustainability efforts towards supporting the economic, social…

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FinTech firm Coven Works Inc partners digital financial company Shecluded

NIGERIA – US-based Artificial Intelligence (AI) educational FinTech firm, Coven Works Inc, has partnered with Shecluded, a digital financial company for women in their determination to encourage women in Nigeria to pursue career paths in the technology industry. The partnership will provide easy access to financing options for women who want to commence their career journey in Data Science, Chatbot Engineering and Cloud, as well as in Artificial Intelligence (AI). Shecluded is a fintech company that combines easy access to credit with wealth advisory, growth loans and capacity building to…

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Microsoft partners Standard Bank for its digital transformation and continental growth

AFRICA – Standard Bank and Microsoft have announced a strategic partnership to accelerate the digital transformation of Africa’s largest financial institution and further drive the continent’s growth. According to a statement by Microsoft, creating a digital platform, application modernisation and cloud migration of the continent’s largest financial institution will enable innovation, resilience and cost-efficiencies allowing Standard Bank to respond to customer needs. The Bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs. “Investing in the cloud…

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Independent ATM deployer Outsource Monetic launches in West and Central Africa

WEST AFRICA – The Atlanta based United States independent ATM deployer, Outsource Monetic has officially started its commercial and technical operations in the West and Central Africa region. Outsource Monetic is the first Independent ATM Deployer (IAD) to operate in the 8 countries of the West African Economic and Monetary Union (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo) and the 6 countries of the Economic and Monetary Community of Central Africa (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon). “We are thrilled and…

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Union Bank confirms Beatrice Bassey as its Board of Directors chairman

NIGERIA – Union Bank of Nigeria (Plc) has announced the confirmation of Mrs Beatrice Hamza Bassey as the Chairman Board of Directors of the bank, by the Central Bank. This follows her initial appointment by the board as the acting Chairman in December 2019after the death of the former Chairman of the Bank, Cyril Odu, in September 2019. Mrs Beatrice Hamza Bassey joined the Board of Union Bank as a Non-Executive Director in 2015. She is currently the General Counsel and Chief Compliance Officer at Atlas Mara Limited, a publicly…

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First Bank of Nigeria appoints Mr Gbenga Shobo as the Managing Director/Chief Executive Officer

NIGERIA – First Bank of Nigeria Limited has announced the appointment of Mr Gbenga Shobo, who is currently the Deputy Managing Director (DMD) of the bank, as the Managing Director/Chief Executive Officer designate. The bank’s Chairman, Mrs Ibukun Awosika, said this in a statement that the appointment was subject to all regulatory approvals, including the Central Bank of Nigeria (CBN), which granted the lender its operational licence. She added that Mr Shobo succeeds Dr Sola Adeduntan, who would be leaving the bank in accordance with its term limit for chief…

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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…

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