Fintech Finch Technologies takes up majority stake in FundingHub to boost SME funding

SOUTH AFRICA – Cape Town-based fintech Finch Technologies has “significantly” upped its investment in finance marketplace FundingHub inorder to boost Small and Medium Enterprises funding, the company has announced. In a statement, Finch Technologies says its investment will see it become the majority shareholder in FundingHub. “We made a second investment in FundingHub, due to its dramatic growth over the past 18 months,” states Michael Bowren, Finch Technologies Chief Executive Officer. “We are confident about the ongoing expansion of this business. We are particularly interested in investing in technology-driven businesses that…

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Afreximbank invests US$200m in Banque du Caire for its expansion across Africa

EGYPT – The African Export-Import Bank (Afreximbank) and Banque du Caire have signed an agreement that will formalise Afreximbank’s US$200 million Intra-African Investment Finance Facility. The facility is designed to finance Banque du Caire’s expansion across Africa, and investments in new branches and subsidiaries, while promoting Egyptian trade with the rest of the continent. Under its three-year expansion strategy, Banque du Caire aims to penetrate several countries across Africa. This ambitious plan builds on the Bank’s existing operational reach, including its 100% stake in Cairo Bank Uganda (CBU), a commercial…

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AfDB approves US$99m loan for second phase of Electricity and Green Growth Support Program

EGYPT – The African Development Bank (AfDB) through its Board of Directors, have approved an €83 million (US$99.07m) loan to finance the second phase of Egypt’s Electricity and Green Growth Support Program. The funding is part of the Bank’s budget support to the Egyptian government to strengthen its electricity infrastructure, which is expected to bolster the private sector and accelerate recovery from the Covid-19 crisis. The program seeks to enhance the power sector’s financial sustainability, governance and operations. It will also advance the provision of clean, reliable energy to drive…

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Absa Kenya unveils 25-year mortgage facility targeting middle income earners

KENYA – Financial institution Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi, Kenya.  The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards homeownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated team of experts who will walk customers through every step of buying or constructing their dream home. Absa customers will also benefit from established partnerships with players in the homeownership value chain such as property developers, furnishing partners and home…

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AfDB appoints Jacques DJOFACK as Director of Financial Management

AFRICA – The African Development Bank Group has announced the appointment of Mr. Jacques DJOFACK as Director, Financial Management, effective 1st June 2021. Jacques, a French national, brings to this role almost 20 years of international experience and expertise in Financial Risk Management from both Development Banks and Commercial Banks in Africa and Europe. Prior to his appointment, Jacques served as Division Manager in the Financial Management Department of the Bank, a position he has held since April 2018. Jacques joined the Bank in 2011 as Chief Financial Risk Officer…

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Alexander Forbes offloads its retail life business to Sanlam for US$7.3m

SOUTH AFRICA – Financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life for US$7.3 million. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that provides group risk and retail life insurance policies with a focus on small to medium clients. The business, now discontinued, recorded gross insurance premium income of US$72.5 million for the year ended 31 March…

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Access Bank officially launches its operations in South Africa

SOUTH AFRICA – Access Bank has marked the official launch of Access Bank South Africa and another step in furthering Access Bank Plc’s footprint across the continent. Access Bank Chief Executive Officer Herbert Wigwe said in a statement that the Southern African Development Community represented the strongest economy in Africa. The Nigerian multinational commercial bank acquired agricultural bank Grobank in March 2021 and officially launched its entry into the South African market this week. While Grobank, previously Bank of Athens, didn’t have retail banking operations as it was only focused…

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AfDB makes its return to Australian dollar bond market with launch of US$463.9m 5yr bond

AFRICA – The African Development Bank (AfDB) has launched a A$600 million (US$463.9 million) 5.5-year Kangaroo bond, marking its return to the Australian dollar bond market. The transaction was led by Nomura and RBC Capital Markets. It is the institution’s first benchmark Kangaroo since early 2018 and it is first in the mid-curve since 2015. It is also the largest AUD trade ever issued by the Bank. More than 30 investors participated in the deal, with a total order book of more than A$775 million (US$598.47m), leading to an upsize…

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Access Bank launches DBA to increase its digital loans for young entrepreneurs

NIGERIA – Access Bank has launched the Diamond Business Advantage (DBA) lite, in a bid to increase its digital loans and enhance access to finance for young entrepreneurs. The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs). According to the bank’s Executive Director, Victor Etuokwu, entrepreneurship is essential for the growth of any nation. “DBA Lite is a product of the erstwhile Diamond bank via the Diamond Business Account (DBA) and that was one of…

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Kenswitch Kenya appoints Karimi Ithau as new boss as it plans to rebrand

KENYA – The Board of payments service provider Kenswitch Kenya Limited, has appointed Ms. Karimi Ithau as managing director as the company rolls out its new market direction. The board described Ms. Karimi Ithau as a seasoned professional with a wealth of experience spanning over 20 years in sales of innovative products and services in the information technology markets related to payments for financial and non-financial institutions across Africa.  She also has a proven track record as an executive team manager. “We are confident that Ms. Karimi Ithau has what it takes to…

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