Tag: Financial Services

Kenya’s Family Bank partner USAID to disburse US$4.7m to agribusinesses

Frank

KENYA – Financial institution Family Bank and the United States Agency for International Development(USAID), have partnered disburse US$4.7 million to agri-businesses in seventeen counties in Kenya in the next one year. The partnership deal between the lender and the United States Agency for International Development (USAID) seeks to unlock US$374 million to Small and Medium Enterprises (SMEs) in Kenya and East Africa. The partnership will see Family Bank finance agri-businesses in the selected 17 Counties in the East Africa nation. Through an initiative dubbed ‘Pay for Results’, the bank targets…

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Absa Bank to shut down its money market fund in July 2021

Frank

SOUTH AFRICA – Banking group Absa Bank has announced it will shut down its investment vehicle Absa Money Market Fund (AMMF) in July 2021, ending its 25-year-old money market unit trust because, it says, many investors mistakenly believe it guarantees returns. The company says many of its investors and clients have a wrong idea about the fund’s management and structuring.  “However, the [money market unit trust] is not a bank account – it is a collective investment schemes product (also known as a “unit trust”). We have therefore decided to…

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Visa appoints Maurice Newa as new managing director for Southern Africa cluster

Frank

SOUTH AFRICA – Global payments group Visa, has appointed Maurice Newa as the new managing director of the Southern Africa cluster, a statement from the group has said. Newa would be responsible for the development and implementation of Visa’s growth strategy in the region and report to Aida Diarra, senior vice-president, and head of sub-Saharan Africa, and would be part of the sub-Saharan Africa leadership team. Prior to joining Visa, Newa worked at Vaya Technologies, an Econet Group subsidiary, where he was chief executive. He brought to Visa over 25…

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Akin Dada appointed as Group Executive, Corporate and Investment Bank for Ecobank

Frank

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group has announced the appointment of Akin Dada as the Group Executive, Corporate and Investment Bank. He joined Ecobank in 2017 as the Executive Director for Corporate Bank in Nigeria, and prior to his new appointment was Group Head, Corporate Banking for the Ecobank Group. Akin has over 30 years of banking experience in client coverage, strategic transaction initiation and advisory dialogues across various client segments, including public sector, telecoms, FMCG and oil and gas. Prior to joining Ecobank,…

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I&M Holdings pumps US$3.67m in Mauritian subsidiary Bank One

Frank

MAURITIUS – Financial services group  I&M Holdings has invested an additional US$3.67 million in its Mauritian subsidiary Bank One in the year ended December 2020 to boost its capital position. The move came as Bank One sought to strengthen its capacity to handle existing and potential defaults in the course of the Covid-19 pandemic that has hurt bank earnings in most parts of the world. The Nairobi Securities Exchange (NSE) listed firm owns 50 percent of the Mauritian lender, with the other half held by the island nation’s conglomerate CIEL…

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Investment bank DLM Capital acquires Links Microfinance Bank

Frank

NIGERIA – DLM Capital Group, a developmental investment bank, has announced its plans to expand into Nigeria’s million-dollar fintech sector following its acquisition of Links Microfinance Bank. The license will give DLM Capital Group the mandate to operate small scale banking services in Nigeria. This will also allow the successive launch of its star digital lending brand, Sofri, in the second quarter of this year. The acquisition, combined with the bank’s many fintech efforts already underway, will position them to deliver even more value for corporates and consumers. DLM Capital…

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Ecobank appoints Tomisin Fashina as Group Executive for Operations & Technology

Frank

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has announced the appointment of Tomisin Fashina as its new Group Executive for Operations & Technology, a position he will now hold in addition to his existing role of Managing Director of eProcess International. Dr. Fashina succeeds Eddy Ogbogu as Group Executive, Operations & Technology, following Eddy’s recent retirement after serving the Group for 11 years. Tomisin has over 30 years of experience, predominantly in technology management and financial services. Before joining the Ecobank Group, Tomisin was the…

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I&M Bank names Oliver Fowler as new chairman following the retirement of Suresh Raja

Frank

KENYA – Financial services firm, I&M Bank Limited, has announced the appointment of Oliver Fowler as its new chairman following the retirement of Suresh Bhagwanji Raja Shah. Shah is the founder of the bank and has served as its chairman since 1974. A statement from the bank said Shah will continue to remain on the Board as a Non-Executive Director. Founder and Chair since its inception in 1974, SBR Shah, a seasoned career banker has led the lender through its myriad of milestones such as acquisitions: of Biashara Bank, Giro…

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MTN opt for FinTechs in Nigeria for its customers to buy airtime following feud with Banks

Frank

NIGERIA – MTN Nigeria, a subsidiary of telecommunications company MTN Group, has announced ten alternative channels for its customers to buy airtime for their mobile devices after commercial banks disallowed MTN subscribers to use their channels. All the commercial banks, except Zenith Bank which was connected directly to MTN, thereafter barred MTN from their banking channels, leaving many MTN subscribers stranded and frustrated as they were unable to recharge airtime through USSD and bank apps amid the Easter celebrations.  “It will interest you to note that for the benefit of…

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Co-op Bank and eco.business Fund join forces to boost agribusiness in Kenya

Frank

KENYA – Co-operative Bank of Kenya, a tier one lender in Kenya, has secured US$10 million loan from eco.business Fund, a Luxembourg-based impact investment fund for on-lending to agribusinesses. The Nairobi Securities Exchange listed lender said it had received the subordinated loan from eco business Fund and will extend the same to sustainable agribusinesses, such as those in the coffee and tea. The facility marks the first investment in Kenya for eco-business Fund, a specialist in promoting use of natural resources, and mitigating and adapting to climate change. Co-op Bank chief executive…

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