Investment bank Societe Generale secures US$3.6m loan from Proparco to support SMEs in Mozambique

MOZAMBIQUE – Proparco, the private arm of the French Development Agency (AFD), has pledged a guaranteed loan of €3 million (US$3.6 million) to French multinational investment bank and financial services company Société Générale’s subsidiary in Mozambique to support small and medium-sized enterprises (SMEs). The guarantee will target companies operating in high-impact sectors, with a focus on agribusiness. The agreement will also support women-owned businesses. “Proparco is pleased to be able to count on a key partner like Société Générale to support SMEs in a country where financial inclusion remains a huge…

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GTB bank increases its gross earning by 4.6% in 2020 compared to 2019

NIGERIA -Guaranty Trust Bank Plc (GTB) has announced an increase in its gross earnings posting a N455.229 billion (US$1.11bn) in 2020, a 4.6 per cent from N435.307 billion (US$1.06bn) recorded in 2019. Net interest income grew by 9.6 per cent from N231.363 billion (US$0.56bn) to N253.668 billion (US$0.62bn), while net fee and commission income fell from N59.444 billion (US$0.14bn) to N46.935 billion (US$0.11bn). Loan impairment charges soared by 298 per cent to N19.573 billion (US$48m), from N4.912 billion (US$12m) in 2019. Personnel expenses witnessed a marginal increase from N37.284 billion…

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AfDB extends US$2m grant to strengthen cybersecurity and boost financial inclusion in Africa

AFRICA – The African Development Bank (AfDB) has awarded a US$2 million grant to establish the African Cybersecurity Resource Center (ACRC) for Financial Inclusion to tackle cybercrime across Africa and to strengthen the resilience of digital financial ecosystems. The  grant will be disbursed through the Africa Digital Financial Inclusion Facility, a blended finance vehicle, which the institution supports. The project will take a three-pronged approach: creation of an affordable shared platform to monitor cyber-attacks against financial service providers and individual customers; rollout of individualized advisory services to enable  organisations to…

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Nation Media Group announces shares buyback plan

KENYA – East and Central Africa’s largest media company Nation Media Group (NMG), has announced a proposal to buy back up to 10% of its 18,854,229 ordinary shares which is in line with Kenya’s capital markets regulations that require a company to inform investors about a plan to buy back shares. A share buyback is a unique opportunity for a company to buy its own shares from the stock market. Share buybacks which are relatively new in Kenya, buybacks are used by companies for diverse reasons such as to boost…

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Diamond Trust Bank (K) to shut six branches by end of October 2021

KENYA – Nairobi Securities Exchange listed lender Diamond Trust Bank (DTB) is expected to shut six branches by the end of October as part of efforts to consolidate its physical footprint in Kenya. In a notice issued to the press, the lender said it had received approval from the Central Bank of Kenya (CBK) to consolidate its branches. “The DTB branch consolidation will affect locations where branches identified for merger are co-located or in close proximity to each other. The affected branches will cease operations with immediate effect,” DTB announced.…

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AfDB and JICA sign US$668.1m loan agreement to replenish African Development Fund

AFRICA – The Japan International Cooperation Agency (JICA) and the African Development Fund (ADF), the concessional arm of the African Development Bank Group have signed a loan agreement of US$668.1 million to support the 15th replenishment of the African Development Fund (ADF-15). During a virtual ceremony, African Development Bank Group President Dr. Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire Kuramitsu Hideaki signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro, and Acting African Development Bank Group Senior…

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South Sudan introduces 1,000-pound banknote to ease transactions

SOUTH SUDAN – The Central Bank of South Sudan has introduced a 1,000-pound banknote in a move to ease transactions.   “Our aim is to align the structure of the banknote with the need of the people who use it for their daily transactions. We need banknotes that are convenient, high quality, secure, and cost effective,” Central Bank governor Dier Tong told journalists in Juba during a press briefing. “In July 2019, the Bank of South Sudan planned to introduce 1,000 pound after the successful introduction of the 500-pound banknotes…

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Distributed Power Africa to light Ecobank branches in Kenya with solar

KENYA – Ecobank has signed an agreement with solar energy company Distributed Power Africa (DPA) to roll out solar power solutions in its seven branches in Kenya. The pan African bank has shifted to solar power in a move to reduce operation costs and ensure reliable power supply. Ecobank joins the growing list of companies seeking reliable and cheaper power supply in what has rattled electricity distributor Kenya Power amid declining revenues. “Our partnership with DPA on solar retrofitting in our branches is in line with our commitment to create…

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Development Bank of Southern Africa launches its first US$240m green bond

SOUTH AFRICA – The Development Bank of Southern Africa (DBSA) has launched its first green bond, worth US$240 million in its bid to increase its role in climate financing. The bond was issued through a private placement with the French development finance institution, the Agence Française de Développement. The bank said the bond would be structured in alignment with its recently released Green Bond Framework. The framework reiterates the DBSA’s commitment to playing a role in the just transition to a low-carbon economy and is aligned with the International Capital…

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Microfinance entity Xtenda Finance Ltd to acquire 45% stake in MyBucks Zambia for US$2.7m

ZAMBIA – Fintech company MyBucks Group has entered into an agreement with Xtenda Finance Limited, a Zambia microfinance entity founded by former BancABC Group executives for the sale of 45 percent of its Zambian subsidiary for US$2.7 million after Dr Rajan Mahtani, an indirect shareholder reportedly failed to meet the deadline for payment of a call option. Xtenda is owned by DBF Capital Partners and other shareholders. The deal would give Xtenda, 100 percent shareholding in MyBucks Zambia after an earlier agreement which was entered into in June 2020 to…

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