First National Bank acquires 100% stake in fintech firm Selpal

SOUTH AFRICA – One of South Africa’s big five banks First National Bank (FNB), has acquired fintech firm Selpal for an undisclosed amount. In a press statement, FNB said the purchase aligns with its commitment to increase the level of financial inclusion in South Africa. “Community-based businesses have an important role to play in driving economic activity and creating employment opportunities in townships and rural areas in South Africa,” said FNB CEO Jacques Celliers. “As the banking sector, we can help facilitate this by accelerating financial inclusion through tailored financial services to elevate…

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FNB voted Africa’s most valuable bank brand for the second time

SOUTH AFRICA – First National Bank (FNB) of South Africa has retained its position as Africa’s Most Valuable Bank Brand for the second year in a row in the 2021 Brand Finance® Global 500 Banking report. With brand value of US$1.3 billion, FNB is the top performing South African brand among top 200 most valuable bank brands in the world in the 2021 Brand Finance® Global 500 Banking ranking. In determining leading banks, the Brand Finance® survey partly considers brand-specific revenues as a proportion of parent company revenues attributable to the…

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Vumela Fund announces investment in consulting firm Letsema

SOUTH AFRICA – The Vumela Fund has announced the provision of a significant debt facility to Letsema Consulting and Advisory, positioning Letsema to take advantage of growth opportunities, furthering their significant economic and social impact in South Africa. Letsema, founded in 1996, is a 100% black-owned management consulting firm at the heart of a diversified investment group, providing a wide range of management consulting and advisory services to both the public and private sector in South Africa. Letsema has a history of strong performance and resilience in an extremely competitive…

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First National Bank Ghana introduces agency banking to increase market penetration

GHANA – First National Bank Ghana Limited, one of the fastest growing banks in the country, has introduced its agency banking in a move to contribute to the reduction in Ghana’s unbanked population. The agency banking initiative which has been lauded as a major success in other African countries where the bank operates is part of the bank’s strategic plan to expand its reach in Ghana without the need to open brick and mortar branches. Under the initiative the bank will partner with existing businesses in various communities to operate…

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