The Editorial Team |

ABIDJAN (Capital Markets in Africa) – NSIA Group’s banking unit plans to expand in the 12 West and Central African countries where the Ivorian company has insurance businesses. NSIA Banque first wants to establish a firm presence in the West African Economic and Monetary Union before looking “outside the zone,” Managing Director Leonce Yace said in an interview at the bank’s headquarters in Abidjan, the economic capital of Ivory Coast. The lender recently completed the acquisition…

South Africa Business Confidence Fell to Three-Decade Low in 2019

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JOHANNESBURG (Capital Markets in Africa) – South African business confidence slumped to the lowest in 34 years in 2019 as the country faced power cuts, delays in policy implementation, deteriorating public finances and the risk of losing its only remaining investment-grade credit rating. A sentiment index compiled by the South African Chamber of Commerce and Industry showed business confidence declined to an average of 92.6 from a two-year high of 95.5 in 2018, according to…

Kenyan Stocks Seen Rising as Much as 15% in First Half on Banks

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NAIROBI (Capital Markets in Africa) – The removal of a cap on Kenyan bank-loan interest rates should help the sector spur gains of as much as 15% for the country’s stocks in the first half of 2019, according to local analysts. The November repeal of a law imposing a ceiling of four percentage points above the benchmark rate will allow banks to “price loans based on the credit risk of borrowers and thus benefit from…

Billionaire’s Letters to Congo’s Kabila Were Sought by U.K. SFO

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LAGOS (Capital Markets in Africa) – U.K. fraud prosecutors sought an Israeli billionaire’s correspondence with the former President of Democratic Republic of Congo Joseph Kabila as part of one of their largest bribery investigations, a lawyer for the Serious Fraud Office said at a London trial. SFO attorney Jonathan Hall described the request at the start of the two-day trial against Anna Machkevitch, 37, who’s accused of failing to produce the documents concerning her mining magnate father, Alexander….

World Bank Cuts South Africa GDP Forecast on Eskom Fears

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LAGOS (Capital Markets in Africa) – The World Bank is the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns. It now expects the economy to expand by 0.9% this year, the Washington-based lender said Wednesday in its Global Economic Prospects report. That compares with an estimate of 1% in its Africa Pulse report released in October and is well below government forecasts. Its outlook for Africa’s most-industrialized…

World Bank Disagrees With Ethiopia on 2020 Double-Digit Growth

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ADDIS ABABA (Capital Markets in Africa) – The World Bank cut its forecast for Ethiopia’s economic growth in the 2020 fiscal year to 6.3%, well below the government’s projection. The National Bank of Ethiopia has forecast that gross domestic product growth would accelerate to 10.8% for the fiscal year ending in July, up from a 9% pace in fiscal 2019 as the government implements a blueprint expected to boost investment. Economic reforms by Prime Minister Abiy…

Ziraat Participation Bank selects Path Solutions for strategic core banking implementation

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January 9, 2020 – Ziraat Participation Bank in Sudan, a unit affiliated to Ziraat Katilim Bankasi and Ziraat Finans Group, one of largest banking groups in Turkey operating on both Islamic and conventional platforms, has taken the big leap to implement Path Solutions’ multi-award winning iMAL Islamic core banking platform. The scope of work includes the implementation of a number of iMAL solutions including Murabaha, Musharaka, Mudaraba, Ijara, Istisnaa, Salam, Qard Hasan, time deposit, profit…

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