The Editorial Team |

Development Bank Climate Finance Rose 22% to Record $43 Billion

LAGOS (Capital Markets in Africa) – Development banks committed a record $43 billion in climate finance last year, a jump of almost $8 billion on 2017’s figure and the biggest surge ever reported. The co-finance attached to the multilateral development bank money added another $68.1 billion, taking the year’s total to more than $111 billion, according to a report by six banks including the World Bank Group. More than a third of that total was…

Banks Cut Off From Zimbabwe Payment Network Over Unpaid Bills

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HARARE (Capital Markets in Africa) – Most banks across Zimbabwe are unable to process salaries and pensions after one of the country’s largest payment networks suspended its services for unpaid bills. Cambria Africa Plc blocked bank customers on June 10 because its Payserv Africa unit is owed $470,000 for more than 4 million transactions since May 1, the Isle of Man-based investment company said in a statement on Wednesday. That was after it lost a collective $170,000 providing services over…

Congo’s Ex-President Kabila Strengthens Grip on Parliament

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KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo President Joseph Kabilastrengthened his grip on the nation’s parliament after the Constitutional Court disqualified more than 20 opposition lawmakers. Former opposition leader Felix Tshisekedi succeeded Kabila in January, following disputed elections in which Kabila’s supporters secured majorities in both chambers of parliament and in provincial assemblies. Second-placed Martin Fayulu claims he obtained the most votes and that Kabila did a secret deal with Tshisekedi to deprive him of victory…

Kenya’s Equity Group Sets Up in Ethiopia as Bank Plots Expansion

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NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc set up a representative office in Ethiopia as the East African nation opens up its financial sector. Hassan Maalim will lead the office in Addis Ababa, which should be fully operational in July, Kenya’s biggest bank by market value said in a statement on Thursday after Bloomberg reported its plans. The bank’s “entry into Ethiopia is part of our phase two expansion in pursuit of our…

Confusion Over Nigeria’s Currency Regime Exposes Its Fragility

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LAGOS (Capital Markets in Africa) – It took only a small change in wording on the Nigerian central bank’s website this week to get some analysts speculating that the nation’s multiple exchange-rate system was on its last legs. The monetary authority subsequently denied anything had changed, but the flurry of excitement it caused was telling. Most foreign investors say the currency regime will break at some point, causing Nigeria to revert to a single exchange rate and perhaps even go for…

World’s Top Platinum Miners Brace for Hefty Wage Demands

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LAGOS (Capital Markets in Africa) – South African platinum producers are preparing for significant wage demands as workers eye windfall earnings from a rally in metal prices. The Association of Mineworkers and Construction Union is meeting its members across the country’s so-called Platinum Belt this week, before presenting demands on Friday to seven producers, including Anglo American Platinum Ltd., Sibanye Gold Ltd., and Impala Platinum Holdings Ltd., Secretary General Jeffrey Mphahlele said. The largest and most militant…

South Africa’s Kganyago Says Model Shows May Be Room for Rate Cuts

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JOHANNESBURG (Capital Markets in Africa) – The South African Reserve Bank’s forecasting model suggests there might be room for interest rate cuts in the next year or two, given how weak the economy is, Governor Lesetja Kganyago said. While the central bank can play a role to help economic growth, decisions should be supported by other policies and structural reforms, Kganyago said in a copy of a speech posted on the Reserve Bank’s website. The…

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