The Editorial Team |

FinTech is accelerating the digital transformation of banking in Africa

FinTech is accelerating the digital transformation of banking in Africa say more than 200 international experts gathered at the Finnovation Ethiopia event – but highlight that collaboration is the way forward Due to their potent blend of trail‐blazing technology and disruptive innovation, FinTech players are positively impacting the digital transformation of financial services in Africa and, in turn, further spurring incumbent banks to rapidly ramp‐up their own innovation initiatives to meet the financial needs of under‐served…

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders

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CAIRO (Capital Markets in Africa) – Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said on Monday in an interview, without saying whether the duration of the deal has changed. Under the arrangement,…

Malawi Sees at Least 5.5% Growth This Year; Plans Power Boost

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LILONGWE (Capital Markets in Africa) – Malawi’s economy will expand at least 5.5 percent this year as the country recovers from a drought that ravaged crops throughout southern Africa, President Peter Mutharika said. The country also plans to bolster its power-generating capacity in the next decade, using a $200 million World Bank loan to help to raise the generation to 2,500 megawatts from 350 megawatts now, he told lawmakers Friday in the capital, Lilongwe. Of the current installed…

As Leadership Vote Looms, Four Scenarios for South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress is due to elect a new leader next month and the race is proving to be one of the most hotly contested and divisive in the 105-year-old party’s history. The front-runners to succeed President Jacob Zuma are his deputy Cyril Ramaphosa and Nkosazana Dlamini-Zuma, Zuma’s ex-wife and the former chairwoman of the African Union Commission, with ANC Treasurer-General Zweli Mkhize seen as a possible compromise candidate. While it remains guesswork who’ll…

Mauritian Deputy Premier Soodhun Steps Down, Prime Minister Says

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PORT LOUIS (Capital Markets in Africa) – Mauritian Vice Prime Minister Showkutally Soodhun has stepped down and police are still investigating inappropriate comments that he allegedly made, the Indian Ocean island nation’s leader said. “I met with Minister Soodhun this afternoon,” Prime Minister Pravind Jugnauth told reporters in the capital, Port Louis, on Friday. “We reviewed the situation. We agreed that in the general interest he steps down as DPM and Minister of Housing and…

IMF Reaches Initial Agreement With Egypt for $2 Billion Tranche

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CAIRO (Capital Markets in Africa) – The International Monetary Fund reached a staff-level agreement with Egypt to unlock a $2 billion loan installment, and said economic reforms in the Arab world’s most populous nation are starting to pay off. Egypt and the Washington-based lender signed a 3-year, $12 billion agreement a year ago, of which $4 billion has already been disbursed. The next $2 billion installment is subject to approval from the IMF’s executive board, and Egyptian authorities…

Kenya’s ARM Is Said to Become Next Target in Africa Cement Wars

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NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., the Kenyan building-materials supplier, is the newest takeover target in the battle among the world’s biggest cement makers to expand in Africa, according to people familiar with the matter. ARM’s owners are exploring a sale, said the people, who asked not to be identified because the talks are private. The Nairobi-based company is currently valued at about $133 million on the Nairobi stock exchange, though the…

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