The Editorial Team |

Kenya Government Takes Control of Kenya Airways in Debt Swap

NAIROBI (Capital Markets in Africa) – Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according to statements published in the Nairobi-based Standard newspaper on Monday. Lenders owed $217.2 million will convert…

Bitcoin Cash: The Digital Cousin Disrupting Cryptocurrencies

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LAGOS (Capital Markets in Africa) – Just when you thought you had a handle on the new-fangled crypto craze, here comes bitcoin cash. Bitcoin’s lesser-known cousin, the so-called cash version has disrupted the $200 billion market and over the weekend got close to overtaking ethereum as the second-biggest cryptocurrency by market capitalization. The main difference between bitcoin and bitcoin cash is the block size. A block is equivalent to a file storing data on approved transactions, which…

FinTech is accelerating the digital transformation of banking in Africa

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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…

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