Author: The Editorial Team

LAGOS (Capital Markets in Africa) — Nigerian banks’ dominance of their home turf is virtually unparalleled. Largely protected by regulators from foreign competition, Nigerian lenders control 94% of their domestic market, by assets, the world’s largest share of local ownership after Israel, according to a report published before Covid-19 hit in 2020 by Chris Ogbechie and Lilac Nachum, scholars at Lagos Business School. But the threat is now homegrown. Nigerian banks are only now starting to counter…

JOHANNESBURG(Capital Markets in Africa) — Absa Group Ltd. Chief Executive Officer Daniel Mminele is leaving South Africa’s third-largest bank following a dispute with other directors over strategy, ending a 16-month tenure just as the lender looks to bounce back from the Covid-19 crisis. The board and CEO differed on matters of “strategy and culture transformation,” the Johannesburg-based lender said in a statement Tuesday, without giving more detail. Financial Director Jason Quinn will step into the…

JOHANNESBURG (Capital Markets in Africa) — African Bank Holdings Ltd.’s new chief executive officer is looking at ways to accelerate a planned expansion from its roots in micro-lending to become a broader financial platform. Kennedy Bungane was hired to head the Johannesburg-based lender this week after Basani Maluleke resigned in January. The CEO’s appointment marks a return to the industry for the 46-year-old, who has spent the last seven years in roles such as running industrial-holding company Phembani Group….